Caseinterview分析工具框架.

1、Case in terview 分析工具/框架案例面試分析工具/框架一 .Bus in ess Strategy1市場(chǎng)進(jìn)入類(lèi)亍業(yè)分析（波特 5 力，市場(chǎng)趨勢(shì)，市場(chǎng)規(guī)模，市場(chǎng)份額，市場(chǎng)壁壘等公司宏觀環(huán)境（人口，經(jīng)濟(jì)，自然,技術(shù),政治,公司微 觀環(huán)境（公司，供應(yīng)商，市場(chǎng)中介，顧客，競(jìng)爭(zhēng)對(duì)手，大 眾 3C（Competitor, Co nsumer, Compa ny /Capabilities Costeve nue固定成本，可變成本收入怎么計(jì)算？時(shí)間序列估計(jì)，可比公司估計(jì)市場(chǎng)細(xì)分很重要,niche marketA. 地理細(xì)分B. 人口細(xì)分（年齡及生命周期階段細(xì)分，性別細(xì)分收 入細(xì)分C. 心理細(xì)分

2、（社會(huì)階層，生活方式，個(gè)性特征D. 行為細(xì)分（購(gòu)買(mǎi)時(shí)機(jī)-柯達(dá),利益細(xì)分-牙膏,用戶(hù)狀況，使用率,忠誠(chéng)度2.行業(yè)分析類(lèi)釧場(chǎng)（市場(chǎng)規(guī)模，市場(chǎng)細(xì)分，產(chǎn)品需求/趨勢(shì)分析,客戶(hù)需求競(jìng)爭(zhēng)（競(jìng)爭(zhēng)對(duì)手的經(jīng)濟(jì)情況，產(chǎn)品差異化，市場(chǎng)整合度，產(chǎn)業(yè)集中度顧客/供應(yīng)商關(guān)系（談判能力，替代者,評(píng)估垂直整合進(jìn)入/離開(kāi)的障礙（評(píng)估公司進(jìn)入/離開(kāi)。對(duì)新加入者的反應(yīng)經(jīng)濟(jì)規(guī)模,預(yù)測(cè)學(xué)習(xí)曲線,研究政府調(diào)控資金金融（主要金融資金來(lái)源，產(chǎn)業(yè)風(fēng)險(xiǎn)因素，可變成本/固定成本風(fēng)險(xiǎn)預(yù)測(cè)與防范3新產(chǎn)品引入類(lèi)營(yíng)銷(xiāo)調(diào)研產(chǎn)品？?jī)r(jià)格？即 4P 4C （Customer, Competitio n. Cost, Cap abilities釧場(chǎng)促銷(xiāo)，分校渠道（

3、渠道選擇，庫(kù)存，運(yùn)輸，倉(cāng)儲(chǔ) ST 嗣 4P（Product, Price, Place, Promotion產(chǎn)品生命周期.Bus in ess Operati on 1市場(chǎng)容量擴(kuò)張（競(jìng)爭(zhēng)對(duì)手,消費(fèi)者，自己實(shí)力2. 利潤(rùn)改善型 Revenue, CoS 分析,到底是銷(xiāo)售額下降造成，還是成本上升造成如果銷(xiāo)售額下降，看 4P 了（是價(jià)格過(guò)高？產(chǎn)品質(zhì)量問(wèn)題？分校渠道問(wèn)題？還是 promotion 的 efficacy 有問(wèn)題？如果成本上升，看固定成本 or 可變成本是否有問(wèn)題？（固 定成本過(guò)高，設(shè)備是否老化，需要關(guān)閉生產(chǎn)線、廠房，降 低管理者工資等，可變成本過(guò)高,看原材料價(jià)格是否上升，有沒(méi)有降低的可能

4、，switch suppliers?還是人員工資過(guò) 高，需要裁員等成本結(jié)構(gòu)是否合理，產(chǎn)能利用率如何（閑置率3. 推銷(xiāo)任何一種產(chǎn)品/服務(wù) 4P,3c4. 定價(jià)以成本為基礎(chǔ)的定價(jià)成本加成定價(jià)，以目標(biāo)利潤(rùn)（盈虧平衡定價(jià) 以?xún)r(jià)值為基礎(chǔ)定價(jià)以競(jìng)爭(zhēng)為基礎(chǔ)定價(jià)三. Market Sizi ng/Estimatio n市場(chǎng)趨勢(shì)，市場(chǎng)規(guī)模，市場(chǎng)份額，市場(chǎng)壁壘等市場(chǎng)集中度市場(chǎng)驅(qū)動(dòng)因素(價(jià)格服務(wù)質(zhì)量,外觀關(guān)鍵成功要素 KSF四. M&A 類(lèi)整合原因(synergy, scale, management impulse, Tax con siderati on, Diversificati on,Breaku

5、p Value5C(Character, Capacity, Cpital, Co nditio ns, Competi tive Adva ntage類(lèi)型:horiz on tal, vertical, congen eric, con glomerate估值方法：DFC,Market Multiple( EBITDA,P/E,P/BDFC:Pro Forma Cash Flow Stateme nt,Discou nt Rat e Hostile VS Frie ndly takeovers所有咨詢(xún)公司面試可能用到的分析結(jié)構(gòu)Adva need con cepts & framewo

6、rksMBAs and other can didates with bus in ess backgro und, take n ote - i nterviewers willexpect you to have a more detailed take on your case tha n an un dergraduate would have. Here are some com monly used case con cepts.Net prese nt valuePerhaps the most importa nt type of decisi on compa ny man

7、agers must make o n adaily basis is whether to un dertake a proposed inv estme nt. For example, should thecompa ny buy a certa in piece of equipme nt? Build a particular facto ry? Inv est in a newproject? These types of decisi ons are called capital budget ing decisi ons. The con sulta ntmakes such

8、decisi ons by calculati ng the net pres ent value of each proposed in vestme ntand making only those inv estme nts tha t have positive net prese nt values.Example: Hernan dez is the CFO of Wester n Manu facturi ng Corp., an automobil emanu facturer. The compa ny is con sideri ng ope ning a new facto

9、ry in Ohio th at will requirean initial investment of $1 million. The company forecasts that t he factory will gen erateafter-tax cash flows of $100,000 in Year 1, $200,000 in Year 2, $400,000 in Year 3, and$400,000 in Year 4. At the end of Year 4, the company would then sell the factory for$200,000

10、. The compa ny uses a disco unt rate of 12 perce nt. Hernan dez must determinewhether the company should go ahead and build the factory. To make this decisi on, Hernandez must calculate the net prese nt value of the inv estme nt. The cash flows associated withthe factory are as follows:Hernan dez th

11、e n calculates the NPV of the factory as follows:Since the factory has a n egative net prese nt value, Hernan dez correctly decide s thatthe factory should not be built.The net prese nt value ruleNote from the example above that once the consultant has figured out the NP V of aproposed inv estme nt,

12、 she the n decides whether to un dertake the inv est ment by applying the net prese nt value rule:Make only those inv estme nts that have a positive net prese nt value.As long as the con sulta nt follows this rule, she can be con fide nt that each investment is making a positive net contribution to

13、the company.The Capital Asset Prici ng Model (CAPMIn the above example, we assumed a give n disco unt rate. However, part of aconsultants job is to determine an appropriate discount rate (r to use when c alculating netprese nt values. The disco unt rate may vary depe nding on the in vestme nt.BetaTh

14、e first step in arriv ing at an appropriate disco unt rate for a give n inv estme n t isdeterm ining the inv estme nts risk in ess. The market risk of an inv estme nt i s measuredby its beta (?, which measures risk in ess whe n compared to the market as a whole. An investme nt with a beta of 1 has t

15、he same risk in ess as the market as a whole (so, for example, when the market moves down 10 percent,the value of the inv estme nt will on average fall 10 perce nt as well. An inv estme nt withbeta of 2 will be twice as risky as the market (so when th e market falls 10 percent, the valueof the inves

16、tment will on average fall 20 percent.CAPMOnce the con sulta nt has determ ined the beta of a proposed inv estme nt, he ca n usethe Capital Asset Prici ng Model (CAPM to calculate the appropriate disc ount rate (r:The risk-free rate of return is the return the company could receive by makin g arisk-

17、free investment (for example, by investing in U.S. Treasury bills. The market rate ofreturn is the return the company could receive by investing in a well-diversified portfolio ofstocks (for example, S&P 500.Example: Shen, Inc., a coal producer, is considering investing in a new ventur e thatwou

18、ld manu facture and market carb on filters. She ns chief finan cial offic er, Apelbaum,wants to calculate the NPV of the proposed ven ture in order to determ ine whether thecompa ny should make the inv estme nt. After study ing t he risk in ess of the proposedventure, Apelbaum determines that the be

19、ta of th e investment is 1.5. A U.S. Treasury noteof comparable maturity currently yie lds 7 percent, while the return on the S&P 500 stockindex is 12 percent. The refore, the discount rate Apelbaum will use when calculating theNPV of the in vestment will be:Although this is an overly simplified

20、 discussion of how consultants calculate dis countrate to use in their cash-flow an alysis, it does give you an overview of how con sulta nts incorporate the no ti on of an in vestme nts market to select the appropriate disco unt rate.Porters Five ForcesDeveloped by Harvard Busin ess School professo

21、r Michael Porter in his book Competitive Strategy, the Porters Five Forces framework helps determ ine the att ractive nessof an in dustry. Before any compa ny expa nds into new markets, di vests product lin es,acquires new bus in esses, or sells divisi on s, it should ask it self, Is the in dustry w

22、ereentering or exiting attractive? By using Porters Fi ve Forces, a company can begin todevelop a thoughtful answer. Consultants f requently utilize Porters Five Forces as a starting point to help compa nies eval uate in dustry attractive ness.Take, for example, en try into the copy store market (li

23、ke Ki nkos. How attract ive is thecopy store market?Pote ntial entran ts: What is the threat of new entran ts into the market? Copy s toresare not very expe nsive to ope n - you can con ceivably ope n a copy storewith one copier and one employee. Therefore, barriers to entry are low, so th eres ahig

24、h risk of pote ntial new entran ts.Buyer power: How much barga ining power do buyers have? Copy store custo mers arerelatively price sensitive. Between the choice of a copy store that ch arges 5 cents a copyand a store that charges 6 cents a copy, buyers will usu ally head for the cheaper store.Beca

25、use copy stores are com mon, buyers hav e the leverage to barga in with copy storeowners on large print jobs, threate ni ng to take their bus in ess elsewhere. The onlymitigating factors are location a nd hours. On the other hand, price is not the only factor.Copy stores that ar e willing to stay op

26、en 24 hours may be able to charge a premium, andcusto mers may simply patronize the copy store closest to them if other locations ar erelatively inconvenient.Supplier power: How much barga ining power do suppliers have? While paper p ricesmay be on the rise, copier prices con ti nue to fall. The ski

27、ll level employe es n eed to operatea copy shop (for basic services, like copy ing, collati ng, etc. are relatively low as well,meaning that employees will have little bargaining power. Suppliers in this situation have lowbarga ining power.Threat of substitutes: What is the risk of substitution? For

28、 basic copying jobs, morepeople now possess color prin ters at home. Additi on ally, fax machi nes h ave the capabilityto fulfill copy functions as well. Large companies will normal ly have their own copyingfacilities. However, for large-scale projects, most in dividuals and employees at small compa

29、nies will still use the services of a cop y shop. The Internet is a potential threat to copy storesas well, because som e documents that formerly would be distributed in hard copy will nowbe post ed on the Web or sent through e-mail. However, for the time being, there is s tillrelatively stro ng dem

30、a nd for copy store services.Competition: Competition within the industry appears to be intense. Stores oft encompete on price, and are willi ng to un derbid one ano ther to win prin ti ng con tracts.Stores con ti nue to add new features to compete as well, such as e xpa nding hours to24hour service

31、 and offeri ng free delivery.From this an alysis, you can ascerta in that copy stores are somethi ng of a com moditymarket. Con sumers are very price-se nsitive, copy stores are in expe nsiv e to set up, andthe market is relatively easily en tered by competitors. Adva n ces in tech no logy may reduc

32、ethe size of the copy store market. Value-added services, such as late hours, convenientlocatio ns, or additi onal services such as creati ng cale ndars or stickers, may help copystores differentiate themselve s. But overall, the copy store industry does not appear to be anattractive on e.As dot-com

33、s come un der fire, one case questi on weve heard in creas in gly is Howwould you create barriers to entry as an Internet Startup?Product life cycle curveIf youre con sideri ng a product case, figure out how mature your product orStrategy tool/framework chartHeres one way to thi nk about the choice

34、betwee n being the lowest-cost provi der orcarv ing out a higher-e nd market ni che - what con sulta nts call differe nti ati on.The Four PsThis is a useful framework for evaluati ng market ing cases. It can be applied t o bothproducts and services. The Four Ps con sist of:PriceThe price a firm sets

35、 for its product/service can be a strategic adva ntage. For example, itcan be predatory (set very low to undercut the competition, or it can be set slightly abovemarket average to convey a premium image. Consi der how pricing is being used in the context of the case prese nted to you. ProductThe pro

36、duct (or service may provide strategic advantage if it is the only prod uct/servicethat satisfies a particular in tersect ion of customer n eeds. Or it may simply be an exte nsion ofalready exist ing products, and therefore not much of a ben efit. Try to tease out the value ofthe product in the mark

37、etplace bas ed on the case details you have bee n give n.Positio n/PlaceThe physical location of a product/service can provide an advantage if it is sup erior to itscompetition, if it is easier or more convenient for people to consu me, or if it makes the consumer more aware of the product/service o

38、ver its c ompetiti on. In the con text of a bus in esscase, you may want to determ ine the placeme nt of the product or service compared to itscompetitio n. Promoti onWith so much no ise in todays con sumer (and bus in ess to bus in ess marketpla ce, it isdifficult for any one product/service to sta

39、nd out in a category. Promo tional activity (in clud ingadvertis ing, disco unting to con sumers and suppliers, c elebrity appeara nces, etc. can beused to create or maintain con sumer aware n ess, ope n new markets, or target a specificcompetitor. You may want to sug gest a promoti onal strategy in

40、 the con text of the case youare prese nted relati ve to the promoti onal activity of other competi ng products/services.The Four CsThe Four Cs are especially useful for an alyz ing new product in troducti ons and for industry an alysis.CustomersHow is the market segme nted?What are the purchase cri

41、teria that customers use?What is the market share of the clie nts?What is its market positi on?What is its strategy?What is its cost positi on?Does he/she have any market adva ntages?CostWhat kind of econo mies of scale does the clie nt have?What is the clie nts experie nee curve?Will in creased pro

42、duct ion lower cost?CapabilitiesWhat resources can the clie nt draw from?How is the clie nt orga ni zed?What is the producti on system?The Five CsThis framework is mostly applied to financial cases and to companies (althoug h it canbe applied to individuals. You may employ it in other situations if

43、yo u think it is appropriate.CharacterEvaluate the dedicatio n, track record, and overall con sumer percepti on of the company. Are there any legal actions pending aga inst the compa ny? If so, for what reason? Is thecompany progressive about its waste disposal, quality of l ife for its employees, a

44、ndcharitable con tributio ns? What sort of impact would this have on the case you are evaluating?CapacityIf you are dealing with a manufacturing entity, are its factories at, above, or belowcapacity, and for what reas ons? Are there pla ns to add new pla nts, imp rove the tech nology in existi ng pl

45、a nts, or close un derperform ing pla nts? What about product ionoverseas?CapitalWhat is the compa nys cost of capital relative to its competitors? How healthy are itscash flows, revenues, and debt load relative to its competition? ConditionsWhat is the curre nt bus in ess climate the compa ny (and

46、its in dustry faces? W hat isthe short- and Iong-term growth potential in the industry? How is the market characterized?Is it emerging or mature? These questions can assist yo u in evaluating the facts of the caseaga inst the en vir onment that the compa n y/in dustry in habits.Competitive Adva ntag

47、eThis is the unique edge a company possesses over its competitors. It can be an unparalleled set of bus in ess processes, the ability to produce a product/ser vice at a lowercost, charge a market premium, or any nu mber of other assets that create an adva ntage over other market players. Whatever th

48、e case, the se advantages are usually defe nsible and not easily copied.In evaluati ng bus in ess cases using the Five Cs framework, you should look for thoseunique qualities that a company possesses and identify any that meet t he criteria men tioned above. You may suggest that the compa ny leverag

49、e its competitive adva ntage moreaggressively or recomme nd alter natives if that co mpany has no discer nible adva ntage.Value Cha in An alysisThis approach invo Ives assess ing a compa nys overall bus in ess processes and iden tify ing where that compa ny actually adds value to a product or servic

50、e. Th e totalmargin of profit will be the value of the product or service to buyers, l ess the cost of itsproduct ion, as determ ined by the value cha in.In most cases, a competitive adva ntage is only temporary for many of todaysproducts/services. Being first to market, having a unique formula or c

51、onfigura tion, or havingexclusivity in a market were once Iong-term defensible strategi es. But today, bus in essesare globally conn ected by light nin g-fast com muni cati ons and kno wledge- shari ngsystems and manu facturi ng tech no logies are gett in g better and faster at react ing to andantic

52、ipating market conditions. Thus the se advantages are only fleeting or may not exist atall.Value Chain An alysis attempts to ide ntify a competitive adva ntage by dec on structing the various cha nges a compa nys bus in ess processes perform on a set of rawmaterials or other in puts. Most can be eas

53、ily copied by other competit ors, but there isusually a unique subset that represe nts the value-added qu alities only the compa ny under scruti ny possesses. This set is that compa nys competitive adva ntage, or value chain. Sometimes this set can be copied, bu t a unique set of circumsta nces may

54、still allow thecompany in question to per form them at a lower cost, charge a premium in the market, orretain higher market share than its competitors.In the con text of a bus in ess case, you can use this framework to ide ntify a companys overall bus in ess processes set and the n determ ine if one

55、 or more of t heprocesses are defe nsible competitive adva ntages.For example, a manufacturer of fruit juice might have the following value chai n elements:?Research and development (Will mango really taste good with cloudberry juic e?Cost of goods sold (How much does it c ost to manutaure the fruit

56、 juice? Is there afrost in Florida that drives up the costs of oran ges? Is the curre ncy c risis in Indon esiamaking papaya very cheap? Are per-volume purchases lower tha n, for example, those ofTropica na?Packag ing and shippi ng (How muchdoes that new banan a-shaped container c ost?Are many bottl

57、es lost in tran sit? What are the fixed costs of shipp ing? ?Ma nu facturi ng(How much do those juice pulpers cost? How ofte n do factories n eed to be ree ngin eered?Labor (How many emplo yees do we hav? Where are they located? Are they unionized?Distributi on (Where are the distributio n cen ters?

58、 Where are the products distributed?Advertis ing (Billboards, TV, magaz in es?Margin (How profitable is the juice compa ny?For more detailed in formatio n on this type of an alysis, you may want to consi der theauthoritative text on competitive strategy: Competitive Strategy: Tech niq ues for Analyz

59、ingIndustries and Competitors, by Michael E. Porter.Core compete nciesCore competencies is the idea that each firm has a limited number of things it is verygood at (that is, its core competence or competencies.When restructuring or reengineering, one of the starting points for a company shouldbe ide

60、ntifying its core competencies. A firm should define its core com petencies broadly inorder to be flexible eno ugh to adapt to cha nges in the m arketplace. (For in sta nce, whe nXerox defi ned itself as a docume nt compa ny, rather tha n a maker of copy mach in es, itwas able to take adva ntage of the more lucrat