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1、1 / 27 文档可自由编辑 CaseCase interviewinterview 分析工具分析工具/ /框架框架 来源： 张旭的 日志 最近在准备最近在准备 CASECASE INTERVIEWINTERVIEW，刚接触这个，对里面涉及到的，刚接触这个，对里面涉及到的 FRAMEWFRAMEW ORKORK 和和 STRATEGYSTRATEGY 非常不熟悉，偶获珍宝，与诸君共享。顺便攒非常不熟悉，偶获珍宝，与诸君共享。顺便攒 RPRP！ ！ 案例面试分析工具案例面试分析工具/ /框架框架 一一BusinessBusiness StrategyStrategy 1 市场进入类 行业分析（波
2、特 5 力，市场趋势，市场 规模，市场份额，市场壁垒等） 公司宏观环境（人口，经济，自然，技 术，政治），公司微观环境（公司，供 应商，市场中介，顾客，竞争对手，大 众） 3C（Competitor, Consumer, Company/ Capabilities） Cost-revenue 固定成本，可变成本 收入怎么计算？时间序列估计，可比公 司估计 市场细分很重要，niche market 2 / 27 文档可自由编辑 A. 地理细分 B. 人口细分（年龄及生命周期阶段 细分，性别细分，收入细分） C. 心理细分（社会阶层，生活方式 ，个性特征） D. 行为细分（购买时机-柯达，利 益细
3、分-牙膏，用户状况，使用率， 忠诚度） 2 行业分析类 市场（市场规模，市场细分，产品需求 /趋势分析，客户需求） 竞争（竞争对手的经济情况，产品差异 化，市场整合度，产业集中度） 顾客/供应商关系（谈判能力，替代者 ，评估垂直整合） 进入/离开的障碍（评估公司进入/离开 。对新加入者的反应，经济规模，预测 学习曲线，研究政府调控） 资金金融（主要金融资金来源，产业风 险因素，可变成本/固定成本） 风险预测与防范 3 / 27 文档可自由编辑 3 新产品引入类 营销调研 产品？价格？即 4P 4C (Customer, Competition, Cost, C apabilities) 市场促
4、销，分校渠道（渠道选择，库存 ，运输，仓储） STP 和 4P（Product, Price, Place, P romotion） 产品生命周期 二二BusinessBusiness OperationOperation 1市场容量扩张（竞争对手，消费者，自 己实力） 2利润改善型 Revenue, Cost 分析，到底是销售额 下降造成，还是成本上升造成 如果销售额下降，看 4P 了（是价格过 高？产品质量问题？分校渠道问题？还 是 promotion 的 efficacy 有问题？） 4 / 27 文档可自由编辑 如果成本上升，看固定成本 or 可变成 本是否有问题？（固定成本过高，设备
5、 是否老化，需要关闭生产线、厂房，降 低管理者工资等，可变成本过高，看原 材料价格是否上升，有没有降低的可能 ，switch suppliers? 还是人员工资过 高，需要裁员等） 成本结构是否合理，产能利用率如何（ 闲置率） 3. 推销任何一种产品/服务 4P，3c 4. 定价 以成本为基础的定价 成本加成定价，以目标利润（盈 亏平衡定价） 以价值为基础定价 以竞争为基础定价 三三MarketMarket Sizing/EstimationSizing/Estimation 市场趋势，市场规模，市场份额，市场 壁垒等 市场集中度 5 / 27 文档可自由编辑 市场驱动因素（价格，服务，质量，
6、外 观） 关键成功要素 KSF 四四M&AM&A 类类 整合原因（synergy, scale, manage ment impulse, Tax consideration, D iversification, Breakup Value） 5C（Character, Capacity, Capital, Conditions, Competitive Advantage ） 类型：horizontal, vertical, cong eneric, conglomerate 估值方法：DFC，Market Multiple( EBITDA，P/E，P/B) DFC：Pro Forma Ca
7、sh Flow Stateme nt，Discount Rate Hostile VS Friendly takeovers 所有咨询公司面试可能用到的分析结构所有咨询公司面试可能用到的分析结构 6 / 27 文档可自由编辑 AdvancedAdvanced conceptsconcepts & & frameworksframeworks MBAs and other candidates with business background, take no te - interviewers will expect you to have a more detailed t ake on y
8、our case than an undergraduate would have. Here are some commonly used case concepts. NetNet presentpresent valuevalue Perhaps the most important type of decision company manager s must make on a daily basis is whether to undertake a prop osed investment. For example, should the company buy a cert a
9、in piece of equipment? Build a particular factory? Invest in a new project? These types of decisions are called capit al budgeting decisions. The consultant makes such decisions by calculating the net present value of each proposed inves tment and making only those investments that have positive net
10、 present values. Example: Hernandez is the CFO of Western Manufacturing Corp., an automobile manufacturer. The company is considering ope ning a new factory in Ohio that will require an initial inv estment of $1 million. The company forecasts that the facto 7 / 27 文档可自由编辑 ry will generate after-tax
11、cash flows of $100,000 in Year 1, $200,000 in Year 2, $400,000 in Year 3, and $400,000 in Yea r 4. At the end of Year 4, the company would then sell the factory for $200,000. The company uses a discount rate of 1 2 percent. Hernandez must determine whether the company sho uld go ahead and build the
12、factory. To make this decision, Hernandez must calculate the net present value of the inves tment. The cash flows associated with the factory are as fo llows: Hernandez then calculates the NPV of the factory as follows: Since the factory has a negative net present value, Hernand ez correctly decides
13、 that the factory should not be built. The net present value rule Note from the example above that once the consultant has fi gured out the NPV of a proposed investment, she then decide s whether to undertake the investment by applying the net p resent value rule: Make only those investments that ha
14、ve a positive net presen t value. As long as the consultant follows this rule, she can be con 8 / 27 文档可自由编辑 fident that each investment is making a positive net contri bution to the company. TheThe CapitalCapital AssetAsset PricingPricing ModelModel (CAPM)(CAPM) In the above example, we assumed a g
15、iven discount rate. How ever, part of a consultants job is to determine an appropr iate discount rate (r) to use when calculating net present values. The discount rate may vary depending on the investm ent. Beta The first step in arriving at an appropriate discount rate for a given investment is det
16、ermining the investments riski ness. The market risk of an investment is measured by its beta (?), which measures riskiness when compared to the ma rket as a whole. An investment with a beta of 1 has the sam e riskiness as the market as a whole (so, for example, when the market moves down 10 percent
17、, the value of the investme nt will on average fall 10 percent as well). An investment with beta of 2 will be twice as risky as the market (so whe n the market falls 10 percent, the value of the investment will on average fall 20 percent). CAPM 9 / 27 文档可自由编辑 Once the consultant has determined the b
18、eta of a proposed i nvestment, he can use the Capital Asset Pricing Model (CAPM) to calculate the appropriate discount rate (r): The risk-free rate of return is the return the company coul d receive by making a risk-free investment (for example, by investing in U.S. Treasury bills). The market rate
19、of retur n is the return the company could receive by investing in a well-diversified portfolio of stocks (for example, S&P 500). Example: Shen, Inc., a coal producer, is considering invest ing in a new venture that would manufacture and market carb on filters. Shens chief financial officer, Apelbau
20、m, wants to calculate the NPV of the proposed venture in order to de termine whether the company should make the investment. Aft er studying the riskiness of the proposed venture, Apelbaum determines that the beta of the investment is 1.5. A U.S. T reasury note of comparable maturity currently yield
21、s 7 perc ent, while the return on the S&P 500 stock index is 12 perc ent. Therefore, the discount rate Apelbaum will use when ca lculating the NPV of the investment will be: 10 / 27 文档可自由编辑 Although this is an overly simplified discussion of how con sultants calculate discount rate to use in their c
22、ash-flow analysis, it does give you an overview of how consultants i ncorporate the notion of an investments market to select t he appropriate discount rate. PortersPorters FiveFive ForcesForces Developed by Harvard Business School professor Michael Port er in his book Competitive Strategy, the Port
23、ers Five Forc es framework helps determine the attractiveness of an indus try. Before any company expands into new markets, divests p roduct lines, acquires new businesses, or sells divisions, it should ask itself, Is the industry were entering or ex iting attractive? By using Porters Five Forces, a
24、 company can begin to develop a thoughtful answer. Consultants frequ ently utilize Porters Five Forces as a starting point to h elp companies evaluate industry attractiveness. Take, for example, entry into the copy store market (like K inkos). How attractive is the copy store market? Potential entra
25、nts: What is the threat of new entrants into the market? Copy stores are not very expensive to open - yo 11 / 27 文档可自由编辑 u can conceivably open a copy store with one copier and one employee. Therefore, barriers to entry are low, so theres a high risk of potential new entrants. Buyer power: How much
26、bargaining power do buyers have? Copy store customers are relatively price sensitive. Between the choice of a copy store that charges 5 cents a copy and a st ore that charges 6 cents a copy, buyers will usually head f or the cheaper store. Because copy stores are common, buyer s have the leverage to
27、 bargain with copy store owners on la rge print jobs, threatening to take their business elsewher e. The only mitigating factors are location and hours. On t he other hand, price is not the only factor. Copy stores th at are willing to stay open 24 hours may be able to charge a premium, and customer
28、s may simply patronize the copy stor e closest to them if other locations are relatively inconve nient. Supplier power: How much bargaining power do suppliers have? While paper prices may be on the rise, copier prices contin ue to fall. The skill level employees need to operate a cop y shop (for bas
29、ic services, like copying, collating, etc.) are relatively low as well, meaning that employees will hav e little bargaining power. Suppliers in this situation have 12 / 27 文档可自由编辑 low bargaining power. Threat of substitutes: What is the risk of substitution? Fo r basic copying jobs, more people now
30、possess color printer s at home. Additionally, fax machines have the capability t o fulfill copy functions as well. Large companies will norm ally have their own copying facilities. However, for large- scale projects, most individuals and employees at small com panies will still use the services of
31、a copy shop. The Inte rnet is a potential threat to copy stores as well, because some documents that formerly would be distributed in hard c opy will now be posted on the Web or sent through e-mail. H owever, for the time being, there is still relatively stron g demand for copy store services. Compe
32、tition: Competition within the industry appears to be intense. Stores often compete on price, and are willing to underbid one another to win printing contracts. Stores co ntinue to add new features to compete as well, such as expa nding hours to 24-hour service and offering free delivery. From this
33、analysis, you can ascertain that copy stores are something of a commodity market. Consumers are very price-s ensitive, copy stores are inexpensive to set up, and the ma 13 / 27 文档可自由编辑 rket is relatively easily entered by competitors. Advances in technology may reduce the size of the copy store mark
34、et. Value-added services, such as late hours, convenient locati ons, or additional services such as creating calendars or s tickers, may help copy stores differentiate themselves. But overall, the copy store industry does not appear to be an a ttractive one. As dot-coms come under fire, one case que
35、stion weve heard increasingly is How would you create barriers to entry as an Internet Startup? ProductProduct lifelife cyclecycle curvecurve If youre considering a product case, figure out how matur e your product or service is Strategy tool/framework chart Heres one way to think about the choice b
36、etween being the lowest-cost provider or carving out a higher-end market nic he - what consultants call differentiation. TheThe FourFour PsPs This is a useful framework for evaluating marketing cases. 14 / 27 文档可自由编辑 It can be applied to both products and services. The Four P s consist of: Price The
37、 price a firm sets for its product/service can be a stra tegic advantage. For example, it can be predatory (set very low to undercut the competition), or it can be set slightly above market average to convey a premium image. Consider how pricing is being used in the context of the case presen ted to
38、 you. Product The product (or service) may provide strategic advantage if it is the only product/service that satisfies a particular intersection of customer needs. Or it may simply be an exte nsion of already existing products, and therefore not much of a benefit. Try to tease out the value of the
39、product in the marketplace based on the case details you have been giv en. Position/Place The physical location of a product/service can provide an a dvantage if it is superior to its competition, if it is eas ier or more convenient for people to consume, or if it make s the consumer more aware of t
40、he product/service over its c 15 / 27 文档可自由编辑 ompetition. In the context of a business case, you may want to determine the placement of the product or service compar ed to its competition. Promotion With so much noise in todays consumer (and business to bus iness) marketplace, it is difficult for an
41、y one product/ser vice to stand out in a category. Promotional activity (incl uding advertising, discounting to consumers and suppliers, celebrity appearances, etc.) can be used to create or maint ain consumer awareness, open new markets, or target a speci fic competitor. You may want to suggest a p
42、romotional strat egy in the context of the case you are presented relative t o the promotional activity of other competing products/serv ices. TheThe FourFour CsCs The Four Cs are especially useful for analyzing new product introductions and for industry analysis. Customers How is the market segment
43、ed? 16 / 27 文档可自由编辑 What are the purchase criteria that customers use? Competition What is the market share of the clients? What is its market position? What is its strategy? What is its cost position? Does he/she have any market advantages? Cost What kind of economies of scale does the client have?
44、 What is the clients experience curve? Will increased production lower cost? Capabilities What resources can the client draw from? How is the client organized? What is the production system? TheThe FiveFive CsCs This framework is mostly applied to financial cases and to companies (although it can be
45、 applied to individuals). You may employ it in other situations if you think it is approp riate. Character 17 / 27 文档可自由编辑 Evaluate the dedication, track record, and overall consumer perception of the company. Are there any legal actions pend ing against the company? If so, for what reason? Is the c
46、om pany progressive about its waste disposal, quality of life for its employees, and charitable contributions? What sort of impact would this have on the case you are evaluating? Capacity If you are dealing with a manufacturing entity, are its fac tories at, above, or below capacity, and for what re
47、asons? Are there plans to add new plants, improve the technology i n existing plants, or close underperforming plants? What ab out production overseas? Capital What is the companys cost of capital relative to its compe titors? How healthy are its cash flows, revenues, and debt load relative to its c
48、ompetition? Conditions What is the current business climate the company (and its i ndustry) faces? What is the short- and long-term growth pot ential in the industry? How is the market characterized? Is it emerging or mature? These questions can assist you in ev aluating the facts of the case agains
49、t the environment that 18 / 27 文档可自由编辑 the company/industry inhabits. CompetitiveCompetitive AdvantageAdvantage This is the unique edge a company possesses over its compet itors. It can be an unparalleled set of business processes, the ability to produce a product/service at a lower cost, c harge a market premium, or any number of other assets that create an