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Wharton_Practice_Case_Interviews_Guide.pdf

Wharton_Practice_Case_Interview…

上传者: zhengbizhong 2012-06-13 评分1 评论0 下载15 收藏0 阅读量275 暂无简介 简介 举报

简介:本文档为《Wharton_Practice_Case_Interviews_Guidepdf》,可适用于战略管理领域,主题内容包含WhartonConsultingClubPracticeCaseInterviewGuideWelcomeConsultingClubMember符等。

WhartonConsultingClubPracticeCaseInterviewGuideWelcomeConsultingClubMember,Thismanualistheresultofsignificantcontributionsbyyourfellowclassmates,whohavecontributedrealcasequestionsfromthendyearrecruitingseasontoassistyouinpreparationforconsultingcaseinterviewsManystudentsareinitiallydauntedbytheprospectofpreparingforcaseinterviewswhichareforeigntoanythingtheyhavepreviouslyexperiencedInourviewhowever,thereisnoneedtofeeloverwhelmedPreparingforcaseinterviewsismuchlikelearningtoplayanewsportUntil,youactuallygetoutandstartplayingitcanbedifficulttounderstandwhatisgoingon,butonceyougetintoit,itallcomestogetherwithpracticeLiterallyvolumeshavebeenwrittenonthetopicofcaseinterviewsandwestronglyrecommendthatyoureviewatleastoneofthemanypublicationsavailableReadilyavailableresourcesincludetheWhartonCasebook,whichincludesadetailedintroductiontotheCaseInterviewprocess,DavidOhrvall’sCracktheCase,ortheVaultGuidetoCaseInterviewsReadingthesetextshoweverisverymuchlikereadingatextonhowtoplaybasketball–itmightgiveyouabasicunderstandingforhowtoplaythegamebutuntilyougooutandshootafewjumpshotsyouwon’tbemuchofaplayerItiswiththatinmindthatwehavefocusedthisyear’sguideonactualcases,includingquestionsfromrealinterviewstogetherwiththeinterviewee’ssolutionsupplementedbycommentsandrecommendationsfromtheCaseBookEditorialTeam(whohavehadthetimetoconsiderpreferredsolutionsandframeworksawayfromthepressureofalivecaseinterview)Ouradvice:•Readatleastonepreliminaryguide(moreifyoufeelnecessary)•Formasmallgroupofmemberswithsimilarexpectationsandtimecommitments•Gettogetherregularlytopracticecaseschoosingcasesofasmanydifferenttypesandfromasmanydifferentsourcesaspossible(allinterviewersaredifferentandyouneedtogetusedtoverydifferentstylesofinterview)•Givehonestfeedbackoneachothersperformance(youwouldratherfindoutaboutyourerrorsnowratherthaninarejectionfromaliveinterview)•Getusedtothinkingoutloudandstructuringyourthinkingclearly•DoasmanycasesasyouneedtofeelcomfortablewiththeprocessForsomepeoplethiswillbetenforothersitwillbesixtyOnlyyoucantellwhenyouarereallygettingagriponthings•RemembertouseagooddoseofcommonsenseCaseinterviewsareaboutrealworldsituations,youwillnormallyhaveabettersensefortherightanswerthanyouinitiallygiveyourselfcreditforYourownexperienceandyourfirstyearsubjectsshouldequipyouwelltoknowwhattheissuesareGoodluck!!BenSimonsRichardOsborneVicePresident–MemberEducationCaseBookEditorCASEINDEXCase#TitleFirm–RoundPageOpticalFibresBCG–RdHoldingCompanyBoozAllen–RdElectionBoozAllen–RdPerpetualMotionBain–RdNutracorpMcKinsey–RdPartyGoodsBCG–RdRazorsandBladesBCG–RdSupermarketBCG–RdChewingGumATKearney–RdAlcoholDistributionBoozAllen–RdGasStationLEK–RdTelematicsBCG–RdManufacturingBCG–RdCellPhonesBCG–RdExplosivesBCG–RdPharmaceuticalsBCG–RdElectronicsRetailersBCG–RdAeroIncaMcKinsey–RdPharmaceuticalsIIZSAssociates–RdHotel(Post)BCG–RdBeerBoozAllen–RdBenjaminCarpetsMcKinsey–RdOtherSamplesBoozLEKMcKinseyCASE:OPTICALFIBRES(BCG–Round)Ourclientmakesopticalfibre(hasvolumeadvantagestocopperwire)whichismainlyusedbythetelecom,cableandmobilephoneindustriesIt’smadeinglassstrandsandrolledontokmspoolsTheircustomers(whoaregenerallymajorTelecomsnetworks)wouldbuyahugequantity,bundleitup,digatrenchandputthebundleoffibresinthegroundThey’veseenadeclineinrevenues,andhaverecentlybroughtinanewCEOThenewCEOwouldliketoknow:a)Whydidrevenuesdropinoneyearb)Canheexpectanimprovement,andifsoinwhattimeframec)HowdoesourcompanycomparetoourcompetitorsAdditionalInformationProvidedAfterRelevantQuestions:•Opticalfibreissimilartoacommodity,soconsumersdonotpurchasebybrandandpricingisinlinewithcompetition•Therehasbeennosignificantchangeinsupplyfromthecompany’sperspective•Therearenodirectsubstitutesandnoregulationchangesduringthisperiod•The“usage”oftheopticalfibres,forvoice,dataandinternet,hasactuallydoubledeachyear(meaningyouwouldthinkyou’dactuallyneedtwiceasmucheachyear)•Customersareaskingforless•Nomajorchangesincustomer’sindustryEvenspreadacrossindustriesforproductsales•CurrentusageisTsecond,butcapacityisTsecondInterviewee’sSolution:WhydidrevenuesdropinoneyearIdeterminedtheproblemwasthatbecauseitissuchaneffortandexpensetodigthetrenchestoputthefibrebundlesin,thecustomerdoesitasinfrequentlyaspossiblewhichleadstoovercapacityCanheexpectanimprovementIfsowhenIfoundoutthattheybuyayearinadvanceofneedingitSinceusagedoubledyearly,Iworkedoutthatcustomerswouldreachcapacityinyears,andthereforewewouldbeimpactedforyearsTheCEOwantsabenchmarkslidewithhowwecomparetoourcompetitors:whatwouldbethemainitemsyou’dwanttoseeonthatslideIaskedforMarketShare(leader),Cost(lowestcost),People(noadvantage),CustomerBase(noadvantage),Product(norealadvantage),andBalanceSheet(highest)HeaskedifwecouldweatherthestormorifwewereintroubleIsaidifwehadaprettyhealthyfinancialsituation,wecouldweatherthestormforyearsbutthatitwouldbeworthwhilelookingforotherwaystodiversifysincethiswouldbeacyclicproblemZhangAPencilZhangAPencilZhangAPencilCommentaryRecommendations:ThekeytoansweringthisquestionisunderstandingwhatisactuallygoingonintheindustryTogettotheheartofthisissueyoucouldask:ClearlyourclienthaslostasignificantportionoftheirrevenueTounderstandwhytherearethreekeythingsIwouldwanttoexamine•First,whathaschangedaboutourClient–wehaven’theardofanymajorreasonwhythingswouldbegoingwronginternallybutsomeofthethingsthatIwouldwanttolookatare:HavetheylostkeysalespersonnelwithgoodcustomerrelationshipsHavetheylosttheirgoodreputationbecauseofsomeincidentoraccidentetcHavetherebeenperceivedqualityproblemsEtc•Second,IwouldwanttolookatourkeyCompetitors–Aretheyofferingabetterproduct(probablynotiftheindustryiscommoditized)AretheysellingatalowerpriceAretheyofferingbetterservicedeliverytimesetcAretherenowmorecompetitorsAreourcompetitorsbetterplacedgeographicallytomeettheneedsofourcustomersAretheirsomecompetitorsthataredoingbetterthanusIfsohowdotheydifferfromusAretheybiggerandleveragingtheirscale,etc•Third,IwouldwanttolookattheneedsofourCustomersandwhetherthesehavechanged–Ifthereisnothingwrongwithourproduct(Client)andourCompetitorshaven’tsuddenlygotbetterthenthedownturninsalesmusthavesomethingtodowiththeneedsofourCustomersWhatistheircurrentusageWhatistheircurrentcapacityWhatistheiranticipatedusageWhataretheirpurchasingpatternsrelativetocapacityetcThisstructureshoulddriveyoutoidentifythekeyissueThewaythefactsarepresenteditlookslikemostofthequestionsonClientandCompetitorswillyieldlittlereturnandtherichestpartofthediscussionwillfocusaroundCustomerneedsThisshouldprovidetheopportunitytodiscoverallofthefactsaboutthegrowthindemandandthecapacityconstraintcurrentlyinplaceItcouldalsoleadtounderstandingthe“lumpy”natureofthesecapitalpurchasesThisdiscussionshouldalsodrawoutenoughinformationtoanswerthefollowupquestiononhowourclientcomparestoitscompetitorsZhangAPencilCASE:HOLDINGCOMPANY(BoozAllen–Round)ClientisaholdingcompanyorconglomerateTheyarealongstandingclientofoursTheirrevenuesareaboutByearTheyholdallsortsofcompanies,mostlyaroundlowtechmanufacturing,includingroughlyinthe“OilandGas”“Automotive”and“other”categoriesTheholdingcompanydoesn’treallyhaveaunifiedportfolio,butbasicallyplacesbetsoncompaniesitacquiresItisnowlookingatanautopartsmanufacturer,andtryingtogetanideaofwhetheritshouldacquireitWhatkindofthingswouldyouwanttoinvestigatetofindoutwhetheritwasagoodideaAdditionalInformationProvidedAfterRelevantQuestions:•Financialhealthisexcellent–sittingonalotofcashTheirportfolioiswelldiversifiedTheyarenotlookingfor“synergies”necessarily•Aftermarketproducts–winchesforcars,trucks,ATV’s(revenuesofMforthisproductline)•TheyhaveofthemarketintheUS,andthemarketisexpectedtohaveflatgrowth•SeconddivisionisdrivetrainmechanismforswitchingcarfromWdrivetoWdriveIt’sasmallnichemarket,mostlyluxurycarsInterviewee’sSolution:WhatweresomeoptionsfortheWinchproductssincethemarketintheUSseemedtappedoutWetalkedaboutmarketsnotreallyexistinginothergeographiesbecauseitwasmainlyATVsandtheyweren’tascommoninothercountriesWetalkedaboutleveragingthetechnologyandalthoughnothingelsecouldbemadewithit,theydiddiscoverauseasa“tool”forhomeandshopuse(toliftbricksetc)WhowouldthecustomersbehereWetalkedaboutsmallcontractorsandhomeuseconsumers(doityourself)IaskedwheretheyshoppedanditturnedoutthatsmallcontractorsshoppedmainlyatwholesalersandbigboxshopslikeHomeDepotThetrendwasmovingtowardsbigboxTheseshopsonlyrenewtheircontractsonceayearwithmanufacturersHowwouldyoufigureoutmarginsforHomeDepotWetalkedabouthowmarginswerebasedonmarginsquarefootandthatyoucouldaskforasmallspace,butkeepitextremelywellstockedatalltimesandkeepourpackagingsmallHowwouldyoubringincustomersinthisentirelynewmarketAdvertisingthroughdoityourselfchannelsonTV,magazines,instoredemos(thisapparentlydidn’tworkaswellbctheyhadtosendpeopletostorestodothedemosandforasmallcompanyitwastoomuch)HethenwantedtotalkaboutsalesintheDriveTraincomponentarea:Iaskedaboutconsumers,andwetalkedaboutconsumersbeingbothendconsumersandautomanufacturersIaskedhowoftencarswereredesignedandhesaideveryyears,butthetrendwasgoingdowntowardseveryyearsWhatdoesthistellusTheopportunitytogetinaredesignisbetterWhatdoesthistellusaboutthefutureasthistimecontinuestogodownIsthisanadvantageIsaidno,becausenowyouwilllikelyhavemorecompetitivepressurefromthosewhosawthisasabarrierLastly,hewantedtoknowhowIwouldevaluatetheoveralldealtacticallyItalkedaboutdoingsomesortofreturnoninvestmentcalculationtomakesurethereturnwasadequate,andthattheresultsweneededinaparticulartimeframeexistedCommentaryRecommendations:Myconcerninthiscasewouldbethattheintervieweehasn’tdevelopedaclearsetofcriteriaforassessingthepotentialacquisitionandusedthesetodrivethroughthecaseinastructuredfashionThereareanumberofpotentialapproachesbutIwouldprobablybreakitdownasfollows:•BeforeanythingelseIwouldaskforsomemoreinformationonthepotentialtarget’sbusinessWhatproductsdotheysellWhataretheirrevenuesandmarginsEtcThenIwouldanalyzewhetherthismakestheacquisitiondesirablebylookingatthefollowing:oFirstIwouldwanttolookatwhetherthisisanattractiveindustrytobegettingintogenerally–TheautomotivepartsindustryseemstobegenerallyconsistentwiththeotherproductsintheirportfoliosoIwouldassumethattheyprobablyhavetheskillstomanagethissortofbusiness,isthatcorrectIwouldalsowanttolookatthegrowthprospectsforthisindustryIstheautomotivepartsindustryexpectedtogrowfasterorslowerthanotherlowtechindustrycompaniestheymayalsochoosetoinvestinoSecondIwouldwanttoexaminewhetherthisistherightcompanywithintheautomotivepartsindustrytobuy–inparticularIwouldwanttoknowtowhatextentourclientcouldderivevaluefromtheacquisitionWilltherebeanysynergieswiththeothercompaniesthatourclientownsWillourclientbeabletoimproveprofitabilitybydrivingcostsoutofthisbusinessArethereopportunitiestoincreasesalesorgrowthebusinessfasterthanexistingmanagementispredictingoFinallyIwouldwanttoconsiderthesepotentialimprovementsfromafinancialperspectiveDoestheclienthaveacertainNPVorROEtargetthatitislookingtoachievebeforeitinvestsCASE:ELECTION(BoozAllen–Round)WhatdoyouthinkisgoingtohappenaftertheelectionifKerrywinsandDrugReimportationfromCanadaislegalizedI’dliketoknowwhatyouthinktheimpactwillbetoLipitor(Pfizer)andifit’snegative,howwecanmitigateitAdditionalInformationProvidedAfterRelevantQuestions:•IntheUS,theLipitormarketis$B•LipitorismanufacturedinPuertoRico•Drugreimportationisnotcurrentlylegal,soismostlyconductedviatheinternetInterviewee’sSolution:WhatistheimpactIbrokeitupintoashorttermrevenueimpactandalongtermimpactonthepharmalargemarginmodelIdrewthevaluechainforthedrugmodel:Pharmaco,PBM–PharmacyBenefitManager(negotiatesprice)Pharmacy(sells)Consumer(buys)InbetweenyouhavetheDoctortalkingtothepharmacyandthehealthplanultimatelypickingupthetabWeestablishedthatthehealthplanswillbepushingforthis,andthePBMswillputpressureonthePharmacosasthegatekeepertothecontractswithhealthplansWhatwillbethefinancialeffectIaskedwhatthepricingwascurrentlyItissoldfor$permonth,andwewerelookingat$permonthforthesamedruginCanadaThatmeantthe$Bwouldbe$BlessBigeffect!WhatcanPfizertodomitigateIaskedifthereweredrugsthattheysoldintheUSbutnotinCanada–thereareThisisanoption–theycanbumpmarginsonthoseproductsTheycanlowercosts(theyshouldalreadybedoingthisbutbctheirmarginsaresobig,it’snotapriority)TheycanalsolimittheamountofcheaperdrugoutputtomatchtheCanadianmarketsize(iesinceCanada’spopisofUS,theycanreleaselessandlimitthemarketforthe“reimported”drugs)IalsosuggestedpushingforlongercontractswiththePBMssothatwecouldextendpastpatentlifeofLipitorandkeepmargins,butheaskedifthePBMswouldhavetoallowthatTheywouldalsoknowwhentheywerecomingoffpatent,sowouldlikelynotsignthosetypesofcontractsCommentaryRecommendations:BoozandsomeoftheindustryspecialistconsultingfirmswilloftenaskcasequestionsthatareindustryspecificandrequireyoutodemonstrateyourindustryknowledgeABain,BCGorMcKinseyisextremelyunlikelytoeverexpectyoutohavethislevelofknowledgeaboutaparticularmarketbeforethestartofacasebuttheycanstillbeusedasreasonablepracticecasesIwouldapproachthiscasethesamewayasforanyothercaseinvolvingaregulatorychangeandyoucanconstructaseriesofquestionsthatwouldgetyoutotherightanswerevenifyouknowabsolutelynothingaboutpharmaceuticalsbeforeyoustart:Iwouldapproachthiscasethesamewayasforanyothercaseinvolvingaregulatorychangeandyoucanconstructaseriesofquestionsthatwouldgetyoutotherightanswerevenifyouknowabsolutelynothingaboutpharmaceuticalsbeforeyoustart:•FirstIwouldwanttoclarifywhatthechangemeans–itappearsthatitmeansthatdrugssoldintoCanadafromPeurtoRicocanbereimportedintotheUS–Isthereanythingelse•FirstIwouldwanttoclarifywhatthechangemeans–itappearsthatitmeansthatdrugssoldintoCanadafromPeurtoRicocanbereimportedintotheUS–Isthereanythingelse•Second,IwouldwanttounderstandwhyanyonewouldwanttoreimportdrugsfromCanada–itappearsthatdrugsareavailableinCanadamorecheaplythanintheUScreatingmarketpressuretoreimportthemintotheUS–whyisthisthecaseWhywouldn’ttheysimplybeboughtcheaplyfromPeurtoRicodirect•Second,IwouldwanttounderstandwhyanyonewouldwanttoreimportdrugsfromCanada–itappearsthatdrugsareavailableinCanadamorecheaplythanintheUScreatingmarketpressuretoreimportthemintotheUS–whyisthisthecaseWhywouldn’ttheysimplybeboughtcheaplyfromPeurtoRicodirect•NextIwouldwanttolookattheextentofreimportationthatislikelytooccur–howmuchofthedrugiscurrentlysoldintheUSInCanadaAtwhatpriceisthedrugsoldintheUSInCanadaArethereanycostsassociatedwithreimportationArethereanylimitsontheamountthatcouldbereadilyreimported(egthetotalavailablesupply)•NextIwouldwanttolookattheextentofreimportationthatislikelytooccur–howmuchofthedrugiscurrentlysoldintheUSInCanadaAtwhatpriceisthedrugsoldintheUSInCanadaArethereanycostsassociatedwithreimportationArethereanylimitsontheamountthatcouldbereadilyreimported(egthetotalavailablesupply)•FinallyIwouldwanttoconsidertheflowonconsequences–willthedrugcompaniesputthepricesupinCanadaWilltheyreducethepriceintheUSCantheyrestrictsupplytoCanada•FinallyIwouldwanttoconsidertheflowonconsequences–willthedrugcompaniesputthepricesupinCanadaWilltheyreducethepriceintheUSCantheyrestrictsupplytoCanadaCASE:PERPETUALMOTION(Bain–Round)NEWPRODUCTMARKETENTRYIwasflyingbackfrommyclienttheothernight,andworkingawayonmylaptopBesidemewasseatedamadscientist,whoengagedmeinconversation,andwasexcitedtofindoutIwasaconsultantItseemsthathehascreatedaperpetualmotionmachineItrequiresnoenergy,andkeepsongoingHewantstoknowhowtomakemoneywithitAdditionalInformationProvidedAfterRelevantQuestions:•NoadditionalinformationprovidedInterviewee’sSolution:•WestartedwithageneralframeworkonthethingsIwouldcoverShepushedmeintothecategoryofwhatitmightbeusedforandwestuckoncarsSheaskedmewhatthesizeoftheopportunitycouldbeIdidaquickmarketsizing,basedonthe

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