Caseinterview分析工具框架.doc

Case interview分析工具/框架案例面试分析工具/框架一.Business Strategy1.市场进入类●行业分析(波特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 marketA.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.新产品引入类●营销调研●产品?价格?即4P●4C (Customer, Competition, Cost, Capabilities●市场促销,分校渠道(渠道选择,库存,运输,仓储●STP和4P(Product, Price, Place, Promotion●产品生命周期二.Business Operation1.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?●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,3c4.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.Market Sizing/Estimation●市场趋势,市场规模,市场份额,市场壁垒等●市场集中度●市场驱动因素(价格,服务,质量,外观●关键成功要素KSF四.M&A类●整合原因(synergy, scale, management impulse, Taxconsideration, Diversification, Breakup Value●5C(Character, Capacity, Capital, Conditions, Competitive Advantage●类型:horizontal, vertical, congeneric, conglomerate●估值方法:DFC,Market Multiple( EBITDA,P/E,P/B●DFC:Pro Forma Cash Flow Statement,Discount Rate●Hostile VS Friendly takeovers所有咨询公司面试可能用到的分析结构Advanced concepts & frameworksMBAs and other candidates with business background, take note - interviewers will expect you to have a more detailed take on your case than an undergraduate would have. Here are some commonly used case concepts.Net present valuePerhaps the most important type of decision company managers must make o n a daily basis is whether to undertake a proposed investment. For example, should the company buy a certain piece of equipment? Build a particular facto ry? Invest in a new project? These types of decisions are called capital budget ing decisions. The consultant makes such decisions by calculating the net pres ent value of each proposed investment and making only those investments tha t have positive net present values.Example: Hernandez is the CFO of Western Manufacturing Corp., an automobil e manufacturer. The company is considering opening a new factory in Ohio th at will require an initial investment of $1 million. The company forecasts that t he factory will generate after-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. The company uses a discount rate of 12 percent. Hernandez must determine whether the company should go ahead and build the factory. To make this decision, Hernandez must calculate the net present value of the investment. The cash flows associated with the factory are as follows:Hernandez then calculates the NPV of the factory as follows:Since the factory has a negative net present value, Hernandez correctly decide s that the factory should not be built.The net present value ruleNote from the example above that once the consultant has figured out the NP V of a proposed investment, she then decides whether to undertake the invest ment by applying the net present value rule:Make only those investments that have a positive net present value.As long as the consultant follows this rule, she can be confident that each inv estment is making a positive net contribution to the company.The Capital Asset Pricing Model (CAPMIn the above example, we assumed a given discount rate. However, part of a consultant's job is to determine an appropriate discount rate (r to use when c alculating net present values. The discount rate may vary depending on the in vestment.BetaThe first step in arriving at an appropriate discount rate for a given investmen t is determining the investments riskiness. The market risk of an investment i s measured by its "beta" (?, which measures riskiness when compared to the market as a whole. An investment with a beta of 1 has the same riskiness as the market as a whole (so, for example, when the market moves down 10 percent, the value of the investment will on average fall 10 percent as well. An investment with beta of 2 will be twice as risky as the market (so when th e market falls 10 percent, the value of the investment will on average fall 20 percent.CAPMOnce the consultant has determined the beta of a proposed investment, he ca n use the Capital Asset Pricing 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 a risk-free investment (for example, by investing in U.S. Treasury bills. The market rate of return is the return the company could。