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case studies defining the problem - ANS important- to clarify nature of business issues =important step. even can ask questions after define the proble - ANS need logical answer - can break problem into smaller pieces , could also conduct a SWOT analysis of the firm, then state hypotheiss and potential solutions, then choose framework to structure your hypotheses, then state assumptions, at end summarize framework and analyses you utilized. importance of pose and flexibility - ANS confidence in your answer, handle self when make a mistake, as situations change and new information becomes available, are you able to adapt? articulation wiht communication, display energy and drive examples: The client, a leading manufacturer of prefabricated kitchen furnishings, has been steadily losing market share over the last two years. • The senior executive team would like you to help them understand why and what they can do to improve their market standing. what should you ask? - ANS Has the size of the market changed in the last two years? • Has the competitive structure of the industry changed? Mergers and Acquisitions? New Entrants? • Are there any new products or new technologies that are gaining market share? • How are we currently positioned (low cost, high quality, etc )? What is our competitive advantage? parade of facts case example: Client is a leading food company that wants to develop a fresh prepared meal business • Trend among consumers is toward fresher food with no artificial preservatives or coloring • Consumers are currently purchasing $5 0 billion of frozen meals—trendis toward more upscale products • A fresh meal plate combining a protein, vegetable and starch is delicately arranged in a sealed plastic dome package • Nitrogen gas flushing is used to extend shelf life • Product is currently in limited consumer test at $5 50 to $850 per meal • Shelf life of product is 14 days— product will spoil in 21 dayspotentially causing food poisoning • Client wants to know if they can make money in this business • Client wants to know if the market is big—how will they keep competition out • Client wants a consultant to assistin building business case - ANS Key Problem: Profitability of Business and Size of Market • Problem Understanding: • Ask about consumer test What prices are consumers responding to? Are there any items spoiling on the shelf? • What is the competitive structure of this market currently? • What are the components ofthe company's cost structure? • Structure Analysis: • What is the break-even point for the firm? 1 Determine Gross Margin per Unit 2 Determine fixed costs 3 Divide to find break-even • Estimate the size of the market(a case within a case) • Determine the market share they will need to break-even • Develop Recommendations: • Discuss the competitive structure of the market Can the firm realistically achieve the break-even market share?