The companys primary service lines consist of corporate strategy, mergers & acquisitions, and operations. 12 Product Management Case Interview Questions. Which product would you recommend to assist the client's business to grow? Threat of new entry:How difficult is it for new players to enter the market? I dont let the interviewer confused between playing the case vs. asking clarification questions. In this case, this data piece actually opened up new investigating areas to test the hypothesis that the bottleneck is within revenue. Add your consulting firm to this case interview list. There are six common case interview questions that show up during the majority of interviews with management consulting firms. A client of a company is a hotel located in New York City, New York. Most profitability cases in casebooks are simple: industry Y, profits fell. The candidate provided insight after reading each exhibit good job. Candidate-oriented Candidate-oriented interview cases are quite the opposite. In consulting case interview, its always good to do everything as explicitly as possible. So are you ready for it! When I give a candidate-led case, I expected the candidate to drive the case. Take a look at Accentures Case Interview Workbook (Accenture website) to help with your preparation. When guided, the candidate eventually runs this analysis, but the fact that this isnt even explicit in his initial structure is still a red flag. Your answers to the initial case question and to all the other brainstormings in the case could (and should, if youre aiming for the moon) be 5X more robust than this candidates. Once youve mastered them, you can nail any case they throw at you! A+ Airlines' reaction to competitor's change #4. And dont forget the case interview list of casebooks we gave above! Case interview frameworks or consulting frameworks are arguably the most critical component of a case interview. Alternate approach: check CIRCLES Method from 'Decode & Conquer'. Copyright Hacking the Case Interview 2022, Case Frameworks: The 6 Most Common Frameworks, Consulting Frameworks Every Consultant Knows. are more feasible to practice and develop. Deloittes consulting practice is divided into three main practice areas: Strategy & Operations, Technology, and Human Capital. Interviewers will score the candidate across the following 4 attributes. As I said, Ill quickly go over the insights this candidate missed, as I think they could greatly add to your business sense library. The whole format is led by the interviewer. Case Study: Launching PayMe from HSBC. The key to acing candidate-led cases is to master the case interview fundamental concepts as well as the frameworks. Overall, good to practice and to get a feel for case interview dynamics, You cant see the Exhibit the candidate is shown, but you can find it in, Stellar framework, touching on all relevant issues and showing a plan to solve the problem from beginning to end, Great job performing a spontaneous reality check to his estimation, I would expect more reasoning behind some of the key assumptions (# of high schools and colleges in the US). Some break even. I can show you how to get it right if you watch this video on. Here, product design is a journey where you explore diverse questions and challenges pertaining to product discovery & development. It is important that you are familiar with this format. The firms emphasizes technology and services to the U.S. Federal Government. Non-Profitability Cases. Featuring next: me reviewing my own video from a neutral point of view. Just like somebody in the car showing the drivers the route before cruising on the road. Examples of case study interview questions and answers. For more, read our insiders guide to McKinsey and practice the dozens of McKinsey-style cases in the Case Library. Capital One hiring process The Product Manager Interview: 167 Actual Questions and Answers: This is the second edition of Lewis C. Lin's book - previously titled The Product Manager Interview 164 Actual Questions and Answers - a great resource for both budding and seasoned product managers. Mock interviews hardly prepare you for this at all: (And how would a real candidate do in this case? For cases involving processes and efficiencies, it can be helpful to look at the different components or steps in the process. Find dozens of EY and EY-Parthenon cases in the Case Library. Case Interview Question #00689: Our client Moldovan Coffins is a high-end coffin maker in the country of Moldova. Given the mistakes this candidate makes, hes probably not taking his notes well. This shows that the candidate does have a good intuition and thought process. Google or Facebook / Meta Product Manager ). Looking for more cases specifically from top MBA casebooks? Read them below, under the spoiler alert. Microsoft sales give you access to incredible prices on laptops, desktops, mobile devices, software and accessories. Hope this . Here the candidate just implicitly made a hypothesis that the problem is on the revenue side. Its also why we created Black Belt the worlds top accelerated case interview preparation program. This is the power of a case interview framework. After reading this article, refer to the following articles: How to answer case . Heres the deal: you can watch as many of these great videos as you want, but they will only help you up to a point. after, But he doesnt make the same mistake twice at. Hi! I would not recommend using these exact frameworks during a case interview because the interviewer may think you are just regurgitating memorized information instead of thinking critically about the case. Next, its time to work with an expert. We also wrote an in-depth profile of the firm, complete with insights into Kearneys interview process. 4.2 Summary of Key Things to Remember on Consulting Math Questions. It started out like a typical one but getting more and more tricky toward the end. This is a little too long in a case interview. Making one mistake twice is a big no-no in consulting interviews; one key part of the consulting skill set is the ability to learn, and repeating your mistakes (especially if the interviewer has pointed it out) makes you look like someone who doesnt learn. The 4 Ps in this framework are: product, place, promotion, and price. Coca-Cola has the capabilities to produce outstanding beer, Coca-Cola will be highly profitable from entering the beer market, The company has the capabilities to enter, The company will be highly profitable from entering the market, The market that the acquisition target is in is attractive, The acquisition target is an attractive company, The acquisition generates meaningful synergies, The acquisition target is at a great price and will generate high returns on investment, Having access to new distribution channels, Increasing buying power with suppliers, manufacturers, distributors, or retailers, The product targets an attractive market segment, The product meets customer needs and is superior to competitor products, The company has the capabilities to successfully launch the product, Launching the product will be highly profitable. Nonetheless, this being one of the biggest banks in America, its interesting to see how its cases differ from the consulting ones. We first want to determine whether the market is attractive. Weve identified what separates successful candidates from the ones who just get close. Interviewer-Led: These types of case interviewers involve "1-2 interviewers leading a candidate through a multi-step case problem," says William Wadsworth of Exam Study Expert. I couldnt tell which cases were realistic and which were unrealistic, or which were hard and which were easy. 2020 Management Consulting Prep | Intelectual Property protected by DMCA, At McKinsey, case interviews often follow the. Check out our privacy policy for details on how we protect and manage your submitted data. Suppliers are companies that provide the raw materials for your company to produce goods or services. By asking such questions, they may want to determine your understanding of industry products and how you evaluate the needs of their company and help them effectively . I chose this next video mostly due to the quality of the initial case question. 1) How would you structure this problem? See here for a list of previous cases (Consulting cases 101). Capital One has an internal strategy group that focuses on high level direction for the financial institution. All Rights Reserved. How much would it cost to enter the beer market? you need to provide an insight after getting to the numerical answer. 2.3 Industry Landscape and Competitive Dynamics. What 3 4 statements must be true for us to recommend that Coca-Cola should enter the beer market? It simplifies a complex business problem into smaller and separate components that we can tackle one at a time. Just a moment ago, the candidate actually exhibited a good habit. What are the most common types of case interview examples? The candidate does not distinguish between the two and do both at a same time. The varied difficulty level ensures that both novices and advanced candidates will find their . Both of these are to make sure that I will be solving the right problem. Case Interview End-to-End Secrets Program. Second, the comments in the middle break the flow. Should the product be sold through retail partners instead? In addition to cases, PwCs Strategy& is known to have candidates participate in group interviews and present a written, take-home case. How would Coca-Cola outcompete competitors? There are six common case frameworks in consulting case interviews. Notice here that I ended up asking the same question the candidate did. Banking 126. So the clients business model is to deliver music to customers through three channels: internet website, mobile apps and built-in car radio. Market Sizing Questions (also called dinner conversation cases) Case Interview Math (also known as consulting math) 4.1 Consulting Math Example. Fifth, after playing the case context and objectives, I pause for a second and ALIGN with the interviewer: Does it correctly and adequately summarize the case?. I am glad that the candidate makes this mistakes well, not glad for him but for the greater audience of this program. Feature 2- User can record and upload review Videos of a particular Product. McKinsey case interviews are interviewer-led, meaning that the interviewer sets the pace of the case. The 4 Ps framework is used to develop a marketing strategy for a product. In this case, I actually give out an important piece of data. Theyre actually helpful. If it was, I think youll also enjoy our free course. There are multiple McKinsey case interview examples here: McKinsey interview webpage (McKinsey website). Next, lets add a few bullet points under each area to add more detail to our case framework. This seems trivial but very beneficial in multiple ways: And (c) I showed my great attitude towards the case, which the interviewer would assume is the same for real future consulting business problems. Having gone through Capital Ones guide to its cases, I cant help but notice the less-MECE structure of the sample answers. The candidate is then expected to perform an analysis and provide advice on how to handle the scenario. This case could be way more interesting and insightful if the candidate had followed a different path, like finding different sources of revenue, different segments they could cater to at a higher price point, or new markets they could enter with the resources they have. The healthcare business is the next area the company should enter based on whom the customer works with and the market potential. 5) What ideas do you have to fix the problem? The firm is known for its expertise in working with Private Equity funds and other principal investors. Additionally, Interviewers can easily tell that you are regurgitating memorized information and not thinking critically. Some BCG and Bain offices also utilize written case interviews you have to go through a pile of data slides, select the most relevant ones to answer a set of interviewer questions, then deliver those answers in a presentation. I will dig I will go deeper into revenue then. Not only does it help reduce chance of going into the wrong direction in case interviews, but it also creates a good impression. Therefore, depending on the practice area you are recruiting for, your Deloitte case interview will differ widely. Context and format This is the initial phone or video call with the PM Lead, PM, or PMM before the candidate reaches round 2. This case uses the supply chain side. It requires either a well-structured answer or a ton of business sense, and the candidate solving it had neither. A market entry case might look like this: Coca-Cola is considering entering the beer market in the United States. Product Design Questions Expectations: Wireframes & Prototypes Looking at customers, have customer needs or preferences changed? This is one of those times. The "Great Unknown" - Help a leading manufacture of prefabricated kitchen furnishings turn around its recent loss of market share. The less competitive an industry is, the more attractive the industry is. This habit is extensively taught at McKinsey, Bain and BCG, so therefore interviewers would love somebody that exhibits this habit often in case interview. Most beginners think you only use issue trees and drill-down analysis when solving a profit problem, but as youll see in this case, this is not true at all. Therefore, high buyer power makes the industry less attractive while low buyer power makes the industry more attractive. Candidate: Thanks! Secondly, I did what I refer to as the map habit, which is to always say what you are about to do and then do it. Its always exciting to do cases. This is Kim and welcome to another performance in the Tips & Techniques part of our amazing End-to-end program. We developed our case library to give you the chance to practice on cases used in real case interviews. Lets look at an example: Coca-Cola is a large manufacturer and retailer of non-alcoholic beverages, such as sodas, juices, sports drinks, and teas. The candidate performs a reality check on whether his actions match the issue tree; in a case interview its easy to lose track of what youre doing, so remember to do this every once in a while. The issue with using memorized frameworks is that they arent tailored to the specific case you are solving for. Note the logical order of the buckets in the framework. Ok I see And this is a very large company but they arent making money? So, to recap if youre just starting out: At the end of the day, case interview mastery comes down to quality over quantity. This is where I said: Let me tell you my understanding of the case context and key objectives. Diconsa case interview (McKinsey website), Electro-light case interview (McKinsey website), GlobaPharm case interview (McKinsey website), National Education case interview (McKinsey website), Bain case interview questions (Bain website), Written case interview tips (Bain website). ($5-$1) X 100 cartons = $400 profit Make sure you talk through your logic, to show the recruiter your problem-solving skills. This helps the interviewer acknowledge that you have received and understand the data. What can they do to fix this? Here are some examples of practice questions and answers for a case study interview: Which product do you think can help scale a client's business? Are competitors also experiencing a decline in profitability? Promotion: You will need to decide how to spread information about the product to customers. How do these trends impact profitability? Select the product that best fits customer needs for the customer segment you are focusing on. With product data science case questions, the interviewer wants to get an idea of your product sense intuition. You will also learn six consulting frameworks that nearly every consultant knows. Itsnot that good to make it to a best of list. (To understand what elements a perfect answer would need and how to create one for any case, check out our free course, Case Interview Fundamentals.). Have existing competitors made any recent strategic moves? Next 30-40 minutes: Case Interview. Candidate-Led: In these case interviews, you will be presented with a question by the interviewer and then expected to lead them through to an answer step-by-step. But examples of case interviews will never teach you HOW to do cases well. Still, I want to add it as a bonus, as it will add value to you in its own way. Due to the intense competition amongst candidates for the McKinsey case interview, interviewers will often test the quality and logic of your answers by providing pushback more than that you would experience at other firms. The next case is mostly useful for its framework question. The year before was $275 million. 60% of our Black Belts land offers at Top 10 firms vs. a 3% acceptance rate industry-wide! Unsubscribe at any time. . This also buys you a little time. Making one mistake twice is a big no-no in consulting interviews; one key part of the consulting skill set is the ability to learn, and repeating your mistakes (especially if the interviewer has pointed it out) makes you look like someone who doesnt learn. Heres what I would expect from a top-2% candidate. In deciding on a price, you can consider the costs to produce the product, the prices of other similar products, and the value that you are providing to customers. However, the firms largest presence by far is in the life sciences and healthcare sectors. Last 5 minutes: Fit Interview, again. Currently, Hearts4Lives is not profitable because they are not able to collect enough blood to sell to their hospital partners. So candidates end up getting surprised by them in their actual interviews. Join 60,000+ on the #1 consulting prep channel! Sample interview template: 1-on-1 Product case study Make a copy of this document to conduct your interview, take notes, and grade the candidate. Kearney provides several ways to learn more about its projects, including case studies, a consulting case book, crack the case tips, and a one practice case called Promotional Planning (Kearney website). Copyright 2019 Incredipedia LLC. New product frameworks are used to help a company decide whether or not to launch a product or service. These include: The Profitability Framework The Pricing Framework The 3 C's + Business Situation Framework The 4 P's Porter's Five Forces New Market Framework New Product Framework M&A (Mergers and Acquisitions) Framework Their primary customer base is made up of mostly foreign tourists. There are six consulting frameworks that nearly every consultant knows. Unique more comprehensive, more detailed, and more intuitive than ANY other products on the market, Instant access available automatically after purchase, Case Interview 101 The Online Guidebook. We break down EY-Parthenon in detail here. It connects to every credit card and bank account and tracks every penny you spend in real time. Saying revenue went up is good, but its great to be able to say revenue went up by more than 50%. The next video is THE SINGLE BEST in this list for solo practice. Each quadrant has a recommended strategy. This is where I said: Let me tell you my understanding of the case context and key objectives. just looking to learn something new, jump right in. Notice that we have simplified the list of questions we had into four main categories. So your client today is an internet music broadcasting company. In order for you to decide whether Coca-Cola should enter the beer market, you likely have many different questions youd like to ask: This is not a very structured way of thinking through the case. You may also be losing profits from customers who perceive the product as low-quality due to a low price point. He was, however, close to the real values his background as a teacher could have played a role, but as an interviewer I would still have needed to see his reasoning behind those numbers, Big mistake inadvertently converting square yards to square feet (~10x difference in final answer) combined with math confusion within the Estimation and inefficiencies in Analysis: his analytical skills would have to be tested more thoroughly in a third interview or in a next round, Learn what these six types of questions are, Get step-by-step approaches to answering them. This framework is used to analyze the attractiveness of a particular industry. The problems you will encounter are not designed to be brainteasers, or theoretical problems designed to stump you, but rather to reflect the challenges that our clients face. The possibility of having some cash flow from the product after the patent expires. Additionally, you wont need to memorize multiple different frameworks. The profitability case we are about to watch will show that. Product design (a.k.a. Capital One specializes in 3 main products: credit cards, retail banking, and commercial banking services. Your client is a $300 million a year copper mining company. Example answer: "The best product to help scale the business is the AI software package from the client's catalogue. On the revenue side, what is causing the decline? Just a quick heads up: I would not pass this candidate, as I wasnt a fan of his initial structure nor of his business sense in general. Lin's book will not only . not that good to make it to a best of list. Profitability Framework Market Entry Framework There are three of them: Thats a very interesting problem and I am happy to get a chance to solve it. For this very approach, I think no more than 15 to 20 seconds should be used. Actually, we dont. How to Solve a Product Manager Case Study in 4 Simple Steps Example answer:There is a lot of potential in the expansion of AI software. Our firsthand account of what life is like at Bain. The post Building a Bespoke Prioritisation Framework: A Case Study appeared first on Mind the Product. I get that! I would like to introduce to you the perfect habit of what you should react and do every time you have any piece of data during case interviews. To determine whether the beer market is attractive, we would need to know the market size, the market growth rate, and the average profit margins in the market. Filed Under: Beginners, Featured, How to practice, Just the best case interview example videos from all around the web, personally and carefully curated by me, Insightful reviews on the case and on the candidates performances, Exactly what you should take home from each case, Join our FREE 7-day course and we'll teach you Ok. If barriers to entry are low, then it is easy for new players to enter the market and more difficult for existing players to maintain their market share.