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Frameworks (4-step approach (Raise key issues (5 characteristics of key…

- - - - Critical for poorly defined cases
      - Use clarifying questions
      - Aim for 3-5 questions maximum
    - - Types
        
        Explain the objective in detail
        
        Explain the business model
        
        Gives specifics to general statements (units, #s, definitions, etc)
      - Density matters
      - Explicitly say you're going to clarify before you structure the case
      - You DON'T want to solve the problem yet
  - - - General
        
        Who are my customers and how much do they buy?
        
        What products do they buy and what do they want?
        
        Where and when do they buy?
      - Airline strategy specific
        
        What are the key segments within business and leisure travel, and how large is each in terms of # of seats sold and revenues?
        
        What routes and add-on services are in large/growing demand and what are their main complaints?
        
        What main channels do they use to buy tickets and how price sensitive are they regarding to when they buy?
    - - Generic
        
        What are my competitor's key resources
      - Mining
        
        What are my competitor's mines and how are they different from others?
      - Retailing
        
        What are my competitor's brands, store locations and supplier's contracts?
      - Pharma
        
        What are my competitor's brands, patents and R&D pipeline?
    - - Make them problem-specific
      - Have the obvious issues
      - Have some non-obvious issues
      - Be as exhaustive as possible
      - Raise the few critical non-obvious (advanced)
  - - - Each question you ask must have a purpose
      - Helps to get more specific into the question so you can answer it in a testable, data-driven way
    - - Issue
        
        What are key segments within business and leisure travel, and how large is each in terms of # of seats sold and revenues
      - Hypo
        
        There must be at least one highly profitable segment that is poorly served by us and our competitors that we can target from now on
  - - - List of segments with market size and price sensitivity (price per ticket vs avg.) [looking for high-price, high-volume segment]
      - Survey cust from promising segments to see what are their main frustrations and desires [looking for segment with frustrations and unfulfilled desires]
      - Determine what segment can our company serve better
- - - - Breaking the problem into parts
        
        Use for simple problems (short-term fixing)
      - Examples
        
        Reducing costs to boost next year profit
    - - Look at a problem from different angles
        
        Use for complex problems (long-term strategy)
      - Examples
        
        Reducing costs to become the low-cost player in its industry in the long term
      - Types
        
        Context-driven
        
        Breaks down a multi-part system into its components
        
        Objective-driven
        
        Breaks down a goal into its objectives
  - - - Categories
        
        Competition
        
        Supply side
        
        What can each competitor do given their strengths, weaknesses and resources?
        
        Company
        
        What can you offer your customers given your own strengths, weaknesses, and resources?
        
        Customers
        
        How do different customers behave, and what do they value, need or desire?
        
        Demand side
      - Key questions
        
        What
        
        Why
        
        Where
        
        When
        
        Who
        
        How
        
        How much
- - - - Other key decision makers
        
        Dist. channels
        
        Between supply and demand side
        
        Airline, shampoo
        
        Suppliers
        
        Supply side
        
        Automotive
        
        Employees
        
        Supply side
        
        Consulting
        
        Government
        
        Between supply and demand side
        
        Pharma, arms manufactureres
        
        Investors
        
        Academia
      - Direct interfaces (between decision makers)
        
        Product
        
        Interface between company, competition -- customers
        
        Unions
        
        Employees -- Company, competition
        
        Cartels
        
        Company -- competition
        
        Oil company (OPEC)
        
        Regulatory agencies
        
        Government -- company, competition
      - Structural factors ("Rules of the game")
        
        Technology
        
        Infrastructure
        
        Environment
        
        Company needs to buy land to grow crops
        
        Economy
        
        Law
        
        Culture and social beliefs
    - - Traditional category --> expanded/specific meaning
        
        Competition
        
        Direct and indirect competitors
        
        New entrants
        
        (name of your major competitors)
        
        Products
        
        Substitutes
        
        Customer
        
        Purchasing decision maker
        
        Distribution channels
        
        Media
        
        Influencers