麦肯锡案例面试题GreatBurger案例分析英文有答案.docx

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麦肯锡案例面试题GreatBurger案例分析英文有答案.docx

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麦肯锡案例面试题GreatBurger案例分析英文有答案.docx

麦肯锡案例面试题GreatBurger案例分析英文有答案

麦肯锡案例面试题：

GreatBurger案例分析（英文，有答案）

PracticeCases

GreatBurger

Introduction

Tostepthroughthiscaseexample,wewillgiveyousomeinformation,askaquestion,andthen,whenyouareready,giveyouasampleanswer.Wehopethattheexercisewillgiveyouasenseoftheflowofacaseinterview.（Pleasenote,youcanstopthisexerciseandpickupwhereyouleftofflater.Yourcookiesmustbeontousethisfeature）.

Inthisexercise,youwillansweraseriesofquestionsasthecaseunfolds.Weprovideourrecommendedanswersaftereachquestion,withwhichyoucancompareyourownanswers.Wewanttoemphasizethatmostquestionsinacasestudydonothaveasinglerightanswer.Inalivecaseinterview,wearemoreinterestedinyourexplanationofhowyouarrivedatyouranswer,notjusttheansweritself.Aninterviewercanalwaysassessdifferentbutequallyvalidwaysofapproachinganissue,andthenbringyoubacktotheparticularlineofinquirythatheorshewantstopursue.

Youshouldalsokeepinmindthatinalivecase,therewillbefarmoreinteractionwiththeinterviewerthanthisexerciseallows.Forexample,youwillhavetheopportunitytoaskclarifyingquestions.

Finally,alivecaseinterviewwouldtypicallybecompletedin30-45minutes,dependingonhowthecaseevolves.Inthison-lineexercise,thereisnotimelimit.

Therearesixquestionsinthison-linecasestudy.Thiscasestudyisdesignedtoroughlysimulateoneduringyourinterview,soyouwillnotbeabletoskipaheadtothenextquestionuntilyouhaveansweredtheoneyouareon.YoucanrefreshyourmemoryofpreviousanswersbyclickingthehighlightedQ&Alinkstotheleft.Toprinttheanswer,clickontheprinticonthatappearsintheTOPRIGHTcorner.Attheend,youcanprinttheentireon-linecasestudyatonce.

StartCaseStudy

=============================================================================================================

ClientGoal:

ShouldGreatBurgeracquireHeavenlyDonutsaspartofitsgrowthstrategy?

OurclientisGreatBurger（GB）afastfoodchainthatcompeteshead–to-headwithMcDonald's,Wendy's,BurgerKing,KFC,etc.

DescriptionofGreatBurger

GBisthefourthlargestfastfoodchainworldwide,measuredbythenumberofstoresinoperation.Asmostofitscompetitorsdo,GBoffersfoodand"combos"forthethreelargestmealoccasions:

breakfast,lunch,anddinner.

EventhoughGBownssomeofitsstores,itoperatesunderthefranchisingbusinessmodelwith85percentofitsstoresownedbyfranchisees（individualsownandmanagestores,payfranchisefeetoGB,butmajorbusinessdecisions（e.g.,menu,lookofstore）controlledbyGB）.

McKinseystudy

AspartofitsgrowthstrategyGBhasanalyzedsomepotentialacquisitiontargetsincludingHeavenlyDonuts（HD）,agrowingdoughnutproducerwithbothaU.S.andinternationalstorepresence.

HDoperatesunderthefranchisingbusinessmodeltoo,thoughalittlebitdifferentlythanGB.WhileGBfranchisesrestaurants,HDfranchisesareasorregionsinwhichthefranchiseeisrequiredtoopenacertainnumberofstores.

GB'sCEOhashiredMcKinseytoadvisehimonwhethertheyshouldacquireHDornot.

QUESTION1

WhatareaswouldyouwanttoexploretodeterminewhetherGBshouldacquireHD?

ANSWER1

Somepossibleareasaregivenbelow.Greatjobifyouidentifiedseveraloftheseandperhapsothers.

∙StandalonevalueofHD

∙Growthinmarketfordoughnuts

∙HD'spastandprojectedfuturesalesgrowth（breakdownintogrowthinnumberofstores,andgrowthinsamestoresales）

∙Competition–arethereanyothermajornationalchainsthataredoingbetterthanHDintermsofgrowth/profit.Whatdoesthisimplyforfuturegrowth?

∙Profitability/profitmargin

∙Capitalrequiredtofundgrowth（capitalinvestmenttoopennewstores,workingcapital）

∙Synergies/strategicfit

∙Brandqualitysimilar?

Wouldtheyenhanceordetractfromeachotherifmarketedsidebyside?

∙Howmuchoverlapofcustomerbase?

（verylittleoverlapmightcauseconcernthatbrandsarenotcompatible,toomuchmightimplylittleroomtoexpandsalesbycross-marketing）

∙Synergies（Hint:

donotdivedeeponthis,asitwillbecoveredlater）

∙Managementteam/culturalfit

∙Capabilities/skillsoftop,middlemanagement

∙Culturalfit,ifverydifferent,whatpercentofkeymanagementwouldlikelybeabletoadjust

∙Abilitytoexecutemerger/combinecompanies

∙GBexperiencewithmergersinpast/experienceinintegratingcompanies

∙Franchisestructuredifferences.Detail“dive”intofranchisingstructures.Wouldthesedifferentstructuresaffectthedeal?

Canwemanagetwodifferentfranchisingstructuresatthesametime?

=============================================================================================================

TheteamstartedthinkingaboutpotentialsynergiesthatcouldbeachievedbyacquiringHD.HerearesomekeyfactsonGBandHD.

Exhibit1

Stores

∙Total

5,000

1,020

∙NorthAmerica

3,500

1000

∙Europe

1,000

∙Asia

400

∙Other

100

∙Annualgrowthinstores

10%

15%

Financials

∙Totalstoresales

$5,500m

$700m

∙Parentcompanyrevenue

$1,900m

$200m

∙Keyexpenses（%sales）

∙Costofsales

51%

40%

∙Restaurantoperatingcosts

24%

26%

∙Restaurantproperty&equipmentcosts

4.6%

8.5%

∙Corporategeneral&administrativecosts

15%

∙Profitas%ofsales

6.3%

4.9%

∙Sales/stores

$1.1m

$0.7m

∙Industryaverage

$0.9m

$0.8m

QUESTION2

WhatpotentialsynergiescanyouthinkofbetweenGBandHD?

ANSWER2

Wearelookingforafewresponsessimilartotheonesbelow:

∙Lowercosts

∙Biggestopportunitylikelyincorporateselling,general,andadministrativeexpenses（SG&A）byintegratingcorporatemanagement

∙Maybesomeopportunitytolowerfoodcostswithlargerpurchasingvolumeonsimilarfooditems（e.g.,beverages,deepfryingoil）,howeveroverlapsmaybelowasingredientsareverydifferent

∙GBappearstohaveanadvantageinpropertyandequipmentcostswhichmightbeleveragabletoHD（e.g.,superiorskillsinleasenegotiation）

∙Increaserevenues

∙SelldoughnutsinGBstores,orsomeselectedGBproductsinHDstores

∙GBhasmuchgreaterinternationalpresencethuslikelyhasknowledge/skillstoenableHDtoexpandoutsideofNorthAmerica

∙GBmayhavesuperiorskillsinidentifyingattractivelocationsforstoresasitssalesperstorearehigherthanindustryaverage,whereasHD'sislowerthanindustryaverage;mightbeabletoleveragethiswhenopeningnewHDstorestoincreaseHDaveragesalesperstore

∙ExpandHDfasterthanitcoulddoonown–GB,asalargercompanywithlowerdebt,mayhavebetteraccesstocapital

=============================================================================================================

QUESTION3

Theteamthinksthatwithsynergies,itshouldbepossibletodoubleHD’sU.S.marketshareinthenext5years,andthatGB’saccesstocapitalwillallowittoexpandthenumberofHDstoresby2.5times.WhatsalesperstorewillHDrequirein5yearsinorderforGBtoachievethesegoals?

UseanydatafromExhibit1youneed,additionally,yourinterviewerwouldprovidethefollowingassumptionsforyou:

∙Doughnutconsumption/capitaintheU.S.is$10/yeartoday,andisprojectedtogrowto$20/yearin5years.

∙Foreaseofcalculation,assumeU.S.populationis300m.

ANSWER3

Youshouldalwaysfeelfreetoaskyourintervieweradditionalquestionstohelpyouwithyourresponse.

Possibleresponsesmightincludethefollowing:

∙Marketsharetoday:

$700MHDsales（fromExhibit1）÷$3BU.S.market（$10x300Mpeople）=23%（roundto25%forsimplicitysake）

∙U.S.marketin5years=$20x300=$6B

∙HDsalesifdoublemarketshare:

50%x$6B=$3B

∙Perstoresales:

$3B/2.5（1000stores）=$1.2M

Doesthisseemreasonable?

∙Yes,givenitimplieslessthandoublesamestoresalesgrowthandpercapitaconsumptionispredictedtodouble.

=============================================================================================================

QUESTION4

Oneofthesynergiesthattheteamthinksmighthaveabigpotentialistheideaofincreasingthebusinesses'overallprofitabilitybysellingdoughnutsinGBstores.Howwouldyouassesstheprofitabilityimpactofthissynergy?

ANSWER4

Besureyoucanclearlyexplainhowtheassessmentyouareproposingwouldhelptoanswerthequestionposed.

Somepossibleanswersinclude:

∙CalculateincrementalrevenuesbysellingdoughnutsinGBstores（calculatehowmanydoughnutsperstore,timespriceperdoughnut,timesnumberofGBstores）

∙CalculateincrementalcostsbysellingdoughnutsinGBstores（costsofproduction,incrementalnumberofemployees,employeetraining,softwarechanges,incrementalmarketingandadvertising,incrementalcostofdistributionifwecannotproducedoughnutsinhouse,etc.）

∙Calculateincrementalinvestments.Doweneedmorespaceineachstoreifwethinkwearegoingtoattractnewcustomers?

Doweneedtoinvestinstorelayouttohavein-housedoughnutproduction?

∙Ifyouranswerweretotakeintoaccountcannibalization,whatwouldbetherateofcannibalizationwithGBofferings?

Doughnutcannibalizationwillbehigherwithbreakfastproductsthanlunchanddinnerproducts,etc.

∙Onewaytocalculatethiscannibalizationistolookathistoriccannibalizationrateswithnewproduct/offeringlaunchingswithinGBstores

∙MightalsocannibalizeotherHDstoresiftheyarenearbyGBstore–couldestimatethisimpactbyseeinghistoricalchan

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