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Consulting Interview: Industry & Framework Master Guide
This document is designed to give you a rapid understanding of major industries, their profit
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drivers, and the essential frameworks needed to structure both conventional and unconventional
case interviews.
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PART 1: MAJOR INDUSTRY PROFILES
When you get a case, immediately identify the industry to understand its typical revenue streams,
cost structures, and key drivers.
1. Retail & FMCG (Fast-Moving Consumer Goods)
Revenue Streams: Unit sales, diverse product lines, private label vs. branded goods.
Variable Costs: Cost of Goods Sold (COGS), packaging, distribution/freight, store hourly
labor.
Fixed Costs: Real estate (rent/leases), corporate overhead, marketing/advertising.
Key Metrics to Keep in Mind:
Inventory turnover (how fast products sell).
Same-store sales (isolates growth from new store openings).
Profit margins (typically low volume, high margin for luxury; high volume, low margin for
groceries).
Shelf space and distributor relationships are critical.
2. Technology & SaaS (Software as a Service)
Revenue Streams: Recurring subscriptions, freemium upsells, one-time licensing, advertising,
data monetization.
Variable Costs: Cloud/server hosting costs, customer support, payment processing (often
very low).
Fixed Costs: R&D (software development), Customer Acquisition Cost (CAC), sales team
salaries.
Key Metrics to Keep in Mind:
Customer Lifetime Value (LTV) vs. Customer Acquisition Cost (CAC).
Churn rate (percentage of customers canceling).
High upfront fixed costs, but massive scalability with near-zero marginal costs.
3. Healthcare & Pharmaceuticals
Revenue Streams: Drug sales (patented vs. generic), medical devices, hospital services,
insurance premiums.
Variable Costs: Manufacturing/packaging, raw materials, sales commissions.
Fixed Costs: Massive R&D, clinical trials, regulatory compliance/FDA approvals, patent
maintenance.
Key Metrics to Keep in Mind:
Patent lifecycle (when does it expire? "Patent cliff").
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Stakeholder complexity: The patient uses it, the doctor prescribes it, the insurance
company pays for it.
4. Airlines & Transportation
Revenue Streams: Passenger ticket sales (economy vs. business), baggage fees, cargo, in-
flight food/services.
Variable Costs: Jet fuel (highly volatile), hourly crew wages, airport landing fees, catering.
Fixed Costs: Aircraft purchases/leases, maintenance, gate leases, IT infrastructure.
Key Metrics to Keep in Mind:
Load factor (percentage of seats filled).
Revenue per Available Seat Mile (RASM).
Highly cyclical industry, heavily impacted by economic downturns and fuel prices.
5. Manufacturing & Heavy Industry
Revenue Streams: B2B contracts, bulk unit sales, aftermarket parts, maintenance contracts.
Variable Costs: Raw materials (steel, plastic), direct hourly labor, shipping/logistics.
Fixed Costs: Factories, heavy machinery/depreciation, union contracts, storage/warehousing.
Key Metrics to Keep in Mind:
Capacity utilization (are factories running at 100%?).
Supply chain bottlenecks (inbound raw materials vs. outbound finished goods).
Defect rates and operational efficiency.
6. Financial Services (Retail Banking)
Revenue Streams: Net interest margin (interest charged on loans minus interest paid on
deposits), transaction fees, wealth management fees.
Variable Costs: Customer acquisition, default/bad loan write-offs.
Fixed Costs: Branch real estate, IT security, regulatory compliance, employee salaries.
Key Metrics to Keep in Mind:
Interest rates (macroeconomic environment).
Risk and regulatory constraints.
PART 2: CORE FRAMEWORKS & APPROACHES
1. Market Entry
Don't just use a qualitative checklist; determine Economic Sense and Operational Feasibility.
Economic Sense (Can we make money?):
Market Size & Growth.
Expected Market Share (Competitor analysis, barriers to entry, product differentiation).
Expected Profit = (Market Size * Market Share * Profit per Unit) - Fixed Investment.
Implementation/Feasibility (Can we actually do it?):
Production: Do we have the capacity and raw materials?
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Distribution: Can we access the necessary channels?
Marketing/Brand: How will we acquire customers?
Method of Entry: Organic (build from scratch), Acquisition (buy a local player), or Joint
Venture (partner up).
2. Supply Chain / Value Chain
Use this to isolate where a problem (like a cost increase or volume drop) is happening:
Inbound Logistics: Sourcing raw materials, supplier relationships, receiving.
Operations (Production): Manufacturing, assembling, quality control, packaging.
Outbound Logistics: Warehousing, distributing to retailers or directly to customers.
Marketing & Sales: Pricing, promotions, sales force effectiveness.
Customer Service: After-sales support, returns, warranties.
3. Operational Feasibility Checklist
When recommending a new strategy, verify:
Financial: Do we have the capital? What is the ROI/Payback period?
Capacity: Do we have the physical/tech bandwidth?
Regulatory/Legal: Are there government restrictions, patents, or compliance issues?
Organizational: Do we have the management talent and company culture to execute this?
PART 3: BREAKING DOWN UNCONVENTIONAL CASES
If a case doesn't fit standard Profitability or Market Entry, you must create a custom framework.
Use these "buckets" to structure your thinking dynamically:
Structure 1: The Timeline (Pre / During / Post)
Best for: Customer journey, process bottlenecks, or evaluating a new service.
Pre-Purchase: Awareness, marketing, getting to the store, waiting in line.
During-Purchase: The actual transaction, user experience, product quality, payment.
Post-Purchase: Customer service, retention, repairs, word-of-mouth.
Structure 2: Stakeholder Analysis
Best for: Public sector, non-profits, M&A integrations, or PR crises.
Internal: Employees, management, shareholders/investors, board of directors.
External: Customers, suppliers, competitors, government/regulators, local community.
Structure 3: The 4 Ps (Sales & Marketing Issues)
Best for: Declining sales of a specific product, launching a new product.
Product: Features, quality, packaging, differentiation.
Price: Too high/low? Price elasticity, payment terms, discounts.
Place: Distribution channels (online, retail, direct sales), geography.
Promotion: Advertising, brand perception, sales force incentives.
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Structure 4: The 3 Cs (or 4 Cs)
Best for: Broad business situations, growth strategy, competitive threats.
Customer: Demographics, needs, price sensitivity, switching costs.
Company: Core competencies, financials, brand, supply chain.
Competition: Market share, their products/pricing, barriers to entry.
(Product): Substitutes, lifecycle, complementary goods.
Structure 5: Supply vs. Demand
Best for: Pricing issues, capacity problems, macroeconomic shifts.
Supply side: Production capacity, raw material availability, labor, distribution.
Demand side: Customer willingness to pay, market trends, disposable income.
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