Consulting Industry
Bain, McKinsey, and BCG collectively are called this
What is The Big Three
Defining characteristic for consulting firms
What is agility
Name 3 types of strategy
What is plan, action, and theory
The basis of the five forces analysis
What is industry-based view
Name 3 schools of strategy that were listed in the previous class
What is design, planning, learning, culture, power, entrepreneurial, positioning, cognitive, environmental, configuration
The consulting industry is dated back to this time
What is 1866
Value that consulting firms deliver aside from technical excellence
What is integrity and legitimacy
A firm's theory about how to compete successfully, both abroad and domestic
What is global strategy
This highlights the necessity for consulting firms to develop new capabilities
What is resource-based view
A defining characteristic that merges into the learning school of strategy
What is technical excellence
Revenue from this decreased from 20% to 10%
What is traditional strategy consulting
A possible threat to the consulting industry
What is new technical excellence
A new area of practice in most industries from 2020
What is a black swan event
A separation of firms setting themselves apart through this
What is specialized value-added processes
Agility plays a big part within The Big Three
What is configuration school of strategy
In 2018, there were this many applicants going after 8,000 jobs at McKinsey
What is 800,000 applicants
Integrity connects with how consultants choose to make the right actions within their profession
What is business ethics
A strength the consulting industry has
What is attractive jobs lead to mass applicants
The result of combining views
What is minimizing the risk of losing market share
Clients use this when they desire an explanation on their ROI's
What is bargaining power
Name the threatening challenges consulting agencies are facing today
What is
Bargaining power of buyers
Rivalry among competitors
Threat of new entrants
Threat of substitutes
Within The Big Three, legitimacy allows consultants to understand this
What is the perceptions in which recommendations are proper or appropriate
Two weaknesses the consulting industry has
What is lack of integrity and difficulty establishing clear ROI's
The result of a firm that does not possess the defining characteristics
What is no new clients are gained due to the lack of reliability
The reason why consultants knowledge is not based off commonsense, but based around working closely with different boards
What is to gain an understanding of what recommendations and actions are deemed appropriate in the industry