Basics
What does "MECE" stand for?
Mutually Exclusive, Collectively Exhaustive
If revenue=$200 & cost=150, what is the profit?
$50
What framework would you analyze for declining profits?
Profitability Framework
Name all the firms in the MBB
McKinsey&Company, Bain&Company and Boston Consulting Group
What is "diversification" in strategy?
Expanding into new products or markets
What are the 3 main types of consulting?
Strategy, Management/Operation & IT/Tech
A stock grows by 10% per year. What is the approximate value after 3 years if the initial investment is $100?
~$133.1
What does SWOT stand for?
Strength, Weakness, Opportunity & Threat
What are exit opportunities after consulting?
Corporate Strategy, Operations, Product Management, Private Equity & Entrepreneurship
What does "market penetration" mean?
Growth strategy used to increase the sales of existing products
What is the first step when you start a consulting case/problem?
Define the problem
A firm increases its price by 10%, but its volume drops by 5%. What happens to revenue?
Revenue still increases
What are the 4Ps of marketings?
Product, Price, Place & Promotion
What type of consulting does Bates & White specialize in?
Economic Consulting
What does price elasticity measure?
The sensitivity of demand to price changes
What is the STAR method?
Situation, Task, Action & Result
What is the formula for market share?
Market share = Company sales ÷ Total market sales × 100%
What are BCG's matrix categories?
Stars, Cash Cows, Question Marks & Dogs
What is the main focus of Oliver Wyman? (aka. what are they known for?)
Financial Services & Risk Management
Name one type of growth strategy.
Market Penetration, Product or Market Development & Diversification
What do you analyze when profits are down?
Revenue & Cost
A company has 20% market share in a $5B market. If the market grows by 10% and the market share stays constant, what is the new revenue? (hint: if the market share remains constant, then the revenue growth = growth of market)
$1.1B
Which framework is used to analyze competition in the industry?
Porter's Five Forces
As of 2026, how many management consulting firms are registered in the United States of America?
~over a million management consulting firms.
In 2022, the city of NYC hired McKinsey to study & design a strategy for containerizing NYC's trash. McKinsey produced a deck with 95 slides, and advised using more trash cans. Approximately how much did McKinsey charge for this service?
~$1.6 to $4 million