Consulting and

Strategy
Compendium

Department of Management Studies

INDIAN INSTITUTE OF TECHNOLOGY DELHI
(Institute of Eminence, Govt. of India)
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Contents
1. Overview of Strategy and Consulting ................................................................ 3
2. Types Of Consulting ............................................................................................ 3
3. Qualities a consultant should possess ................................................................ 5
4. Top Consulting Firms in the World................................................................... 6
5. Business Strategy Frameworks .......................................................................... 8
5.1 SWOT Analysis ..................................................................................................... 8
5.2 BCG Matrix ......................................................................................................... 10
5.3 PEST Analysis ..................................................................................................... 10
5.4 Porter’s 5 Forces .................................................................................................. 11
5.5 CAGE Distance Framework ................................................................................ 12
5.6 VRIO Framework ................................................................................................ 14
5.7 McKinsey’s 7S Model ......................................................................................... 15
5.8 3Cs Model: Corporation, Competition, and Customer ....................................... 16
6. Guesstimates ....................................................................................................... 17
6.1 MECE Framework ............................................................................................... 18
7. Some Interview Questions................................................................................. 19
SWOT Matrix: ............................................................................................................... 19
BCG Matrix: .................................................................................................................. 19
PEST Analysis: .............................................................................................................. 20
Guesstimates: ................................................................................................................. 20

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1. Overview of Strategy and Consulting

Strategy can be defined as "A plan to realize long-term goals". Organizations across
the globe regularly engage with strategy consultants for support in developing and
implementing business strategies. Consulting means "engaged in the business of giving
expert advice to people working in a specific field." The true meaning of consulting is
helping people solve problems and move from their current state to their desired state.
Check out this link to tackle interview questions on why you want to get into Strategy
and Consulting.
So, what is a consultant? A consultant has some level of expertise that a particular
group of people find valuable, and people within that group are willing to pay the
consultant to access their knowledge.

2. Types Of Consulting

The consultancy industry is one of the most diverse markets within the professional
services industry, and, therefore, several different types of consultants are found in the
industry.
Moreover, being a 'consultant' is not a protected professional title like most other
professions, making it possible for anyone to title themselves strategy, management,
business, finance, HR, or IT consultant.

• Strategy Consulting

Strategy consulting is when an organization seeks help from a third party to offer an
outside, expert perspective on their business challenges.
Strategy consultants usually have considerable industry knowledge and are expected to
assess high-level business issues objectively. They take a holistic look at specific
problems companies are dealing with and advise how they should approach them.
Strategy consultants operate at the highest level of the consultancy market, focusing on
corporate and strategic issues like corporate and organizational strategy, economic
policy, government policy, and functional strategy.
Given that nature of strategy consulting differs from the other more implementation
and operation-driven areas, strategy consultants generally have a different profile from
their peers. Their focus lies more on quantitative/analytics skills, and their job
description revolves more around advising than overseeing implementation.

• Management Consulting

Management consultants, also known as business consultants or organizational

advisors in practice, are consultants who focus on all sorts of organizational concerns,

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from strategy to a variety of elements within management. In the methodology upheld

by Kennedy as well as Consultancy.in, Management Consulting is a collective term
used for all services that fall under Strategy Consulting, Operations Consulting, and
HR Consulting. Therefore, more than half of all advisors can be defined as a
management consultant.

• Operations Consulting

Operations consulting deals with advisory and implementation services that improve a
company's internal processes and performance in the value chain.
Operations consultants are responsible for creating more effective client operations by
advising on and supporting the implementation of changes to the target operating
model, functional business processes, management systems, culture, and other
elements part of the value chain.
The market for operations consulting and management services consists of eight
disciplines: Organizational Operations, Sales & Marketing, Supply Chain, Sourcing &
Procurement, Finance, Business Process Management, Research & Development, and
Outsourcing.

• Financial Advisory Consulting

Consultants who operate in the Financial Advisory segment works on questions that
address financial capabilities and, in many cases, also the analytical capabilities within
an organization. Subsequently, the profiles of consultants active in this segment can
vary greatly, from M&A and corporate finance advisors to risk management, tax
restructuring, or real estate consultancy. Consultants specialized in forensic research
and support disputes also fall under the Financial Advisory segment. Most financial
consultants work for large combined accounting and consulting firms, or else for niche
advisory offices.

• Human Resource Consulting

HR consultants help clients with human capital questions within their organizations
and improve the HR department's performance. Chief topics central to HR consultants'
job descriptions are organizational changes, change management, employment,
learning & development, talent management, and retirement. Organizations also bring
in HR consultants to help transform the business culture within their organization or
transform their HR department, including changes in organizational design, processes,
and systems.

• IT Consulting

Technology consultants, also known as IT, ICT, or digital consultants, focus on helping

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clients with the development and application of Information Technology (IT) within
their organization. IT consultants focus on transitions (projects) in the ICT landscape,
contrary to regular IT employees, who work on day-to-day IT operations (so-called
'business as usual.' activities). Most ICT consultants work on implementation projects,
for instance, extensive ERP systems applications, where their role may vary from
project management to process management or system integration. Within IT
consulting, the fastest-growing markets are digital, data analytics (also known as data
science), cybersecurity, and IT forensics.

• Marketing Consulting

Whether you need a new logo for your company, a new market position for one of your
brands, or a new social media strategy to interact with your customers, or planning and
implementing a marketing strategy, a marketing consultant helps in all marketing
aspects of a firm’s business.

• Compliance and Legal Consulting

These consulting services help firms ensure that they adhere to federal and local laws
and regulations. A compliance consultant must have a sound knowledge of local laws
and regulations as it’s essential for successful businesses to be compliant with local and
federal laws.

3. Qualities a consultant should possess

Not everyone is suited for every career option, and Consulting is no exception. Though
consultants are paid higher than their peers, they also have their fair share of
challenges. Few of the many skills that consultants must possess-

• Teamwork: Consultants always work with a team. Be it within their

organization or the client company. Consultants need to work collaboratively
with cross-functional teams and even with consultants from the other firm that
the client may have hired. In short, teamwork is essential to survive as a
consultant.

• Academic Curiosity: Consultants are often put up in various distinct projects in

different domains. The level of academic curiosity needed to be able to analyze
the clients' problems is top-notch.

• Willing to work long hours: Cracking the problem requires an undetermined

amount of working hours. It can be a few, and it can be a lot. More often than
not, it's the latter. An average consultant works around 70 hours per week.

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• Multitasking: The consulting assignments vary significantly in duration,

location, and function. It may require context switching from one deliverable to
another. You need to be flexible enough to handle these anomalous switching.

• Travel: Consultants spend a large portion of their time on client sites. They end
up traveling in whatever free time they have available. As a consultant, you will
most probably spend a lot of time away from family and on the roads.

4. Top Consulting Firms in the World

• McKinsey and Company

McKinsey & Company has been providing strategic advice to corporations and other
organizations since 1926, when James O. McKinsey, a University of Chicago
professor, opened a consulting office in Chicago. Currently Headquartered in New
York, they have offices in over 130 cities spread across the globe and more than 27000
employees.

McKinsey has been working in India for 25 years now, partnering with companies and
public institutions, and currently has four offices in India.

• Boston Consulting Group

Founded in 1963, The Boston Consulting Group (BCG) is a global management-

consulting firm. BCG helps corporations and other organizations innovate and achieve
sustainable competitive advantage. The Boston-based company has an annual revenue
of $8.5 billion and has over 21000 employees.

BCG formally started operations in India in 1995, opening its offices after nearly a
decade of work in India. It currently has offices in Mumbai, Gurugram, and Chennai.

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• Bain & Company

Bain and Company is a top consulting firm specialized in the area of management
consultancy. It was founded in the year 1973, and its headquarters are located in
Boston, Massachusetts. It has an annual revenue of $4.3 billion for the fiscal year
ending on Dec 30, 2019 and has over 12,000 employees.

Since 2006, Bain India has advised clients in India and beyond on their biggest issues
and opportunities. It currently has offices in Mumbai, Bengaluru, and Gurugram.

• Deloitte

Deloitte is a professional services firm offering audit, advisory, tax, and consulting
services across more than 20 industries. Deloitte is one of the Big Four accounting
organizations and the largest professional services network in the world by revenue and
number of professionals, with headquarters in London, England. Deloitte employs
more than 300,000 professionals across 150 countries.

In India, Deloitte has two entities: Deloitte India and Deloitte US-India (USI), which is
a region within the Deloitte US organization, with offices across four cities in India
(Hyderabad, Mumbai, New Delhi, and Bengaluru). Deloitte India caters to clients
within India, while Deloitte USI is an entity of Deloitte US that is geographically
located in India and caters to the US member firm's clients.

• PricewaterhouseCoopers

PricewaterhouseCoopers LLP (PwC) provides professional services. The Company

offers business advisory services such as auditing, accounting, taxation, strategy
management, and human resource consulting services. The company's headquarters is
based in London, United Kingdom, and is known as the second-largest professional
services firm and has its name amongst the Big Four Auditors.

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It has about 275,000 employees working worldwide. PwC has a network of firms in
158 countries, at 743 locations. It has 28 offices in India in 13 cities employing over
30000 professionals.

EY (Ernst & Young)

Ernst and Young is a globally recognized multinational professional service company

based in the United Kingdom. It is one of the largest professional services firms
globally and is one of the "Big Four" accounting firms.

It was founded in 1989. EY has its headquarters in London, United Kingdom. The
company generated $37.2Billion in 2020 and has a working staff of 290,000 across the
world with 700 offices in 150 countries. EY has a pan Indian presence with offices in
many Indian cities.

5. Business Strategy Frameworks

Frameworks are useful tools that help you analyze the issue, structure your thinking
and communicate recommendations. Business frameworks can help you articulate
goals with strong business writing and develop a blueprint for success. You can take a
broader conceptual framework and scale it to fit your needs. A business framework
also gives you a starting place and a common vocabulary that you can edit to fit your
client's goals.
In this compendium, we will look at eight business strategy frameworks for consulting:

5.1 SWOT Analysis

SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, is an

analytical framework that can help your company face its greatest challenges and find

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its most promising new markets. SWOT analyses are often used during strategic
planning. They can serve as a precursor to any company activities, such as exploring
new initiatives, making decisions about new policies, identifying possible areas for
change, or refining and redirecting efforts mid- plan.

The components of SWOT analysis are:

Strengths: These detail the strengths that an organization possesses that gives it an
advantage over others.

Weaknesses: The shortcomings that an organization possesses that the other players in
the industry might exploit.
Opportunities: Events or changes in the external environment that an organization
could use to its advantage.

Opportunities: Events or changes in the external environment that an organization

could use to its advantage.

Threats: Events or changes in the external environment that can cause the organization
to lose its competitive advantage.

(PRO-TIP: Try doing a SWOT analysis of your existing organization or, if you're a
fresher, then of your dream company. This can be asked during your interviews)

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5.2 BCG Matrix

The Boston Consulting group's product portfolio matrix (BCG matrix) is designed to
help with long-term strategic planning, help a business consider growth opportunities by
reviewing its portfolio of products to decide where to invest, discontinue, or develop
products. It is also known as the Growth/Share Matrix
The Matrix is divided into four quadrants based on an analysis of market growth and
relative market share, as shown in the diagram below.

Dogs: These are products with low growth or market share.

Question marks or Problem Child: Products in high growth markets with low market
share.

Stars: Products in high growth markets with high market share

Cash Cows: Products in low growth markets with a high market share

5.3 PEST Analysis

PEST helps you understand the broader Political, Economic, Socio-Cultural, and
Technological environment in which you operate. PEST is a helpful tool when you are
beginning operations in a new country or region. We use the prompts of PEST to
brainstorm relevant factors. Next, we identify information that applies to these factors
and then we draw conclusions.

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PEST analysis helps in making strategic business decisions, planning marketing

activities, product development and research.
Things that get covered under each factor of PEST analysis are:

5.4 Porter’s 5 Forces

Porter's Five Forces is a simple but powerful tool for understanding the
competitiveness of your business environment, and for identifying your strategy's
potential profitability. This helps us in understanding the forces in our environment or
industry that can affect our profitability, according to which we can adjust our strategy.
In an existing industry, market entry and survival are determined by various forces that
prevail in the industry. The main five factors or forces that drive competition are:
• Competitors or Rival Firms: This looks at the number and strength of your
competitors. The existing rivalry between firms can take a firm’s profits to zero
and may lead to shut down. In a competitive environment, a firm’s decision is
highly influenced by what the competitors do.
• Threat of New Entrants: The threat of new entrants to the market determines
the sustainability of the estimated market share. It is evaluated in terms of
market entry barriers which may be in the form of high fixed cost, product
differentiation etc. Your position can be affected by people's ability to enter your
market. So, think about how easily this could be done.
• Threat of Substitutes: There is always a threat of substitute products replacing
the existing product(s) of a firm. A substitution that is easy and cheap to make
can weaken your position and threaten your profitability.
• Suppliers: This is determined by how easy it is for your suppliers to increase

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their prices. How many potential suppliers do you have? How unique is the
product or service that they provide, and how expensive would it be to switch
from one supplier to another? A competitive market with limited suppliers
brings with it a high level of bargaining power of suppliers.
•

• Buyers: Here, you ask yourself how easy it is for buyers to drive your prices
down. How many buyers are there, and how big are their orders? How much
would it cost them to switch from your products and services to those of a rival?
Are your buyers strong enough to dictate terms to you? Multiple products of the
same category give the buyers an advantage in bargaining, thus the high
bargaining power of buyers exists in multi-brand products.

5.5 CAGE Distance Framework

The CAGE Distance Framework is a tool that can be used to uncover important
differences between various countries that companies should take into account when
deciding on their strategy. The acronym CAGE stands for Culture, Administrative,
Geographical, and Economic. The CAGE Distance Framework helps companies
because it can evaluate countries and determine the distance between them. This does
not only involve physical geographical distance, but also figurative distances between
various cultures, economies, and working methods.

The cultural differences found in a CAGE Distance framework include:

• Different languages and dialects

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• Different ethnicities and networks

• Different belief systems and religions
• Different online behaviour such as social networks or search engines
• Different values and social norms
• Different attitudes on issues

The administrative differences found in a CAGE Distance framework include:

• Colonial ties
• Trade agreements & policies
• Currency differences
• Political situation

The geographic differences found in a CAGE Distance framework include:

• Physical distance between home country and new market country

• Border structure (land or sea)
• Timezone differences
• Physical size of country and location of major cities
• Transport and communication ease

The economic differences in a CAGE Distance framework include:

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• Country resources
• Rich and poor social divides
• Infrastructure
• Average income levels and country wealth

5.6 VRIO Framework

The VRIO framework is an internal analysis tool, used by organizations to categorize

their resources based on whether they hold certain traits outlined in the framework. This
categorization then allows organizations to identify the company resources that are
competitive advantages.

There are four dimensions that make up the framework, which create the acronym
VRIO: Valuable, Rare, Inimitable, Organized

Valuable: When a resource is valuable, it's providing the organization with some sort of
benefit. However, a resource that is valuable and doesn't fit into any of the other
dimensions of the framework, is not a competitive advantage. An organization can only
achieve competitive parity with a resource that is valuable and neither rare nor hard to
imitate.

Rare: A resource that is uncommon and not possessed by most organizations is rare.
When a resource is both valuable and rare, you have a resource that gives you a
competitive advantage. The competitive advantage achieved from a resource that is both
valuable and rare is usually short lived though. Competitors will quickly realize and can
imitate the resource without too much trouble. Therefore, it's only a temporary
competitive advantage.

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Inimitable: Resources are hard to imitate if they are extremely expensive for another
organization to acquire them. A resource may also be hard for an organization to imitate
if it's protected by legal means, such as patents or trademarks.
Resources are considered a competitive advantage if they're valuable, rare, and hard to
imitate. However, organizations that aren't organized to fully take advantage of the
resource, may mean the resource is an unused competitive advantage.

Organized to capture value: An organization's resource is organized to capture value

only if it is supported by the processes, structure, and culture of the company. A
resource that is valuable, rare, hard to imitate, and organized to capture value is a long-
term competitive advantage.
A resource cannot confer any advantage for a company if it’s not organized to capture
the value. Only a firm that is capable to exploit valuable, rare, and imitable resources
can achieve sustained competitive advantage.

5.7 McKinsey’s 7S Model

The McKinsey 7S Model refers to a tool that analyzes a company’s “organizational

design.” The goal of the model is to depict how effectiveness can be achieved in an
organization through the interactions of seven key elements – Structure, Strategy, Skill,
System, Shared Values, Style, and Staff.
The focus of the McKinsey 7s Model lies in the interconnectedness of the elements that
are categorized by “Soft Ss” and “Hard Ss” – implying that a domino effect exists when
changing one element in order to maintain an effective balance.
The model can be applied to many situations and is a valuable tool when organizational
design is at question. The most common uses of the framework are:
• To facilitate organizational change
• To help implement new strategy
• To identify how each area may change in a future
• To facilitate the merger of organizations

Structure: Structure is the way in which a company is organized – chain of command

and accountability relationships that form its organizational chart.

Strategy: Strategy refers to a well-curated business plan that allows the company to
formulate a plan of action to achieve a sustainable competitive advantage, reinforced by
the company’s mission and values.

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Systems: Systems entail the business and technical infrastructure of the company that
establishes workflows and the chain of decision-making.

Skills: Skills form the capabilities and competencies of a company that enables its
employees to achieve its objectives.

Style: The attitude of senior employees in a company establishes a code of conduct

through their ways of interactions and symbolic decision-making, which forms the
management style of its leaders.

Staff: Staff involves talent management and all human resources related to company
decisions, such as training, recruiting, and rewards systems

Shared Values: The mission, objectives, and values form the foundation of every
organization and play an important role in aligning all key elements to maintain an
effective organizational design.

5.8 3Cs Model: Corporation, Competition, and Customer

The primary goal should be the interest of the customer and not those of the
shareholders because a company that is genuinely interested in its customers will
automatically take care of shareholder interests, as well as they need a full
understanding of who the competition is, and what that competition is capable of doing.
If a company can bring together those 3 C’s successfully in the strategy, they should be
able to find the way into the right part of the market.

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Customers: The customers have needs and want and the company understands the
requirements of the customers. The company should be able to understand, meet, and
cater to the needs and demands of the customers rather than of the shareholders of the
company.

Competitors: The business needs to conduct a thorough competitive analysis in the

market figuring out that who are the direct competitors and who are the indirect
competitors. Finding out their core strengths, business strategies, values, objectives,
sales strategies, marketing strategies, and other such crucial facets is important to work
out the plan to beat the competition and gain the advantage.

Corporation: The company should be genuinely interested in the customers as doing

the same will automatically take care of the shareholders, profits, sales, and other
crucial objectives of the business. The customer should always be at the focal point of
every business aspect.

6. Guesstimates
Guesstimate is one of the most common strategies and consulting interview questions.
It tests the candidate's strategic approach how he/she could solve an unquantifiable
problem and come up with a quantifiable answer

How to approach Guesstimates:

Approach any guesstimate question in 4 steps:

Clarity: Understand the situations, extract all information required to continue with
your estimation. Come up with possible sets of assumptions you will be taking to reach

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to the conclusion.

Structure: Use MECE to structure your analysis effectively. Device a logical approach
for your estimation. You can use top-down, bottom-up, process mapping (production,
consumption side approach), layout centric or critical comparison to reach a number.

Analyze: Decide the approach you want to proceed with. Think of 3-4 steps ahead of
your approach. This is the most important part of a guesstimate as it tests your logical
thinking.

Conclude: Leverage your assumptions and approach to reach a conclusion.

6.1 MECE Framework

MECE stands for Mutually Exclusive Collectively Exhaustive segmentation. The

contents of segments should not overlap with one another. All the statements taken
together should be able to give the overall idea.

Although there are many approaches you can take, we are discussing two main
approaches to proceed with guestimates

Top-down Approach- In this approach, we start with bigger population size and keep
on segmenting until we reach a conclusion. The segmentation can be done based on
(depending on the case):

1. Geography (Rural, semi-urban, urban)

2. Gender (Male, Female)
3. Age
4. Income
5. Profession
6. Preferences (Choice of brands, lifestyles etc.)
7. Time of day (Morning, Evening, Day, Night etc.)

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Depending on the case, we have to opt the appropriate segmentation method.

Bottom-up Approach- In this approach, we start with a low-level block and logically
extrapolate the results based on assumptions and trends and move up to the answer. If
we scale up correctly, we can get a better result from this approach.

Q) Find out the number of Shaving Razor users in India.

Using top-down approach:

Starting with the total population of India = 1.3 billion

Gender-wise bifurcation = Males (60%) & Females (40%) => Males = 0.78 billion

Age-wise segmentation in Males (18+) 75% of total males in India = 0.585 billion

Preference segmentation (those who trims vs those who shaves) (Assuming 30% trims
and 70% shaves) => 0.4095 million

Hence, we can reach the conclusion that there are ~0.4 million or ~4 lakhs shaving users
in India.

7. Some Interview Questions

SWOT Matrix:

• Perform a SWOT analysis of Flipkart?

• Or what are the strengths and Weaknesses of Patanjali?
• The candidates are advised to prepare for such questions in advance, i.e., to
practice SWOT analysis of few top companies of India and the world.

BCG Matrix:

• BCG Analysis of Amazon?

• As Amazon into a lot of business segments, the product portfolio is huge. The
candidates should clearly describe the four elements in BCG matrix Stars, Cash
Cows, Question marks, and Dogs for a given company.
(The candidates must be clear about why they put certain products or services in a
particular BCG matrix bracket.)

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Porter's Five Forces:

• A candidate is usually given the name of an established company like HUL,

Apple etc.
• Then they are asked how Porter's five forces influence in the decision-making of
these companies?
• How can these companies' competitors use Porter's five forces theory to gain
market share?
• How easy or difficult for a new entrant to enter a given market and why?

PEST Analysis:

• XYZ Solutions, an IT company is planning to open its branch in the US.

• What trading policies impact business?
• What regulations must you follow, and have they changed in the last 5, 10, 20
years?
• How much does globalization affect your market share?
• What taxes must you follow, and how does it affect your service offerings (if at
all)?
• Is the population demographic growing or slowing down and if so, how is it
affecting your business?
• What technology is critical for your day-to-day operations?
• What new technology is available that could streamline decision-making and
product development?
• Do you depend on 3rd parties for any tech support or solutions?

Guesstimates:

• How many silver cars are there in New Delhi?

• What is the number of Two-wheelers in your district?
• What is the number of smartphones in your home state?
• How many drinking water bottles (1 liter) are sold in Mumbai per day?
• How many people are there in Statue of Liberty right now?
• How many iphones phones are currently being used in India?
• How many masks were sold in the month of december 2021?
• How many trees are there in Delhi?
• How many cups of Tea were consumed in Mumbai last month?
• How many Cars are there in Hyderabad?
• What is the size of Laptop market in India?
• How many Tennis balls can fit in a Bus?

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• How many Refrigerators are sold in India every year?

• How many School teachers are there in Hyderabad?
• Estimate the volume of a plane (Boeing 747)
• Estimate the size of the diaper market in India
• Estimate the total number of ATMs in India
• Estimate the number of hours spent on smartphones by all Indians in a day.
• Estimated the monthly revenue of a hair salon
• How many volleyballs can you place inside the room we are in?
• How many weddings are held in India each day?
• How many people fly in and out of Mumbai Airport every day?

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