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Synopsis

Business management is what drives the overarching business strategy. To ensure the strategy is healthy and to solve unique problems, business analysts and management consultants need "sharp" tools – business frameworks. Unfortunately, when it comes to frameworks, there is no one all-purpose instrument. That is why we offer the Consulting Frameworks deck. This presentation allows you to use a hybrid and "mix and match" approach to unveil hidden opportunities and risks, outsmart the competition and help businesses achieve all their goals.

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50 questions and answers
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Business frameworks can be integrated with other business tools and methodologies through a hybrid and mix and match approach. This allows for the unveiling of hidden opportunities and risks, outsmarting the competition, and helping businesses achieve their goals.

Business frameworks can be used in the context of global business operations by providing a structured approach to problem-solving and strategy development. They can help identify opportunities and risks, analyze competition, and set business goals. These frameworks can be adapted and combined to suit the specific needs of a global business, taking into account the unique challenges and opportunities presented by operating in different markets around the world.

There are numerous resources available for learning about business frameworks. Some of the most popular ones include business and management books, online courses on platforms like Coursera, Udemy, and LinkedIn Learning, and websites like Harvard Business Review and McKinsey Insights. Additionally, consulting firms often publish their own frameworks and methodologies on their websites. Attending business workshops and seminars can also be beneficial.

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Slide highlights

Communicate the results of a portfolio analysis you conducted with the Market Attractiveness Framework. The results can be divided into: Market Size, Growth Rate, Institutional Contexts, Competition, Cultural and Economic Distance.

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If the strategy around your venture's compelling story (based on a strong argument for the future) needs to be redefined, employ the AcdB model. Examine current position, define vision and map out an effective direction.

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With the The Strategic Triangle (3C's) framework slide, you can demonstrate the competitive position in relation to customers, products and channels, define your strategy and explain the measures that can be taken to drive improvements.

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The Strategic Triangle (3C's) framework is used in business strategy to analyze a company's competitive position. It helps in understanding the relationship between customers, competitors, and the company. The framework can be used to define the company's strategy and to identify measures that can be taken to improve its competitive position. It can also be used to communicate the company's position to stakeholders.

The AcdB model can contribute to the success of a venture's compelling story by helping to redefine the strategy if necessary. It allows for an examination of the current position, defining a vision, and mapping out an effective direction. This can strengthen the argument for the future of the venture, making the story more compelling.

The potential outcomes of a portfolio analysis using the Market Attractiveness Framework can include insights into market size, growth rate, institutional contexts, competition, and cultural and economic distance. This analysis can help redefine the strategy around your venture's compelling story, examine the current position, define vision, and map out an effective direction. It can also help demonstrate the competitive position in relation to customers, products, and channels, define your strategy, and explain the measures that can be taken to drive improvements.

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Overview

According to SMB Advisors, management consulting frameworks are tools and principles that enable managers to perform a variety of key tasks in an attainable manner based on best practices. More specifically, the firm says, "since businesses have different structures and may operate in different industries [and] markets – and may have different departments that are needed to engage in key projects – management consulting frameworks become a GPS that a company can use to ensure that their entire internal systems are on the right track, and follow the company's overarching strategic plan."

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Management consulting frameworks can significantly impact a company's performance. They serve as a guide or GPS for the company, ensuring that all internal systems align with the company's strategic plan. This alignment can lead to improved efficiency, better decision-making, and ultimately, enhanced performance. They are particularly useful for businesses operating in different industries or markets, or those with various departments involved in key projects, as they provide a standardized approach to managing these complexities.

Management consulting frameworks support decision-making processes by providing a structured approach to problem-solving. They help in identifying the problem, analyzing the situation, formulating strategies, and implementing solutions. These frameworks act as a guide or a GPS for the company, ensuring that all internal systems are aligned with the company's strategic plan. They are adaptable to different business structures, industries, and departments, making them versatile tools for decision-making.

The future of management consulting frameworks is likely to be influenced by the evolving business landscape. As businesses continue to diversify and operate in different industries and markets, the need for adaptable and flexible management consulting frameworks will increase. These frameworks will continue to serve as a GPS for companies, guiding their internal systems and ensuring alignment with their strategic plans. Additionally, with the rise of digital transformation and data-driven decision making, these frameworks may incorporate more elements of data analysis and digital strategy.

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Application

Some of the widely-applied consulting framework types include:

  1. Porter's Five Forces Analysis - a framework developed by Michael Porter at Harvard Business School, which focuses mainly on an industry analysis for a strategic plan.
  2. The 4 Ps – a marketing framework that forms factors around products' and services' marketing workflows and processes.
  3. McKinsey 7S Framework – an organizational model created by Tom Peters and Robert Waterman, which concentrates on a venture's strategic vision and its internal design.
  4. SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) – a model for ideological and practical analysis of an organization to improve strategic planning operations.
  5. Root Cause Analysis (RCA) – a process for identifying "root causes" of problems or events and an optimal approach for effective responses to them.[/item
  6. Business Benchmarking – a process of comparing a company metrics to the metrics of the competition or progressive companies outside the industry.
  7. Balanced Scorecard – a framework for following core aspects of business strategy and for facilitating improvement.
  8. The BCG Growth-Share Matrix – a quadrant matrix, developed by Boston Consulting Group (BCG), which is used to evaluate the relative strength of product lines within their portfolios.
  9. Core Competency Analysis – a process of identifying a venture's important competencies and defining the organization's competitive advantage.
  10. Value Chain Analysis – a framework designed to identify areas for improvement, boost efficiency and increase profit margins, based on customers' satisfaction.
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48 questions and answers
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The organizational model by Tom Peters and Robert Waterman, also known as the 7-S Framework, can be adapted to different types of ventures by understanding and applying its seven interrelated elements: Strategy, Structure, Systems, Shared Values, Skills, Style, and Staff. These elements need to be aligned for the organization to be successful. The model can be adapted to different ventures by analyzing and adjusting these elements according to the specific needs, goals, and context of each venture.

Some other models for identifying root causes of problems include the 5 Whys technique, Fishbone Diagram, and the Pareto Analysis. The 5 Whys technique involves asking 'why' five times to get to the root cause of a problem. The Fishbone Diagram, also known as Ishikawa or cause and effect diagram, helps in categorizing potential causes of problems. Pareto Analysis is a statistical technique in decision-making used for the selection of a limited number of tasks that produce significant overall effect.

The BCG Growth-Share Matrix differs from other quadrant matrices in its specific focus on product portfolio management. It categorizes business units into four categories based on market growth and market share: Stars, Cash Cows, Question Marks, and Dogs. This helps companies allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis. Other quadrant matrices may focus on different aspects of business strategy, such as SWOT analysis which evaluates strengths, weaknesses, opportunities, and threats.

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Case study

Ithaca Beer Company

Center for Hospitality at Cornell University conducted an analysis of how the McKinsey-developed 7-S model, applied at the Ithaca Beer Company (IBC), can be used to assess a company's competitive and strategic advantage. Based on interviews and other analysis, Center for Hospitality at Cornell reports, four of the seven factors in the 7-S model were aligned and critical for this particular company's success. These factors were: strategy, staff, skills and shared values.

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IBC's overall strategy revolves around community involvement and attention to distributors, retailers and clients. Its relatively small team is enthusiastic about the product they produce, has strong skill set and knows how to work collaboratively. At the moment of the analysis, the other three "S" factors didn't seem to be critical, however, this may change as IBC continues to grow.

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"Thus," Center for Hospitality at Cornell concludes, "while the 7-S analysis is useful in highlighting a company's strengths and challenges, a contingency approach may be the most appropriate, with certain factors being more salient than others at any particular time. All firms face a multitude of environmental challenges."

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The researches continue: "As such, the need to establish priorities is critical for creating and sustaining a strong competitive position. Our analysis has found that the 7-S framework provides an excellent starting point for analyzing the requirements for a company's success and growth. However, given each company's distinctive position, a contingency approach may be appropriate to 7-S analysis, as it was clear from this case study that some factors are more important than others."

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