麦肯锡案例分析题及答案

1、Client Goal: Should Great Burger acquire Heavenly Donuts as part of its growth strategy? Our client is Great Burger (GB) a fast food chain that competes headto-head with McDonalds, Wendys, Burger King, KFC, etc. Description of Great Burger GB is the fourth largest fast food chain worldwide, measured

2、 by the number of stores in operation. As most of its competitors do, GB offers food and combos for the three largest meal occasions: breakfast, lunch, and dinner. Even though GB owns some of its stores, it operates under the franchising business model with 85 percent of its stores owned by franchis

3、ees (individuals own and manage stores, pay franchise fee to GB, but major business decisions (e.g., menu, look of store) controlled by GB). McKinsey study As part of its growth strategy GB has analyzed some potential acquisition targets including Heavenly Donuts (HD), a growing doughnut producer wi

4、th both a U.S. and international store presence. HD operates under the franchising business model too, though a little bit differently than GB. While GB franchises restaurants, HD franchises areas or regions in which the franchisee is required to open a certain number of stores. GBs CEO has hired Mc

5、Kinsey to advise him on whether they should acquire HD or not. QUESTION 1What areas would you want to explore to determine whether GB should acquire HD? ANSWER 1 Some possible areas are given below. Great job if you identified several of these and perhaps others. Stand alone value of HD Growth in ma

6、rket for doughnuts HDs past and projected future sales growth (break down into growth in number of stores, and growth in same store sales) Competition are there any other major national chains that are doing better than HD in terms of growth/profit. What does this imply for future growth? Profitabil

7、ity/profit margin Capital required to fund growth (capital investment to open new stores, working capital) Synergies/strategic fit Brand quality similar? Would they enhance or detract from each other if marketed side by side? How much overlap of customer base? (very little overlap might cause concer

8、n that brands are not compatible, too much might imply little room to expand sales by cross-marketing) Synergies (Hint: do not dive deep on this, as it will be covered later) Management team/cultural fit Capabilities/skills of top, middle management Cultural fit, if very different, what percent of k

9、ey management would likely be able to adjust Ability to execute merger/combine companies GB experience with mergers in past/experience in integrating companies Franchise structure differences. Detail “dive” into franchising structures. Would these different structures affect the deal? Can we manage

10、two different franchising structures at the same time? The team started thinking about potential synergies that could be achieved by acquiring HD. Here are some key facts on GB and HD. Exhibit 1 StoresGBHDTotal5,000 1,020 North America3,500 1000Europe 1,000 20 Asia 4000 Other100 0 Annual growth in s

11、tores 10% 15%Financials GBHDTotal store sales$5,500m$700mParent company revenue$1,900m$200mKey expenses (% sales)Cost of sales51%40%Restaurant operating costs24%26%Restaurant property & equipment costs4.6%8.5%Corporate general & administrative costs8%15%Profit as % of sales6.3%4.9%Sales/stores$1.1m$

12、0.7mIndustry average$0.9m$0.8mQUESTION 2What potential synergies can you think of between GB and HD? ANSWER 2 We are looking for a few responses similar to the ones below: Lower costs Biggest opportunity likely in corporate selling, general, and administrative expenses (SG&A) by integrating corporat

13、e management May be some opportunity to lower food costs with larger purchasing volume on similar food items (e.g., beverages, deep frying oil), however overlaps may be low as ingredients are very different GB appears to have an advantage in property and equipment costs which might be leveragable to

14、 HD (e.g., superior skills in lease negotiation) Increase revenues Sell doughnuts in GB stores, or some selected GB products in HD stores GB has much greater international presence thus likely has knowledge/skills to enable HD to expand outside of North America GB may have superior skills in identif

15、ying attractive locations for stores as its sales per store are higher than industry average, whereas HDs is lower than industry average; might be able to leverage this when opening new HD stores to increase HD average sales per store Expand HD faster than it could do on ownGB, as a larger company w

16、ith lower debt, may have better access to capital QUESTION 3The team thinks that with synergies, it should be possible to double HDs U.S. market share in the next 5 years, and that GBs access to capital will allow it to expand the number of HD stores by 2.5 times. What sales per store will HD requir

17、e in 5 years in order for GB to achieve these goals? Use any data from Exhibit 1 you need, additionally, your interviewer would provide the following assumptions for you: Doughnut consumption/capita in the U.S. is $10/year today, and is projected to grow to $20/year in 5 years. For ease of calculati

18、on, assume U.S. population is 300m. ANSWER 3 You should always feel free to ask your interviewer additional questions to help you with your response. Possible responses might include the following: Market share today: $700M HD sales (from Exhibit 1) $3B U.S. market ($10 x 300M people) = 23% (round t

19、o 25% for simplicity sake) U.S. market in 5 years = $20 x 300 = $6B HD sales if double market share: 50% x $6B = $3B Per store sales: $3B/2.5 (1000 stores) = $1.2M Does this seem reasonable? Yes, given it implies less than double same store sales growth and per capita consumption is predicted to dou

20、ble. QUESTION 4One of the synergies that the team thinks might have a big potential is the idea of increasing the businesses overall profitability by selling doughnuts in GB stores. How would you assess the profitability impact of this synergy? ANSWER 4 Be sure you can clearly explain how the assess

21、ment you are proposing would help to answer the question posed. Some possible answers include: Calculate incremental revenues by selling doughnuts in GB stores (calculate how many doughnuts per store, times price per doughnut, times number of GB stores) Calculate incremental costs by selling doughnu

22、ts in GB stores (costs of production, incremental number of employees, employee training, software changes, incremental marketing and advertising, incremental cost of distribution if we cannot produce doughnuts in house, etc.) Calculate incremental investments. Do we need more space in each store if

23、 we think we are going to attract new customers? Do we need to invest in store layout to have in-house doughnut production? If your answer were to take into account cannibalization, what would be the rate of cannibalization with GB offerings? Doughnut cannibalization will be higher with breakfast pr

24、oducts than lunch and dinner products, etc. One way to calculate this cannibalization is to look at historic cannibalization rates with new product/offering launchings within GB stores Might also cannibalize other HD stores if they are nearby GB storecould estimate this impact by seeing historical c

25、hange in HDs sales when competitor doughnut store opens nearby QUESTION 6You run into the CEO of GB in the hall. He asks you to summarize McKinseys perspective so far on whether GB should acquire HD. Pretend the interviewer is the CEOwhat would you say? ANSWER 6 You may have a slightly different lis

26、t. Whatever your approach, we love to see candidates come at a problem in more than one way, but still address the issue as directly and practically as possible. Answers may vary, but here is an example of a response: Early findings lead us to believe acquiring HD would create significant value for

27、GB, and that GB should acquire HD Believe can add $15 thousand in profit per GB store by selling HD in GB stores. This could mean $50 million in incremental profit for North American stores (where immediate synergies are most likely given HD has little brand presence in rest of world) We also believ

28、e there are other potential revenue and cost synergies that the team still needs to quantify Once the team has quantified the incremental revenues, cost savings, and investments, we will make a recommendation on the price you should be willing to pay We will also give you recommendations on what it

29、will take to integrate the two companies in order to capture the potential revenue and cost savings, and also to manage the different franchise structures and potentially different cultures of GB and HD 附录资料:不需要的可以自行删除 隧道知 识 小 点 路基按其断面的填挖情况分为路堤式、路堑式、半填半挖式三类。路肩是路面两侧路基边缘以内地带，用以支护路面、供临时停靠车辆或行人步行之用。路基土石

30、方工程按开挖的难易分为土方工程(松土、普通土、硬土三级)与石方工程(软石、次坚石、坚石三级)。拱墙是上部拱圈和下部边墙的统称.隧道仰拱是指隧道底部（反拱形，所以叫仰拱），这部分在隧道衬砌中一般是先浇筑的，浇筑后模板台车就可以在仰拱砼上定位和支撑，来进行隧道拱墙砼的浇筑。 凿毛是用一种斩斧的工具把已经完成的混凝土结构面凿出一条条凹痕.。作用是使两个施工阶段的施工面粘结牢固。通常在现浇结构中，在现浇板浇注完毕后，要凿毛，进行下一层柱墙的浇注，让混凝土粘结牢固。超前小导管，是隧道工程掘进施工过程中的一种工艺方法，主要用于自稳时间短的软弱破碎带、浅埋段、洞口偏压段、砂层段、砂卵石段、断层破碎带等地段的

31、预支护。 质量控制点是指为了保证作业过程质量而确定的重点控制对象、关键部位或薄弱环节。 质量控制点，简称为控制点，又称管理点。搜索它对生产现场质量管理中需要重点控制的质量特性进行控制，体现了生产现场质量管理的重点管理的原则，只有抓住了生产线上质量控制的重点对象，并采取相应的管理措施，才算抓住了质量的要害，然后通过“抓重点带一般”，保证整条生产线的产品质量稳定和提高。因此，正确地确定质量控制点，是搞好生产现场质量管理的重要前提。 （1）全遂拱部系统采用22组合中空锚杆； （2） 边墙及临时支护采用22全长粘结型砂浆锚杆； （3）锚杆必须设置钢垫板、锚头、止浆塞等配件； （4）超前小导管采用42无缝钢管，壁厚3.5mm; (5) 大管棚采用89或108钢管，壁厚6mm; （6）防水板EVA，厚度不小于1.5mm; （7）无纺布,重量400g/m2; (8)单面自贴式防水板（自带无纺布），主材EVA自厚1.5mm, 自粘层厚0.5mm,无纺布,重量400g/m2 ; (9)中埋式止水带、外贴式止带及钢边橡胶止水带：宽度不小于300mm; （10）