To learn more about this please refer “Building the supply chain of the future”, McKinsey Quarterly.
Sunday, July 24, 2011
Think of Future Changes and Improve Your Supply Chain
To learn more about this please refer “Building the supply chain of the future”, McKinsey Quarterly.
Saturday, July 23, 2011
Things to be Aware of While Preparing Resume & Cover Letter for Consulting
As all of us know “job search is a job in itself”, so starting to prepare your resume is zeroth step. Keeping this in mind I decided to compile a document, containing the information about things to keep in mind during preparation of your resume and in particular resume for consulting firms.
The bottom line is -
(i) Make life easy for recruiter as they hardly have 30 second per resume during initial assessment.
(ii) Resume should be (a) Concise, (b) Result Oriented and (c) Clearly Presented.
(iii) Resume should be marketable i.e. it should have content and should be visually appealing.
The firm’s outlook - Your resume is their first impression of you as a potential future consultant and it have a primary purpose
a. To determine if you deserve an interview?
b. If you are interested in consulting, and specifically in their firm?
c. If you have experience in the industry of their current client?
d. How soon they will be able to staff you?
One page resume – Is important at most of the consulting firms. This has been stressed million times in millions of articles. The gravity of this situation can be assessed by the following statement: “If you can’t reduce your resume to 1 page, I immediately think you are unable to tell the important from the trivial, which is a death sentence for a consultant”[1].
Skill-based resumes – NOT GOOD. Consultants don’t have good opinion about skill based resume instead they prefer result based resume as evident by following: “I’m always suspicious when I see a
skills-based resume. I feel like I have to make a leap of faith. I prefer to see experience that illustrates skills I’m looking for” and “I hate reading skills-resumes”1.
Formatting & Listing – You can choose variety of formats but be careful while listing your accomplishments. It is desirable to follow following format to list resume items:
a. Education
b. Experience: (i) Reverse chronological order (ii) Bullet-points and key takeaways, not dense prose (iii) Active, rather than passive, voice and (iv) Use buzzwords & industry jargon with caution
c. Other: (i) “Activities,” “Additional,” or “Personal” (ii) Avoid clichés such as travel, reading, running, etc.
d. Use numbers where appropriate to describe your accomplishments: and Avoid vague qualitative terms: “large” “many”
e. Present two or three strengths and back them up with experience & achievement. You need Not necessary to be a jack-of-all-trades
f. State your accomplishments objectively and avoid dramatic, self-congratulatory language
Resume Mistakes – Given below are few common mistakes that you should be careful about.
a. Objective statement at the top
b. Job descriptions rather than results
c. Weak verbs to describe accomplishments
d. Listing experiences where you are unable to recall the details
e. Political or religious viewpoints
f. Any spelling or grammatical errors. Consultants are notoriously detail-oriented
Cover Letter –
a. Should introduce a resume
b. Should have personalized explanation of interest in consulting and the particular firm
c. Is more important when resume submitted directly, rather than on-campus recruiting
d. Shows if the candidate can write clearly & concisely?
e. Should be able to convey professionalism & enthusiasm
f. Should be able to address potential concerns of the recruiter
Cover Letter –
a. Should have position to which you are applying
b. Should indicate primary reason for your interest in consulting and specific role at the firm
c. Should contain concise overview of 1 or 2 qualifications that make you a compelling candidate. These could be accomplishments that are not explicitly included in your resume
d. Availability (graduation date)
e. Logical next steps. Could be a brief telephone conversation
Cover Letter Personalization – Try to personalize your cover letter (whenever possible) and
a. Address the cover letter to a recruiter or consultant by name. Typically, different recruiters for undergraduates, MBAs, and advanced-degree candidates
b. Tell that person who referred you or how you obtained their contact information
c. Recruiters are more willing to review your credentials if you were referred by a respected coworker
Cover Letter & Due Diligence – This is a time consuming step but everyone believes it is very important. Try to address
a. What initiated your interest in the firm? (i) Industry or functional practice specialty (ii) An article or book written by a consultant (iii) An informational interview
b. WetFeet and Vault both publish books aimed to provide an insider’s perspective on consulting and investment banking firms
Cover Letter Mistakes[2] – This is a time consuming step but everyone believes it is very important. Try to address
a. Reiterating your entire resume in prose. Remember resume and cover letter are complementary
b. Sending an impersonal form letter. Recruiter will interpret this as lack of interest
c. Addressing your letter “Dear Sir or Madam” or “To Whom it May Concern”. Find out the name of the recruiter and their title
d. Excessive length. Busy recruiter will end up skimming it
[1] Killer Consulting Resumes! (WetFeet Insider Guide).
[2] Note: This document was prepared with the help of UIUC’s Illinois Consulting Club professional development information power point presentation.
Tuesday, July 19, 2011
Marketing in Today’s World
Marketing (management) is a process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and/or services to create exchanges that satisfy individual and organizational goals.[1] There are three main processes through which marketing practices might pass as organization evolves. (i) Entrepreneurial Marketing is a process where individuals realize an opportunity and perform personal one-on-one campaign to gain attention; (ii) Formulated Marketing is the next process of entrepreneurial marketing that occurs when small companies achieve success; (iii) Intrepreneuiral Marketing is the attribute of marketing that is associated with large companies.
There are 10 main types of entities that establish the scope for marketing: (i) Goods, (ii) Services, (iii) Experience, (iv) Events, (v) Person, (vi) Place, (vii) Properties (real: real state, financial: stock & bonds), (viii) Organizations, (ix) Information and (x) Ideas. Marketers are responsible for demand management, in which they have to manage negative demand (avoidance of product), no demand (lack of awareness or interest), latent demand (a strong need that cannot be satisfied with existing product), declining demand (lower demand), Irregular demand (demand varying by situation i.e. season, month, week, day etc), full demand (a satisfying level of demand), overfull demand (more demand that can be handled), and unwholesome demand (demand for unhealthy or dangerous products).
It is desired to ask the right questions for a successful marketing campaign. Among many question few are: (i) How can we spot and choose the right market segment? How can we differentiate our offerings? How should we respond to our customers who press for lower prices? How can we compete against our lower-price & lower-cost rivals? How far can we go on in customizing our offerings for each customer? How can we grow our business? How can we build stronger brand? How can we reduce cost of customer acquisition and keep customer loyal? How can we tell which customer are more important? How can we measure payback from marketing campaign? How can we increase sales-force productivity? How can we manage channel conflicts? How can we get other departments to be more customers oriented?
Market segmentation is very important step of the marketing management process. Market segments can be identified by examining demographic, psychographic and behavioral differences among buyers. After this firm’s target segment is the one whose need can be met in a superior fashion.
Today’s market is very different from that of traditional (physical) market place. In modern era market has split into marketplace (shopping in store) and marketspace (digital i.e. internet). Marketplace and marketspace are all part of metamarket (a concept proposed by Mohan Sawhney) that can be described as “a cluster of complementary product and services that are closely related in the minds of customers but are spread across a divers set of industries”.
One of the core concepts of marketing is marketers (someone who is seeking a response i.e. attention, a purchase, a vote or a donation) and prospects (from whom marketers are seeking the response).
Need, wants and demands are three important things about which a marketer should be very clear about. Need describe basic human requirements; want is next step of need if a specific object (type) is required to satisfy the need; and demand are wants for specific products backed by an ability to pay. Needs are not created, instead they preexist. Marketers have no control over need but are able to influence wants.
A product is an offering that can satisfy a need or want (10 items specified above that scope the market). A brand is an offering from a known source. Brand carries many associations that constitute the brand image.
Value and satisfaction is a measure of success of a product offerings i.e. a product will be successful if it delivers value and satisfaction to the target buyers. The winning product is the one that delivers most value at lowest cost. Value = (Benefits/Cost) = [(Functional Benefits + Emotional Benefits)/ (Monetary Cost + Time Cost + Energy Cost + Psychic Cost)].
Exchange involves obtaining a desired product from someone by offering something in return. Exchange is a value creating process as it leaves both the parties better off. Exchange is a process rather than an event. Transaction is the next process of exchange once agreement is reached. Note that transaction is different than transfer.
To reach a target market, marketers use 3 kinds of marketing channels: communication channel (to deliver and receive message form target buyers), distribution channel (to display or deliver physical product to buyer or user), and selling channel (to affect transection with potential buyers).
Marketing environment gives very useful information about the domain where firms operate. Overall marketing environment consists of task environment (includes immediate actors involving in producing, distributing and promoting the offerings) and broad environment (that is a combination of demographic, economic, natural, technological, political-legal & socio-cultural environment). It is necessary to track environmental trends & changes as these contain forces that can have major impact on the actors of task environment.
Marketing mix is set of marketing tools that are used by firms to pursue its marketing objectives in the target market. These tools help marketers to elicit the desired response from their target markets. Marketing mix decisions must be made to influence the trade channel as well as final customers. Seller’s 4 Ps (i) Product, (ii) Price, (iii) Place, (iv) Promotion vs. customer’s 4 Cs (i) Customer Solution, (ii) Customer Cost, (iii) Convenience, (iv) Communication. Winning companies are those that meet customer wants economically and conveniently with effective communication.
Marketing management is a conscious effort to achieve desired outcome with the target market and these efforts should be carried out under well-thought-out philosophy of efficient, effective and socially responsible marketing. Given below are five competing concepts under which firms conduct their marketing activities:
Marketing concept:
The production concept holds that consumer prefer products that are widely available and inexpensive. Managers following this concept focus on achieving high production efficiency, low cost and mass distribution. The product concept holds that consumer favors those products that offer most quality, performance, and/or innovative features. Managers following this concept focus on making superior product and improving them over time assuming that consumer will appreciate their efforts (Product oriented companies design their products with little to NO input from their customers: one has to be careful that product concept does not become marketing myopia). The selling concept holds that consumers and business if left alone will not buy enough of organization’s products. The organization, must, therefore takes an aggressive step to sell its product to consumers and businesses. Selling concept is most popular with unsought goods such as insurance, funeral plots as well as in non-profit organizations such as for raising money. The marketing concept holds the promise for the company to become more effective than its competitor in creating, delivering, and communicating customer value to its target market. Selling focus on the needs of seller and marketing focuses on the need of the buyer. Four prominent pillars of marketing concept are (i) target market, (ii) customer need, (iii) integrated marketing, and (iv) profitability.
Customer Needs:
To better serve a target market one needs to clearly identify customer needs that can mainly be distinguished by five kinds: (i) stated need (ii) real need (iii) unstated need (iv) delight needs and (v) secret needs.
There are three types of marketing that need clear distinction. Responsive marketing fulfill stated need, anticipative need look at need of consumer and try to gauge future of the need; creative need is to produce solutions that are not desired by consumer but can be appreciated if company provides them.
Integrated marketing is a concept that originates if all the departments together try to satisfy customer need.
“Societal marketing concept holds that organization’s task is to determine the needs, wants, and interest of the target markets and to deliver the desired satisfaction more effectively and efficiently than competitor in a way that preserve or enhances the consumer’s and society’s well-being”.
Companies Respond to Changes:
Companies address the changes in market in a number of ways. Few are presented below:
- Reengineering: Functional departments reorganization by key processes.
- Outsourcing: Make few and buy more.
- E-commerce: Internet business.
- Benchmarking: Adapt best processes of the industry instead of internally improving own process.
- Alliances: Partner with firms instead of trying to win everything alone.
- Partner-suppliers: Use of few reliable suppliers and develop close relationships.
- Market-centered: Organize by market segment instead of organizing by product.
- Global and local: Be both global and local.
- Decentralized: Encourage more “entrepreneurial way” than managing from top.
Sunday, July 10, 2011
Growth as a Process: Innovative Organic Growth Process at GE
Saturday, July 9, 2011
Do Brainsteering NOT Brainstorming for Better Results
Traditional brainstorming where all are encouraged to “Get creative”, and “Think outside the box”, presents its challenges. In traditional brainstorming sessions, some attendees remain stone-faced throughout the session, some participate sporadically and some vociferously dominate the session by their pet ideas. Ideas come along but due to the lack of structure, no one (or few) idea gets pursued and most of the ideas fall in to the well of ambiguity. At the end of the session, every one leaves with a very hazy impression of next process.
There is a way to improve this process by leveraging participant’s ability to think and work on creative problem-solving approach. An approach called brainsteering, developed by Kevin P. Coyne and Shawn T. Coyne, delivers superior result than traditional brainstorming. However, brainsteering requires much more preparation than traditional brainstorming but shows better and targeted results. Coyne & Coyne presents their approach in 7 steps that can be very helpful for better brainstorming.
First step of the process is to know and be very clear about the decision making criteria of your organization. Thinking outside the box is not necessarily the best way to approach brainsteering process as companies/organizations are themselves constrained in a box of policies, resources and past decisions. Thus in order to steer creative thinking among brainsteerign participants, manages have to be well aware of the real criteria that organization will follow to make decision about a proposed ide/solution. It is a better idea to collaborate with senior managers and form highly specific (2 or 3) and tailored need to meet the immediate needs.
Second step of this process is to ask the right questions targeted towards the agreed upon problem/need. Traditional, loosely structured brainstorming process (i.e. go for quantity) is inferior approach than well structured (i.e. go for quality) approach . Asking right question can provide a helpful platform for idea generation. Right questions should be identified using two characteristics (i) they should force participants to take a new and unfamiliar perspective on the problem, as this will steer their thinking process ; (ii) they should be able to limit the conceptual space (range of solutions) without restricting the thought process that may force a particular answer or outcome.
Third step is to choose the right people who can answer the questions you are asking. As obvious it sounds, it is not what occurs in companies/organizations while picking up brainstorming teams. Traditionally organizational chart plays bigger role than the actual fit of the person who is capable of answering the relevant question.
Fourth step is to divide & conquer i.e. avoid holding continuous and rambling discussion for extended time in a big group. The best way is to form groups of 3 to 5, given them a question and ask them to spend ~30 min to come up with some answers/scenarios. Groups should not be larger than 5 as norm in larger groups is to stay quite. Assignment of people in groups should be done very carefully i.e. it is necessary to isolate “idea crushers” into their own subgroups. “Idea crushers” are very well suited for the workshop but intentionally or not, hinder others to suggest good ideas. “Idea crushers” comes in three varieties (i) bosses, (ii) big mouths and (iii) subject matter experts. People are hesitant to speak an unproven idea in front of their boss, big mouths take air time, and subject matter experts tends to be biased (sometimes) and may become intimidating to others. A group of above three “idea crushers” will still be productive as they will eventually speak and will come up with something. Also, take proper care of assigning the relevant question to relevant group (i.e. group that is capable of answering that question).
Fifth step is clearly conveying what you are trying to accomplish (before breaking the participants into subgroups). Convey that groups will be isolated and for half an hour they will only be discussing on question. Also, be careful that no other idea from any other source, no matter how good it is, should be mentioned. Any out of the scope idea should be written down and should be shared later to save time. Make the subgroups aware that any 30 minute discussion may only generate 2 to 3 worthy ideas. First 5 minutes of any brainsteering process may look very similar to that of traditional brain storming as people will try to test their pet ideas or will come up with some new superficial ones, but participants should persevere as this will eventually bring up some good ideas.
Sixth step is to wrap it up. At this point, question arise how to choose winning idea? Instead of asking group to vote/choose the winning ides (as everyone in the group may not have clear understanding of the constrained the organization function in), every group should be asked to narrow down their list of 15 ideas to top few (may be 2 or 3). Announce, to the group, the process of choosing the winning ides among to 10-15 ideas, also make the group aware that whey and how will they hear about the winning ideas.
Seventh step is to follow up quickly to see maximum affect. Decision and follow up activities should be quick and thorough. The acceptance or rejection of ideas should be conveyed the participants and reasons for acceptance or rejection should be respectfully explained.