Subjects responded to questions that simulated the experience of launching a start-up. Getty Introduction In the following experiment, you will solve two decision problems. These problems arise in the context of building a new company for an imaginary product.
Questions and Answers You will need to prepare for an interview where case study questions will be asked. While preparation is required for every job interview, extra time is required to adequately prepare for case study interviews. Providing an answer to a case study question involves much more than simply recounting the issues and problems set forth, it includes identifying the most important issues, employing sound and logical analysis, developing an action plan for addressing the problem s and making recommendations.
They want to see if you can identify what information is important, and what is not. Occasionally, interviewers provide no detail at all to test your analytical skills when adequate resources are unavailable. Interviewers asking case study questions are primarily concerned with how effectively you can analyze a problem, determine key factors, brainstorm ideas, and propose workable, pragmatic solutions that are supported by your analysis.
When answering a case interview question, you want to showcase your ability to analyze a situation or business dilemma, identify the important issues, and develop sound conclusions that flow from your analysis.
The most important thing is that your approach to answering the case interiew question is structured and logical. The first thing you want to do is identify the parameters and factors, the then determine which are key to the case output.
From your initial review of the case information you determine the main parameters to consider are total revenues and total costs. You determine the factors influencing total revenues are average price of goods sold and volume of goods sold.
And for total costs, fixed costs and variable costs. With both the case parameters and factors clearly identified you give yourself the ability to steer the conversation and begin to identify possible solutions. Building a graphic representation tree, decision diagram, etc.
Most frameworks incorporate universal concepts that can be applied to various business issues. Show your interviewer that you understand these business concepts well enough that you can apply them to the specifics fo the business issue being presented in the case.
To perfect your ability to perform well in case interviews, we recommend reviewing each question and then developing a logical framework or approach for answering each one. Standard Case Interview Questions As is the case in real life, there is usually no single correct answer to standard case interview questions.
Below are some common standard case interview questions that provide great practice for case interviews. What would be your approach for introducing a product into a foreign market? What are the risks and benefits to consider i. Company ABC is struggling, should it be restructured? What is the most important problem the company is facing?
How would you recommend the company address this problem? How would you turn this company around? Provide your reasoning for your recommendation s. A toy company has been experiencing decline sales for the last two seasons.
Research suggests that introducing several new product lines is the solution. A large chain of retail clothing stores is struggling with profitability.
Can this company be turned arounds? How would you go about deciding? A new Eddie Bauer Store is being opened up in London.
Discuss all the marketing issues regarding the opening of this new location. To perform well on standard case inteview questions you should be able to: Take in information quickly and remember what you hear. Identify key issues, prioritize and logically solve problems.
Make quick, yet accurate, decisions. Be aware of resource constraints.Business Communication Business Law Business Statistics & Analytics Business Mathematics Computer & Information Technology Decision Sciences & Operations Management Economics Case Studies / Effectiveness Studies.
Connect Effectiveness Study Discover the Impact of Connect. A case is a scenario that gives you the opportunity to identify problems and recommend a course of action in a business situation.
The case may be real or fictional, but will usually represent a. From Startup to Success: An Entrepreneurial Case Study Katherine D. Sellers Many business case studies are illustrative or educational but not inspirational. I have addressed this deficiency in the personal communication, August 17, ).
Entrepreneurs see no obstacles; they only see possibilities. Case Study 1 The Challenger Space Shuttle disaster and the Solid-Fuel Rocket Booster (SRB) project Overview On 28 January, the Challenger space shuttle blew up 73 seconds after launch. Seven lives and three billion dollars worth of equipment was lost.
communication and a difference in the evaluation of the risk. Risk issues. Student Self-administered case study Discuss questions and answers with other students. 4. If you feel your answer(s) were weak then consider reading the relevant suggested readings again (also see the case study suggested references).
In your answer you should list several reasons for business communication. Draw a simple. Eugene D. Fanning Center For Business Communication Mendoza College of Business University of Notre Dame Analyzing a Case Study Among the many tools available to business educators, the case study has become increasingly popular.
Professors use it to teach the complexities of many different, modern business Case .