Everybody knows how most prestigious programs teach these days using frameworks and business case. A framework is a set of rules that can be applied to tackle a business problem on hand. Professors explain the key concepts and frameworks in the class, divides the class into small groups, and then assigns a business case. Students are required to work together with their group members, just as a team of executives would, to solve the business case.
In a way, this enables the professor to turn back time and let the students step into the shoes of the people who were faced with these business issues, back then. It encourages team work and helps students understand other people’s point of view. Some might argue that writing business cases is easier for professors given that they have the benefit of hindsight and the benefit of knowing what happened, but this is the closest substitute for actually putting the student into the actual situation. And, like history, business problems repeat themselves, albeit in different situations. Almost all cases are solvable using a combination of two things:
- Some deep and careful thought about the issues presented in the case.
- Frameworks taught in the class
Every business case or scenario has three elements:
- A goal
- Hurdles or impediments
- Solutions
You might think: why do I need to learn about this? I am not going to write assignments for an MBA class or present executive summaries to top management. You are right. But, not entirely. The thing is, when you go through this exercise and analyze the problem at hand by following this format, experts have found that, it unfolds new thought patterns and possible solutions that you wouldn’t have uncovered otherwise. I don’t give much hoot about experts, but in this case, I have experienced that it works personally. Whether you are running a small business with few employees or you are a middle level manager. You can make use of this.
You will play the role of a boss and an employee. At-least in this case, role-playing is OK even if you are not into that sort of thing. Assume, that you are the marketing manager who has to present an executive summary to the CEO. Follow the format and work diligently towards the summary. Then, assume that you are the CEO and analyze the summary impartially and ruthlessly. Or have a peer or one of your trusted, smart employees review. Once in a while it helps to be your own cruel boss.
Framework for analyzing a business case
Details of the case: In 1500 words or less summarize the facts of the case.
Executive Summary: In 200 words to less, briefly summarize the goal, the hurdles to that goal and the solutions you have identified to overcome the hurdles. For example:
- The crucial goal for <type company name> is to <type a defined bottom line goal, such as sales volume or target market share>. In order to achieve this goal, our marketing strategy will aim to convince <type target customer demographic> to <change in target customer’s behavior>
- The main hurdle to achieving this goal is <…>
- The best solution for overcoming the hurdles and achieving the goal is to <…>
Problem Analysis: In 400 words or less, defend two things: i) the goal identified above and, ii) reasons you have behind identifying the above hurdles. This is important because if you get this wrong and you will be wasting resources towards fixing the wrong problems with your strategy.
- <…> is the crucial goal because <explain how this goal fits with the long term objectives of the enterprise and why it is more crucial than other possible goals>
- Focusing our marketing effort on < target customer demographic and proposed behavior change> is the best way to achieve our crucial goal outlined above because <explain reasons why the chosen customer demographic and strategy is better than other alternative customer demographics and strategies that we chose not to pursue>
- <…> is the significant hurdle to our goal because <…>
Solution Analysis: In this section, you simply describe your solution and defend it. It has of four parts.
- Outline of Solution: <describe the brand positioning statement and the tactics that will communicate this positioning to the target customers>
- Justification: <describe the advantages of the solution outlined above. Then describe why is it the best solution given the hurdles>
- Argument:<describe the most convincing arguments against the proposed solution and the weaknesses of the proposed solution. This part is very important because this is what your customers will think of. Or the competitors will think of and strike your strategy down with a clever ad campaign. Or worse yet, the manager from the other section who doesn’t quite like you will think of>
- Counter-argument: <for each of the arguments listed above, describe the counter-arguments that logically address the concerns and respond to each of the arguments against your proposed solution>