case competition slides
TRANSCRIPT
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Management Consulting (again):
MarketingKelsie Flanigan, Xinlin Li, Ryan Riccordella & Connor Spencer
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Executive Overview
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So what’s the difference?
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M.S. Commerce students should consider careers as marketing consultants.Hypothesis
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Agenda 1. Aspirations
2. Assets
3. Market Realities
4. Risk/Mitigation
5. Next Steps
6. Conclusion
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Aspirations Where you might like to go in the future.
Source: The Startup of YOU
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Marketing consultants receive competitive compensation…
Source: Payscale.com; Time.com/Money
C/O 2014 Median Income
$45,478Entry-Level Marketing Consultant Median
Income $50,197
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Welcome to your new office…
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“Marketing at its core is about telling a story…”
-Caroline Kim Oh, Former Brand Strategy Consultant at Prophet
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Exit Opportunities: You’ve got options…
In addition to these career paths, 23% of marketing consultants go on to become self-employed.
Graphic: Payscale.comSource: Vault.com
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If you get excited about…
VarietyUsing storytelling to communicate quantitative insights
Working with and assisting other people
…you may find a career in marketing consulting rewarding
Source: Vault.com; Caroline Kim Oh
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AssetsWe’ve got the goods.
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Marketing requires both analytical and creative thinking.
Consulting requires you to be able to collect data, extract insights, frame the insights to solve a problem, create a story and the presence and communication skills to influence/persuade.
Marketing Consulting requires the combination of these skills, often in environments with imperfect information, political tension and a significant amount of ambiguity.
-Brad White, Prophet
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Communication
Approach
Execution
• Interpersonal Skills• Listening • Flexibility
• Creativity• Curiosity• Knowledge
• Problem Solving• Analytical Skills• Research
…a very particular set of skills…
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Engineering Linear
Marketing
Complex/Nonlinear
Marketing Consulting
Analytical approach Holistic perspective
This makes marketing consulting, in many ways, more of a challenge.
-Brad White
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Market Realities Opportunity awaits.
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Throwing it back to 2013…“Over the next 12 months, 82 percent of the U.S. clients surveyed …say they won’t cut the amount they spend on outside help. And nearly half, 42 percent, plan to bring in even more consultants…
….The U.S. market for management consulting grew 8.5 percent last year, to $39.3 billion. The fastest-growing areas: marketing and sales (25.6 percent), operational improvement (11.3 percent), and technology (10.1 percent).”
Source: BloomburgBusiness
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11%Source: CNNMoney; Bureau of Labor Statistics
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32% 11%Source: CNNMoney; Bureau of Labor Statistics
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32% > 11%Source: CNNMoney; Bureau of Labor Statistics
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Risks & Mitigation Don’t worry…be happy.
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Markets are always changing!
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Social Media Trends
Digital Development
Customer Research
Long-term View
Plan A, B, Z
The Five Keys to Risk Mitigation…
Source: Leslie Parker
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Advancement is not always linear.
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Some clients demand more flexibility than you’re comfortable with.
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YES, WE CAN.
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Next Steps What now?
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Preparation
• Network! Network! Network!
• Brush up on those case interview skills (yay.)
• Get your story down
• Do your research
• Take advantage on McIntire’s resources
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Recruiting Vault’s Top Consulting Firms Boutique
McKinsey Prophet
Bain & Co. MarketBridge
BCG FullSurge
Deloitte Kelton Global
PWC Simon-Kucher & Partners
Source: Vault
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Recruiting Vault’s Top Consulting Firms Boutique
McKinsey Prophet
Bain & Co. MarketBridge
BCG FullSurge
Deloitte Kelton Global
PWC Simon-Kucher & Partners
Source: Vault
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ConclusionTying it all together.
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Fin. Questions?
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Image Credits United/American: https://www.flickr.com/photos/52810288@N05/8547401068Airplane: http://www.dl.mehrad-co.com/src/Gallery/PritablePhoto/Photo/Airplane/Airplane-09-www.mehrad-co.com(L). jpgStorytelling: http://dzftds8z9s83c.cloudfront.net/wordpress_images/images/production/2854/show/start-a-presentation-071114.jpg?1405083428Desert Sign: http://modernwanderlust.s3.amazonaws.com/posts/Valley%20of%20Fire/20120829%20squiggles.jpgCareer Ladder: http://i.huffpost.com/gen/1580297/thumbs/o-CORPORATE-LADDER-facebook.jpgGymnast: http://cache1.asset-cache.net/gc/107157645-gymnast-bending-backwards-on-trophy gettyimages.jpg?v=1&c=IWSAsset&k=2&d=6OIEWfcRNRiidRdBqX89LeXag4cS2z6WqtmWQLXe5i4%3d