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Today’s Session – Contents

Consulting 101

Background

Q & A

Case Study: Marketing in Emerging Markets

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My Background

CareerEducation

Jeremy Kuriloff

Jeremy.kuriloff@gmail.com

Personal Interests

Travel

27 countries in the last year!

Extreme Sports

Snowboarding aficionado

Contact information

Writing / Photography

Capturing moments via cameras and pen/paper

Startups

Involved in several creative side projects

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I attended the University of Michigan, studying Organizational studies and Chinese

Additional activities

Future Business Leaders of America Peer mentor K-Grams Research associate on knowledge economy Mobile strategy project for Dominos Pizza

Internships

Private Equity / Consulting Market Research at Chinese Plastics

company Teacher / Marketing intern at Chinese

teaching company

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Following graduation, I spent 4 months in SE Asia before beginning work at Deloitte Consulting in New York City

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And my favorite photo from the trip…

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At Deloitte Consulting, I worked on a number of cases/projects for several clients

Contact Lens Manufacturer

Customer segmentation strategy Conjoint analysis / pricing promotions

Ratings company Operational / process assessment

Global Pharmaceutical

Innovation Diabetes management / mobile tool

Computer Chip Company

Global sales forecasting / modeling

Mexico M&A Financial modeling to assess growth / market share Business cases for potential investments and decision making, Go-to market strategy initiatives

Health Insurance Health care reform strategy Dynamic pricing model

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After several years at Deloitte as a Strategy & Operations Consultant, I was recruited to join Mars Global Chocolate

7RoleGlobal Strategy Manager – Pricing & Trade Work with global units to drive revenue growth through strategic

pricing, route to market, and customer management/segmentation

Chocolate Pet Food Human Food Wrigley/Gum

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Since joining Mars, I’ve had the opportunity to work hands-on in 16 different countries around the globe…

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Visited for work Visited for fun

US Mexico Brazil China Russia

South Korea

Taiwan Argentina Turkey Kazakhstan Thailand

Germany Poland

Belgium Saudi Arabia UAE

Visited for work

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… including 8 months in my first market: China

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Today’s Session – Contents

Consulting 101

Background

Q & A

Case Study: Marketing in Emerging Markets

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Mars invested in China early on – and it paid off

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Though China’s per capita chocolate consumption is low by European standards..

China has 1.2 BILLION people, so it is still a sizable market; Mars has 50% market share of the $2B+ chocolate market

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Marketing 4 P’s in action: my experience in China

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Product Place Price Promotion

Brands Product

selection

In-store execution

Checkout Bulk bins

Competitive pricing

Price pack curves

Driving sales via pricing

Physical availability

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Keys to understanding consumer behavior in new markets

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1

2

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Consumer studies

Data driven approach

Market immersions

Conjoint analysis In-person store/consumer study

Promotion ROI analysis Test store analysis

Ethnographic interviews Store/market/trade visits

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Example: Conjoint analysis in Mexico

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1

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Example: Promotion ROI in China

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2

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Example: market immersion / trade visits in Argentina

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3

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The power of global branding

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Today’s Session – Contents

Consulting 101

Jeremy’s Background

Q & A

Case Study: Marketing in Emerging Markets

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What does it mean to be a consultant?

Consultants help businesses address their most complex challenges by:

– Developing executable strategies

– Driving positive operational change

– Transferring knowledge and skills

What exactly do consultants do?

Consultants are hired because they provide:

− Innovative solutions and perspectives – “outside the box” thinking to develop more

effective results

− Skills and knowledge outside of the client’s competency

− External objectivity when businesses are faced with difficult decisions

Why do companies hire consultants?

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Why is Consulting an attractive career?

A Breadth of Experience

Increased level of responsibility

Fast track to business school

Many consultants use the profession as a stepping stone to a higher position in other industries

An Expedited Career Path

Consultants typically travel around the country (and the world!) to work at client locations

80% of your typical work week is spent on an out-of-town engagement

A Diverse Range of Locations

Consulting is an attractive career for those who want:

A variety of projects will expose you to business challenges and executives across several industries/functions

You may change roles, projects, and/or industries every few months (even weeks)

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Business Analysts (BAs) have the opportunity to gain work experience across different sectors, including:

Consumer & Industrial Products

Energy & Resources

Financial Services Public Sector

Technology, Media, & Telecom

Health Care &Life Sciences

We work in a variety of industries

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In the Strategy & Operations practice, we work with our clients to develop executable strategies and help put advice into action through a number of different service offerings.

What is S&O?

General support and basic skill development; S&O new hires are given the exciting opportunity to seek experiences across our service lines, as well as across the diverse industries we serve

Help clients address their most pressing issues by developing executable strategies

Optimize, reinvent, and improve Fortune 500 clients’ supply chains from end-to-end

Drive transaction planning and execution with a focus on synergy capture

Serve each of the Four Faces of the CFO: Steward, Operator, Strategist, and Catalyst

Strategy

M&A

Supply Chain / Man Ops

Finance

Drive the business model changes required to achieve an organization’s strategic vision

Business Model Transformation

Work with clients to enhance core elements of the business model

Industry Operations

General Management

Case Study: Luxury Retailer – Profitability, Customer Strategy & Breakevens:Level 1 Qualitative

BUSINESS SITUATION

Our client is a luxury clothing retailer with 200 outlets in the Unites States and roughly $2 billion in annual revenue. Traditionally our client has been known for selling high end clothes to affluent individuals. In addition our client has prided itself on its high level of customer service. Despite competing in a very competitive marketplace the client experienced double-digit profit growth from 2006-2008. With the recession of 2009 came decreased profitability for many retailers, and our client saw its profitability decrease drastically when compared to its primary competitors. The client has engaged X to try to understand why profitability has declined and to implement strategies to reverse the trend.

LEVEL 1 QUESTION: QUALITATIVE (GENERAL – PROFITABLITY)

What are some client-specific factors we should explore when assessing why our client’s profitability decreased in 2009?

POTENTIAL RESPONSE:The student should identify the key drivers of profitability (i.e., revenue and cost) and should highlight that the factors impacting our client’s profitability are likely internal given that they were differentially impacted by the recession.

Revenue

• Candidate should employ a high level analysis of internal profitability (P = R - C)

• Candidate should further sub-divide Revenue into Price and Volume (if asked, interviewer should note that price has remained constant while volume has fallen off considerably)

• A strong candidate will examine company-specific factors that may result in decreased volume

˗ Examples: Decrease in brand’s popularity, price sensitivity, increased competition, reduced store locations, ineffective sales force, etc.

Cost

• Similar to the steps noted above for revenue considerations, the student should state that they would like to take a look at the cost side of the equation in more detail

• This analysis could include analyzing both fixed and variable costs:

˗ Fixed: Facilities, Lease/Rent, Salaried Employees, Utilities, etc.

˗ Variable: COGS (Materials, Direct Labor, etc), Transportation, SG&A, etc.

Overall Profitability: In general, the student should recognize that given the decline in profitability and the maintenance of price, either (1) costs are growing disproportionately to revenues or (2) revenues are declining faster then costs can be reduced.

Case Study: Luxury Retailer – Profitability, Customer Strategy & Breakevens:Level 1 Qualitative

BUSINESS SITUATION

Our client is a luxury clothing retailer with 200 outlets in the Unites States and roughly $2 billion in annual revenue. Traditionally our client has been known for selling high end clothes to affluent individuals. In addition our client has prided itself on its high level of customer service. Despite competing in a very competitive marketplace the client experienced double-digit profit growth from 2006-2008. With the recession of 2009 came decreased profitability for many retailers, and our client saw its profitability decrease drastically when compared to its primary competitors. The client has engaged X to try to understand why profitability has declined and to implement strategies to reverse the trend.

LEVEL 1 QUESTION: QUALITATIVE (GENERAL – PROFITABLITY)

What are some client-specific factors we should explore when assessing why our client’s profitability decreased in 2009?

POTENTIAL RESPONSE:The student should identify the key drivers of profitability (i.e., revenue and cost) and should highlight that the factors impacting our client’s profitability are likely internal given that they were differentially impacted by the recession.

Revenue

• Candidate should employ a high level analysis of internal profitability (P = R - C)

• Candidate should further sub-divide Revenue into Price and Volume (if asked, interviewer should note that price has remained constant while volume has fallen off considerably)

• A strong candidate will examine company-specific factors that may result in decreased volume

˗ Examples: Decrease in brand’s popularity, price sensitivity, increased competition, reduced store locations, ineffective sales force, etc.

Cost

• Similar to the steps noted above for revenue considerations, the student should state that they would like to take a look at the cost side of the equation in more detail

• This analysis could include analyzing both fixed and variable costs:

˗ Fixed: Facilities, Lease/Rent, Salaried Employees, Utilities, etc.

˗ Variable: COGS (Materials, Direct Labor, etc), Transportation, SG&A, etc.

Overall Profitability: In general, the student should recognize that given the decline in profitability and the maintenance of price, either (1) costs are growing disproportionately to revenues or (2) revenues are declining faster then costs can be reduced.

Luxury Retailer – Market Sizing: Level 1 Quantitative

LEVEL 1 QUESTION: QUANTITATIVE (Market Size)

QUESTION AND RESPONSE ADDITIONAL DATA

In order to better understand the market, the project partner suggests we analyze the market as a whole.

Estimate the size of the luxury retail market in the United States in households and in potential spend. What is our client’s share of this market?

Our client considers households with over 250k of annual income to be in the “luxury retail segment.”

CALCULATION

300MM people in the United States

Divided by

3 people per household

Equals

100M households

Divided by

10% of households with 250k in income

10M addressable households

Multiplied by $1500 per luxury household

$15B in potential sales

Divide $2B in annual sales last year by $15B in market

~13% of Luxury retail market

Please only provide relevant data below on-request or if the student is struggling to answer the question.

RELEVANT DATA and Assumptions:

• US population (assume 300M)

• Segmentation of US HH Income:

˗ 10%: 250k+ (Luxury)

˗ 40%: 100k-250k

˗ 50%: <100k

• Annual luxury goods expenditure among “Luxury” HH segment: $1500 (NOTE: This data should be provided only after number of households is estimated)

• Client’s sales last year: $2 Billion(NOTE: Strong candidates will recall this information from the case introduction)

Luxury Retailer – Market Sizing: Level 1 Quantitative

LEVEL 1 QUESTION: QUANTITATIVE (Market Size)

QUESTION AND RESPONSE ADDITIONAL DATA

In order to better understand the market, the project partner suggests we analyze the market as a whole.

Estimate the size of the luxury retail market in the United States in households and in potential spend. What is our client’s share of this market?

Our client considers households with over 250k of annual income to be in the “luxury retail segment.”

CALCULATION

300MM people in the United States

Divided by

3 people per household

Equals

100M households

Divided by

10% of households with 250k in income

10M addressable households

Multiplied by $1500 per luxury household

$15B in potential sales

Divide $2B in annual sales last year by $15B in market

~13% of Luxury retail market

Please only provide relevant data below on-request or if the student is struggling to answer the question.

RELEVANT DATA and Assumptions:

• US population (assume 300M)

• Segmentation of US HH Income:

˗ 10%: 250k+ (Luxury)

˗ 40%: 100k-250k

˗ 50%: <100k

• Annual luxury goods expenditure among “Luxury” HH segment: $1500 (NOTE: This data should be provided only after number of households is estimated)

• Client’s sales last year: $2 Billion(NOTE: Strong candidates will recall this information from the case introduction)

Luxury Retailer – Market Sizing: Level 1 Quantitative

LEVEL 1 QUESTION: QUANTITATIVE (Market Size)

QUESTION AND RESPONSE ADDITIONAL DATA

In order to better understand the market, the project partner suggests we analyze the market as a whole.

Estimate the size of the luxury retail market in the United States in households and in potential spend. What is our client’s share of this market?

Our client considers households with over 250k of annual income to be in the “luxury retail segment.”

CALCULATION

300MM people in the United States

Divided by

3 people per household

Equals

100M households

Divided by

10% of households with 250k in income

10M addressable households

Multiplied by $1500 per luxury household

$15B in potential sales

Divide $2B in annual sales last year by $15B in market

~13% of Luxury retail market

Please only provide relevant data below on-request or if the student is struggling to answer the question.

RELEVANT DATA and Assumptions:

• US population (assume 300M)

• Segmentation of US HH Income:

˗ 10%: 250k+ (Luxury)

˗ 40%: 100k-250k

˗ 50%: <100k

• Annual luxury goods expenditure among “Luxury” HH segment: $1500 (NOTE: This data should be provided only after number of households is estimated)

• Client’s sales last year: $2 Billion(NOTE: Strong candidates will recall this information from the case introduction)

Luxury Retailer – Profitability Strategies: Level 2 Qualitative

LEVEL 2 QUESTION: QUALITATIVE (MARKET SEGMENTATION)

QUESTION AND RESPONSE

Although the entire luxury retail market has experienced a decline in profitability, our client’s profitability has decreased more substantially than its primary competitors. Consequently, the client believes that internal issues have driven its comparably large decline in profitability. Moving forward the client would like to return to its previous profitability and take advantage of the recession to grow its market share. The client, however, does not want to reduce prices in order to preserve their brand image and market positioning. Consequently, the client has asked Deloitte to explore options to improve the “Customer Experience” in order to enhance profitability and market share.

What factors contribute to a positive buying experience for customers? Keep in mind that customer experience spans multiple buying channels including in-store, online, phone, catalog, etc. When you think about your favorite retail shopping experiences what aspects matter most?

• Channel Breadth (In-Store, Online, Phone, Catalog, etc.)

• Marketing (Direct Mail, Email, Phone-calls, Magazines/Periodicals, Social Media, etc.)

• Employee Interactions (Friendliness, Helpfulness, Knowledge, etc.)

• Store Policies (Returns, Exchange, etc.)

• Customer Service (In-Store, Call Center, Online, etc.)

• Convenience (Number of Locations, Geography, etc.)

Based on our clients stated goal of tying customer experience enhancements to improved profitability, what client experience improvement strategies should be considered?

• In-Store

˗ Training programs for sales associates

˗ Incentive programs for associates to push better customer interaction

˗ Hiring practices and strategy

• Point of Sale

˗ Loyalty/Reward programs

˗ Online or Social media selling

˗ Enhance in-store experience by building café’s and other interactive services in-store

• Merchandise

˗ Customer surveys to determine better merchandise

˗ Marketing targeted to specific segments

˗ Better placement of merchandise in stores

Luxury Retailer – Profitability Strategies: Level 2 Qualitative

LEVEL 2 QUESTION: QUALITATIVE (MARKET SEGMENTATION)

QUESTION AND RESPONSE

Although the entire luxury retail market has experienced a decline in profitability, our client’s profitability has decreased more substantially than its primary competitors. Consequently, the client believes that internal issues have driven its comparably large decline in profitability. Moving forward the client would like to return to its previous profitability and take advantage of the recession to grow its market share. The client, however, does not want to reduce prices in order to preserve their brand image and market positioning. Consequently, the client has asked Deloitte to explore options to improve the “Customer Experience” in order to enhance profitability and market share.

What factors contribute to a positive buying experience for customers? Keep in mind that customer experience spans multiple buying channels including in-store, online, phone, catalog, etc. When you think about your favorite retail shopping experiences what aspects matter most?

• Channel Breadth (In-Store, Online, Phone, Catalog, etc.)

• Marketing (Direct Mail, Email, Phone-calls, Magazines/Periodicals, Social Media, etc.)

• Employee Interactions (Friendliness, Helpfulness, Knowledge, etc.)

• Store Policies (Returns, Exchange, etc.)

• Customer Service (In-Store, Call Center, Online, etc.)

• Convenience (Number of Locations, Geography, etc.)

Based on our clients stated goal of tying customer experience enhancements to improved profitability, what client experience improvement strategies should be considered?

• In-Store

˗ Training programs for sales associates

˗ Incentive programs for associates to push better customer interaction

˗ Hiring practices and strategy

• Point of Sale

˗ Loyalty/Reward programs

˗ Online or Social media selling

˗ Enhance in-store experience by building café’s and other interactive services in-store

• Merchandise

˗ Customer surveys to determine better merchandise

˗ Marketing targeted to specific segments

˗ Better placement of merchandise in stores

Luxury Retailer – Profitability Strategies: Level 2 Qualitative

LEVEL 2 QUESTION: QUALITATIVE (MARKET SEGMENTATION)

QUESTION AND RESPONSE

Although the entire luxury retail market has experienced a decline in profitability, our client’s profitability has decreased more substantially than its primary competitors. Consequently, the client believes that internal issues have driven its comparably large decline in profitability. Moving forward the client would like to return to its previous profitability and take advantage of the recession to grow its market share. The client, however, does not want to reduce prices in order to preserve their brand image and market positioning. Consequently, the client has asked Deloitte to explore options to improve the “Customer Experience” in order to enhance profitability and market share.

What factors contribute to a positive buying experience for customers? Keep in mind that customer experience spans multiple buying channels including in-store, online, phone, catalog, etc. When you think about your favorite retail shopping experiences what aspects matter most?

• Channel Breadth (In-Store, Online, Phone, Catalog, etc.)

• Marketing (Direct Mail, Email, Phone-calls, Magazines/Periodicals, Social Media, etc.)

• Employee Interactions (Friendliness, Helpfulness, Knowledge, etc.)

• Store Policies (Returns, Exchange, etc.)

• Customer Service (In-Store, Call Center, Online, etc.)

• Convenience (Number of Locations, Geography, etc.)

Based on our clients stated goal of tying customer experience enhancements to improved profitability, what client experience improvement strategies should be considered?

• In-Store

˗ Training programs for sales associates

˗ Incentive programs for associates to push better customer interaction

˗ Hiring practices and strategy

• Point of Sale

˗ Loyalty/Reward programs

˗ Online or Social media selling

˗ Enhance in-store experience by building café’s and other interactive services in-store

• Merchandise

˗ Customer surveys to determine better merchandise

˗ Marketing targeted to specific segments

˗ Better placement of merchandise in stores

Luxury Retailer – Profitability Improvement and Breakeven: Level 2 Quantitative

LEVEL 2 QUESTION: QUANTITATIVE Break-Even

QUESTION AND RESPONSE ADDITIONAL DATA

Based on our recommendations the client has decided to pursue one of two options to improve the customer experience: (1) Create a customer loyalty program or(2) Conduct Targeted advertising. Assume that the client currently has a 13% market share. The client wants to target these promotions towards those households that currently do not shop at their stores. Which option represents the greatest upside for the client given their goals of profitability?

Addressable Households

Total Market Share: 13%

Addressable Market: 10MM Households

Targeted Market: 87% * 10M HH = 8.7HH

Option 1: Customer Loyalty Program

First 3M HH: $5/household * 3M = 15M

Next 5.7M HH: $2/household * 5.7M = 11.4M

Fixed Costs: $10M

Total Costs: ($5* 3M) + ($2*5.7M) + $10M = 36.4

Potential upside: $10 * 8.7M = $87M

Est. Profit Increase: $87M–36.4M=$50.6M

Option 2: Customized Advertising

Variable cost: $6/household * 8.7M = $52.2M

Fixed Costs : 15M

Total Costs: (6*8.7M) + 15M = $67.2M

Potential Upside: 13*8.7M = $113.1M

Est. Profit Increase: $113.1M–67.2M=45.9M

The client should select Option A

Interviewer: Please have the student first list the information they would need about the two programs to provide the client a recommendation.

At the Students request, please provide them the following information:

RELEVANT DATA and Assumptions:

• Option 1: Customer Loyalty Program

˗ $10M capital expenditure

˗ $5 per household variable cost for first 3M households

˗ $2 per household for all subsequent households

˗ Forecasted $10 benefit per household

• Option 2: Customized Advertising

˗ $8M capital expenditure

˗ $6 per household variable cost

˗ Forecasted $15 benefit per household

• Assume the size of the market is 10M households

• Client currently has 13% market share

Luxury Retailer – Profitability Improvement and Breakeven:Level 2 Quantitative

LEVEL 2 QUESTION: QUANTITATIVE Break-Even

QUESTION AND RESPONSE ADDITIONAL DATA

Based on our recommendations the client has decided to pursue one of two options to improve the customer experience: (1) Create a customer loyalty program or(2) Conduct Targeted advertising. Assume that the client currently has a 13% market share. The client wants to target these promotions towards those households that currently do not shop at their stores. Which option represents the greatest upside for the client given their goals of profitability?

Addressable Households

Total Market Share: 13%

Addressable Market: 10MM Households

Targeted Market: 87% * 10M HH = 8.7HH

Option 1: Customer Loyalty Program

First 3M HH: $5/household * 3M = 15M

Next 5.7M HH: $2/household * 5.7M = 11.4M

Fixed Costs: $10M

Total Costs: ($5* 3M) + ($2*5.7M) + $10M = 36.4

Potential upside: $10 * 8.7M = $87M

Est. Profit Increase: $87M–36.4M=$50.6M

Option 2: Customized Advertising

Variable cost: $6/household * 8.7M = $52.2M

Fixed Costs : 15M

Total Costs: (6*8.7M) + 15M = $67.2M

Potential Upside: 13*8.7M = $113.1M

Est. Profit Increase: $113.1M–67.2M=45.9M

The client should select Option A

Interviewer: Please have the student first list the information they would need about the two programs to provide the client a recommendation.

At the Students request, please provide them the following information:

RELEVANT DATA and Assumptions:

• Option 1: Customer Loyalty Program

˗ $10M capital expenditure

˗ $5 per household variable cost for first 3M households

˗ $2 per household for all subsequent households

˗ Forecasted $10 benefit per household

• Option 2: Customized Advertising

˗ $8M capital expenditure

˗ $6 per household variable cost

˗ Forecasted $15 benefit per household

• Assume the size of the market is 10M households

• Client currently has 13% market share

Luxury Retailer – Profitability Improvement and Breakeven:Level 2 Quantitative

LEVEL 2 QUESTION: QUANTITATIVE Break-Even

QUESTION AND RESPONSE ADDITIONAL DATA

Based on our recommendations the client has decided to pursue one of two options to improve the customer experience: (1) Create a customer loyalty program or(2) Conduct Targeted advertising. Assume that the client currently has a 13% market share. The client wants to target these promotions towards those households that currently do not shop at their stores. Which option represents the greatest upside for the client given their goals of profitability?

Addressable Households

Total Market Share: 13%

Addressable Market: 10MM Households

Targeted Market: 87% * 10M HH = 8.7HH

Option 1: Customer Loyalty Program

First 3M HH: $5/household * 3M = 15M

Next 5.7M HH: $2/household * 5.7M = 11.4M

Fixed Costs: $10M

Total Costs: ($5* 3M) + ($2*5.7M) + $10M = 36.4

Potential upside: $10 * 8.7M = $87M

Est. Profit Increase: $87M–36.4M=$50.6M

Option 2: Customized Advertising

Variable cost: $6/household * 8.7M = $52.2M

Fixed Costs : 15M

Total Costs: (6*8.7M) + 15M = $67.2M

Potential Upside: 13*8.7M = $113.1M

Est. Profit Increase: $113.1M–67.2M=45.9M

The client should select Option A

Interviewer: Please have the student first list the information they would need about the two programs to provide the client a recommendation.

At the Students request, please provide them the following information:

RELEVANT DATA and Assumptions:

• Option 1: Customer Loyalty Program

˗ $10M capital expenditure

˗ $5 per household variable cost for first 3M households

˗ $2 per household for all subsequent households

˗ Forecasted $10 benefit per household

• Option 2: Customized Advertising

˗ $8M capital expenditure

˗ $6 per household variable cost

˗ Forecasted $15 benefit per household

• Assume the size of the market is 10M households

• Client currently has 13% market share

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Today’s Session – Contents

Consulting 101

Background

Q & A

Case Study: Marketing in Emerging Markets

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Q&A

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