Insight
How many people will buy coffins in a country with five million people? What?s Microsoft?s worst product? These are just a couple of the questions M.B.A. graduates and prospective interns from New York University?s Leonard N. Stern School of Business were asked by consulting companies in recent months.? If you can answer them and the others below, you may have a shot at a job with the likes of an IBM, Oracle or Bain.
- A coffin company in a little country called Moldavia makes budget-priced, machine-made coffins and hand-made, high-end coffins. The company?s craftsmen who make the hand-made coffins are slowly retiring and new people are harder to find. The company is thinking about revamping their factories to install machinery to manufacture high-end coffins. What issues would they have to think about to make this decision? How could we estimate the market size for coffins in Moldavia if there are 5 million residents, people only live to age 75 and coffins are sold at $1,000 each (you have to make your own assumptions)
- How profitable would it be to serve a cup of coffee to a tourist on Alcatraz?
- Should you get an offer from multiple consulting firms how will you decide which firm?
- A private equity firm is looking to acquire a company that installs and operates independent banking machines/ATMs. It is looking to get a 25% return over the next five years. What factors should it be looking at when considering the acquisition?
- How would you prepare a proposal for a client who is manufacturing a special cable which can be used in power lines and telephone lines? The client wants to evaluate the future of this product.
- You?ve been hired by a PE firm to evaluate buying a dormant cell phone network in a city of 5 million people for $50 million. They plan on offering a $30 a month plan that offers free calls anywhere in the metro area but nowhere else. Market penetrations of cell phones is 40%, max is 60%. There are 3 players in the market. The average customer life is 3 years. Acquisition cost is $500 per customer, 20% of non-cell phone users would be interested in the plan, 10% of users would switch. Should they do it?
- Tell me about a poorly marketed product. What do you think was the rationale behind this marketing?
- Tell me a Microsoft product that you hate? How would you fix it?
- The new CEO at Apple is asking you for help on continuing Steve Jobs? legacy through Apple?s products and services. Where do you begin?
- You have a company that is the number one producer of baby nutritional products in Europe. You would like to launch your product in the U.S. What are the issues around launching that product? Given these issues, would you recommend launching the product?
(Note: Some questions were altered for grammar and readability purposes)
Check out our previous post on interview questions posed by asset managers, commercial banks, private wealth managers and other finance firms.
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Source: http://news.nni.efinancialcareers.com/newsandviews_item/wpNewsItemId-133277
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The Massive Open Online Course (MOOC) paradigm offers a rare opportunity to remedy these situations along with many others. The fact that the term includes the word?massive illustrates the fact that such courses can be taken by a virtually unlimited number of students. This is revolutionary in its own right. The problem right now is not with student enrollment numbers, but the fact that organizations currently offering these MOOCs aren?t actually accredited to issue regular course credit to those that do the work. In other words, they don?t translate into college-level work that can be applied towards a degree. While some MOOCs are geared towards students who might want to learn more about a specific topic, most of them are essentially recreational at this point. Even so, individuals are learning new things, in an exciting way, in record numbers?so this is a good thing.
Considering that we live in the information age, elements of data are being created at a greater rate than at any other point in time. Aggregation is one of the strongest tools that MOOCs bring to the table. In the near future, software could bring together different bits of information and aggregate it together into a single source for delivery to students. Lesson plans and lectures would be a thing of the past, since information would be produced in real-time. Instead of a rigid curriculum, students could learn from a number of sources and receive a truly well rounded education. And that?s the point here. This isn?t about transforming education for the sake of transformation. This is about making education more accessible and affordable to learners while ensuring that they learn what they need to know in order to be successful in the workforce and society.
In the future, with less stringent admissions criteria and much lower costs, students will be able to earn accredited certificates or degrees in record numbers. These individuals can take what they?ve learned to create new businesses or perform better in their own jobs while ultimately becoming lifelong learners. This in turn will hopefully prompt society to transform right along with them. I would argue that along with a more educated population comes a better society. And if we?re not working towards that objective, what the hell are we doing as a species anyway? Whether MOOCs will transform education remains to be seen. There are still a lot of unanswered questions. Regardless, they are a step in the right direction. They have successfully highlighted the need for change in higher education and perhaps more importantly, that individuals are seeking new learning options in today?s increasingly connected world.