Read the summary and the most important questions on Week 6 Strategy Consulting MCM

• 1 Introduction

• What do you see in the image to the left and what is it used for?

  The value chain of a manufacturing firm, a popular framework for analysing the activities of an organisation.

• 1.1 Value Chain Consultancy Management

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• What should we know in terms of the primary activities of a management consultancy as shown in the value chain?

  The primary activities begin with marketing, and the last primary activity is client relationship.

• What are the 3 steps that can be distinguished in the management consultancy value chain?

  1. Sell service 
     
  2. Deliver 
  3. Follow-up

• 1.1.1 Main Differences Value Chains

• What are the main differences between the value chain of a manufacturing firm and the value chain of a management consultancy firm? List the 5

  1. Differences in the operations-sales sequence: a management consultancy firm begins with selling and afterwards produces a product 
     
  2. Differences in operations: management consultancy firm delivers a service instead of a physical product 
  3. Difference in distribution: management consultancy value chain does not distribute products 
  4. Difference in R&D: R&D of consultants is about the development of knowledge about solutions and consultancy processes
  5. Difference in procurement: most important equipment for consultancy is employees (recruitment instead of procurement)

• 1.2 Consultancy Value Chain: Reinforcing Feedback Loops

• What does it mean that the value chain of a management consultancy firm consists of reinforcing feedback loops?

  It means that the consultancy firm's value-adding activities are linked to each other and form a system.

• What are the three value adding activities of consultancy firms? List the 3

  1. Recruitment 
     
  2. Client services 
  3. Knowledge management

• What is the link between the client services and the knowledge management?

  In client service activities, consultancy firms develop new knowledge, then this knowledge can again be used for similar client projects.

• What will the knowledge re-usage (exploitation) have as an effect on their client projects?

  It will increase the quality and efficiency of their client projects.

• When looking at the link between client services activities and recruitment activities what is this link?

  Recruitment attracts new talent that can be assigned to client projects. And in turn the more attractive the client projects, the more attractive it is to work there.

• What is the essence of the reinforcing feedback loops of the consultancy value chain? What is interrelated?

  Market and recruitment are interrelated!