The study’s sponsor, the client’s head of consumer marketing, talks about working together with McKinsey:
“Our relationship with McKinsey has gone very well. Through the right kinds of conversations and McKinsey people understanding our needs, I think we've come a long way.
“First of all, we have made sure to involve the right functional expertise—marketing expertise from David, customer and supply chain expertise from Vivek, to name just two people. But second, the piece that really is key is the engagement managers and teams who know our business. They customize the research and the consulting projects and really give us what we need.
“The depth of thinking has been very, very good. We have put together a very talented group of people to work on the business. When I say depth of thinking, I mean two areas: The first is not just things that are easy to say on paper, but thinking through what will actually happen in the marketplace—thinking in terms of long-term strategic impact. The second thing is making sure that the recommendations are right for our organization.
“That kind of talent, expertise, the right people, understanding of our business, and the depth of thinking has been very, very helpful for us.”
By the end of the study, the client decided to do the following:
- Exit unprofitable product lines.
- Invest heavily in R&D to strengthen its three remaining product lines.
- Increase its marketing and sales force substantially.
- Take measures to reduce the costs of its manufacturing and supply chain by 15 percent.