Management consulting is a branch within the umbrella term consulting. The primary types of consulting are management consulting, economic consulting, implementation, and boutique or industry specific consulting.
- Strategic/management consulting: These firms help companies answer large business challenges such as “how do we market our product in China?” or “which new product should we invest in?”, but are less involved in the implementation of the solution. They include firms like McKinsey, Bain, BCG, Roland Berger, and LEK.
- Economic consulting: These consultants tend to focus on applying economic, finance, and quantitative principles to solve complex business and legal problems. There is no travel in economic consulting.
- Implementation consulting: These firms spend the majority of their time helping clients implement strategies. For instance, they may help a client deliver a new marketing campaign in Asia or help with a software installation process. Firms that lean more towards the implementation side are firms like Accenture and Deloitte.
- Boutique consulting: These firms focus on a particular type of service. For instance, FTI Consulting is best known for financial and litigation consulting. They work with a range of clients in different industries but mostly provide this type service. Other examples include IDEO, an innovation consulting firm, or Bridgespan, a nonprofit consulting firm.
Via Medium.com
