Structured thinking that adapts.
Not a memorized framework. A tree you lay out in under 90 seconds and visibly prune as new information arrives. Interviewers care whether your structure stays responsive to new information.
If your structure survives unchanged from minute two to minute twenty, that is the failure mode, not the goal.
Three drivers: revenue, cost, capital. I'd start with revenue because the case mentions a volume drop. If revenue isn't the issue, I'll drop down to cost.
Reciting a profitability framework verbatim, then continuing to investigate cost lines after new information has clearly pointed at volumes.