BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The development cycle of Product
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Identify the relationship between products/services
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Produce a lot of money
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Detailed explanation-1: -The BCG matrix gives the business a framework for evaluating the success of each product to help the company determine which ones they should invest more money into and which they should eliminate altogether. It can also help companies identify a new product to introduce to the market.
Detailed explanation-2: -The Boston Consulting Group (BCG) Matrix It aims to identify the strategic potentials of a company’s existing product portfolio. A core component of this analysis is to determine, in which of the four life cycle quadrants (stars, question marks, cash cows, poor dogs) a product is currently situated.
Detailed explanation-3: -Explanation: The BCG Matrix is based on industry growth and relative market share. The BCG Matrix is a framework developed by the Boston Consulting Group that assesses the strategic position and potential of a corporate brand portfolio.
Detailed explanation-4: -The Boston Matrix describes the impact of market share and market growth on businesses by using four categories: dogs, cash cows, question marks (or problem children) and stars.
Detailed explanation-5: -Think of them as complementary, the BCG Matrix is the comparison and positioning of each unit’s products, while the PLC reflects the life cycle of these products. We may use the BCG Matrix to study the “life cycle of the business unit” whereas the PLC researches the product’s life cycle.