Boston Consulting Group (BCG) matrix or Boston matrix is a management tool for analyzing the performance of a product portfolio or business unit in a company. Boston Consulting Group introduced it in 1970.BCG matrix is useful for you in
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Product Portfolio: Definition, Pros and Cons
A product portfolio is a series of different products that you sell to the market. For example, your company sells television products, cameras, and computers.Its benefits and costsIdeally, you need to have a balanced composition of various
Product Life Cycle
A product life cycle is a series of distinct stages that each product goes through during its commercial life. Each phase requires a different marketing strategy and mix. And so too, each stage has different implications for your profits.Knowing
Price
Price is the monetary value of an item or service. When you buy shoes, you give up some money, which is worth the shoes' price. Price minus cost equals profit generated by the seller.Price as a market signal to change demand and supplyPrices
The Government’s Impact: Laws, Policies and Business Success (Interests, Influences)
Governments, encompassing agencies, organizations, and their personnel, act as the central decision-makers for a country. They regulate and manage national and regional affairs. This broad definition also includes independent bodies like central
Sociocultural Environment: Key Factors Impacting Businesses
The sociocultural environment, encompassing factors such as values, beliefs, attitudes, social class, consumer lifestyles, buying habits, and even preferences, significantly influences businesses. These factors are closely linked to demographics,
Value Added – A Key to Business Success (Formula, Importance, Ways to Do)
In today's competitive business landscape, understanding value added is key to differentiating your product or service from the crowd. This article dives deep into the concept of value-added, unpacking its importance and the strategies businesses can
Value Creation: Customer, Employee, Shareholder Focus | Profits, Loyalty, Growth + Examples
What's it: Value creation is about producing something or making something more valuable. We can use it to refer to many meanings.For example, creating value could be done by adding value. Businesses create value by turning inputs into more
Local Community: A Key Stakeholder for Business (Examples, Interests, Influences)Â
In the context of business, a local community refers to the geographic area surrounding a company's operations. This encompasses the people residing in that area, along with their social networks, institutions, and shared environment. Local
Franchising a Business: Your Guide to Exponential Growth
Franchising a business offers a compelling strategy for established businesses seeking exponential growth and broader market reach. This model leverages the power of partnerships to expand your brand footprint and generate recurring revenue
Strategic Alliances: Building Partnerships for Growth (Success, Collaboration)
A strategic alliance is a collaborative agreement between two or more businesses to achieve mutually beneficial goals. It is distinct from mergers and acquisitions, as it involves separate companies working together without forming a new legal
Customers: The Lifeblood of Every Business (Their Interests, Influences, Bargaining Power)
Customers refer to those who buy the product. They may be individuals, like when you purchase goods from a retailer, or organizations in a business-to-business marketplace.Apart from employees and suppliers, customers are key stakeholders. They