A
BCG Matrix, or Boston Consulting Group Matrix, allows for a realistic plan of
finances in a manner that is more diverse using symbols and focusing on
investments. Each investment or product is plotted in one of four positions of
the matrix based upon the Market Growth Rate versus the Relative Market Share.
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A BCG Matrix is best used to focus on many
different aspects, such as products, of a company at once.
Best Practices:
Create a matrix: Create a two-by-two box
grid. Place a title or goal on the top.
Create categories: Place a star in the
upper left box, a cow in the lower left box, a question mark in the upper right
box, and a dog in the lower right box. The star represents high growth and high
market share, the cow represents low growth and high market share, the dogs
represent low growth and low market share, and the question marks represent high
growth and low market share.
Label: Near the bottom left corner of the
grid draw an arrow going upwards and another going to the right. Next to the
top left box write "High Growth Rate" and next to the bottom left box
write "Low Growth Rate". Beneath the bottom left box write "High
Growth Rate" and beneath the bottom right write "Low Growth
Rate".
Identify finances: Determine which areas of
the business fit in to each of the categories on the matrix and place them
where they belong.
Draw conclusions: Using this diagram decide
how further money should be spent in the company.
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