The fact that the BCG Matrix is a simple graph makes it obvious which phase of the life cycle a product or service is in:
- If it is emerging now;
- If it is already ripe;
- Or if it is in decline.
This clarity gives rise to more assertive decision-making for each phase:
- Enabling constant growth ;
- Maximizing the value of Dairy Cows;
- Reducing errors caused by impulsivity;
- And cutting back on declining activities, products or services.
I will explain each hong kong telegram data of these phases below!
Introduction and Growth
New products or services, in their initial stages, can be classified as Questions (Doubts) in the BCG Matrix because they have a low market share but high growth potential.
Maturity
When products or services have what is usdy and why should you care? slow growth but stable market share, they are classified as Cash Cows in the BCG Matrix: the cash generators!
Decline
Products or services with low consumer data market share and negative growth can be called Pineapples in the BCG Matrix. It is almost always better to minimize them.
Tip: How do I identify the Ideal Customer Profile for my business?
Importance of the BCG Matrix: how to use it to stand out in the market?
I wouldn’t say that the BCG Matrix is used specifically to stand out in the market , but such prominence ends up being a natural consequence of the main benefits of the matrix, which are:
- Make informed decisions;
- Make data-driven decisions;
- Increase the visibility of areas to invest in;
- Optimize the portfolio of products and services;
- As well as avoiding unnecessary peeling of pineapples;
- And, with all this, increase the chances of competing (and probably winning!).
With so many benefits , it’s hard not to stand out.