A Product-process matrix (PPM) is a visual tool to identify and communicate the relationship between process steps and products or services.
What is the basic objective of BCG matrix
The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue, or develop products.
What are the four main growth strategies identified by Ansoff
The four strategies in the Ansoff matrix are market penetration, market development, product development, and diversification.
What is the importance of product customer Matrix
PCMs can improve managers’ understanding of what a company’s products actually are; who the customers are; which product-customer segments the company is currently in; which ones it is not in; the business(es) it is in; the competitors within each product-customer segment; which segments are currently important in
Is the BCG matrix still relevant today
The matrix remains relevant today—but with some important tweaks. A Changing Business Environment Since the introduction of the matrix, conglomerates have become less common and the business environment has become more dynamic and unpredictable.
Market share is now less of a driver of and surrogate for advantage.
What is strategic management according to Ansoff
Ansoff, by contrast, viewed strategy as the “common thread” among an organization’s activities and product/markets that defined the essential nature of the business that the organization was in and planned to be in the future.
How can a company use the BCG matrix
To use the BCG matrix, a company will review its portfolio of products or SBUs, then allocate them to one of four quadrants based on their market share, growth rate, cash generation and cash usage.
This is then used to determine which products receive investment, and which are diversified from.
What is the Value matrix
The Value Matrix is a relative ranking against competitors rather than an absolute ranking.
This matches the user buying process of comparing the features and usability among the vendors under consideration against the cost of the solution.
What is a feature matrix
A feature matrix is a set of features that characterizes a given set of linguistic units with respect to a finite set of properties.
In lexical semantics, feature matrices can be used to determine the meaning of specific word fields.
What is a marketing matrix
A Marketing Matrix is essentially a plot on a two-dimensional plane according to how well they meet customers’ key requirements.
You can do this by drawing two lines in the form of a cross.
What is service process matrix
The Service Process Matrix is a classification matrix of service industry firms based on the characteristics of the individual firm’s service processes.
The matrix was derived by Roger Schmenner and first appeared in 1986. Although considerably different, the Service Process Matrix can be seen.
What is product planning matrix
The purpose of the product planning matrix is to translate customer requirements into important design features.
Individual customer needs are ranked for importance, and the cumulative effect on each of the design features is obtained.
What is a customer product matrix
A customer/product matrix is a way of describing the relationships between customer types and product types/attributes.
Example: Note: Please find some data quality related product descriptions in the post Data Quality and World Food.
What is brand/product matrix
Brand product-matrix focuses on the overview of activities for each brand and helps businesses to assess what type of product category is available for consumers at the moment.
All brands are represented in rows and the columns represent the product category as shown in the image below.
Why is diversification important
Diversification is a technique that reduces risk by allocating investments across various financial instruments, industries, and other categories.
It aims to minimize losses by investing in different areas that would each react differently to the same event.
What is the purpose of the BCG
BCG, or bacille Calmette-Guerin, is a vaccine for tuberculosis (TB) disease. Many foreign-born persons have been BCG-vaccinated.
BCG is used in many countries with a high prevalence of TB to prevent childhood tuberculous meningitis and miliary disease.
Why is strategic management important
Strategic management sets a direction for the organization and its employees. Unlike once-and-done strategic plans, effective strategic management continuously plans, monitors and tests an organization’s activities, resulting in greater operational efficiency, market share and profitability.
Why is diversification important for companies
Diversification is a risk-reduction strategy used by businesses to help expand into new markets and industries and achieve greater profitability.
This can be attained by diversifying new products and services in new markets, targeting new customers and increasing profitability.
How do you create a customer matrix
An effective customer matrix can be as simple as a two-column list: One column describes what customers want; the second column describes how the company will fulfill those wants.
Seeking customer input before, during and after the design process lies at the heart of the customer matrix.
What is the most important factor in the product management process
Marketing is one of the main factors contributing to product success, so product managers collaborate with product marketing managers.
That involves market research, observing current industry trends, collecting and analyzing customer feedback, defining pricing, and developing a marketing strategy.
Why is product important to an organization
New services or products are the lifelines of any company. The new products and services are created by all size companies for the growth and improvement of their business.
New products help in company sustainability by offering new value to its customers which generates additional revenues.
Why is growth strategy important
Growth strategies are important because they keep your company working towards goals that go beyond what’s happening in the market today.
They keep both leaders and employees focused and aligned, and they compel you to think long-term.
Why is it important to know the advantages and disadvantages
Knowing the advantages and disadvantages of any topic is very important to examine or to use or judge.
As it is not invincible or has immortality but should know prior for better understanding & thinking.
For example, if you take a smartphone without knowing its pros and cons you can’t use it properly.
What is the purpose of strategic control
The purpose of strategic control is to steer a business toward its long-term goal by controlling its strategic direction.
Strategic control definition states that the process tracks a strategy during its implementation period and detects changes or problems that may affect the outcome.
Why is it important for a company to develop new products
Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams.
Meanwhile redesigning existing products enables costs to be cut, margins to be increased and ultimately more profits to be made.
What is the importance of the product life cycle
The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.
What is the importance of market targeting
Target marketing is about narrowing your marketing scope to a more manageable group of people so that you can have a better quality of interaction.
By using targeted marketing, your ads will also be more effective as you’re talking to the right people about the right product or service.
Why is it important to market your product or service
The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision.
Furthermore, a marketing plan, a part of your business plan helps in creating and maintaining demand, relevance, reputation, competition, etc.
Why is it important to expand a business
Overall, the benefits of expanding a business include reducing external risks (such as those posed by competition, the market, or technology changes).
Expansion can also enhance the impression of greater financial viability: larger businesses often look more appealing to investors and lenders.
What are the advantages of market development
A marketing development strategy is important because it helps a business grow and reach new customers in a planned, structured way.
Expanding your audience creates the potential for more leads, more sales, and more revenue, but in-depth research is essential to make sure there’s value in targeting new customers.
Citations
https://harappa.education/harappa-diaries/strategic-control-process/
https://www.indeed.com/career-advice/career-development/environmental-analysis
https://www.aplustopper.com/advantages-and-disadvantages/
