Unit 3- Strategy Formulation

Unit 3- Strategy Formulation

Introduction

Strategic planning in marketing is used for achieving organizational objectives. Similarly strategic planning tools have been developed to aid the managers to carry out research to identify market potential and to help them seek new approaches to improve the product performance. Among these tools is the BCG Matrix also known as Boston Consulting Group Matrix.

Discussion

Sound decision making is based on the effective strategic planning in any situation faced in the business world. Therefore the strategic planning tool, the BCG matrix classifies the product's market position relative to product performance in that industry and company ...