Essay on Decision Making Abstract Critical thinking and decision making go hand in hand to enable us to evaluate a situation, process the information and determine a course of action. The focus of this paper is to put both critical thinking and decision-making under the microscope for closer inspection to see how one compliments the other and how they are used in our professional and personal lives. In addition, the benefits of critical thinking are examined and whether or not these two elements are present in the company I work for, ACN Communications.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. The BCG matrix was developed with the aim of helping in the development of market share and growth. The Boston matrix has been used as strategic thinking model in the making of business decision.
The matrix has been criticized on that it is too narrow on its scope on market share.
Boston matrix has also been found to lead to the wrong decision in investment and other business processes. BCG matrix assumes a causal relationship between the market share and the profitability of a product in the market. The common scope of BCG matrix in a way ignores some of the most relevant strategic issues in business.
Therefore, BCG matrix cannot be taken as an effective strategic decision making model. It should however not to be discarded but it should rather be used with caution. This paper recommends the use of a number of models in making strategic decisions instead of relying on one model alone.
In conclusion, the marketing strategy is an important strategic undertaking. This is because the plan outlines the actions plans through which the business will achieve its marketing objectives. The marketing strategies must take place within the mission, vision, and objectives of the business. Making brand portfolios work. Article Actions. Share this article on LinkedIn; investing in overlapping product-development and marketing efforts, and multiplying its brands at its own rather than its competitors' expense. Only then should marketers move to increase the portfolio's value by making strategic decisions on the. Strategic marketing management involves the process of deciding the marketing strategy to follow and to ensure it is followed correctly, in order to compete against its rivals successfully. In an attempt to assist strategic marketing process, a number of different strategic marketing planning tools have been created.
Introduction In the s, there was growing assertion of the use of portfolio models in marketing. There was growing interest on the development of market share and growth matrix which later came to be known as Boston matrix Edgett and Cooper,p.
The BCG matrix and others were meant to achieve the marketing needs especially when introducing new products in the market.
They were meant to stimulate strategic thinking especially among the senior marketing executives in the turbulent business environment.
However, there has been dysfunction of this model in the way it is taught and the way it is applied in the market Gasik,p.
This study will look into the applicability of BCG matrix in strategic decision making in marketing. The study will evaluate the view from a number of literature to understand whether the model can really be applied to the decision making process or not.
This paper therefore evaluates the available literature which has given an insight into this model to understand how it can be applied in strategic marketing decision.
Portfolio models in marketing Portfolio management generally defines the way business comes up with strategic decision to venture into the market. At any one time, company will be coming up with new product which will need to be introduced to the market in the most successful way.
Portfolio models therefore provide the business with important tools for analysis of the strategic decision to determine their effectiveness in the market Abell and Hammond,p.
There are four goals which are pursued in portfolio management and which must be achieved through any model that is used. These goals include the maximization of portfolio, seeking of the right balance of the available projects, aligning of the portfolio strategically, and aligning the projects to the available resource Ansoff,p.
Smith and Swinyardp. They both call for the use of multiple marketing models in order to achieve the overall success of introducing new products in the market. This will reduce the failure rate of the products and extend their life cycle in the market.
They help to forecast the performance of a product in the market so as to draw up strategies to effectively introduce it in the market. Edgett, Cooper, and Kleinschmidtp.
In his review of the portfolio models, Dayp. Day shows that these models resemble the portfolio models with stars, cash cows, dogs, and others. He showed that these models could be used successfully to forecast the market in the future. Day therefore asserted the role of matrix like Boston matrix in marketing.
The Boston matrix could be used to show four quadrants as has been shown by Day and corresponding strategies which could be used in each quadrant. However Day criticizes the matrix on the sense that it is too narrow on its scope.
He asserts that the BCG matrix has a narrow focus on the market share of the product.
On the other hand Morrison and Wensleyp. They asserted that the use of BCG matrix in portfolio management is inhibited by difficulties in measurement of the rate of market growth and the relative market share of the product.
This is due to a number of reasons. They gave the most prominent reason being the fact that market boundaries are often very difficult to fix which meant the different matrix methods will give different recommendations for a given situation.
Therefore they argue that the common scope of BCG matrix in a way ignores some of the most relevant strategic issues in business. They showed that Boston matrix was a technique for one season and not for all the season.
This is because its popularity and use increased in the s and s and then plummeted due to the challenges faced in the market.The page you are trying to access has moved. The Connecticut State Department of Education has a new website.
If you have existing bookmarks you will need . Managing a Portfolio of Products What is product portfolio management? marketing activity, and product strategy decisions by providing an overall picture (both current and projected) of the market positions (both absolute and relative) of each of Effective product portfolio management includes the use of one or more analytical models.
Impirtance Of Portfolio Models In Making Strategic Marketing Decisions Essay Sample. Executive summary. The use of portfolio models in marketing has been gaining increasing use since s. The BCG matrix was developed with the aim of helping in the development of market share and growth.
A strategic alliance is a term used to describe a variety of cooperative agreements between different firms, such as shared research, formal joint ventures, or minority equity participation (Campbell E.
Recognise the importance of creating strategic advantage; This process can be as equally well applied to marketing strategy.
Strategic Marketing Management Write a short summary detailing how a MIS is used to support management decision making in your own company/organisation. Strategic Marketing Management. Certainly, driving forces in strateguc planning a benefit driving foirces in strategic planning of driving forces in tsrategic planning animated driving forceas in strategic planning characters.
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