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According to BCG Matrix, star products are typically new to the market and require significant marketing investment in promotion, product management, and distribution.
A BCG matrix is a model that is used to analyze a company's products in order to aid in long-term strategic planning. The matrix assists businesses in identifying new growth opportunities and determining how to invest for the future.
Most businesses provide a wide range of products, but some provide better returns than others. The BCG matrix provides a framework for evaluating the success of each product, assisting the company in determining which ones to invest more money in and which to eliminate entirely. It can also assist businesses in identifying a new product to introduce to the market.
Four products of BCG Matrix are-
- Stars: Products in high-growth markets that account for a sizable portion of that market are considered "stars" and should be invested in more heavily.
- Question Marks: Questionable opportunities are those in high-growth markets where the company does not have a significant market share.
- Cash Cows: Products in low-growth areas with a relatively large market share are considered "cash cows," and the company should milk the cash cow for as long as possible.
- Dog: A company's product is considered a "dog" if it has a low market share and a low rate of growth and should be sold, liquidated, or repositioned.
Learn more about BCG Matrix here:
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