Marketing Strategies and BCG Matrix

Question: Discuss about the Marketing Strategies and BCG Matrix. Answer: Introduction: BCG matrix is a method which was developed by the Boston Constructing Group to check the position of business investments in the market and the ability to get a large market share than the competitors. The method shows the business growth rate which is majorly attributed to the business attractiveness and the market share. The business market share is determined by the satisfaction of the consumers to the goods and products they receive. In addition, it shows the performance of the different brands of the firm and helps in decisions making on the brands to invest more and the brands to disinvest due to losses accrued (Ovidijus Jurevicius, 2013). Marketing strategy is how the organization can do business with the aims to achieve the organization goals. This is the way activities are carried out in a firm to increase its profitability and also ensure high growth levels are realized. It is simply how an organization becomes competitive in the market. Lazywater company produces a number of products and to ensure that the market share is big, the firm should use target market strategies. This would include selective specialization which is also differentiated strategy. This strategy ensure that different marketing mix are offered to different market segments. The company should check where each brand has more sales and specialize in that segments to be able to reduce cost and have more sales volume. (Dibb, Simkin, Pride Ferrell,2005, p.850) References Ovidijus, J. (2013). Strategic Management Insight: BCG growth-share matrix, Retrieved: Https://www.strategicmanagementinsight.com/tools/bcg-matrix-growth-share.html Dibb, S., Simkin, L., Pride, W. M., Ferrell, O. C. (2005).Marketing: Concepts and strategies(p. 850). Houghton Mifflin.