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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
10 Tools to Make Better Strategic Decisions
Analysis Without Paralysis by Babette E. Bensoussan is a guidebook that teaches us how to make effective business decisions by applying a structured approach to data analysis. It offers practical tools and techniques to avoid information overload and make informed choices.
Being realistic about your business's strengths and weaknesses is crucial, especially when evaluating which products to prioritize. Enter the BCG Growth-Share Matrix, often simply termed the Boston Matrix. Crafted in the 1970s by the Boston Consulting Group, this strategic management tool offers a method to categorize products using two pivotal factors: market growth rate and relative market share.
By measuring your products with these objective financial indicators, you can divide your products into one of four categories: Stars, Cash Cows, Question Marks and Dogs.
Your Stars are the products that have high growth as well as a high market share. Your customer base for these products still has room to grow, and though this would require more investment to maintain dominance, there is also a lot of potential.
Cash cows are your products that have slowed down in terms of growth, but saturate most of your market. These are the products that generate cash reliably that you can use to invest in others.
A Question Mark product line is one that is growing but doesn’t have a large market share yet. They require investment and strategy in order to keep growing, but you’ll want to keep close tabs on them.
Dogs have low growth and low market share. These are weak products that you probably want to consider divesting from.
The Boston Matrix is a great way to take a snapshot of your portfolio and identify where you should put your resources. But though it’s a good tool for quick, up-high analysis, it shouldn’t be your only tool for resource allocation decisions. It’s best to be used in combination with other techniques that help to give those findings context.
Analysis Without Paralysis is a practical guide to the ten most powerful strategic analysis tools that will help you make better and faster business decisions. It is a simple and straightforward tour through models such as Porter’s Five Forces, PEST, and SWOT, teaching you when and how to utilize these powerful techniques.
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Try Blinkist to get the key ideas from 7,000+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma