There you have it! GO TO: •What is Positioning? Marketing sign. 3. What you hope by banking on a Question Mark is that through a concerted sales and marketing effort you will be able to turn the tables and earn a place for yourself in a lucrative market. 1. Marketing The 5 Basic Questions of Marketing The foundation of successful marketing is understanding how your product fits into your customer's plans. In other words, “let a sleeping dog lie.”. If so, the next question becomes, how should you compare yourself against your competition? What is your total market? Performance At the end of the day much of the “hard science” of sales, marketing and business boils down to subjective questions such as these which is why it is more importance to be performance driven than anything else. What you have here is a product that is performing will in a market that is still robust and growing. Looking at each of your various products and services we can now talk about strategies for effectively reaching customers for each of the various categories of the BCG Matrix. Stay abreast of innovations in the market that you may adopt and communicate your unique differentiators to customers while building trust with service Your only options are to either grab your money and run or completely scratch the idea and move on. Moreover, stars require a lot of ongoing investment in terms of sales, marketing and product development dollars in order to keep up with the pace of the growing market and secure you a permanent place in it, • Question Marks are the flipside of Stars and are performing not-so-well in a growing market. Although the concepts of Cash Cows, Dogs, Question Marks and Stars may described are used more widely in large business they may be applied to business of all sizes. Regardless of how well a given product or service is doing, you should not take for granted its continued success in the future and at the very least your sales and marketing efforts should be focused on gathering continuous customer feedback and ensuring customer satisfaction in doing business with you. More articles by Alyssa Mertes, 724 North Highland AvenueAurora, Illinois 60506, P: (866) 312-5646 Do you have insights, advice or a story about strategic marketing to share with other readers? Does that sound crazy? •Product Differentiation •Differentiation Strategy •Market Segmentation •Marketing Segmentation •Niche Marketing •BCG Matrix Consultant. Written communications include flyers, print ads and yellow page ads. Use a … Feedback is also crucial here: ask customers what other benefits they are looking for and try to offer these as well. What this means is that your place in the market is not likely to change as fewer competitors are entering the market and you can sustain your high performance with relatively lower effort. If you don’t want to sit through a class, stay right here for a crash course. Rather than getting caught up in the technicalities of what the BCG Matrix calls "market share" you should focus rather on whether or not you are doing well enough to break even and then meet your own profit goals. Check box to agree to these  submission guidelines. Find out what similar businesses are doing and experiment with what works for you. These products generate more cash than they need to maintain the market share and the revenue made is used to fund Stars and fix Question Marks. Focus, instead, on maximizing the goodwill you have built up. What is “Market Share”? Cash Cow: This is a product that’s sitting in the pasture waiting to be milked (not literally, of course). 10 of the Greatest Animals Ever Used in Advertising, Must-Have ‘Community’ Merchandise to be Your Best Human Being. What this means is that you cannot say how well you will be doing in the future. As well, I will focus on different Marketing Communication Strategies based on how much market share you have and how mature your market is. Many businesses may never operate at levels in which they consider the term “market share” to be of any significance to them as it is described in the BCG Matrix. • Question Marks are the flipside of Stars and are performing not-so-well in a growing market. Verbal sales and marketing includes in-person selling, telemarketing, seminars, networking, word-of-mouth ad referral marketing. In 1966, the Boston Consulting Group (BCG) created the BCG Portfolio Matrix to determine each Strategic Business Unit’s (SBU) return on investment, growth potential, and level of risk. These unanswered questions could end up affecting your bottom line. Alyssa is a promo expert with over four years of experience in the industry. As a business owner, you can use this chart to help you determine which of your products are working and which ones are complete duds. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','twitter-wjs'); Tweets by @samulousremus !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Sales and Marketing for "YOU" It's also known as the Growth/Share Matrix. Cash Cows: Stability is the name of the game for products or services in this category but you should not take these customers and your high market share here for granted. There’s a direct way stars, question marks, cows, and dogs relate to your business. What you hope by banking on a Question Mark is that through a concerted sales and marketing effort you will be able to turn the tables and earn a place for yourself in a lucrative market. Each quadrant was broken down into basic categories that you learned in kindergarten – Stars, Question Marks, Dogs, and Cows. Does that describe you as well? The Matrix is divided into 4 quadrants based on an analysis of market growth and relative market share, as shown in the diagram below. Physical marketing includes packaging, point of sale (POS) marketing and special events. Electronic marketing can include generating website traffic using Google AdWords and other online advertising as well as e-mail marketing. Different Communication Strategies for Different Customers I like how you have talked about how we should communicate differently with each of the types of customers related to each quadrant of the Boston Matrix …. Your contribution will appear on a web page on Sales-and-Marketing-For-You.com exactly the way you enter it here... To receive credit as the author, enter your information below. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); google_ad_client="pub-4054602051779066";google_ad_slot="9667999069";google_ad_width=160;google_ad_height=600; Copyright © 2015 Your Marketing Communication Mix should therefore make use of as much of each of the basic types of communications which are verbal, written, electronic and physical. Here's how it works. This type of question is used when the speaker is hoping for a certain answer. 2. Question Marks: For those products or services in this category you want to keep in your portfolio you goal should be to incorporate the features of your marketing-leading competitors and communicate this value to customers. Use a question mark at the end of a sentence when you turn a statement into a question to get a specific answer. My goal is to provide you with simple and straightforward tips and advice in using the concepts of the BCG Matrix to help you think about your own business strategy regardless of your size or the number of products or services you market. It takes a special marketing class to really learn the in’s and out’s of appealing to customers. You should educate these customers as to why this is a diminishing market – there are likely valid reasons why other customers are no longer interested in these products or services 2. Dogs: Seeing as you will eventually discontinue these products or services you should cross-market these customers to make them aware of your other offerings. Whilst this type of product is likely to generate some revenue it may not be enough to sustain rapid growth and it may become a net consumer of cash as it struggles to retain its market share. Question Mark - Brouwers Garage (small garage) - small market share, but big demand for car repairs and car safety check-ups. Star: This is a fast-growing market leader that yields large profits but needs a lot of cash to finance its growth. What Are Optical Illusions and How Can They Be Used in Advertising? F: (866) 314-5646 Regardless of how you picture your market you should make sure to avail yourself of every opportunity to reach potential customers. If you are making a satisfactory profit on a given product or service then you are doing better that 98% of business out there and that is a good starting point. Help support, Winner badge, Online test.. Cash Cow - a business thats not growing but makes lots of profit in teh meantime (Pepsi) Dog - a business with low market growth rate and and small market share (small town theatre maybe) Question mark, Approved and Web lectures icons. Question Mark/Problem Child: These products show promise because of their rapid growth, but because of their poor profit margins, they end up creating a lot of questions. You can break all the products and services you offer into these categories and figure out a better plan of action. What traditional business wisdom advises is that you should trim your portfolio of Question Mark product and services down to a manageable level. The good news is that they can and that sales and marketing for large companies works using the same principles as it does for smaller ones. google_ad_client="pub-4054602051779066";google_ad_slot="9782801057";google_ad_width=468;google_ad_height=15; Here is how the BCG Matrix is typically represented whereby a given product or service is categorized based on how much market share you have and how much the market is growing: • Dogs are low-performing products or services in a stagnant market and traditional sales and marketing wisdom dictates that they should be sold off or discontinued, • Cash Cows are the ideal products or services that are performing well in a market that is relatively mature. If you need a reminder, or want this wisdom to exist in the office every day, you can’t go wrong with a star stress reliever, cow stress ball, or dog stress toy! Cash Cows are what you would like to have as many of as possible as they provide a relatively stable source of ongoing income with little work required, • Stars are only called as such because they hope is that they will become the next Cash Cows. Dog: Products in this category have low-growth potential and own a very small market share.

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