BCG matrix in marketing

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The Boston Consulting Group's product portfolio matrix (BCG matrix) helps companies assess growth potential by examining their product portfolio to decide where to invest, discontinue, or develop goods. The Growth/Share Matrix is another name for it.According to an analysis of market growth and relative market share, The Matrix is split into 4 segments, as indicated in the picture.

1. Dogs: These are products with low growth or market share
2. Question marks or Problem Child: Products in high growth markets with low market share
3. Stars: Products in high-growth markets with high market share
4. Cash cows: Products in low growth markets with high market share
BCG Modelling is not a new concept, but as the digital landscape changes, its significance and relevance to your marketing strategy will grow.

Because of this, this video discusses not only how to use the BCG Matrix but also how to really include it into your plan as well as other crucial digital marketing matrixes.
How is the BCG Matrix used?The BCG Matrix can be used to apply a portfolio of products or services, hence it is more applicable to larger enterprises with a wide range of services and markets.However, as we'll demonstrate at the end of this video, marketers in smaller firms may utilize a similar portfolio approach to their goods or services to increase leads and revenue.Here are some suggestions for each of these quadrants, taking each into account:
Dog products:The standard marketing advise in this situation is to try to eliminate any dogs from your product line because they are a resource eater.
Question mark products:As the term implies, it is unknown whether they will rise to success or fall to the dog quadrant. To move these products into the star quadrant, significant expenditure is frequently needed. The problem is that it can take a lot of money to see a return. For instance, Rovio, the company behind the hugely popular Angry Birds game, has created a ton of other games that you might not be familiar with. Hundreds of games are frequently created by computer game firms before one becomes a hit. It's not always simple to identify the next big thing, which could lead to money being wasted.
Star products: They may be the market leaders, but maintaining that position requires continual investment. Compared to other product categories, they produce a higher ROI.
Cash cow products:"Milk these goods as much as you can without killing the cow!" is the straightforward guideline here. Frequently established, mature products. It is common to refer to Procter & Gamble as a "cash cow firm" because it produces products ranging from Lynx deodorants to Pampers diapers.
How might digital marketing tactics be used in the BCG Matrix?
The BCG Model applies to both, however it is based on products rather than services. This model can be used to review and rotate a variety of products, especially before beginning to design new ones.The British shop Marks & Spencer has a large selection of goods across many different lines. Each BCG matrix component can be located across their whole ranges:
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