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Q: Define & explain BCG matrix?
The BCG matrix, developed by the Boston Consulting Group, is a strategy tool to guide resource allocation decisions based on market share and growth of SBUs.
a. Relative market share is determined by the ratio of a business’s market share compared to the market share of its largest rival.
b. Market growth rate is the growth in the market during the previous year relative to growth in the economy as a whole.
The matrix defines four business groups. SBUs plotted on the BCG matrix can be categorized:
1) The Star has a high market share in a rapidly growing market.
2) A Question Mark (problem child) has a low market share in a rapidly growing market.
3) The Cash Cow has a high market share in a slowly growing market.
4) A Dog has a low market share in an area of low growth.
Q: Types of Control
A. Controls can be classified according to their timing or place in the productive cycle.
1. Feedforward control focuses on the regulation of inputs to ensure that they meet the standards necessary for the transformation process.
a. The emphasis is upon preventing problems.
b. Other names for feedforward control are “preliminary control,” “precontrol,” “preventative control” and “steering control.”
2. Concurrent control involves the regulation of ongoing activities that are part of the transformation process to ensure that conform to organizational standards.
a. Checkpoints are in place to determine whether to continue the process, take corrective action, or stop work altogether.
b. Other names for concurrent control are “screening” and “yes-no control.”
c. This type of control is not appropriate for work that requires creativity or innovation.
3. Feedback control is regulation exercised after a product or service has been completed in order to ensure that the final output meets organizational standards and goals.
a. Feedback control is used when feedforward and concurrent controls are not feasible or are too costly.
b. Feedback control serves a number of functions:
1) To serve as a final means to check for deviations not detected earlier
2) To provide information that will facilitate the planning process
3) To provide information regarding employee performance
c. Other names for feedback control are “post action control” or “output control.”