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Feb 20, 2024

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Uploaded by ElderWombatPerson926

Dianne, You did a great job on the discussion thread for this week. It is organized and provides a great summary about the topic. I would love to discuss further below. Mohajan (2018) explains that the Boston Consulting Group (BCG) is a renowned organization that created the matrix to help business corporations with the improvement of the skills to run their business effectively and profitably. According to Berkowitz (2022), BCG developed a strategy based on market growth rate and relative market share to focus company strategies in firms with multiple product lines. The BCG matrix can also help businesses determine which strategic business units to invest in, sell off, or shut down (Mohajan, 2018). First group analysis Your analysis of the first multispecialty group is spot on. Since cash cows are relatively high and problem children are slightly high as well, this group may consider investing monies generated by cash cows into the marketing of the new product that’s considered to be the problem child. Because cash cows are high within the group, it would lead us to believe the business is mature and the products or services have a high market share but a low growth rate (Berkowitz, 2022). In this multispecialty group, dogs are considered a low contribution, which can lead us to believe there aren’t many services they provide that are money draining. Second group analysis I would also agree with your analysis of the second multispecialty group. The audit reveals that this group should prioritize which problems it will invest in to gain market share. We reached this conclusion because there is a low number of cash cows in relation to the larger number of problem children. Berkowitz (2022) suggests that “moving a service from the problem child position to the star position requires redirecting of the marketing mix and infusing financial and management resources in new areas” (p.85). Stars are considered high in this group, revenues generated by the stars should be reinvested back into services that need additional investment in personnel or facilities to capitalize on the market growth rate. Similar to what we saw in the first group, dogs are relatively low, however so are cash cows. I would recommend this medical group to focus on growth strategies of products within the cash cow category by utilizing the revenues generated by the services in the stars category. Biblical integration Principles that we learn from the Bible such as wisdom, planning, and stewardship can all be applied to business growth and utilizing the BCG Matrix. Luke 14:28 states “suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?” (NIV, 2020, p. 344). This verse encourages careful planning and evaluation before undertaking ny project, which aligns with the strategic assessment of the BCG Matrix. Resources Berkowitz, Eric N. Essentials of Health Care Marketing . Jones & Bartlett Learning, 2022. Mohajan, Haradhan Kumar. “An Analysis on BCG Growth Sharing Matrix.” Noble International Journal of Business and Management Research , vol. 2, no. 1, 30 Jan. 2018, pp. 1–6. Topping, Richard Blanco. “Literature Review of Quality Management and strategic planning in Healthcare.” MOJ Public Health , vol. 4, no. 7, 2016, https://doi.org/10.15406/mojph.2016.04.00108.

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