Temple Volume Quadrant Advant

I’m working on a management question and need a sample draft to help me understand better.

Each response has to be between 150-250 words, including 2 references. You have to answer like you are talking to someone, and either agree or disagree.

first post:

1. In a sentence or two for each quadrant, how would you describe implications for a firm based on their position in the Advantage Matrix?

The volume quadrant represents how businesses benefit from working on a large scale to market on a wide scale (Simister, 2020). This quadrant thrives when consumer’s needs are similar and the target market is broad (Simister, 2020). The specialized quadrant describes businesses that gain from the specialty of the product produced and sold (Simister, 2020, Ionescu, 2011). Companies are looking for opportunities for growth (Simister, 2020). The stalemate quadrant describes businesses that have neither the opportunity for growth, the competitive advantages are low (Simister, 2020). No change in the industry, no room for growth companies cut costs usually by moving locations to save money (Want to Generate Greater Returns? Use the BCG Advantage Matrix: Explained with Examples 2020). The fragmented quadrant describes businesses with excellent opportunities to obtain good profits because the company specializes in a specific niche (Want to Generate Greater Returns? Use the BCG Advantage Matrix: Explained with Examples 2020). These niches give a particular service; competition may be minimal because of the product or service provided the business is not interested in growing as a company (Simister, 2020).

Do you like the four words proposed for “quadrant implications?” Can you think of a better word or words?

Stalemate, Volume, and Specialized are good names. If I were going to change any, it would be Fragmented. Fragmented brings to mind something that is fractured or broken, which is not what the quadrant means at all. I would change it to Unfluctuated because there are excellent opportunities to explore the niche. Unfluctuated would represent a category that does not fluctuate and is steady. It is not a broken quadrant is it is stable.

2. What do you think are the primary benefits of using the Advantage Matrix?

The benefits are these:

  • It is simple in that there are few categories.
  • It is relatively easy to understand.
  • It has gotten tested over the years, so there is proof that it has merit.
  • It gives a clear picture of the organization.
  • With the information given, can develop strategies to create change.
  • Can enhance the quality of strategic decisions (David et al., 2020).
  • Potential reduce risk and optimize the business performance (Ionescu, 2011).

3. What are the primary limitations of using the Advantage Matrix in your view?

  • The results could be misleading, showing slow to no growth in smaller quadrants (Day, 1977).
  • The results are not as clear-cut (Day, 1977).
  • The two dimensions limit the matrix.
  • The results should not dictate the choice of strategy (David et al., 2020).
  • Economic growth is not guaranteed (Ionescu, 2011).
  • Consumer taste change frequently (Ionescu, 2011).
  • Technology changes processes quickly (Ionescu, 2011).
  • Economic stability changes (Ionescu, 2011).

4. How could the Advantage Matrix be improved?

I would change the matrix to be flexible or show a range of options. Treat large and small companies differently, so their results align with their abilities by developing a matrix for each. Develop a large variety of methods to better analyze the company’s portfolio to understand the market (Ionescu, 2011). Set annual checkups into place with the company to keep up with the change in the environment.

References

David, F. R., David, F. R., & David, M. E. (2020). Strategic management: concepts and cases, a competitive advantage approach (17th ed.). Pearson.

Day, G. (1977). Diagnosing the Product Portfolio. Journal of Marketing, 41(2), 29-38. doi:10.2307/1250631

Ionescu, Florin. (2011). Boston Consulting Group II – A Business Portfolio Analysis Matrix. International Journal of Economic Practices and Theories. 1. 65-70.

Simister, P. (2020, November 19). Competitive Advantage Matrix, aka BCG Advantage Matrix. Business Advice, Business Coaching & Mentoring with Paul Simister. http://businessdevelopmentadvice.com/blog/competitive-advantage-matrix-aka-bcg-advantage-matrix/ (Links to an external site.)

Want to Generate Greater Returns?: Use the BCG Advantage Matrix: Explained with Examples. Business Strategy Hub. (2020, February 22). https://bstrategyhub.com/want-to-generate-greater-returns-use-the-bcg-advantage-matrix-explained-with-examples-2/ (Links to an external site.)1. In a sentence or two for each quadrant, how would you describe implications for a firm based on their position in the Advantage Matrix?

second post:

  1. How do you think De Beers could most effectively and efficiently advertise to millennials?

Millennials are also known as Generation or Gen Y and were born during the years 1981 to 1996 (David & David, 2020). With this being a wide range between the years, it is not surprising that they recently outnumbered baby boomers and are now the biggest group of customers in the market. Therefore, it is very important to focus on this group and their interest to ensure success in the business. De Beers is a company specializing in the diamond examination and trading (David & David, 2020). De Beers geographical presence is one of their strengths, especially in that age group. The business can ensure accessibility by also being present on social media and develop strong relationships with the customers in using this medium. Millennials are using social media all the time and it is a good and easily accessible way to advertise on social media platforms. Especially with most Millennials being between 18 and 24 years old, there are in a phase where they are about to graduate college, and this goes hand in hand with making big purchases (David & David, 2020). A diamond is something that does not lose its value and would therefore be a good investment. It is also common to get engaged or married at that age which means that millennials are also likely to purchase a diamond for an engagement ring for their significant other.

  1. How do you think De Beers could most effectively and efficiently advertise to baby boomers?

Baby Boomers is a term to describe the generation made up of 51-61 years old (David & David, 2020). In contrast to the millennial generation, social media is not the platform to use to reach the maximum number of people in this generational group. However, more money is available most of the time and therefore there is an increased chance that people are making investments in quality goods and superior products of good value (David & David, 2020). The easiest and most successful way to reach baby boomers is by using television advertisements or billboards. Using a website that is mainly designed and visited by people of the baby boomer generation is another good way of reaching the target market. Online advertisements must be used carefully however since the target market is not as familiar with the use of the internet as millennials. Also, the website has to be easy to navigate for baby boomers to not scare potential customers and force them to a different company in the same market. Another way for De Beers to market their products to the baby boomer generation is to mail them advertisement (David & David, 2020). The older generation is more likely to pay attention to an advertisement in the mail or newspaper since they do not have as much of a distraction as millennials have from constantly using social media.

  1. How do you think De Beers could most effectively and efficiently advertise to unmarried women? How would this market segmentation differ for targeting unmarried men?

Diamonds often get associated with an engagement ring, but it does not have to be the only option. Jewelry like watches, earring or a necklace can be interesting and attractive to both genders and should be marketed to this segment. Unmarried men and women are also likely to want to spend money on superior goods. Therefore, there is no need for differentiated strategies when trying to advertise for unmarried men and women. A platform for both group for the best advertisement is also social media and commercials. Most people in this target market have time on their hands and are likely to use social media or watch television.

References:

David, F. R., David, F. R., & David, M. E. (2020). Strategic management: concepts and cases, a competitive advantage approach (17th ed.). Pearson.

third post:

How do you think DeBeers could most effectively and efficiently advertise to millennials?

De Beer is a company specializing in the diamond examination, mining, retail, and trading (David & David, 2020). The motto of De Beers is “A Diamond is Forever,” which is most commonly associated with engagement rings (David & David, 2020). With the shift in generations, De Beers is planning to adopt market strategies to focus on millennial customers (David & David, 2020). A millennial customer’s average age is 18-24, and they have recently outnumbered baby boomers at 76 million (David & David, 2020). Since millennials make up most the market, it will be crucial for De Beers to make them the main target (David & David, 2020).

To get the attention of millennials, I think the option of personalizing would speak volumes to this generation. With this age, young people are becoming adults and adapting to starting their careers. Therefore, the individual can customize the ring and diamonds how he/she would like and make it as personable as possible for his/her significant other. Diamonds are a major selling point to this generation, so the option of building and choosing the quality and quantity of diamonds can enhance the buying process for a millennial through this company. For advertisement, social media would be the best platform to engage in.

How do you think DeBeers could most effectively and efficiently advertise to Baby Boomers?

Baby boomers are the generation made up of 51-69-year-olds, who account for 75 million of the population in the United States (David & David, 2020). With this generation, these individuals enjoy spending money. However, as they tend to be of the older population, a clear and concise advertisement must be utilized. There is an increased chance an individual in this generation is not as up to date as a millennial would be as far as the social media world is concerned. Therefore, I think an in-store advertisement, billboards, signs out in front of the store would be more appealing to this generation than a post on Facebook or Twitter. For this generation, I think personalization and elegancy would be the perfect fit. The more individuals build, the more money an individual is spending. Baby boomers enjoy jewelry and accessories. Therefore, having products other than rings, would expand the market and options as well and overall potentially benefit the company.

How do you think DeBeers could most effectively and efficiently advertise to unmarried women? How would this market segmentation strategy differ for targeting unmarried men?

For unmarried men and women, an engagement ring does not have to be the only product consisting of diamonds. De Beers can launch various products with diamonds for both genders and all ages. Whether the product is a watch, earrings, necklace, or even bracelet, the item can hold value and be just as elegant as the engagement ring being promoted. Regardless of relationship status, individuals enjoy having classy and showy jewelry. Therefore, De Beers would benefit from having products all individuals can enjoy and appreciate.

References

David, F. R., David, F. R., & David, M. E. (2020). Strategic management: concepts and cases, a competitive advantage approach (17th ed.). Pearson..

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