The BCG Matrix is a tool applied for long-term strategic planning efforts, and in this discussion board, it will be applied to analyze Apple (Hanlon, 2021). The “dogs” are the iPods, which were expected to change the customer’s perception of headphones but failed to gain significant market share. The “cash cows” are the personal computers and laptops, which are popular among the customers and have a substantial market share. The “question mark” products ais Apple TV, which provides some revenue for the company, but Apple has to invest into the development of this technology for it to reach its full potential. Finally, the “star” products are the iPhones, which are both in the high growth market, and Apple has a significant share in it already.
The core values of Apple include innovation and outstanding product design, and its mission is to create the best experience for its customers. Hence, the culture of this organization and its business strategy is built around promoting innovation and the development of new solutions. The goals include developing and selling products that are of stellar quality and at a price accessible for the customers. Next, managers use marketing dashboards and metrics to track progress and ensure that the goals they have set are being achieved. The three steps of strategic planning are analysis of the environment to determine the needs and competition, planning and implementation during which the plan is executed, and core metrics are tracked.
The aim of environmental scanning is to help the management determine the barriers and potential opportunities. Social forces, such as demographics and culture, are the characteristics of the population and their preferences. Factors that influence the ethics of marketing decisions include the business culture, social culture, and individual morals. The concepts of social responsibility are profit-focused, stakeholder responsibility with the focus on people affected by the business, and societal responsibility.
Reference
Hanlon, A. (2021). How to use the BCG Matrix model. Smart Insights. Web.