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BCG Matrix offers a simple visual tool to classify products according to their market growth and relative market size. Going through a process of categorizing products into Question Marks, Stars, Cash Cows, and Dogs helps an entity:

  1. Appreciate whether it has a balanced product portfolio and
  2. Reflect on whether it is pursuing an appropriate strategic response for each product.

It’s amazing how this simple idea may be helpful to professional service firms as well.