Question

How are the SWOT Matrix ,SPACE Matrix,BCG Matrix, Internal & External Matrix (I.E) and Grand Strategy Matrix similar? How are they different?

Answer 1

SWOT Matrix, SPACE Matrix, BCG Matrix, Internal & External Matrix (I.E), and Grand Strategy Matrix are similar as they all 4 quadrant plots that help the business to have a strategic direction to focus on the long term. The SWOT shows the strength, weakness, opportunity, and threats while the BCG shows the way to gain the long term strategic planning for success. Similarly, the external and internal shows the way the business needs to perform in the external and internal environment for success. The Grand Strategy Matrix, on the other hand, gives the idea of the market dimension in competition on the X-axis while the Y-axis shows the market growth. All this taken together gives an idea to the business of how to go on with its marketing for the growth and stability in a market.

However, the matrix differs in ways like not all looks into long term issues but is made for short terms as well. Further, each matrix has its specific role to show the ways the business has to grow and develop in the long and short term based on various factors that are not common for anyone of these matrices.