Question

2- Draw the BCG Chart and give an example of it

3-Draw Product Life Cycle Chart and give an example of it

4-list the Break Even Model and draw the chart and give an example of it

Answer 1

2- Draw the BCG Chart and give an example of it

Products are classified on the BCG (Boston Consulting Group's Growth Share Matrix) on the basis of four metrics or four factors

Metric #1 Stars represent products with high growth and with a large market share for example Smartphones can be considered Stars today's industry. FANG (companies with products like Facebook, Amazon, Netflix and Google) stocks or FLANG companies can also be considered star products.

Metric #2 Question Mark represents products with high growth but low market share. A good example of question marks would be product or services launched by startups. Startups tend have products or services with innovative ideas and a high potential for growth if the product clicks. However since their products or services are often new , they need to create a market for themselves.

Metric #3 Cash Cows represents products with low growth high market share. Cash cow products and services are often no brainer business models. They're products with slow growth but a large market share for eg Restaurants, Supermarkets, Etc.

Metric #4 Dogs : Dogs represent the type of products or services that have low growth and low market share. A good example of Dogs are luxury products. They have a very low growth potential and a low market share, their business models are reliant on margins drawn from their brand equity.

3-Draw Product Life Cycle Chart and give an example of it

Product Lifecycle : The time during which a product right from the inception of its idea to it testing, planning , implementation & marketing. The management and oversight of a product during its product life cycle is know as product life cycle management. So the basic elements of a product life cycle are

Ideation > Planning > Prototype > Implementation > Manufacturing > Retailing > Purchase > Use > Discard

The reason why it's relevant for the understanding of project management is because the Ideation > Planning > Prototype phases are one of the most important phases. They more or less try and forecast the remaining phases of the product lifecycle .This forecasting factors into almost every part of manufacturing right from budgeting to work force to scale.

4-list the Break Even Model and draw the chart and give an example of it

Break even point is a point in a company's financials where it's Fixed Costs & Variable have been recovered through net income .