BCG Matrix (Growth-Share Matrix) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the BCG Growth-Share Matrix?The BCG matrix, also known as the growth-share matrix, was created by the Boston Consulting Group, a prestigious business consulting firm. The purpose of the matrix is to allow a corporation that has multiple business units or is...

Blue Ocean Strategy – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Blue Ocean Strategy?The blue ocean strategic concept was developed by Profs. Kim and Mauborgne of INSEAD Business School. It posits that creating a new market can be more beneficial than competing in an existing market with established competitors. These new...

Customer Centric Strategy – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Customer Centric Strategy?A customer-centric strategy, as the name implies, regards focusing on the customer or user experience. Basically, the business attempts to provide a positive or desirable customer experience before, during, and after the purchase of...

Vertical and Horizontal Integration Strategies – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Business Strategy?Strategy is a firm’s orientation, objectives, and tactics employed in pursuit of its objectives or goals. A strategic plan is how these attributes are organized or aligned. Strategies can be applied generally to the firm’s value...

Diversification Business Strategy – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Diversification Strategy?In other articles, we discussed various generic strategies to achieve growth in a given market or industry. Notably, in the Ansoff Matrix lecture, we introduced the concept of diversification as a growth strategy. Diversification is a...

Growth Strategy – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Business Growth Strategy?The most basic strategic goal of any business is growth. You may have heard the refrain, if a business is not growing, it is dying. This is true because of competition. Competitors will enter any given market until it becomes...

Ansoff Matrix – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Ansoff Matrix?This is a strategic plan for business growth based upon the method or manner of growth the firm pursues. It was developed by Prof. Igor Ansoff in 1957. It proposes that firms grow by offering new products (value propositions), entering new...

Core Competency – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Core Business Competency?Core competency is the primary skill or ability of a firm in the process of delivering value to the consumer. The term was coined in a research article, The Core Competencies of the Corporation, by Professors CK Prahalad and Gary Hamel...

Strategic Planning – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Strategic Planning?Remember, strategy entails planning the orientation of company resources and activities toward achieving company goals and objectives. The process for developing a strategy is known as strategic planning. What is Strategic Management?The...

International Economic Development Organizations – Explained

by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations

Other Economic Development OrganizationsWhat is the Organization for Economic Cooperation and Development (OECD)? The OECD is an international organization of 35 countries with the propose of fostering economic development and international trade. The objective of the...