The matrix does not consider the place of traditional/generic products that companies maintain in their product lines that may have had high market share and market growth in time past, but currently do not. Sometimes, companies just can keep the dogs (low growth, low market share) due to some intangible factors.
What needs to be done may not necessarily be to let go but to invest more in such products in repackaging (innovation). This is because market expansion is a dynamic process that responds to identified opportunities and there are other basic factors that influence investment decisions and market expansion. The cost element is for instance an essential determinant.
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