There are different models that companies and organizations have adapted to in order to remain relevant in business. These models also serve such purposes as identifying the consumer needs to provide tailored solutions. There are different matrix models organizations have adapted and they have some similarities and differences.
According to CathyB, the SWOT matrix is a business model that most organizations use to measure and evaluate their present market presence. It is from the SWOT analysis that the organization can determine on which areas to improve. This allows such an organization to remain attractive to consumers. SPACE Matrix stands for Strategic Position and Action Evaluation Matrix.
The company to analyze business models and strategies valuable to the organization uses it. In SPACE matrix, there are four different sections and each section is used by the organization to determine the nature of strategy to be adapted. The sections deal with business aggression, conservation of the business, business defense, and fair competition as explained by Pressbox.
Developed by Bruce Henderson in the 1970’s the BCG matrix model that is used in the product life cycle that organizations adapt to. NetMBA, explains the model is based on the market share values. The IE Matrix (Internal and External) matrix is used by organizations to evaluate its internal and external working conditions. The evaluation facilitates finding ways to improve these conditions. The Grand Strategy matrix is the main business strategy. Used nearly by all organizations to give them directions on how to adapt and implement other matrixes, it is vital.
The matrix is guided by four main principles stability, growth, combination, and retrenchment. Similarities between SWOT, SPACE, BCG, IE, and Grand Strategy Matrix. According to Lucero, the similarities of the above-mentioned matrixes are found in the matching stage of project design and implementation. The matching stage is the second stage after the input stage and it is followed by the decision-making stage which is the last stage.