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As an example, Octagon recently entered the surfing market, which presents specific challenges and narrow targeted prospects. Counter that with the broad Octagon project of expansion into new locales: Brazil, Mexico, and China. Two diverse opportunities with strategically variant operating frameworks (Hunter, J. September 1, 2010. PP. 2).
BCG Matrix About Us. 2012.PP. 1 ). The sports management and consulting industry is one of developing strategies, efficient processes, and growth platforms for clients. Octagon has excelled in providing customizable solutions through its proprietary information and expertise. Its growth in market share to its current position as global leader across multiple channels and services is dependent on "a 360-degree approach to harnessing the emotive power of sports and entertainment content to measurably increase a sponsor's brand awareness, consideration, sales and loyalty" (Octagon.com. Home Page. 2012. PP. 1).
This matrix developed by the Boston Consulting Group discusses a company's product portfolio based on its market share and business growth rate. The matrix has high and low growth rates and likewise market share positions. Octagon's core competencies in marketing, management, events, and branding can produce the four markers: stars, cows, question marks, and dogs. No firm wants to have dogs however, often products or services do not meet customer needs. " the basic idea behind it is that the bigger the market share that a product has or the faster the product's market grows the better it is for the company" (Value-Based Management.net. N.D. PP. 1). Octagon's tailoring of customer centric solutions in sports and entertainment profiles allows them to pursue high margin stars while simultaneously developing consistent cash cows in event management and representation. The entre into surfing and extreme sports may prove to be: a question mark, dog, star, or cow however, the diversification of a product or service portfolio is instrumental to the longevity of the organization.
Outlook and Conclusion
" Leading stakeholders in the sports and entertainment world continue to look to Octagon to provide leadership in understanding fans' passions and how these insights can build more effective, efficient and measureable
...
The growth across sports and entertainment services will provide opportunities for Octagon and other competitors to develop their portfolios and lines of business in both higher and lower profit opportunities. Octagon's development will continue to depend on delivering excellence in alignment with their desire to fulfill the mission statement: "Passion. Engagement. Results" (Octagon.com. Home Page. 2012. PP. 1). This dedication to core principles and customers follows logically to CEO Rick Dudley's conclusion: "We continue to measure our success by their success" (Octagon.com. Home Page. 2012. PP. 1).
References
Hunter, J. (September 1, 2010). 10 Questions with Octagon Sports Management's
Director of Action Sports. TransWorld Business. Net. PP. 1-3. Retrieved May 10, 2012 from http://business.transworld.net/46099/features/10-questions-with-octagon-sports-managements-director-of-action-sports/
McNamara, C. (2008). Basics for Developing Mission, Vision, and Values Statements.
Free Management Library. PP. 1. Retrieved May 10, 2012 from.
http://managementhelp.org/plan_dec/str_plan/stmnts.htm
Octagon.com. (2012). About Us. Octagon.com. PP. 1. Retrieved May 10, 2012 from http://www.octagon.com/AboutUs/42
from http://www.octagon.com/Default.aspx
Porter, M. (January 2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review.org. PP. 1-2. Retrieved May 10, 2012 from http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1
Retrieved May 11, 2012 from http://www.valuebasedmanagement.net/methods_bcgmatrix.html
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