Refer to the scenario below to answer the following question(s).
Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater.
"My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."
Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!"
"Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."
Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."
-Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________.
A) star
B) question mark
C) bear
D) cat
E) dog

Question

Quizplus · Accepted Answer

The BCG matrix is a framework used to analyze a company's product portfolio based on market growth rate and market share. According to the scenario, Fun-Spot Fun Park is a high-growth, high-share business, which makes it a good fit for the "star" quadrant in the BCG matrix.
Stars represent products or businesses with high market share and high market growth. In this case, Fun-Spot Fun Park has been successful in attracting a large number of visitors and has continued to grow over the years. The park's owners also indicate that they have been able to deliver on their promise of making visitors happy, which suggests that they have been able to maintain a competitive advantage over time.
In contrast, a "question mark" business would have high market growth but low market share, indicating that it has potential for growth but has not yet established a strong foothold in the market. A "bear" business would have low market share and low market growth, indicating that it may be struggling to compete in a declining market. "Dog" businesses have low market share and low market growth, indicating that they may not be worth investing in.
Therefore, the best fit for Fun-Spot Fun Park in the BCG matrix is "star".

Refer to the Scenario Below to Answer the Following Question(s)