In 1970, Bruce D. Henderson, founder of the Boston Consulting Group, introduced the growth-share matrix, a framework for categorizing the various businesses in a company’s portfolio in terms of their relationship to each other and to the company as a whole on the basis of competitive advantage and growth—the now-classic stars, cash cows, dogs, and question marks.² Since that time, the concept of corporate portfolio management has revolutionized the way CEOs and boards think about corporate strategy and is still a hotly debated topic among both academics and practitioners. (See, for example, “Corporate Portfolio Management Roundtable,” published in the Spring 2008 issue of this journal.)
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