Go beyond static file templates! We’ve digitized every best practice across all business functions into AI-powered interactive workflows. Schedule a demo to learn more about how we can help you drive digital transformation for your team and organization.
A 2×2 Matrix is a tool that can be used to think about the relationships between two different variables. In business strategy, two variables are typically selected that intersect that allow for an understanding of four unique dimensions related to each quadrant of the related 2×2 Matrix.
Description of 2x2 Matrix
In order to create a 2×2 Matrix, pick a number of different combinations of variables and dimensions to discuss and explore (e.g., business impact, cost, quality, ease of implementation, etc.). When focused on strategy or innovation, for example, you might create a 2×2 with “business impact” and “ease of implementation” as the variables (axes). Then, plot various products or services onto the 2×2, ideally forcing a distribution. Next, determine where relationships between the two dimensions lie by observing the characteristics of the groups that begin to form. Discussions can be spurred by considering what quadrants are empty or full and why, what quadrants were expected to fill up but didn’t, etc. Doing this will illuminate why the two dimensions are or are not related and valuable to contrast as the axes of the 2×2. In many cases, discussions based on the matrix are more valuable than the matrix itself and can act as the basis for the next variables to be tested within the 2×2.
Praxie's Online 2x2 Matrix Tools & Templates
If your strategy team is looking to support better decision making when it comes to an industry or a particular market, Praxie’s 2×2 Matrix template can help. Strategy teams that want to better understand their markets can leverage the 2×2 Matrix to develop deeper insights about what matters. The 2×2 Matrix is also known as a four block or magic quadrant and allows users to determine the relationships between two dimensions by observing characteristics that differentiate them. Teams benefit from the use of the 2×2 Matrix because it forces them to separate out different elements and variables of a business problem to better articulate those problems in a grid format.
How to use it:
- List potential variables for the axes of your matrix.
- Select variables and enter them into the axis names of your chart.
- Enter data into your chart that corresponds to the matrix.
- Plot various products or services onto the matrix.
- Create an action plan based on building your matrix, gathering the relevant data, and analyzing results and/or list actions based on the findings from your matrix itself.
Unlike most traditional 2×2 Matrix templates, Praxie’s online 2×2 Matrix tools allow any team or organization to instantly begin working with our web input forms. Get started with our 2×2 Matrix template.