When would multibusiness companies find the portfolio approach to strategic analysis and choice useful and how do functional tactics differ from corporate and business strategies?

Introduction and Conclusion
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Introduction
Strategic analysis is a very integral part of any business. Most businesses always try working towards ensuring that they harness the maximum possible result from their resources and efforts. Among the things they do, is to work on their respective weaknesses, be it structural, operational, or logistical weaknesses, to ensure profitability and upward growth trajectory. Additionally, most multi-business companies are now embracing the concept of diversification to ensure their sustainability.
Currently, multi-businesses are taking into their stride a number of issues in form of objectives, as a way to address the underlying questions that entail diversification. With it, the lean business concept has also taken shape, further optimizing business operations to achieve the maximally possible result. Some have remapped their business operations through the process of patching, so as to fully fit the prevailing market conditions, in a world that is ever-dynamic.
The portfolio approach was one of the first or earliest methods employed by multi-businesses, in charting their operations. It has helped managers of multi-businesses to adequately apportion resources for their operations. It was particularly much used during the decade striding 1960 and 1970.The portfolio approach basically focuses on the rationality of the business strategies. For example, it prioritizes the type of ventures to keep and the ones to let go. It focuses on the key competencies that a company possesses, so that it leverages their position and sets up a springboard towards maximizing their competitive advantage.
The portfolio approach is the brainchild of the Boston Consulting Group, which believes that a company's most important instrument in its business dealings is its capital allocation among the collection of businesses (BCG,n.d.) .Portfol...