Complete the following: Using the EFE Matrix Template linked in the Resources un
ID: 1131238 • Letter: C
Question
Complete the following:
Using the EFE Matrix Template linked in the Resources under the Required Resources heading, record the external factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete the table in the template, discuss the pros and cons and applications for use of this analytical tool. You may record the written portion of the assessment in the template document, or you may create a separate document.
Using the IFE Matrix Template linked in the Resources under the Required Resources heading, record the internal factors, weights, ratings, and total weighted scores for your chosen organization. Once you complete your IFE matrix table, discuss the pros and cons and applications for use of this analytical tool for the organization. In addition, propose strategies that address the following. You may record the written portion of the assessment in the template, or you may create a separate document.
What do you think would allow the organization to capitalize on its strengths?
What do you think would allow the organization to improve upon its weaknesses?
What are potential issues for stakeholders in their functional areas?
The charts below:
EFE Matrix
External Strategic Factors
Weight
(0.0–1.0; 0=not important, 0.5=somewhat important, and 1.0=important)
Rating
(1–4; 1=poor and 4=good)
Weighted Score
(multiply weight by rating)
Comments
(additional observations)
Opportunities:
Threats:
IFE Matrix
Internal Strategic Factors
Weight
(0.0–1.0; 0=not important, 0.5=somewhat important, and 1.0=important)
Rating
(1–4; 1=poor and 4=good)
Weighted Score
(multiply weight by rating)
Comments
(additional observations)
Strengths:
Weaknesses:
IFE Matrix
Internal Strategic Factors
Weight
(0.0–1.0; 0=not important, 0.5=somewhat important, and 1.0=important)
Rating
(1–4; 1=poor and 4=good)
Weighted Score
(multiply weight by rating)
Comments
(additional observations)
Strengths:
Weaknesses:
External Strategic Factors
Weight
(0.0–1.0; 0=not important, 0.5=somewhat important, and 1.0=important)
Rating
(1–4; 1=poor and 4=good)
Weighted Score
(multiply weight by rating)
Comments
(additional observations)
Opportunities:
Threats:
Explanation / Answer
Monmouth Rubber & Plastic Corp is US based company which produces cell sponges and plastic materials for home & industrial applications. Lest try to look into the external factor evaluation matrix-
EFE – Key External Factors
Opportunities Weight Rating Weighted Score New emerging market 0.25 4 1 Expanding product portfolios 0.15 3 0.45 New technology to increase the throughput 0.10 3 0.3 Threats Other quality competitors 0.20 2 0.4 Government hurdles in expanding the overseas footprint 0.10 2 0.2 Lack of innovation 0.20 2 0.4 Totals for EFE 2.75 (Rating, 1- very Poor, 2- below PAR or average, 3-Overall OK, 4- quite good)
Overall rating for EFE is 2.75, which indicates that business could have a little efficiency to respond to the outer challenges.
The reason for choosing the above factors as the major opportunities was because -
Due to the onset of globalization, new business avenues are opening up every day, which gives the enormous opportunity to any business to expand its presence overseas, provided its eager to do so.
Monmouth Rubber & Plastic Corp are working on new product portfolios and are investing a good amount of earnings in adopting the new technology which can potentially increase the overall throughput.
If we consider about the potential threats then presence of other quality competitors, and potential bureucratic hurdles could be the real business denominator for Monmouth Rubber & Plastic Corp. Also if innovation or new products are not planned for future then consumers might be tempted to go the other competitotrs or brands which can provide them (consumers) a better quality or new class of products.
Considering the overall EFE matrix score, Monmouth Rubber & Plastic Corp should work on innovations and tap the unexplored market and opportunities with sense of urgency and gving the due importnace to the employee satisfaction