IFE (Internal factor evaluation) matrix of a focal company or organization is a
ID: 362078 • Letter: I
Question
IFE (Internal factor evaluation) matrix of a focal company or organization is a strategy-formulation tool that summarizes and evaluates the major strengths and weaknesses in the functional areas of a business, and it also provides a basis for identifying and evaluating relationship among those areas. (David, 2005, p.147)
Requirement 1: Use the same company that you have selected in Learning Activity 1 of this week.
Requirement 2: Discuss briefly some relevant corporate background information about that company in regards to its internal environment.
Requirement 3: Determine at least 3 internal factors as “strengths” and 3 other internal factors as “weaknesses”.
The Company is Monmouth Rubber & Plastic Corp.
Explanation / Answer
Monmouth Rubber & Plastics Corp.
Monmouth Rubber & Plastics Corp. is a private corporation which was established in 1964 by John Bonforte Jr. as a President and Chief Operating Officer of the company. The company operates as a family business and followed the succession plan in 2010 to make the new COO & President of the company to John M. Bonforte Jr’s i.e. son of the John Bonforte Sr. the founder of the corporation. The company manufactures sponge rubber and plastic foam.
Internal environment of the company is professionally driven and the management motto of the company is customer and market driven. As per the company's policy each manager has to spend their 20% of time in meeting with their customers & suppliers so as to understand their need and also get the beneficial experience.
In the higher management in the company it includes President and COO Mr. John M. Bonforte, Jr., Office Manager, Jo Ann Buonomo who is also a administrative assistant to COO, Customer Service head Jenna Stevens, Quality Manager Mr. Pablo Rojo and TECHNICAL SUPPORT & GM Mr. JOHN BONFORTE, SR.
The main Strengths of the company are:
- Its people i.e. Team
- Its Customers &
- Its Suppliers
- Its problem solving technology
The main weaknesses of the company are:
- Its shares are 100% owned by the owners
- It is not having public offerings
- It work as a family business and run based on succession plan within the family