IFE, EFE, and IE Matrix Assignment
IFE, EFE AND IE MATRIX SUBMISSION ASSIGNMENT INSTRUCTIONS
OVERVIEW
Upload an APA formatted MS Word document with three deliverables: an IFE, EFE, and IE Matrix created in the form of a chart or using an alternative formatting and then pasted into a Word document.
INSTRUCTIONS
Using the same corporation that your used for your SWOT Matrix in Module 1, research and create an IFE, EFE, and IE Matrix. Research scholarly databases and journals (the Business Data bases through the JFL are a good place).
• The Internal Factor Evaluation Matrix (IFE)
o This is a tool that is used to measure the internal environment of the firm (Strengths and Weaknesses).
o Identify 20 key internal factors affecting the firm. These should be the 10 strengths and 10 weaknesses that you identified in your SWOT Matrix in Module 1.
o Each factor should then be weighted on a scale of 0.0 – 1.0. The assigned weight reflects how important that factor is to the corporation’s success in the industry. The total weights should add up to 1.0 for all 20 factors (this means that if the factor has average importance, then it would be given a weight of 0.05). If a weight of greater than 0.05 is given, then the factor has high importance to the success of the firm and less than 0.05 would indicate that there is minimal importance to the success of the firm.
o Ratings are then also assigned to each factor on a scale from 4-1. A 4 means that the factor is a major strength, a 3 means that that factor is a minor strength, a 2 means that it is a minor weakness, and a 1 means that it is a major weakness. This means that if the factor is a strength, it should be rated either a 3 or 4 and a weakness should be rated as a 1 or 2.
o You will then calculate the weighted score for each factor which is found by multiplying the weight and rating assigned to that factor.
o The total score will then be calculated by adding up all of the weighted scores of the factors.
o The total score will range from 1-4, with the average score being 2.5. A score lower than 2.5 indicates that the company is weak compared to its competitors, and a score greater than 2.5 indicates that the company is strong in comparison to their competitors.
o An example IFE Matrix is below. Remember to include all of your factors with the measurable terms and to attach weights and strengths that best fit your selected corporation.
• The External Factor Evaluation Matrix (EFE)
o This is a tool that is used to measure the external environment of the firm (Opportunities and Threats).
o Identify 20 key internal factors affecting the firm. These should be the 10 opportunities and 10 threats that you identified in your SWOT Matrix in Module 1.
o Each factor should then be weighted on a scale of 0.0 – 1.0. The assigned weight reflects how important that factor is to the corporation’s success in the industry. The total weights should add up to 1.0 for all 20 factors (this means that if the factor has average importance, then it would be given a weight of 0.05). If a weight of greater than 0.05 is given, then the factor has high importance to the success of the firm and less than 0.05 would indicate that there is minimal importance to the success of the firm.
o Ratings are then also assigned to each factor on a scale from 4-1 on how effectively the company’s current strategy responds to the opportunity and threat. A 4 means that the factor has a superior response, a 3 means that the factor has an above average response, a 2 means that the factor has an average response, and a 1 means that the factor has a poor response.
o You will then calculate the weighted score for each factor which is found by multiplying the weight and rating assigned to that factor.
o The total score will then be calculated by adding up all the weighted scores of the factors.
o The total score will range from 1-4, with the average score being 2.5. A score lower than 2.5 indicates that the company’s strategies are not aligned with their current opportunities and threats, and a score greater than 2.5 indicates that the company is aligned with their current opportunities and threats.
o An example EFE Matrix is below. Remember to include all your factors with the measurable terms and to attach weights and strengths that best fit your selected corporation.
• The Internal-External (IE) Matrix
o This is a diagram matrix in which the scores from the IFE Matrix are placed along the x-axis and the EFE Matrix scores on the y-axis.
o Within the coordinate plane are nine cells that represent the competitive strength and competitive position of the corporation.
o Remember what the IFE and EFE scores mean for the corporation.
o Below is an example of what the template for an IE Matrix should look like and the recommended action based upon what cell the corporation falls into.
o Create an IE Matrix like the one below and plot the location of your selected corporation based upon the results from the previous IFE and EFE matrices.
o In your submission, include your matrix and a one paragraph reflective analysis as to what these results mean for the selected corporation.
Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.
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