Assignment 3. External Factor Evaluation matrix for Cochlear Company

External Factor Evaluation matrix for Cochlear Company
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External Factor Evaluation Matrix for Cochlear Company

External Factor Evaluation (EFX) Matrix is a strategy used by the majority of successful companies to assess the current conditions of the business. Under normal circumstances, various business organizations usually face particular challenges when performing the duties that are geared towards the realization of the company's objectives. Any management of every company has an obligation of identifying strengths and weaknesses of the respective companies, which are then adjusted for proper outcomes. The identification of the strengths and weaknesses are necessary for an appropriate organization of a company's business that is vital to the success of the company. Cochlear Company is one of the organizations that have been performing an EFX Matrix analysis that has proved useful when it comes to identifying various areas that need improvements in the company. The external factors include all the external factors that affect business operations. The elements are termed as the macro environment of a business organization. The macro environment refers to all the details from outside the company that is affecting the activities and operations of the company. For Cochlear Company, the external factors that are typically used for analysis include government regulations, level of competition, social changes, technological changes, economic, and political changes.
Through considering the external factors affecting Cochlear company, the Company’s management is capable of coming up with a SWOT analysis that is necessary for identifying business opportunities, as well as the challenges that might face the company (Todt, Rademacher, Mittmann, Wagner, Mutze, & Ernst, 2015). The problems are identified before getting to hand, and possible solutions derived. The SWOT analysis involves identification of strengths, weaknesses, opportunities, and threats of a business or a company. Cochlear Company has a committed team that is entitled to the management of the analysis process. Cochlear Company is a leading company in the market, a position that has been achieved through proper coordination between various departments in the company. The coordination between the departments is geared towards analyzing the strengths, weaknesses, opportunities, and threats that might hinder the operations of the business (Gérard, Demanez, Salmon, Vanpoucke, Walraevens, Plasmans, & Lefèbvre, 2017). Starting with, strengths of the company as identified by the analysis has led to an increment of the profit margin in the company's sales. The marketing strategies that are laid down by the company are number one factors that have resulted in a proliferation of the sales margin of the Cochlear products. The marketing is done after a thorough product promotion through adverts and other sales promotion methods.