Strategic management: External Factor Evaluation (EFE) Matrix (Essay Sample)

1 TITLE : External Factor Evaluation (EFE) Matrix STUDENT : INSTITUTION : DEPARTMENT : LECTURER : DATE : RUNNING HEAD: EXTERNAL FACTOR EVALUATION 2 Abstract For organizations to remain competitive and profitable, the management requires to evaluate the prevailing business conditions so as to properly reposition their operations. The business and marketing efforts also referred to as the marketplace of an organization are influenced by a variety of factors. Different strategic-management tools are employed in order to help the management to recognize and prioritize the opportunities and threats the organization could be facing. Such a strategic-management is the External Factor Evaluation (EFE) Matrix. The EFE matrix deals strictly with external factors. Internal Factor Evaluation (IFE) Matrix addresses the internal factors. EFE matrix evaluates factors that are subject to the social, political, business trends and economic will among other external forces. There are five steps ...