Internal and External Factor Evaluation Matrix

The video tutorial explains factor evaluation matrices, tools used to assess a firm's strategic position by analyzing internal and external factors. It compares these matrices to SWOT analysis, highlighting the use of quantitative methods like importance weighting and rating scales. The process involves creating a table of factors, assigning weights, scoring, and evaluating the strategic position. The matrices can be used for both external and internal comparisons, aiding in strategy development and understanding the effectiveness of existing strategies.

What are the two distinct tools mentioned that operate in the same manner?

How do you evaluate the strategic position of a firm with regard to internal and external factors?

What is the major difference between the factor evaluation matrix and a SWOT analysis?

Explain the process of assigning weightings to strategic factors.

How can the results from the factor evaluation matrices be used for internal comparison?