Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Need a conclusion for the essay.
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Introduction: As a company begins or continues to grow, there are many steps they must take in order to determine the opportunities and threats available. An external factor evaluation matrix can help in regulating how quickly and easily a company can expand in a certain area. Competitive profile matrix is a tool that provides information on the competitive advantage a company has to others in the same industry and their critical success factors. Expansions in business are constant and companies must learn to adapt to their environments by using tools such as the matrices to do so.
Paragraph 1: External factor evaluation matrices are used by companies in order to determine possible opportunities and threats in expanding the company. EFE matrices provide the possibility of a company to handle risk management on a higher level and also help raise awareness to possible threats before they are able to affect the business.
Paragraph 2:
An analysis of the company's competitive profile matrix (CPM) reveals the firm's relative strengths and weaknesses in comparison with its competitors. Firms often use CPM as a means of better understanding their external environment and their competition.
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Step 1 Introduction:
As a company begins or continues to grow, there are many steps it must take in order to determine the opportunities and threats available. An external factor evaluation matrix can help in regulating how quickly and easily a company can expand in a certain area. A competitive profile matrix is a tool that provides information on the competitive advantage a company has over others in the same industry and their critical success factors. Expansions in business are constant and companies must learn to adapt to their environments by analyzing strategies, trends, and potential risks associated with growth.
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