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Hello, I am looking for someone to write an essay on Matrixes. It needs to be at least 500 words.The economic environment is more challenging nowadays, aside from the high level of competitions in the
Hello, I am looking for someone to write an essay on Matrixes. It needs to be at least 500 words.
The economic environment is more challenging nowadays, aside from the high level of competitions in the market, fluctuations in the economic activities may also affect companies’ performances (McConnell & Brue, 2005). These can give a company’s management harder time in their business decision making. And because strategic management decisions are very crucial for the company’s growth, several tools are usually used to assess the internal and external factors related to the company. These include SWOT, TOWS, stakeholder analysis, EFAS and IFAS tables. SWOT stands for strengths, weaknesses, opportunities, and threats. SWOT analysis is a tool used for auditing the organization and its environment (Marketingteacher.com, 2011.) It is a very popular and useful tool for developing strategic management decision because it is simple and easy to use. In SWOT, strengths and weaknesses are considered as internal factors while opportunities and threats are external. This also gives the reason why SWOT analysis is sometimes called the Internal-External analysis (Mindtools.com, 2011). This is done with the help of the SWOT matrix where in the strengths, weaknesses, opportunities and threats for the organization are considered. By looking at the strengths of the organization, the possible areas for comparison with the competitors maybe discovered and this will also present the weaknesses that the organization possesses. Useful opportunities may come from looking at the strengths and trying to eliminate the weaknesses of the organization. Threats are the external factors that serve as obstacles that organization may face. SWOT analysis may help the organization in its strategic management decisions as it uncover opportunities where it is well placed to exploit and by understanding the weaknesses, threats can be managed and eliminated. By looking at the organization and its competitors through the SWOT matrix, management can start to craft a strategy to distinguish it from the competitors and compete successfully in the market. TOWS analysis is a variant of the business tool, SWOT analysis and also stands for the strengths, weaknesses, opportunities and threats but with a different arrangement (Mindtools.com, 2011). Like in the SWOT analysis, TOWS also produces options that can be pursued may be realized after matching external opportunities and threats with the internal strengths and weaknesses. The difference is that TOWS is usually focused in the external ones and additional combinations such as strengths and opportunities (SO), strengths and threats (ST), weaknesses and opportunities (WO) and weaknesses and threats (WT) are applied. A stakeholder analysis is a technique used to identify and assess the importance of key people, groups of people, or institutions that may significantly influence the success of your activity or project (Erc.msh.org, 1998). This analysis is implemented in the early stage of strategic planning for an organization to account and often incorporate the needs of those who have a ‘stake’ or an interest in the strategy under consideration. This is done by identifying first the people, groups and possible institutions that will influence the organization’s initiative. After identifying them, the kind of influence that these groups may have on the organization’s initiative may be anticipated and development of strategies to get the most effective support possible for the planned initiative can be done. This analysis can help reduce any possible obstacle for the program or strategy to be successfully implemented. External and internal factors can be analyzed and summarized in tabular form to assess the company’s position. It is done by completing both the External Factors Analysis Summary (EFAS) and Internal Factor Analysis Summary (IFAS) tables. EFAS assesses the opportunities and threats to the organization while IFAS assesses its strengths and weaknesses. These factors are then weighed based on that factor’s probable effect on the firm’s strategic position and rated based on the firm’s response to that factor. By multiplying the weight of the factor and its rating, the weighted score of each factor is determined. The weighted scores reflect how well the firm is responding to the factors in its external or internal environment. As organizations and companies are affected either positively or negatively by both its internal and external factors, it is very useful to apply tools in developing strategic management decisions. These tools will surely help managers to come up with quality strategic decisions for their organizations and companies. Bibliography Erc.msh.org. (1998). Stakeholder Analysis. Retrieved April 2, 2011, from Erc.msh.org: http://erc.msh.org/quality/ittools/itstkan.cfm Marketingteacher.com. (2011). Strengths, Weaknesses, Opportunities,Threats (SWOT). Retrieved April 1, 2011, from www.marketingteacher.com: http://www.marketingteacher.com/lesson-store/lesson-swot.html McConnell, C., & Brue, S. (2005). Macroeconomics: Principles, Problems and Policies. New York: McGraw-Hill Companies, Inc. . Mindtools.com. (2011). SWOT Analysis:Discover new opportunities. Manage and treat eliminate threats. . Retrieved April 1, 2011, from Mindtools.com: http://www.mindtools.com/pages/article/newTMC_05.htm Mindtools.com. (2011). Using the TOWS Matrix: Developing Strategic Options from an External-Internal Analysis . Retrieved April 2, 2011, from Mindtools.com: http://www.mindtools.com/pages/article/newSTR_89.htm