EFE Matrix of Burger King

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Burger King is a global fast food chain founded 1953 and operating in fast food industry&period; Its headquarter is located in Miami-Dade County&comma; Florida&comma;United States&period; Burger Kings primary menu food items consists of Hamburgers&comma;chicken&comma;French fries&comma;soft drinks&comma;milkshakes&comma;salads&comma;desserts and breakfast&period; <&sol;p>&NewLine;<h3>EFE Matrix<&sol;h3>&NewLine;<p align&equals;"justify">External factor evaluation &lpar;EFE&rpar; matrix is a well known strategic tool has been used for the evaluation of external environment of a firm&period; External environment mainly consist of political&comma;legal&comma;economical&comma;social and technological factors&period; A firm should determine the external factors and segregate them into opportunities and threats&period; The opportunities are the options available for a firm to further strengthen its position in a industry only if a firm exploit each offered opportunity&period; On the other hand&comma; threats are considered as negative factors for a firm which may harm its position in a industry however&comma; impact of threat could be minimized or eliminated if a firm respond to each threat in a timely manner&period; <&sol;p>&NewLine;<p align&equals;"justify">Here is an example of EFE matrix made for Burger King&period;<&sol;p>&NewLine;<h3>Steps in Developing the EFE Matrix<&sol;h3>&NewLine;<p> 1&period;Identify a list of KEY external factors &lpar;critical success factors&rpar;&period;<&sol;p>&NewLine;<p> 2&period;Assign a weight to each factor&comma; ranging from 0 &lpar;not important&rpar; to 1&period;0 &lpar;very important&rpar;&period;<&sol;p>&NewLine;<p> 3&period;Assign a 1-4 rating to each critical success factor to indicate how effectively the firm’s current strategies respond to the factor&period; &lpar;1 &equals; response is poor&comma; 4 &equals; response is extremely good&rpar;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p> 4&period;Multiply each factor’s weight by its rating to determine a weighted score&period;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;