External Factor Evaluation (EFE) Matrix is a strategic management tool which is used to know whether the firm is able to effectively take advantage of existing opportunities along with minimizing the external threats. The analysis helps in formulating new strategies and policies on the basis of existing position of the company. Some of the important opportunities which can be included in the analysis are new geographic markets, online sales, forward or backward integration, expanding the company’s product line, increasing demand for the industry’s product etc. Similarly, threats include; slow down in market growth, increasing competition, shift in buyer needs and taste, loss of sales to substitute products, likely entry of potent new competitors etc. Step by step construction of external factor evaluation matrix is given for Harrah’s Entertainment (largest gaming company in the world that owns and operates over 50 casinos, hotels, and seven golf courses under several brands).
External Factor Evaluation (EFE) Matrix for Harrah’s Entertainment
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This information and explanation has been very helpful in my research. hank you.
This was helpful for me to understand this concept clearly.thank u...