Extending The Competitive Profile Matrix Using Internal Factor Evaluation And External Factor Evaluation Matrix Concepts

Abstract

Internal Factor Evaluation and External Factor Evaluation matrices allow an organization to visualize their strengths, weaknesses, opportunities, and threats while a Competitive Profile Matrix utilizes critical success factors to allow an organization to compare itself to other competitors. The authors wondered if substituting basic internal strengths and weaknesses categories, and external opportunities and threats classifications for the conventional CSFs in a forced ranking method could extend the Competitive Profile Matrix to allow additional strategic understanding. The goal of extending the Competitive Profile Matrix using the forced ranking of important organizational factors when evaluating an organization’s relative competitive position against major competitors was successfully realized. An External Competitive Profile Matrix (ECPM) and an Internal Competitive Profile Matrix (ICPM) better draw awareness to internal and external categories that need an organization’s attention.