Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Respond to post. Provide positive feedback, insight and suggestions. Use full and comprehensive sentences. A Competitive Profile Matrix is a essentially a tool businesses use

Respond to post. Provide positive feedback, insight and suggestions. Use full and comprehensive sentences.


image

A Competitive Profile Matrix is a essentially a tool businesses use to analyze themselves and compare themselves to their competition. Critical Success Factors are used to determined the key components of what makes a company successful. These factors are put down and given a weight determining how important each factor themselves are compared to one another. Then a rating is applied, from 1-4 recognizing how well, or how poor of a job they are doing in that area. Finally the score is decided buy multiplying the weight and rating, and then businesses are able to use that number to compare to rivals and find areas of weakness, strengths, where to improve, and what to emphasize. It is important for a company to be able to conduct an unbiased external analysis in order to ensure that they are doing exactly what is necessary to stay in the competition with full self awareness.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Your post provides a clear and concise explanation of how a Competitive Profile Matrix can be a valu... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Management Concepts And Cases A Competitive Advantage Approach

Authors: Fred R. David

13th Edition

0136120989, 9780136120988

More Books

Students also viewed these General Management questions