What is the first step in designing an EFE Matrix?
A)Summing the weighted score for each competitor
B)Identifying key external factors in the industry
C)Calculating the sales of each competitor
D)Determining four competitors
E)Drawing the horizontal and vertical lines for the matrix

Question

Quizplus · Accepted Answer

The first step in designing an EFE Matrix is to identify the key external factors in the industry. This involves conducting a thorough analysis of the external environment to identify factors that impact the industry's competitiveness. Once these factors have been identified, they can be weighted and a score can be assigned to each competitor based on how well they are responding to these factors. The sum of these scores will then be used to determine each competitor's overall ranking in the EFE Matrix.

What Is the First Step in Designing an EFE Matrix