Free External Factor Evaluation (Efe) Essay Example

Type of paper: Essay

Topic: Company, Business, Market, Affect, Armor, Management, Evaluation, Finance

Pages: 1

Words: 275

Published: 2020/10/23

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Management

An external factor evaluation matrix (EFE) is a tool that is often used in strategic management and it assesses the current factors surrounding a given business as well as the conditions that affect it. Businesses have been using this tool to ensure that they can foresee or at least envision the threats and opportunities that would affect a business. This way, they can give priority to those that are important. The EFE is concerned with the external factors affecting a business such as the legal factors, social, economic, political, and so forth.
External factors face every company and these affect every individual in the company. Under armor is no exception. It is a conglomerate that deals with the development, marketing, and the distribution of branded performance clothing. The business has its center of operations in Baltimore, Maryland. The company has recorded turnover amounting to over $2,330 million in the financial year ended 2013. It was an increase from the year 2012 at a 27%. The success of the company is dependent on them creating clothing that meets the preferences of their clients while remaining trendy. The strengths of the company are first and foremost having their focal point in having the latest innovation as well s the product portfolio they have created through the years. Their impressive financial turnover also gives them an added advantage in most companies in similar business (Mirabella, 2013). The opportunities offered to the company include the rising state of the economy that gives the company a chance to progress financially.
External factor evaluation will mean that the company is also able to note the threats that can impede the growth of the company and will figure out the right moves to make to ensure they retain their market share. One of the things that limit the market share of under armor is the entry barriers. It occurs due to the low capital investments since the business is faced with intense competition from other players in the sporting industry.
The company understands the external factors in the business environment, and they will seek to use this information to increase their presence in the market. It will ensure they are ahead of the pack since knowing the threats that work against the company gives them the edge they need.

Reference

Mirabella, L.  (February 2013) Under Armor poised for greater growth with new products. The Baltimore Sun

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WePapers. (2020, October, 23) Free External Factor Evaluation (Efe) Essay Example. Retrieved September 28, 2021, from https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/
"Free External Factor Evaluation (Efe) Essay Example." WePapers, 23 Oct. 2020, https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/. Accessed 28 September 2021.
WePapers. 2020. Free External Factor Evaluation (Efe) Essay Example., viewed September 28 2021, <https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/>
WePapers. Free External Factor Evaluation (Efe) Essay Example. [Internet]. October 2020. [Accessed September 28, 2021]. Available from: https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/
"Free External Factor Evaluation (Efe) Essay Example." WePapers, Oct 23, 2020. Accessed September 28, 2021. https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/
WePapers. 2020. "Free External Factor Evaluation (Efe) Essay Example." Free Essay Examples - WePapers.com. Retrieved September 28, 2021. (https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/).
"Free External Factor Evaluation (Efe) Essay Example," Free Essay Examples - WePapers.com, 23-Oct-2020. [Online]. Available: https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/. [Accessed: 28-Sep-2021].
Free External Factor Evaluation (Efe) Essay Example. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/free-external-factor-evaluation-efe-essay-example/. Published Oct 23, 2020. Accessed September 28, 2021.
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