Question-   IE Matrix and BCG Matrix

Solution-

8.10 List four reasons why the IE Matrix is widely considered to be superior to the BCG Matrix.

Annual objectives are essential for strategy implementation because they:

  1. represent the basis for allocating resources;
  2. are a primary mechanism for evaluating managers;
  3. are the major instrument for monitoring progress toward achieving long-term objectives;
  4. establish organizational, divisional, and departmental priorities.

8.18 Why is it important to work row by row instead of column by column in preparing a QSPM?

QSPM (Quantitative Strategic Planning Matrix) is an analytical tool that helps an organization in the process of decision making by assigning scores to each factor affecting the alternative.

 - Important factors are placed in columns and alternatives are placed in a row. Therefore, row plays more important role than column.

 - Assigning the same weight to two alternatives in a row would mean duplication. Whereas, different factors of same alternative can be assigned same weight.

- It is always important to work row by row than column by column.

Develop a SWOT Matrix for yourself

1.

Draw a square containing four equal boxes. Label the boxes “Strengths,” “Weaknesses,” “Opportunities” and “Threats.”

2.

List your business's strengths in the corresponding box. These are your internal skills and resources that provide you with an advantage. For example, your strength might be good customer service or patented technology.

3.

Write down your company’s weaknesses in the corresponding box. Weaknesses are areas that require improvement. They might include poor brand reputation or inexperienced staff.

4.

Establish your opportunities and list them in the corresponding box. Opportunities are external situations from which you can benefit when you apply your internal strengths. For example, if market research indicates a need for a new product and you have the skills to produce it, that would be an opportunity.

5.

List the external threats to your business in the corresponding box. Threats are events with the potential to exploit your weaknesses. For example, if you have poor customer service and a competitor with strong customer service enters the market, it could threaten your business.

 

8.10 List four reasons why the IE Matrix is widely considered to be superior to the BCG Matrix.

Annual objectives are essential for strategy implementation because they:

  1. represent the basis for allocating resources;
  2. are a primary mechanism for evaluating managers;
  3. are the major instrument for monitoring progress toward achieving long-term objectives;
  4. establish organizational, divisional, and departmental priorities.

8.18 Why is it important to work row by row instead of column by column in preparing a QSPM?

QSPM (Quantitative Strategic Planning Matrix) is an analytical tool that helps an organization in the process of decision making by assigning scores to each factor affecting the alternative.

 - Important factors are placed in columns and alternatives are placed in a row. Therefore, row plays more important role than column.

 - Assigning the same weight to two alternatives in a row would mean duplication. Whereas, different factors of same alternative can be assigned same weight.

- It is always important to work row by row than column by column.

Develop a SWOT Matrix for yourself

1.

Draw a square containing four equal boxes. Label the boxes “Strengths,” “Weaknesses,” “Opportunities” and “Threats.”

2.

List your business's strengths in the corresponding box. These are your internal skills and resources that provide you with an advantage. For example, your strength might be good customer service or patented technology.

3.

Write down your company’s weaknesses in the corresponding box. Weaknesses are areas that require improvement. They might include poor brand reputation or inexperienced staff.

4.

Establish your opportunities and list them in the corresponding box. Opportunities are external situations from which you can benefit when you apply your internal strengths. For example, if market research indicates a need for a new product and you have the skills to produce it, that would be an opportunity.

5.

List the external threats to your business in the corresponding box. Threats are events with the potential to exploit your weaknesses. For example, if you have poor customer service and a competitor with strong customer service enters the market, it could threaten your business.

 

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