Smith and Wesson IFE (Internal Factor Evaluation) Matrix and Summary
Founded in 1852, Smith and Wesson regards itself a market leader as far as innovation is considered in the manufacture of firearms. During its 165 years in the firearm manufacturing industry, the company has developed a wide range of pistols, starting with the volcanic pistol in 1852 to the M&P M2.0 pistol in 2017, with the latter being regarded a masterpiece as far as grip, frame, and finish is concerned (Smith and Wesson, 2017).
Table 1.0: IFE Matrix of Smith & Wesson
Strengths
Weight
Rating
Weighted Score
Excellent production quality
0.19
4
0.76
Significant market share
0.15
4
0.60
0.09
3
0.27
Innovation
0.10
4
0.40
Strong and consistent growth in revenues
0.07
3
0.21
Well-founded R&D
0.08
3
0.24
Strong managerial team
0.09
3
0.27
Weaknesses
High manufacturing cost
0.08
1
0.08
Large portion of revenues drawn from U.S. market
0.09
1
0.09
Dependence on a single revenue stream i.e. firearm manufacture only
0.06
2
0.12
Total Weight Score
1.00
3.04
Summary
The IFE matrix, in the words of Lodato (2014), is a tool to help in evaluating the internal environment of the business by visualizing and evaluating major strengths and weaknesses in functional areas of a business (p. 99). The IFE Matrix of Smith and Wesson came in handy as I sought to evaluate the internal environment of the firearms maker with an aim of revealing both its strengths and weaknesses. In essence, this analysis demonstrates that as...
…with a total weight score of 3.04, Smith & Wesson cannot be regarded weak internally.On the basis of this exercise, it should be noted that in the final analysis, the relevance of IFE matrix when it comes to the formulation of strategy cannot be overstated. However, it is important to note that on its own, the IFE matrix lacks significant value as far as the sound formulation of strategy is concerned. In that regard, therefore, it ought to be combined with other strategic management and assessment tools including, but not limited to, the EFE (external factors evaluation) matrix and the SWOT…
References
Lodato, M.W. (2014). A Handbook for Managing Strategic Processes. Bloomington, IN: Author House.
Smith and Wesson (2017). History of Smith & Wesson. Retrieved from http://www.smith-wesson.com/company/history
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