Smith and Wesson Internal Factor Evaluation Matrix and Summary Case Study

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Smith and Wesson IFE (Internal Factor Evaluation) Matrix and SummaryFounded 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 & WessonStrengthsWeightRatingWeighted ScoreExcellent production quality0.1940.76Significant market share0.1540.60Brand image0.0930.27Innovation0.1040.40Strong and consistent growth in revenues0.0730.21Well-founded R&D0.0830.24Strong managerial team0.0930.27WeaknessesHigh manufacturing cost0.0810.08Large portion of revenues drawn from U.S. market0.0910.09Dependence on a single revenue stream i.e. firearm manufacture only0.0620.12Total Weight Score1.003.04SummaryThe 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…

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…with a total weight score of 3.04, Smith & Wesson cannot be regarded weak internally.

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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….....

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