IE Matrix
Step 1: have an IFE and EFE matrix of each product
For creating the IE matrix it is important to know the prodcuts that are involved in the company. Each porduct needs to have its profits, revenues, and weighted score of the matrixes to be places on the IE matrix so it is important that each product has a sel explained IFE and EFE matrix to know where to positiion the porduct.
Corn yougurt
It can be seen how the matrix is just as the other matrix and here is going to be taken in acount the wieghted score of both the IFE matris and the EFE matrix, The corn yougrt seems as a low product in the external factors but a high product in the internal factors
Chicken salad
It can be seen that Chicken salad has an IFE and EFE avarage score very near making as an avarage product but also having threats that the firm has to have an eye on
Smoothies
The smoothie product enters into the category of samller products, this also is one of the chepaest ones ans it can be seen that either in the IFE and EFE it has a high wieghtes score .
According to scores of IFE matrix and EFE matrix this product is located in the quadrant IV, which means we should described as grow and build. Refers on market penetration, market development and product development or integrative, appropriate for division 1.
Turkey sandwich
As it is seen the turkey sandwich has an avarage in both IFE and EFE this shows that the product dosent have a high constrast but it can ahve its importance in the firm
Rissoto
As seen in the matrix the rissoto has low results on both matrix and this puts it as a product that can be in a low result in the fimr, both external and internal factors show the lack of importance some factors of this prodcut has
Chicken wok
According to scores of IFE matrix and EFE matrix this product is located in the quadrant V, which means we should apply a hold and maintain strategy. In first place, in market penetration strategy, despite our limited budget, we have planned to increase it through the increasing number of advertising expenditures in a set of customers between 15-50-year-old mainly, through social networks such as Facebook and Instagram. Also, another strategy we are going to promote this product, through sales; for instance, each customer, will receive 10% of discount in their entire bill if recommends our product to his/her friends.
On the other hand, to this product we will apply our product development strategy which consists in research that our employees do to bring ideas and improve product’s quality. In short term, we planned to introduce this product with different flavors, like new types of beef and Asian chicken, new types of rice and new options of vegetables and fruits that customer can choice.
Step 2: Look at the balance sheet and look at the profit and revenue on each of your products
Now that you have the matrix on each of your products is time to go back to the balance sheet and check for the revenue and profit of each of the products, this revenues and profits take in acount the %sale of the product and this will also help to determine the prduct importance in the IE matrix. The table will be just like the one seen below
Step 3: Take the results on the matrix and profit-revenues charts and create a new chart for strating to create the IE matrix
Now that we have both the results of the IFE-EFE and the results of the revenue-profit, a new chart will be made guivin a summary of the result of all of the products, seen in the chart it can be seen that each product has its revenue,profit (with percentages) and have the total weighted scores on each of their matrix. With this chart the IE matrix can start to be in process
STEP 4: Create the IE matrix with the %Profit, the EFE scores ande the IFE socres.
now that we have the percentages of profit of each product we can see the situation of our company.
