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Two types of systems can be used for the construction of competitive profile matrix i. It is important to note that the meaning of weights and total weighted scores is same in both EFE external factor evaluation and CPM competitive profile matrix.
In competitive profile matrix, critical success factors include both internal and external issues. In external factor evaluation, critical success factors are grouped into opportunities and threats whereas such grouping does not exist in competitive profile matrix.
In external factor evaluation, total weighted scores of a firm can not be compared to the total weighted scores of rival firms whereas such comparison is possible in competitive profile matrix.
Steps in the Construction of CPM Here we will be using weighted rating system for the construction of competitive profile matrix. Some of the important steps involved in the construction of competitive profile matrix are given below. In the first column, lists down all the key success factors of Industry usually from 6 to In the second column, assign weights to each factor ranging from 0.
Greater weights should be given to those factors which have grater influence on the organizational performance. The sum of all weights must equal 1.
Now rate each factor ranging from 1 to 4 for all the firms in analysis. Here, rating 1 represents major weakness, rating 2 shows minor weakness.
Similarly, rating 3 indicates minor strength whereas rating 4 shows major strength. It means that weakness must receive 1 or 2 rating while strength must get 3 or 4 rating.
Find the total weighted score of all the firms by adding the weighted scores for each variable. Subscribe to Our Feed!Competitive Profile Matrix (CPM) is used to design wise offensive or defensive strategies by identifying the major strengths and weaknesses of a firm in relation to the rival’s firm strategic position.
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