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Making Assumptions
Planning would be impossible without assumptions.
McConkey defines assumptions as the “best present
estimates of the impact of major external factors, over
which the manager has little if any control, but which may
exert a significant impact on performance or the ability to
achieve desired results.”
An External Factor Evaluation (EFE) Matrix allows
strategists to summarize and evaluate economic, social,
cultural, demographic, environmental, political,
governmental, legal, technological, and competitive
information.
The Competitive Profile Matrix (CPM) identifies a firm’s
major competitors and its particular strengths and
weaknesses in relation to a sample firm’s strategic
position.