Introduction
In marketing, the need to understand favorable factors for business thrive is crucial. In the case of the Buffalo Wild Wings (BWW), a sports bar based on chicken wing, its operation is based on the successful application of internal and external factors consideration, which affects business. The consideration is through conduction of evaluation, using matrix methods, termed as External Factor Evaluation (EFE), using Matrix Analysis of EFE and Internal Factor Evaluation (IFE) using Matrix Analysis of IFE.
EFE is a tool for strategic-management, which is often used for current business condition assessment. It is a good tool to be applied in visualizing and prioritizing the opportunities and threats, facing business. Extensively, IFE is a tool for strategic-management in evaluating and auditing of major business functional area's strengths and weaknesses. In blending the two matrices, effective utility gets to be reached on how the business performs an important case for BWW.
EFE and IFE Matrix Analysis in BWW
EFE and IFE matrix analysis in BWW is through its business concept and strategic aims in its vision and mission statement. BWW aims to address external factors that include social, demographic, environmental, cultural, political, and economic, such as unemployment, which has led customers to pinching their pennies to increased commodity prices, business trend, government and legal variables. This is through ensuring controlled brand strengthening, delivery of unique guest experience, offering of broad appealing menu items that are broadly flavored, created an atmosphere that is inviting and excelling in its operational focus with new and domestic market suit exciting restaurants, which are extended to new countries aiming at increasing sales, volumes of average unit and profitability.
Conducting IFE has been a critical factor in the success of BWW. This has been through the proper establishment of BBW organizational design, to address internal issues that are related to BWW ethics and system of governance issues of conduct violation and policies related to personal conduct, conflict resolution in business, protection of trade secrets, data disclosures and the general crosscutting aspect of environmental impact in business.
Internally, proper analysis of BWW revenue segment has brought by its success, as a result of proper strategizing of market penetration and development, reflected in its financial documents on income statements and balance sheets. Competitors, example of Applebee’s, Chili’s and T.G.I Friday’s have also not been sidelined. BWW has ensured attraction of customers, through its great taste, service quality and ambience.
As a summary to understand the EFE and IFE Matrix Analysis is crutial as outlined below for the BWW case.
BWW’s Future
BWW restaurant chain in the USA Market tends to be fast growing. For its future, it has ensured stock for investors, so as to continue making the business successful.
