IFE MATRIX Describe the nature and role of an internal assessment in formulating strategies. Discuss the nature and role of management in formulating strategies. Discuss the nature and role of marketing in formulating strategies. Discuss the nature and role of finance and accounting in formulating strategies. Discuss management information systems (MIS) in terms of formulating strategies. Explain how to develop and use an Internal Factor Evaluation (IFE) Matrix. Does the firm use strategic-management concepts? Are company objectives and goals measurable and well communicated? Do managers at all hierarchical levels plan effectively? Do managers delegate authority well? Is the organization’s structure appropriate? Are job descriptions and job specifications clear? Is employee morale high? Are employee turnover and absenteeism low? Are organizational reward and control mechanisms effective? Are product quality and customer service good? Are the firm’s products and services priced appropriately? Does the firm have an effective promotional strategy? Is the firm’s Internet presence excellent as compared to rivals? How has each ratio changed over time? How does each ratio compare to industry norms? How does each ratio compare with key competitors? Where is the firm financially strong and weak as indicated by financial ratio analyses? Can the firm raise needed short-term capital? Can the firm raise needed long-term capital through debt or equity? Does the firm have sufficient working capital? Are capital budgeting procedures effective? Are dividend payout policies reasonable? Does the firm have excellent relations with its investors and stockholders? Are the firm’s financial managers experienced and well trained? Is the firm’s debt situation excellent?