Internal Factor Evaluation Matrix generally known as IFE matrix; is one of the strategic management tool for analyzing and evaluating important internal weaknesses and strengths in functional parts of a company. This matrix is exercised in strategy formulation and also grants stage for identifying and auditing relationship among those parts.
Internal Factor Evaluation jointly with External Factor Evaluation matrix is used to formulate strategies for a business in considering internal weaknesses and strengths. The Internal Factor Evaluation matrix consists of factors such as (weaknesses and strengths), weight from (0.0 to 1.0), and rating (0.0 to 4.00) and in conclusion the weighted score after multiplying weight with rating. Here is the example of Whirlpool company.
Whirlpool's main strengths remain their durable product and corporate culture. Their product needs to stay top notch as more competitors come in the market and prices become lower. They have acquired company’s way too quick though and have not done enough research on them, which has resulted in the sales of companies they purchased.