Intellectual Property and Its Role in Internal Factor Evaluation
Intangible assets that a business legally owns are referred to as intellectual property (IP) in general. Additionally, these assets are guarded against being used without the company's permission by third parties. Some businesses use intellectual property, primarily brands and trademarks, as a tactic for competition. In addition, this essay will examine several significant facets of a company's ownership of intellectual property. The paper will examine how a firm's intellectual property is relevant when creating an internal factor evaluation in order to accomplish this. Later in this post, an IFE Matrix for Southwest Airlines or Subway will be created and discussed. Chapter 4 discussed various types of Intellectual Property that may exist in a company. How does a firm's Intellectual Property come into play when developing an Internal Factor Evaluation (IFE)?
The Importance of Intellectual Property in IFE
IFE is a well-developed strategic management tool that firms use in auditing or evaluation of key strengths or weaknesses of a business internally. Additionally, the tool also provides a basis in which such organizations can evaluate the nature of relationships among the mentioned areas within the company (Moreira, 2013). When developing an IFE, a firm's intellectual property becomes very crucial. This is usually due to the changes in global economic environments in which business is done. Over the periods, IP has stood out as a central element in which organizations can use to establish the value and potential growth of an institution. As a result, it is important to consider a firm's IP when developing the IFE of the particular business (Dalal et al. 2012).
IFE Matrix for Southwest Airlines or Subway
Create and discuss an IFE Matrix for a Southwest Airlines or Subway. Be sure to discuss the internal environmental factors, considering the major strengths and weaknesses in functional areas of business. (Be sure to label and post the IFE matrix you create.)
Internal Factor Evaluation Weight Rating Weighted Score
Strengths
The Fly Emirates is the world's most valuable brand 0.10 4 0.4
A wide variety of products 0.05 3 0.15
Great share in the market 0.10 4 0.4
Enormous distribution of product facilities 0.05 4 0.2
Geographical expansion 0.15 3 0.45
Massive advertisement on their offers 0.10 4 0.4
Differentiation 0.05 3 0.15
Weaknesses
Bad image in some countries 0.05 3 0.15
Products offered restricted to aviation 0.10 2 0.2
Big and long-term accrued debts 0.05 1 0.05
Less aggressive market standings 0.05 2 0.1
A lot of discontinued products 0.05 2 0.1
Discontinued services 0.10 2 0.2
Total 1.00 2.95
It is worth noting that the internal environmental factors are essential to a company's success. From this matrix, it is evident that the business has achieved its might because of the brand it has created over time. It is because of these internal factors, which directly affect the employees of the company that has contributed to the issues being witnessed in the matrix. For the airline to realize its full potential, it must then engage its employees entirely (Moreira, 2013).
References
Moreira, M. E. (2013). Importance of Employee Engagement. In Being Agile (pp. 33-44). Apress.
Dalal, R. S., Baysinger, M., Brummel, B. J., & LeBreton, J. M. (2012). The relative importance of employee engagement, other job attitudes, and trait affect as predictors of job performance. Journal of Applied Social Psychology, 42(S1), E295-E325.
