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Key External Factor Evaluation: Eli Lilly & Company

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An External Factor Evaluation is a method that used to review and evaluate the company 's external factors such as economic, social, cultural, demographic, political, environmental, legal, technological, and competitive information. These factor evaluations prepared through the opportunities and the threats that are affecting the business. Since Eli Lilly & Company also has opportunities in the external factors and has threats that could influence the company. The firm needs to recognize each of them and have an active method to handle those factors. However, the table below is the (EFE) matrix for Eli Lilly & Company. EFE Matrix for Eli Lilly & Company Key External Factors Weight Rating Weighted Score Opportunities 1 Technology improvement. 0.08 3 0.24 …show more content…

Many people are getting diseases that need to be diagnosed and treated at a younger age so they can prevent any risk to their health in the future. According to NASCAR, “The goal of Lilly Diabetes - driving awareness and education.” Therefore, Eli Lilly and company, must aware everyone about any diseases side effect and that they can provide the best medications to treat it. This gives the opportunity to the business to gain the customers trust, and people will understand that our company and services are made to help …show more content…

0.08 4 0.32 8 Lilly offers animal health products. 0.04 2 0.08 9 The company produces effective and high-quality formulated drugs. 0.06 3 0.18 10 Skilled and experienced employees in highly developed laboratories. 0.07 1 0.07 Weaknesses 1 Need further investment in new technologies 0.02 2 0.04 2 Drop in selling its products because of new generic medicines. 0.03 1 0.03 3 Eli Lilly has more sales in the United States than the rest of the world combined. 0.06 4 0.24 4 Between the years of 2010 and 2012, Eli Lilly had lost U.S. patent protection on medicines that considered for 46 percent of its 2010 revenue. 0.04 1 0.04 5 Weak in mission and vision strategies to remain in the drug manufacturing business. 0.03 1 0.03 6 High erosion rate in the workforce 0.02 4 0.08 7 Not very successful at combining firms with different work environments. 0.03 2 0.06 8 Their daily inventory is extensive compared to their competitors. 0.02 1 0.02 9 The company stopped the production of Alzheimer late-stage drugs. 0.04 2 0.08 10 The business 's market shares fragmented which it can stop them from growing to be the market leader. 0.03 1 0.03 Total 1.00

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