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WHY STUDY COMPETITIVE PROFILE MATRIX? WHAT IS COMPETITIVE PROFILE MATRIX?
Competitive Profile Matrix is an important concept of management studies, basically strategic management. The CPM matrix is an important and powerful strategic analysis tool. It help in analysis of strength, weakness and position of competitive or rival firms, which means the CPM matrix is specially designed to compare the competitive positions of rival firm or company. It is very important and useful for business and strategies of business.
ADVANTAGES OF COMPETITIVE PROFILE MATRIX
The Competitive Profile Matrix or CPM matrix has an important role in business strategies, it is very advantageous for firms and industries, let's discuss its importance here:
- CPM matrix helps in analyzing rival firms' strategies according to which firm can prepare themselves for future.
- To arrange the rival firms in single page document for analyzing quick overview and steps of rivals.
- Firms can transform themselves in powerful systems.
- Helps to analyze which rival firm is working best in market, so they can amend their strategies according to that.
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