Wal-Mart’s Internal and External Factors
May 26, 2014
There are many ways that internal and external factors affect the four functions of business. The four functions of business are planning, organizing, leading, and controlling. All functions are vital when running any successful organization and should be taken into account at all times. Globalization, technology, innovation, diversity, and ethics are some examples of the different types of factors that could affect these functions of management. Although they can affect them in different ways, they are all factors that have a certain standpoint in the business world.
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Obviously, Wal-Mart has been more than capable of overcoming internal factors due to the opening of stores in Central and South America, Asia, and Russia.
Technology has transformed in so many ways over the past few years and has given a new face to management and how things are done personally and professionally. When you walk into a mega business such as Wal-Mart, you see tons of cash registers, cameras, product sensors, and other gadgets that you may not have noticed ten years ago. Now, these things all help Wal-Mart run a little more smoother and they also help the managers run the store from the side we don’t see. A multimillion dollar store like Wal-Mart uses high-tech gadgets to plan out their next big investment. Normally, front-line managers are presented with I-Pads and cell phone devices in order to stay and keep up-to-date information on the business. They also use these devices to do business with other clients. Nowadays, teleconferencing is a big deal. If a front line manager cannot make it to a big meeting or seminar, they may include him or her via this channel so that everyone will be included on the call. This part of management would be planning and organizing and technology has been such a help to a lot of businesses in this form.
By far one of the most innovative firms in the world, Wal-Mart’s ability to move goods from place to place at low cost is unparalleled. They have single handedly set the standard for other retail giants to follow in. Now, the company that has made it possible for us to do much more with much less is reconsidering its strategy for delivering goods and attempting to do so in a more sustainable way. Wal-Mart has plans to test these changes at a prototype which will practice a greener lifestyle than their predecessors.
Furthermore, Wal-Mart has made a number of changes to its original business plan developed in the 1970’s in order to accommodate the wishes of communities throughout the United States and overseas. Several strategic design changes were also made, including substantial improvements to the landscaping plans to make their stores more appealing to main stream America. Wal-Mart is also making strides to create zero waste, use only renewable energy, and sell products that sustain the environment. They are currently the nation’s largest global business and one of the only organizations to make a conscious effort to track the life cycle of every product it sells, measuring it on water use, greenhouse-gas emissions, and fair labor practices.
Additionally, a manager of a vastly growing organization will need to utilize the four functions to reach their goals; however, this alone requires one to be capable of handling the internal and external factors that diversity can offer to the success of the organization in a highly competitive market. Diversity in an organization is presented in products, services, suppliers, markets, customers as well as employees. A large...