External and Internal Factors on Management

EXTERNAL AND INTERNAL FACTORS ON MANAGEMENT Douglas Williams and Vicente Segura MGT330 March 28, 2010 Rickie Baldwin The foursome functions of vigilance, cooking, organizing, leading, and controlling, are affected by external and familiar factors within all business. The Wal-Mart Corporation is not immune from these factors affecting management decisions. If Wal-Mart wants to be remain successful and competitive the following key factors must be constantly considered: globalization, technology, innovation, diversity, and ethics. A quick explanation of the four functions of management. Planning is strategic, tactical, or operational. Strategic planning provides the vision, direction, and goals for the organization. Tactical planning is a set of procedures for translating broad strategic goals and plans into specific goals and plans. practicable planning is the conversion of strategy into execution. Organizing is establishing the internal organizational organise of the business. Leading involves close day-to-day contact with people, helping to play and inspire them toward achieving team and organizational goals.

Controlling is a four-step work of establishing performance standards based on the firms objectives, measuring and insurance coverage actual performance, comparing the two, and taking corrective or interference action as necessary. After analyzing the external environment and internal resources, strategic managers have the information they need to put in concert a plan for corporate, business, and functional goals for the organization. A comparison of strengths, weaknesses, opportunities, and threats usually is referred to as a SWOT analysis (Bateman-Snell, 2009). One stack that continues to be successful even in todays depressed economy is the Wal-Mart Corporation. Back to the key factors that Wal-Mart considers in its management decisions: globalization, technology, innovation, diversity, and ethics. Globalization In the globalization... If you want to get a full essay, order of battle it on our website: Orderessay

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