External and Internal Factors
External and Internal Factors Affecting General Electric
Management: Theory, Practice, and Application
External and Internal Factors Affecting General Electric
We will use General Electric, also known as GE, to illustrate how internal and external factors affect the four functions of management. We will explain how globalization, technology, innovation, diversity, and ethics affect the four functions. We will also explain how delegation can be used to manage the different factors. General Electric has come a long way since its inception in 1876 by Thomas Edison, several of his early business offerings are still a part of General Electric to this day. General Electric has become one of the greatest innovative companies in business history. General Electric has grown to become an international company which has expanded its products and services around the world.
External and Internal
Externally borrowing money to stock inventory can affect the four functions of management. Everybody needs a certain amount of money to operate. Other financial factors that affect your inventory management decisions include cost of warehouse operations and transportation costs. The cost of gas is an external factor while the choice to purchase your own trucks or use outside contractors can prove to be a more predictable internal factor. Your sales goals and customer service objectives are internal controls that you direct. For example, if you promise same-day delivery, your inventory management must have the product on hand to meet customer demands. Economic downturns, poor real estate markets or local competition are external controls over which you often have no recourse. Flexibility to deal with market ups and downs should be an integral part of your company goals to bend pricing rules, offer discounts or sit on your inventory when shifts in consumer buying habits occur. One of the most frustrating external factors for business owners is an unpredictable or unreliable
Management: Theory, Practice, and Application
External and Internal Factors Affecting General Electric
We will use General Electric, also known as GE, to illustrate how internal and external factors affect the four functions of management. We will explain how globalization, technology, innovation, diversity, and ethics affect the four functions. We will also explain how delegation can be used to manage the different factors. General Electric has come a long way since its inception in 1876 by Thomas Edison, several of his early business offerings are still a part of General Electric to this day. General Electric has become one of the greatest innovative companies in business history. General Electric has grown to become an international company which has expanded its products and services around the world.
External and Internal
Externally borrowing money to stock inventory can affect the four functions of management. Everybody needs a certain amount of money to operate. Other financial factors that affect your inventory management decisions include cost of warehouse operations and transportation costs. The cost of gas is an external factor while the choice to purchase your own trucks or use outside contractors can prove to be a more predictable internal factor. Your sales goals and customer service objectives are internal controls that you direct. For example, if you promise same-day delivery, your inventory management must have the product on hand to meet customer demands. Economic downturns, poor real estate markets or local competition are external controls over which you often have no recourse. Flexibility to deal with market ups and downs should be an integral part of your company goals to bend pricing rules, offer discounts or sit on your inventory when shifts in consumer buying habits occur. One of the most frustrating external factors for business owners is an unpredictable or unreliable
References: Bateman, T. S., & Snell, S. A. (2009). Management: Leading & Collaborating in a Competitive World (8th ed.). Retrieved from University of Phoenix E-Library. General Electric Company. (2011). Ecomagination. Retrieved from http://www.ecomagination.com/ General Electric Company General Electric Company. (2011). Working Environment. Retrieved from http://www.ge.com/company/culture/working_environment.html Wentling, R. M. (1997). Diversity Initiatives in the Workplace. Retrieved from http://vocserve.berkeley.edu/CW82/Diversity.html