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External/Internal Factors Paper

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External/Internal Factors Paper

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  • November 14, 2008
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Internal and external factors can affect the four functions of management within any business. With the Wal-Mart Corporation; globalization, technology, innovation, diversity, and ethics are key factors that the corporation must consider if it plans to succeed and stay competitive with other industries in its area. If these areas are not considered, the Wal-Mart Corporation would discover that its company would not remain as strong as it has proven itself to be. Effect of Internal/External Factors

Managers must deal with several factors that will impact the four functions of management, and both internal and external stimuli have a large influence on planning, organizing, control and leading. Internal stimuli can include factors of supplies to employees who a manager is in charge of. Planning for an event can be impacted by supplies, because someone needs to be in charge of ordering and planning necessary personnel to prepare for the event. Leading can also be in issue. If a manager does not reflect enough control then people will lose respect; however, if a manager is too insensitive, then this will result in losing personnel due to employees choosing to leave their jobs. Leading can occur through working alongside the employees while also making sure that matters of the business are taken care of. A resource being used at its peak is necessary, but if workers are not being productive then managers need to remove personnel to discipline these employees who are not performing to the needs of the business. External factors can also have a large impact on managers and how they run their business. These factors could be any stimuli, an example being laws changing to supply issues that are not in the control of the manager. Wal-Mart operates by reducing cost, and if factors outside of its control interfere then the manager may need to increase prices to remain profitable.
Globalization
In today’s global business world, Wal-Mart has...