External and internal factors come in many forms that can impact a business in different ways. Assessing external and internal factors that an organization may face can be vital to the planning function of management. As with any organization, there are always four functions of management. These functions are planning, organizing, leading, and controlling (Bateman & Snell, 2009, p. 19). Within the organization, Best Buy, which is known to be an electronics store, has their own external and internal factors. Founded in 1966 as Sound of Music and incorporating in 1983 to become Best Buy, Inc. (Ask.com, 2010, para. 1), accounting for 19% of the market (Metaweb, 2010, para. 1), has become one of the leading electronic stores in the nation. It takes management and the view of internal and external factors like globalization, technology, innovation, diversity, and ethics. Of course there are many more factors to consider but in the interest of Best Buy, Inc., these are some of the major factors.
External and internal factors not only display how diversity or ethics are explained, they also affect the four functions of management. As companies are started such as Best Buy, Inc., with the view of success, external and internal factors are needed to achieve this success. Taking a look into the past, many organizations relied on people to work in sales. The majority of these people were men. As times changed, so did the way that a diverse organization did. As Best Buy continued to succeed and sound changed as well, so did the way that people viewed diversity in the workplace. Today, sound is much softer and women are salespeople. Diversity is all over the world now with Best Buy. Diversity in planning has shown that women can become salespeople as well as customers are diverse in the selections of electronics. In organizing, Best Buy must be diverse with customer service, accomplishments, and backgrounds. Leading, on... [continues]
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