External and Internal Factors of Wal-Mart
Wal-Mart is one of the leading multinational discount department retail stores. One key characteristics of Wal-Mart is the diversity. Sam Walton’s goal was to help people live better by saving money. Wal-Mart is by far one of the most successful companies worldwide. Wal-Mart is a leader in diversity, globalization, technology, innovation, and ethics. Ethics plays a big role in the success of the company. Thru the ethical code followed, Wal-Mart hires, retains and promotes the right people into the right leadership roles. The ability to adapt to internal and external factors also helps them stay ahead of the game. Wal-Mart is a widely admired worldwide leader in the retail industry and employer.
Internal Factors and the Functions of Management
Wal-Mart has several internal factors that affect the four functions of management. Two of these factors are diversity and ethics. Wal-Mart is a strong believer in diversity. “We make diversity part of our business plan, ensuring we can continue to be a global leader in all aspects of Diversity and Inclusion” (Diversity, para 1). Wal-Mart uses diversity at all levels of employment. Through diversity, Wal-Mart can use the four functions of management to achieve their goals. Management uses diversity in planning. Wal-Mart thrives on possessing a sustainable workforce and diversity is their key in all aspects of the company (Wal-Mart, 2011). Diversity is seen in organization. Management hires and recruits a diverse group of people. These individuals receive training in diversity and other areas to become the best employees (Wal-Mart, 2011). Because Wal-Mart incorporates diversity at all levels, diversity is seen in leadership and controlling. Diverse managers lead a group of diverse employees to accomplish Wal-Mart’s goals. Ethics plays a major role at Wal-Mart. Wal-Mart’s statement of ethics includes three sections, respect for the individual, service to their customers, and striving for excellence (Wal-Mart, 2011). Wal-Mart has created a program for their ethics standards. This program “exists to strengthen the implementation of positive labor and environmental practices in factories, to bring opportunities for a better life in the countries where merchandise for sale by Wal-Mart is sourced, and to verify factory compliance with our Standards for Suppliers (code of conduct)” (Ethical Sourcing, para. 1). Management uses ethics during planning to ensure all plans and decisions follow Wal-Mart’s ethical standards. During organization, management hires employees who receive training on Wal-Mart’s ethical standards and are required to continue to follow these standards during their employment. Managers use ethics in their leadership and encourage all employees to act ethically as well. Management continues to monitor employees’ work to ensure that the ethical standards are followed. External Factors and the Functions of Management
Wal-Mart also has external factors that affect the four functions of management. One of Wal-Mart’s goals is “to bring you the best shopping experience on the Internet” (An Introduction to Wal-Mart.com, para. 2). Wal-Mart’s use of technology affects the four functions of management. Wal-Mart has a detailed website where customers can browse through the million different products Wal-Mart offers. If a store does not have the product the customer wants the customer can go online to Wal-Mart’s website and order it. Wal-Mart can deliver the product to the individual’s home or to a nearby store for no shipping charge. Technology affects all four functions of management. Wal-Mart’s management team must come up with a plan for technology to help them achieve their key objectives. Next, the management team must organize their ideas and employees for their plan with technology. Once the plan is in place management must lead employees to achieve break through results with the...
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