External/Internal Factors of Management

Topics: Management, Strategic management, Ethics Pages: 4 (1099 words) Published: November 17, 2008
External/Internal Factors of Management
Wal-Mart is an organization that has been extremely successful in achieving its goals of becoming top retail store in the world. Managers for this organization must plan, organize, lead, and control each component of this organization in order to secure its success. There are factors, internal and external, that can impact these four functions within an organization. Management's responsibility is to take these factors into consideration to ensure that business will be successful. These factors are its strengths, weaknesses, opportunities, threats (SWOT). (Bateman-Snell, 2009) External and Internal Factors

After analyzing the external environment and internal resources, strategic managers have the information they need to put together a plan for corporate, business, and functional goals for the organization. A comparison of strengths, weaknesses, opportunities, and threats normally is referred to as a SWOT analysis. (Bateman-Snell, 2009) SWOT analysis helps executives go over the major facts and forecasts resulting from the external and internal analyses. From this, executives can organize a series of statements that identify the primary and secondary strategic issues confronting the organization. Strategy formulation builds on SWOT analysis to utilize the strengths of the organization in order to capitalize on opportunities, counteract threats, and alleviate internal weaknesses. In short, strategy formulation moves from simply analysis to devising a coherent course of action. (Bateman-Snell, 2009) At this point management is responsibility to lead the lower level mangers to ensure that the SWOT analysis plan is put into place to work for the company. Wal-mart has the ability to control what is going on through continued monitoring of performance and by performing SWOT analysis every quarter to regroup when need be.

When it comes to globalization Wal-mart has created a Global Ethics Office. The purpose of...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Internal and External Factors Essay
  • Internal & External Factors that Affect Management Essay
  • External/Internal Factors Paper
  • Internal and External Factors affect the four functions of management Essay
  • Management Internal/External Factors Essay
  • Essay about External and Internal Factors
  • External and Internal Factors Essay
  • Internal External Factors G Essay

Become a StudyMode Member

Sign Up - It's Free