Mgt/230 Internal and External Factors Essay Example
Internal and External Factors
In a variety of business environments around the world, four management functions are usually found. The functions are planning, organizing, leading, and controlling. These are used from top-level management to frontline or organizational management. Globalization, technology, innovation, diversity and ethics are factors that affect these business functions. One can examine almost any organization and find this to be true. Wal-mart is one of the leading retail organizations in the world whose management functions are affected by these factors.
Wal-Mart has dominated the global market by operating in 27 countries outside the United States. According to Bateman and Snell (2011, p. 4), “Companies that want to grow often need to tap international markets, where incomes are rising and demand is increasing.” This is ascertained through internal and external factors of globalization. Internal factors include production, customer service, and marketing strategies. For example, company branding can affect a company’s image. One can associate with the quality of products and services with a company’s brand and is often the first thing that people see when interacting with a company like Wal-Mart. External factors include new market environments to which a company must be accustomed, consumer analysis, and market analysis. A new product introduced into a new market depends upon consumer reactions. A company must analyze trends by segmenting markets into different consumers types and identifying their motivation of buying. This enables a company like Wal-Mart to create unique offerings for specific consumer needs. Market analysis helps determine the size of the market, how it is growing, and creating a presence in the market geared toward profitability.
Technology is one of the most important factors Wal-Mart uses in planning, organizing, leading, and controlling to secure its success in the “ever changing” market in this and other areas
In a variety of business environments around the world, four management functions are usually found. The functions are planning, organizing, leading, and controlling. These are used from top-level management to frontline or organizational management. Globalization, technology, innovation, diversity and ethics are factors that affect these business functions. One can examine almost any organization and find this to be true. Wal-mart is one of the leading retail organizations in the world whose management functions are affected by these factors.
Wal-Mart has dominated the global market by operating in 27 countries outside the United States. According to Bateman and Snell (2011, p. 4), “Companies that want to grow often need to tap international markets, where incomes are rising and demand is increasing.” This is ascertained through internal and external factors of globalization. Internal factors include production, customer service, and marketing strategies. For example, company branding can affect a company’s image. One can associate with the quality of products and services with a company’s brand and is often the first thing that people see when interacting with a company like Wal-Mart. External factors include new market environments to which a company must be accustomed, consumer analysis, and market analysis. A new product introduced into a new market depends upon consumer reactions. A company must analyze trends by segmenting markets into different consumers types and identifying their motivation of buying. This enables a company like Wal-Mart to create unique offerings for specific consumer needs. Market analysis helps determine the size of the market, how it is growing, and creating a presence in the market geared toward profitability.
Technology is one of the most important factors Wal-Mart uses in planning, organizing, leading, and controlling to secure its success in the “ever changing” market in this and other areas