Internal and External Factors Essay

1575 Words Jun 24th, 2014 7 Pages
Wal-Mart’s Internal and External Factors

Jessica Kiernan


May 26, 2014
Terrell Kennard

There are many ways that internal and external factors affect the four functions of business. The four functions of business are planning, organizing, leading, and controlling. All functions are vital when running any successful organization and should be taken into account at all times. Globalization, technology, innovation, diversity, and ethics are some examples of the different types of factors that could affect these functions of management. Although they can affect them in different ways, they are all factors that have a certain standpoint in the business world. Successful strategic management depends on
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Obviously, Wal-Mart has been more than capable of overcoming internal factors due to the opening of stores in Central and South America, Asia, and Russia. Technology has transformed in so many ways over the past few years and has given a new face to management and how things are done personally and professionally. When you walk into a mega business such as Wal-Mart, you see tons of cash registers, cameras, product sensors, and other gadgets that you may not have noticed ten years ago. Now, these things all help Wal-Mart run a little more smoother and they also help the managers run the store from the side we don’t see. A multimillion dollar store like Wal-Mart uses high-tech gadgets to plan out their next big investment. Normally, front-line managers are presented with I-Pads and cell phone devices in order to stay and keep up-to-date information on the business. They also use these devices to do business with other clients. Nowadays, teleconferencing is a big deal. If a front line manager cannot make it to a big meeting or seminar, they may include him or her via this channel so that everyone will be included on the call. This part of management would be planning and organizing and technology has been such a help to a lot of businesses in this form. By far one of the most innovative firms in the world, Wal-Mart’s ability to move goods from place to place at low cost is unparalleled. They have single handedly set the standard

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