When it comes to handling wastes, Waste Management Inc. has always been at the forefront. However, current data and research shows that it may be time for the company to make some changes. As the single largest waste handling company in the world, Waste Management Inc. operates around 300 landfills and about 4.5 tons of garbage each day. Despite this, the future performance of this company has come in to question. For years now, the world has been transforming into a greener environment. Many companies throughout the world have taken steps to achieve a greener environment and limit the amount of waste they contribute to landfills. Due to the greener mindset of the public, it is necessary for Waste Management Inc. to promote their recycling
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This particular environment consists of the competitors, suppliers, and customers involved with the company. These three groups are all types of people that influence a firm’s decisions. The best way to approach these groups would be to implement a stakeholder mapping system. This system involved mapping the different relationships with the firms and determining the stakes in which the different groups have in the firm. Because the business environment continues to grow, managers can no longer afford to evaluate his or her firm with a narrow viewpoint. The stakeholder mapping process helps a firm understand everyone that is involved with the company, and uses these groups to expand and grow the company. Through the usage of this process, the managers of Wealth Management Inc. can effectively prepare for uncertainty and risk and help to ensure that the firm can successfully sustain its long-term relevance in the …show more content…
In terms of strengths, WMI has continually adapted to the changing attitudes and desires of the consumers, and I feel they will be exceedingly willing to do the same with this “greener” era in waste management. The company was also one of the first to enter the waste management industry, and has sustained a competitive advantage by giving its employees good benefits such as medical, family, and financial care. Another strength is the fact that they are always promoting new programs and look to continue that as they transition into a more recycling based firm. As for weaknesses, lawsuits regarding improper waste disposal severely hurt the companies’ reputation, but the firm has worked hard to regain the trust of consumers. The opportunities for WM are endless, as garbage disposal shows no signs of slowing down. Also, consistent demands for new ways to reuse and recycle give the company ample opportunities to research and expand their recycling techniques to adapt to the needs and wants of consumers. Lastly, some of the threats to WMI include government regulations and new competitors. These new companies in the recycling and green sector of waste management provide a serious threat to WMI, as they could eventually overtake the firm if the company is not managed
This particular environment consists of the competitors, suppliers, and customers involved with the company. These three groups are all types of people that influence a firm’s decisions. The best way to approach these groups would be to implement a stakeholder mapping system. This system involved mapping the different relationships with the firms and determining the stakes in which the different groups have in the firm. Because the business environment continues to grow, managers can no longer afford to evaluate his or her firm with a narrow viewpoint. The stakeholder mapping process helps a firm understand everyone that is involved with the company, and uses these groups to expand and grow the company. Through the usage of this process, the managers of Wealth Management Inc. can effectively prepare for uncertainty and risk and help to ensure that the firm can successfully sustain its long-term relevance in the …show more content…
In terms of strengths, WMI has continually adapted to the changing attitudes and desires of the consumers, and I feel they will be exceedingly willing to do the same with this “greener” era in waste management. The company was also one of the first to enter the waste management industry, and has sustained a competitive advantage by giving its employees good benefits such as medical, family, and financial care. Another strength is the fact that they are always promoting new programs and look to continue that as they transition into a more recycling based firm. As for weaknesses, lawsuits regarding improper waste disposal severely hurt the companies’ reputation, but the firm has worked hard to regain the trust of consumers. The opportunities for WM are endless, as garbage disposal shows no signs of slowing down. Also, consistent demands for new ways to reuse and recycle give the company ample opportunities to research and expand their recycling techniques to adapt to the needs and wants of consumers. Lastly, some of the threats to WMI include government regulations and new competitors. These new companies in the recycling and green sector of waste management provide a serious threat to WMI, as they could eventually overtake the firm if the company is not managed