External/Internal Factors Paper
Internal and external factors can affect the four functions of management within any business. With the Wal-Mart Corporation; globalization, technology, innovation, diversity, and ethics are key factors that the corporation must consider if it plans to succeed and stay competitive with other industries in its area. If these areas are not considered, the Wal-Mart Corporation would discover that its company would not remain as strong as it has proven itself to be.
Effect of Internal/External Factors Managers must deal with several factors that will impact the four functions of management, and both internal and external stimuli have a large influence on planning, organizing, control and leading. Internal stimuli can include
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Wal-Mart took the lead in the retail sector as well. Wal-Mart was one of the first big box retailers to bring pharmacies directly into their stores. Other retailers quickly noticed the potential of in-house pharmacies and rapidly followed Wal-Mart’s suit. However, according to Fredrick (2000), pharmaceuticals only make up approximately 4% of sales at Wal-Mart, but the convenience for a customer of a one-stop shop to pick up all the merchandise they may need without making multiple stops is a major benefit. Clearly the convenience to consumers is a valuable and desirable tool for Wal-Mart. Finally, Wal-Mart plans incessantly where it wants to be. Wal-Mart innovation in their IT department through planning has revolutionized the retail scene. Wal-Mart’s push for all goods to have barcodes has given it an extremely innovative and powerful tool to plan the turnover of its merchandise.
Wal-Mart is one of the largest retailers in the world, so they have millions of employees. Wal-Mart values diversity greatly and maintains a working environment that enriches the personal and professional experiences of associates, promotes excellence, and cultivates intellectual and personal growth of the entire population; according to Wal-Mart (2008) the leaders of Wal-Mart have made it a part of the business plan to ensure