External/Internal Factors Paper
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 …show more content…
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