Sunday, October 6, 2019

Internal and External Factors Essay Example | Topics and Well Written Essays - 1000 words - 1

Internal and External Factors - Essay Example In order to understand the importance of management functions, it is vital to consider a specific organization in today’s business environment. The organization of choice is Walmart. This organization operates retail stores around the world. Retail markets are dynamic in nature, an aspect that makes it essential to examine how management in this organization undertakes its functions. On the same note, the fact that Walmart operates retail stores globally makes management a critical factor in the global business setting. Planning is the first major function of management. The formulation and realization of an organization’s goals depend on this role of management. In Walmart, planning encompasses the process of strategizing on how to achieve the firm’s short-term and long-term goals. The successful positioning of the retailer in both domestic and international markets is driven by the implementation of strategies that inform the realization of the set goals. The management decides on their retailing approach and the best ways to meet consumer needs. In this respect, planning is an ongoing practice that requires change or alterations if need be. In planning, Walmart’s management engages vibrant advertising and feedback collection practices that solely focus on the customer. This practice takes into account the firm’s marketing, sales, and supply chain management needs. In addition, the organization runs promotional projects that seek to capture consumer attention and convince them to buy. In essence, planning seeks to mobilize organizational processes and strategies that best address the goals and objectives set by the organization. The management cannot achieve the desired organizational outcomes without being organized. In the organizational context, organizing encompasses the mobilization of resources and personnel to ensure that the firm remains in the right business path. Organizing requires the management to allocate

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