External/Internal Factors of Management
Wal-Mart is an organization that has been extremely successful in achieving its goals of becoming top retail store in the world. Managers for this organization must plan, organize, lead, and control each component of this organization in order to secure its success. There are factors, internal and external, that can impact these four functions within an organization. Management's responsibility is to take these factors into consideration to ensure that business will be successful. These factors are its strengths, weaknesses, opportunities, threats (SWOT). (Bateman-Snell, 2009)
External and Internal Factors
After analyzing the external environment and internal resources, strategic managers have the information they need to put together a plan for corporate, business, and functional goals for the organization. A comparison of strengths, weaknesses, opportunities, and threats normally is referred to as a SWOT analysis. (Bateman-Snell, 2009) SWOT analysis helps executives go over the major facts and forecasts resulting from the external and internal analyses. From this, executives can organize a series of statements that identify the primary and secondary strategic issues confronting the organization. Strategy formulation builds on SWOT analysis to utilize the strengths of the organization in order to capitalize on opportunities, counteract threats, and alleviate internal weaknesses. In short, strategy formulation moves from simply analysis to devising a coherent course of action. (Bateman-Snell, 2009) At this point management is responsibility to lead the lower level mangers to ensure that the SWOT analysis plan is put into place to work for the ...