Internal and External Factors of Wal-MartIn 1962, Sam Walton opened the first Wal-Mart store and the retailing giant has been rising to success ever since. Various factors have played an integral role in the success of Wal-Mart, but without the strong execution of the four functions of management, Wal-Mart would have failed like many others. This paper will discuss in detail the how internal and external factors affect the four functions of management.
GlobalizationIn 1993 Wal-Mart formed their International Division which was crucial to their success because they needed to remain competitive with other industry giants. When Wal-Mart entered a new country, careful planning was conducted to meet the demands of that specific country. A recent special on the history of Wal-Mart showed their expansion into China. Wal-Mart's president did not realize that most families in China do not own a washer and dryer. Therefore, Wal-Mart removed all their detergents designed for machine washing and replaced them with detergent especially for hand washing.
Wal-Mart brings thousands of people into their stores worldwide who are looking to begin a new career, as well as, shop. Without the organization of each department within Wal-Mart's facilities, harmony within the company would crumble. Employees from every department work together to achieve the goals set for each store. Wal-Mart's goal is to be the largest retailing organization in the world, and has achieved such status by adhering to strict organizing standards.
Wal-Mart believes that in order to be a good leader, you must inspire trust and be rewarding. A statement Sam Walton once said is the motto Wal-Mart employees live by: "It's more important than ever that we develop leaders who are servants, who listen to their partners - their associates - in a way that creates wonderful moral" (walmartstores.com, n.d.). This way of thinking...