Good Management Strategy

1162 Words5 Pages
Internal and External Factors Paper Around the globe organization rely on strong management principles to move forward and a strategy which would lead the way forward. This strategy is mostly based on the core functions of management. A good management strategy requires setting clear objectives which are worked towards by utilizing best practices, implementing policies and making use of all available resources. Success is imperative to strong management functions which include: Planning, organizing, leading and controlling. For a business to achieve success, management must need to define clear paths for all these functions yet ensuring all the internal and external factors influencing the business are dealt with effectively. The decision making process also largely depends on these internal and external factors like globalization, technology, innovation, diversity and ethics. External factors As Wal-Mart stores begin to grow by numbers all across USA, the choice of locality also became a point of concern for the management. Presence of Wal-Mart centers in modest vicinities meant more challenges for the organization. Such kind of external challenge can affect all four functions of management planning. Attention to small details was the key in this situation, by doing the basics right and making critical changes to the projects, was the success factor. Concentrating on the four management function, it brings front a number of answers to the queries. There are certain
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