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How Globalization affect the four functions of management at Wal-Mart
Management is given the task of solving problems in a creative way; therefore it is a very important instrument in the success of a firm. Whatever the situation, there will always be external and internal forces acting for or against the firm and the managers must make the necessary decisions (Bateman, & Snell, 2007). Wal-Mart has continued to grow to global standards and the effects of its growth remain high on the areas it operates and largely affect the functions of management.
The four functions of management needs to be addressed effectively if the firm is to remain competitive and external issues such as location, public, environment and its issues that affect the business externally should be handled effectively. Externally the business must also consider economic and social trends, technology advancements, government regulations, the global trading, and e-business. Wal-Mart being one of the leading retailers must employ the four functions of management i.e. planning, organizing, leading, and control and be able to manage the internal issues such as; marketing, accounting, operation, development, finance, productions, research, and development.
Planning involves logically thinking about the goals of the firm so as to achieve the set objectives. This works as a blueprint that managers must use to know when they deviate from the norm and expected plans (Bateman, & Snell, 2007). With globalization Wal-Mart’s managers must be able to plan and make effective decisions on the implementation so that can have guidelines. This is the first step in management.
After the planning managers must meet the goals set; organizing will help in structuring the duties in the firm. Responsibilities are share according to the firm’s values and criterion. Effectiveness must be emphasized and all resources must be well organized to ensure success (Bateman, & Snell, 2007). Ambiguity in the duties should be avoided so as to make people responsible of their actions. Organization has been effectively done at Wal-Mart.
Quality leadership determines the success of the business and att Wal-Mart leadership has been successfully implemented (Bateman, & Snell, 2007). Leaders provide inspiration, courage, and motivation to achieve the business goals. Effective communication between the leader and other employees in the firm must be effective so as to attain success through team work. With globalization leaders have an uphill task to inspire many people with different view and backgrounds.
The implementation of the plans correctly is termed as controlling. Controlling ensures that managers own the whole process of running the global company. Each manager is responsible for controlling the organized activities which will ensure successful completion of the duties. Brilliant performance is expected especially for huge business e.g. Wal-Mart where the investments are huge. Monitoring and evaluation characterizes the controlling process since the goals are already set and they must be achieved (Bateman, & Snell, 2007).
It is with no doubt that globalization increases the external and internal pressures in the business and hence the four functions of management must be effectively implemented to get a successful business.