External/internal Factors Impact On The Four Functions Of Management

Innovation at Wal-MartAs the leader of the retail industry , Wal-Mart Stores Inc . utilizes the creation of operational designing by inventing wise ways of doing give way . So far , the company has developed unique features in its business models and customer interface . Indeed , Wal-Mart is known for its comradely service , employee training programs , and store greeters . By practicing operational innovation , the company has produced superior profitability for itself . Moreover , the company is a recognized leader in supply-chain circumspection . By consolidation and innovating the processes for engaging and communicating with suppliers , Wal-Mart has spring uped out to be a leader whose innovations cannot be easily replicated by competitors (Close , 2006An example of caution innovation at Wal-Mart is that its sales records are directly communicated to its banks at the points of sale Hence , when a product barcode is read at checkout , the purchase is not only listed on the customer s receipt , but also communicated directly to banks . This means that Wal-Mart s suppliers would be paid immediately upon the sale of their products at Wal-Mart . Prompt salary allows the company to negotiate volume discounts from its suppliers . This , of course , translates into lower prices for customers (Powell , 2001Undoubtedly , the management at Wal-Mart is using the four functions of management optimally in to produce the revenues that it does Planning for innovation such as colligateing its points of sale directly with banks and therefore the suppliers - the company had first to identify its goals , objectives , methods , resources essential carry out the methods , responsibilities and dates for completion of line of works .

Given that Wal-Mart would like to remove all of its products at the lowest prices its objective for this innovation was to link its points of sale with suppliersINNOVATION AT WAL-MARTPage 2who , when promptly paid , would be clean to negotiate volume discounts Wal-Mart s goal is , of course , to increase its revenues finished lowest pricesThe company also had to recognize the method by which it would connect its points of sale with suppliers . The method identified was to use computing device terminals that directly link with Wal-Mart s banks Furthermore , the company recognized that the resources need for this task were new communication devices built through computer technology to link Wal-Mart s points of sale with banks . The company also had to find out in the planning phase that there were would be definite groups of people delegated the task of developing the required communication technology , just as assistant managers would have to be delegated the task of communicating the new vision to both banks and suppliers , who in turn would willingly link themselves through computers with Wal-Mart Lastly , Wal-Mart set a date by which it was expected to start using the new technology to enhance its businessIn the organizing phase of managing innovation , Wal-Mart s management knew that for achieving goals in an optimal fashion , it had to begin organizing a new plane section , human resources , and office and systems for reorganizing business around the desired innovation...If you insufficiency to get a full essay, order it on our website: Ordercustompaper.com

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