The Internal/external Factors of Management - Walmart Stores, Inc.

The Internal/External Factors of Management Ð'- Wal-Mart Stores, Inc.

In today's world management must consider a wide variety of factors in order to establish an effective management plan. Wal-Mart Stores, Inc. is the world's largest company and number one retailer, with this success a company this large needs to not only to look internally for solutions to their management objectives, they must also look outside of their business for additional resources. With the increase of technology and the easy access to virtually any information, Wal-Mart Stores, Inc. must be prepared to react to the multitude of demands made by consumers and suppliers. The rapid change of the retail industry from brick and mortar stores to Internet purchases Wal-Mart Stores, Inc. has been able to stay attractive to the buying public. Wal-Mart Stores, Inc. has accomplished this through a highly sophisticated inventory tracking system that enables the stores, including the Internet, to have in stock exactly what the consumers are looking for. According to Hoover's Online Wal-Mart Stores, Inc has expanded to about 4,700 stores including about 1,500 discount stores, 1,650 combination discount and grocery stores (Wal-Mart Supercenters in the US and ASDA in the UK) and 532 membership-only warehouse stores (Sam's Club) (2003). With the introduction of a foreign market their management plan must encompass the rules and regulations of doing business in a foreign country. With the invention of their tracking and identification system, called Radio Frequency Identification (RFID), Wal-Mart Stores, Inc. has exerted control over their entire inventory and enables the workers to identify and locate merchandise more readily for the customers. E-Commerce has increased the ease of purchasing for consumers; Wal-Mart Stores, Inc. has a web site that allows for the ease and convenience of purchasing almost every item in the store over the Internet. Wal-Mart Stores, Inc. has been very innovative in meeting the needs of their clientele, with the Supercenters, it is basically one stop shopping for all of your household and grocery needs, without the hassles of stopping at two stores when you run your errands.

As a highly respected private employer, Wal-Mart is committed to uphold diversity.

Wal-Mart is fully committed to respect their employees and provide them with opportunity, equality,

growth, fair treatment, and understanding. Many large companies feel this is easier said than done.

However, Wal-Mart has developed an equal opportunity program that set goals with timetables to

provide equality in the workplace. In addition, they solicit feedback from their employees on an

annual basis through a "Grass Roots Survey". This enables Wal-Mart to have an updated

understanding of the employee's opinions toward their working practices and procedures.

Wal-Mart also provides their associates with the opportunity to discuss issues and seek

support through their Open Door Policy and Ethics Hotline. The successful implementation of these

program will provide benefits throughout the organization

All managers and supervisors are responsible for implementing these goals and

programs. This responsibility is measured in the same format as their performance toward other

business objectives, such as sales and profitability. Wal-Mart takes pride in their employees and does

their best to hire and train motivated individuals. According to Wal-Mart, "we believe that success

requires both an environment where people are respected and valued, along with a talented

workforce that reflect our diverse customer base." Wal-Mart strongly believes that in order to keep

their steady clientele they must continue to have and grow strong relationships with not only their

employees but their suppliers as well.

Wal-Mart strongly believes there is no way to better represent the different

personalities of each community than to hire within the communities themselves. By hiring locally,

Wal-Mart is "representing the diversity and uniqueness of everyone's hometown."

Wal-Mart employees represent all ages, nationalities, and lifestyles. In 2003, Wal-Mart was

the national's largest employer of Hispanics and African Americans. This organization has steadily

increased the number of management positions, which are held by minorities and women. Wal-Mart

stands by their claim "whether you want to run the largest private truck fleet in the nation or run a

high-volume store, the opportunity can exist for you."

Wal-Mart has been and continues to be committed to providing all employees training

and developmental resources that will ensure to help them achieve their present and future career

goals. They have numerous training tools, which include but are not limited to classroom

courses, computer-based learning, distance learning, corporate internet sites, mentor programs,

satellite broadcasts, skill assessments, and job announcements. These tools have been successful

in aiding the career enhancement opportunities of women and minorities.

In fact for two consecutive years, Wal-Mart has been ranked among Training Magazine's

Top Training 1000 companies. Wal-Mart reiterates throughout their training