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Essay / Case study on the four management functions - 708
Some existing policies can act as obstacles for managers who want to take a different approach to certain policies. Although policies are great for businesses, they can hinder some internal factors of management functions. In the next paragraphs, I will explain how certain internal and external factors affect the four management functions. Globalization has been connecting businesses around the world for years, enabling partnerships that were not possible before. This factor is often aided by the Internet and communication technologies. The global economy allows businesses of all sizes to connect with foreign companies. For example, a US-based store can import materials from Chinese companies via the web to a website called Alibaba.com. Managers are affected by globalization because it modifies the planning function of the 4 management factors. Rather than focusing solely on domestic operations, leaders must now look at the opportunities offered by global partners. Global companies can also introduce competitive forces into the domestic market. If consumers can order cheaper products directly from foreign suppliers, national leaders will need to use the control function to adapt to these competitive forces that are in place.