External / Internal Factors in Management
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How do internal and external factors affect the four functions of management (planning, organizing, leading, and controlling)?
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The Solution identifies some internal and external factors that are affected by the functions of management, including planning, organizing, leading, and controlling.
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How do internal and external factors affect the four functions of management (planning, organizing, leading, and controlling)?
The functions of management in a business are affected by various external and internal factors. The external factors that affect these functions include economic, sociological, political, and technological. The economic factors include the business' competitors, suppliers and customers. These factors truly determine the level of competitiveness of the business within the market and how much of a profit the business can make (Button, 2011). Therefore, by studying these factors management can make effective decisions when it comes to planning, and organizing the company's input and output. The social factors affecting management functions include demographic status and trends, general cultures, work ethics and personal values. Such factors influence how ...
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