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Internal and External Factors and Management Functions

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Internal and External Factors and Management Functions

MGT/230

Internal and External Factors and Management Functions

A company’s success often rests within its ability to observe and analyze itself, both internally and externally. This is a large undertaking, and must be accomplished carefully, and on a daily basis. When management ignores factors that contribute to the company’s well being, it places the company in jeopardy of failing. Succeeding in business is not an impossible task, but it is most requires consistent tasks. There are internal and external factors that affect a company, such as its internal strengths and weaknesses, and its external opportunities and threats. These factors are found within a company’s SWOT analysis, which are its strengths, weaknesses, opportunities and threats. When analyzing these conditions, management should tie these factors into the four functions of management, which are planning, organizing, leading and controlling (Bateman & Snell, 2011, p. 15). Hormel Foods Hormel Foods Corporation is a leading food company that prides itself with its original product branding. The company has a large variety of quality products that carry the company’s brand name. Quality assurance is a key factor in Hormel’s management process, and has become a staple for the brand. This paper will review Hormel’s internal and external factors, and how they relate to the four functions of management. According to MarketLine Advantage Company Profile, Hormel (2013), Hormel Foods is a branded food firm that emphasizes profitable growth. The company is empowered by their founder’s charge to “originate, don’t imitate,” as they promote a balanced selection of highly differentiated quality products. The company believes in connecting with its employees operating in an environment that is

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