Internal and External Factors
Team A

Executives, managers and companies, would not exist if these four fundamentals were not applied; planning, organizing, leading and managing. It takes these four key elements to run a business no matter how small or large the business is. Planning is the first function; here is where expectations and goals are set to be achieved. Organizing is next, here is where management assembles and coordinates human, financial, physical, informational and other resources needed to achieve the goals (Bateman & Snell, 2011). From there, we move onto leading; where management shows that they are good leaders. By stimulating their employees in a positive way to produce and perform at exceptional high rates with quality work. Lastly, there is managing. Bateman and Snell (2011) stated, "By managing, managers make sure the company's resources are being used as planned and that the business is meeting its goals" (p. 16). These four functions affect a business internally as well as externally as well as globalization, technology, innovation, diversity and ethics.
Globalization externally has become more popular since companies now able to access the internet. Before the internet companies would have to search for a product locally, now with the internet companies have the option to search and order a part from any part of the world as well as selling their product. Globalization internally allows a business to be based in another country; managers would not work the typical nine to five hours due to the time zone difference. Here is where technology would help out in those situations internally and externally.
Innovation in business is very critical because innovation helps drive the productivity and performance for the growth and improvement of the business. The benefits of having innovation in business helps the business to be more