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11 pages/≈3025 words
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APA
Subject:
Business & Marketing
Type:
Essay
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English (U.S.)
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Topic:
The firm organization and management. Business & Marketing Essay
Essay Instructions:
SOSC 2342 The firm organization and management
Outline
Final paper: Consider a firm with which you are familiar. Write a short paper on it. Think about your firm historically and comparatively. What’s special about the firm? What do you think about its governance and future development in the next 10 or 20 years? Any critical thought about its business? The essay should be 3000-3500 words.
Reading book:
Tricker, Bob. 2015. Third edition. Corporate governance: principles, Policies, and Practices
Refer to chapters 1-18 from the mentioned book above:
Essay Sample Content Preview:
The Firm Organization and Management
Name
Institution
The Firm Organization and Management
Introduction
A society constitutes many organizations whose participation in the value chain contributes towards the realization of certain objectives. These include those that offer services like schools, churches, universities and hospitals, and others that produce goods like factories, craft enterprises, agricultural and industrial enterprises among many others. To achieve their goals, there must be a systematic and consistent performance of activities through an organized management structure which facilitates the realization of the objectives.
Organization and Management
Management is defined differently in different situations. For instance while economists view it as a factor of production, sociologists view it in terms of manpower and managers perceive it as a process. Formal organizations hire managers to get things done. The managers act as enablers of success through other people. Therefore management becomes a continuous process of planning, organizing and controlling an organization’s personnel and resources to achieve a stated goal (Mullins, 2007). Different levels of management have to execute specific functions towards a central objective. The organization’s resources both physical and human must be used effectively in the realization of the desired outcomes through use of inputs such as machinery, raw materials, financial capital and human capital to produce outputs. This paper interrogates the organization and management practices of Wal-Mart, the biggest retail store in the US and which has previously topped in Fortune magazine’s Fortune 500 index.
Wal-Mart Stores Incorporated
The retailer was started in the 1940s by Sam Walton with a single discount store with an idea of selling more for less and within a period of over half a century has grown into the largest global retail outlet running more than 11,000 retail outlets across 27 countries and over 2 million employees. The fiscal year 2019 reports a staggering $ 514.4 billion in revenues. Its shareholders receive attractive dividends in form of shares. The company which has topped the global Fortune 500 six times employs a four pronged corporate strategy in its business (Fergusson, 2017). These approaches include dominating the retail market, rapid and constant expansion of its global markets, creation of a positive brand for company recognition and diversification into new spheres of retail.
On the public relations domain, the company has endeavored to expand into foreign markets and gaining political goodwill through its Political Action Committee, whose activities the company facilitates to a tune of hundreds of million dollars annually. Its public affairs strategy combines well with its company strategy and in regard to its expansion into new spheres the company has taken into consideration the hue and cry regarding its encroachment into retail sectors which other observers feel it should not. This and other efforts which inform the public relations strategy will ensure it continues to enjoy the goodwill of its reputation and become synonymous with affordable and quality products.
The retailer deals with sale of merchandis...
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