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Management & Control

Functions of management can be classified into planning, organizing, directing and finally controlling. These are the key ingredients of management that would make a company achieve its goals easily. Effectively, it suffices to say that these are the roles of any management in an organization. Control mechanisms that are employed by Wal-Mart include price control, passage of information, power and loyalty. These control mechanisms can impact on the other functions of management positively or negatively.

Price control helps in establishing a stable set of prices that cushion customers from fluctuations. This in turn helps the management to create a stable employment for workers as income is always ensured. Finally, it helps keep competitors checked. Secondly, passage of information and other general communication methods help to keep the company aware of developing trends and new tactics in customer and employee needs. This furnishes the management with first-hand information on how to react when there is a change in market segmentation.

It also helps the management to know how to react to new challenges (Nevin, 2007). Power and trust or loyalty goes hand in hand. When Wal-Mart establishes an influence over a certain segment, it has gained customer’s loyalty. This means that customers will

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trust the company’s products and therefore go for them over other company’s products. Power in management helps the managers in the effective implementations of the functions of management. Therefore, when the four functions of management are looked at critically, we realize that control has a direct impact on them.

For instance, the mechanisms of control like trust help in planning and organizing for events that would make the achievement of Wal-Mart’s goals easier. This means that the mechanisms have a big influence on making the basic functions of management a success. In conclusion, it is important to note that for successful management, the mechanisms of management must be used in harmony with the functions of management. Nevin, J. R. (20th June, 2007). A Market Perspective on Buyer-Power. University of Wisconsin-Madison.

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