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Management Solved

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Internal Functional Areas

In Wanda’s business, the presence of five internal functional areas can be seen and they are discussed below:

Management: Management is one major areas of the business of Wanda; and there are five major components in this. They are planning, organizing, controlling and leading. Planning includes the development of long-term strategies where organizing includes the organization of the business activities. Controlling helps Wands to control the business activities leading refers to lead the organization into success (Adekola and Sergi).

Operations: Operations refers to the process that converts inputs into outputs. The main responsibility of the operation managers of Wanda’s business is to take care the day-to-day business operations of the business (Burns and Dewhurst).

Marketing: In Wanda’s business, marketing refers to the process of identifying the needs of the customers so that they can develop the products and services to fulfill their needs. Some major components are selling, promoting, advertising and others (Adekola and Sergi).

Accounting: The main function of this area is the accurate representation of the financial transactions of the businesses to the internal as well as external parties. It also ensures the correct allocation of company resources of Wanda (Burns and Dewhurst).

Finance: This function involves in the determination of the long-term as well as short-term financial capital needs of the companies. Thus, it involves planning, obtaining and managing the funds of Wanda’s business (Adekola and Sergi).

Internal and External Stakeholders

Every organization has its stakeholders and there is not any exception of this fact in case of the business of Wanda. The presence of internal stakeholders can be seen within the organizations and they are dedicated for providing services to Wanda’s business. The internal stakeholders of Wanda’s business are the employees, managers, investors, board of directors and Wanda herself. On the other hand, external stakeholders have influence on the business activities, but they do not participate in day-to-day business of the companies. The main external stakeholders of Wanda’s business are the suppliers, customers, creditors, lenders, business intermediaries, competitors, society and the government (Bourne).

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