Understanding the Internal and External Aspects of Wanda's Business

Internal Functional Areas

Wanda has never thought of herself as running a “business,” although it certainly seems to have turned out that way. Originally she really just wanted to give her friends and family an alternative to cheap, low-nutrition dog treats. When you explain to Wanda how she really has created a business with stakeholders and all of the internal workings and structure of a business, she just stares at you with a blank look. So, you tell her to just hang on and you will explain this in more detail. Your Task Submit a 1.5-2 page paper, double-spaced, 1" margins, using Times New Roman Font. You do not need a header, simply include your first and last name, date and class (BA100) on the top of the first paper. Your paper should address the following: •Explain the internal functional areas of Wanda's business, as well as their purpose •Discuss the internal and external stakeholders in Wanda’s business •Explain the forces in the external environment that impact Wanda's business When you are writing these descriptions, be certain to explain in detail how each of these elements relates to the business and to each other so Wanda can get a better understanding of her business and the people (stakeholders) it impacts. Read Ch.1 - Role of Business, and reference the information found there. Check your grammar and spelling before submitting, as this is important in the business world. Include references where used and remember that the majority of your paper should be in your own original thoughts and wording. You will be graded on providing in-depth critical thinking and support for your responses, clearing addressing the assignment objectives and topics in the questions asked, and using correct grammar and spelling so that your paper flows well and can be easily read and understood. See grading rubric below. Grading Rubric Points Criteria 80% – 100% Outstanding / Good 70%-79% Proficient 60%-69% Basic 0 – 59% Below Expectations Critical Thinking · rich in content · full of thought, insight, and analysis · substantial information · thought, insight, and analysis has taken place · generally competent · information is thin and commonplace · rudimentary and superficial · no analysis or insight is displayed Assignment Objectives clear statement of factors addressing assignment objectives · factors / statement are alluded to, not really clear or too obvious · limited, if any factors / statement included · vague generalities · no factors / statement are included, off topic Stylistics · few grammatical or stylistic errors · several grammatical or stylistic errors · obvious grammatical or stylistic errors · errors interfere with content · obvious grammatical or stylistic errors · makes understanding impossible

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).

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).