Sweet Moment: Manegement Theory Practice and Application
Sweet Moments
MGT/330
April 25, 2010
Sweet Moments
Change is inevitable. Whether the changes are internal or external, companies that do not keep up with change will become unstable. The four functions of management are affected by these internal and external forces. In order for a business to succeed, the business must know change is occurring and what changes may occur in the future. With approximately 13,700 employees and net sales of $4 billion, The Hershey Company has identified theses internal and external factors and uses the four functions of management to remain a growing organization.
For a company to be successful, management needs to take into account the different factors that may affect their goals. A useful acronym to remember is S.W.O.T., which stands for [internal] strengths and weaknesses, and [external] opportunities and threats (Bateman & Snell, 2009). A good company can use their strengths and opportunities to counteract their weaknesses and threats. A potential threat for The Hershey Company is the environment and growing conditions of cocoa. Cocoa is the primary ingredient in chocolate, and a loss of cocoa suppliers, or poor quality cocoa would hugely devastate the industry. The Hershey Company is aware of this external factor, and uses internal strengths to keep this threat from becoming a reality. The Hershey Company is a member of the World Cocoa Foundation, and has taken steps to preserve the ecosystem and start programs that will conserve the environment in which cocoa is farmed (The Hershey Company, 2010). This is just one of the many things Hershey’s has done to protect the company as well as the cocoa industry. By making a plan to be involved with the cocoa industry, and joining the World Cocoa Foundation, The Hershey Company has taken an active step in keeping a potential threat at bay. Leadership from both The Hershey Company and the World Cocoa Foundation will be required to keep these programs running. Monitoring
MGT/330
April 25, 2010
Sweet Moments
Change is inevitable. Whether the changes are internal or external, companies that do not keep up with change will become unstable. The four functions of management are affected by these internal and external forces. In order for a business to succeed, the business must know change is occurring and what changes may occur in the future. With approximately 13,700 employees and net sales of $4 billion, The Hershey Company has identified theses internal and external factors and uses the four functions of management to remain a growing organization.
For a company to be successful, management needs to take into account the different factors that may affect their goals. A useful acronym to remember is S.W.O.T., which stands for [internal] strengths and weaknesses, and [external] opportunities and threats (Bateman & Snell, 2009). A good company can use their strengths and opportunities to counteract their weaknesses and threats. A potential threat for The Hershey Company is the environment and growing conditions of cocoa. Cocoa is the primary ingredient in chocolate, and a loss of cocoa suppliers, or poor quality cocoa would hugely devastate the industry. The Hershey Company is aware of this external factor, and uses internal strengths to keep this threat from becoming a reality. The Hershey Company is a member of the World Cocoa Foundation, and has taken steps to preserve the ecosystem and start programs that will conserve the environment in which cocoa is farmed (The Hershey Company, 2010). This is just one of the many things Hershey’s has done to protect the company as well as the cocoa industry. By making a plan to be involved with the cocoa industry, and joining the World Cocoa Foundation, The Hershey Company has taken an active step in keeping a potential threat at bay. Leadership from both The Hershey Company and the World Cocoa Foundation will be required to keep these programs running. Monitoring
References: Bateman, T.S., & Snell, S.A. (2009). Management: Leading & Collaborating in a Competitive World (8th ed). New York, NY: McGraw-Hill/Irwin CPG Joblist. (2009). CPGJoblist. Retrieved from http://www.cpgjoblist.com Friedman, Thomas L. (1999). The Lexus and the Olive Tree: Understanding Globalization. New York, NY: Farrar Strauss Giroux. The Hershey Company. (2010). Hershy’s. Retrieved from http://www.thehersheycompany.com.