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Internal and External Factors Paper

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Internal and External Factors

Starr L Jackson

MGT/230 -Week 2

October 20, 2014

Professor Robert Stokes

University of Phoenix Dallas Campus

Internal and External Factors

I have been in the financial services industry since I began my career and am very familiar with the internal fee and pricing structure on a retail bank branch. Fee income is driven not only by deposit and lending products but service fees that are generated from fee-based services that charged to customers. Similar to other for profit organizations there are four basic functions of management in banking. They are planning, organizing, leading, and controlling. All four functions are necessary to ensure that a business operates seamlessly but may not be in any particular order.
As a manager, proper planning and execution of the company’s assets and reputation must always be at the forefront. Always keeping the company’s mission in mind when strategizing daily activities or budget analysis is key in a management role. Organization from a managerial capacity is important and is only effective when you have the right resources and team in place that offer the greatest potential for success. Leadership is most often the first function to come to mind when discussing active management and entails much more that offering direction.
An effective leader motivates and encourages their staff. They get to know them individually and identify what their career objectives are and what they are passionate about. Great leaders bring out the best qualities in their employees in order to get the highest level of production from them. Finally, controlling is enforcing corrective action when other approaches are not yielding positive results. Sometimes corrective action is the last resort to ensure that the strategic goal and results that the company has aligned are followed.
Globalization is a

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