BUMGT5920 Management in a Global Business Environment Report Sample

BUMGT 5920 Management in a Global Business Environment

Assessment Task 1 – Reflective Journal – The Global Business Environment

1. Assessment Description

In this course, students are required to consider the environment in which global businesses operates. This assessment task requires students to engage with the key themes and issues discussed in the workshops, and reflect on how these issues intersect with the world of business. These reflections are to be presented in a reflective journal.

The themes (including issues, challenges, concepts and approaches) MUST be discussed in terms of their relevance or implications for global business and MUST be drawn from those raised in class presentations, discussions, activities, and with reference to resources and readings provided on the course Moodle page. Suitable themes for reflection may include:

• Global trends and priorities
• Sustainable Development Goals – challenges and opportunities for business
• Climate Change
• Globalisation and its impacts
• Impacts of technological change

Students are required to demonstrate not only their understandings of the themes but also their consideration of the implications for the business sector and the student’s current/future role or engagement with global business.

2. Criteria used to grade this task:

This assessment task will be marked out of 100 and is worth 25% of your total mark for the BUMGT5920 course. The key criteria on which this assessment will be marked are:

• Critically analyse key issues from the course that impact on the global business environment.

• Reflect on key factors that contribute to sustainable and responsible international management.

• Follow APA referencing conventions to accurately cite and reference relevant course resources  and readings.

• Use clear concise English language expression.

• Use an appropriate critical reflection structure and layout

Solution

The global environment is the surroundings in which global trade functions. Engaging in the international surroundings can be extremely helpful for a business, and it can moreover be very dangerous. 

Sustainable Development Goals – Challenges and Opportunities for Business

Sustainable development includes the attainment of three consistent aims: financial growth, social insertion, and ecological sustainability, which are essential for the welfare of persons and cultures. The Sustainable Development Goals (SDGs), moreover recognised as the ‘Global Goals’, present a roadmap to finish shortages, decrease discrimination, and deal with climate change, amongst other goals (TRENDS, 2017). As per the MBA Assignment Expert The seventeen goals and one hundred sixty-nine particular goals of this 2030 Agenda for Sustainable Development place the globe’s sights on tackling the most vital ecological, communal and financial concerns we face nowadays. The business goal around the Global Goals is merely set to rise. Some businesses are by now distinguishing the requirement for business to function in steady markets and that, equally, rising disparity, deficiency and weather and water threats are risks to roughly any business representation. These must be tackled if businesses are to defend their potential supply chains and marketplaces (Adams, 2017).

Opportunities 

The SDGs assure major economic remunerations for businesses that are devoted to delivering pioneering explanations and transformative alteration. There is rising proof that customers are more and more aware of businesses’ sustainability testimonials and are ready to choose with their money. Consumers would be eager to give extra for sustainable supplies, with aspects such as surroundings, packaging, cost, advertising, and assertions around natural or fitness and wellness recommendations coming into thought (Jones, Hillier, & Comfort, 2016). Businesses cannot do well in a world of ecological, financial and communal unsteadiness. I think tackling critical subjects like climate change, biodiversity loss, deficiency, and gender fairness will assist companies to protect flexible supply chains and established markets for potential growth. Research by CDP discovered that companies that dynamically administer and plan for climate alteration – one of the mainly vital SDGs to tackle – have an eighteen per cent superior return on investment (ROI) than lower-ranking corporations, demonstrating a practical advance to administration threat pays off.

Challenges

Whilst surely rising in importance under the SDGs, the notion of sustainability in the company is not anything new. Several responsible businesses have been integrating it into their plans for years. Though, the SDGs are raising the bar of corporations' expectations whilst initiating a novel structure for doing trade and ordinary standards for reporting improvement. Since these aims are still new, generating, counting and reporting realistic impacts can make companies vulnerable to some ordinary dangers. Whilst augmented acknowledgement of the SDGs is a good thing, I think supporting and communicating regarding the SDGs is simply one step towards the eventual aim of utilising them to set a suitable stage of objective and notify strategic business development alternatives, with a vision to exploit positive effects (van Tulder, 2018). I think Sustainable development interferences frequently engage interrelated communal, ecological and financial aspects. This is why trade-offs are required to be completely appreciated and intimately directed. For instance, a corporation that expands an industrial unit and generates a new career in a less inexpensively developed area would help SDG 8 - Decent Work and Economic Growth; however, the consequential boost in water use in a region of water shortage could boost force on water systems – a harmful effect on SDG 6 - Clean Water Access. With so many aspects occupied in sustainability plans, I think it can be a challenge to calculate and account for impacts in a significant and convincing manner (Adams, 2017). Though with the opportunity for best practice rising and sustainability managers set the bar superior, self-calculated, self-accounted effects will just stay believable if processes of quantification and exposure are apparent, precise and reliable eventually. Throughout my course I learnt about the SDGs and realized that businesses have a lot to do with the betterment of societies. I had limited knowledge about the challenges and opportunities. However after attending the lectures and seminars I gained a lot of information about these.  Looking back on this class, I have understood just how much my acquaintance has improved since the start of the quarter and that initial assignment. I went from being a student that was not certain in his work and over-thought everything into somebody who found his own style, and can rapidly and efficiently write an essay. 

Globalisation and Its Impacts

Globalisation is a well-known piece of the contemporary globe, so the majority of us do not understand the profits it conveys to our daily lives—like simple access to a range of diverse cooking or novel technologies built by nations half a globe away. Although globalisation enhances our lives, it conveys some challenges because companies begin to develop and expand. Cultural dissimilarities throughout the globe are irrefutable (Dabic, Maley, & Novak, 2020). These disparities cause problems for corporations entering abroad marketplaces and involve changes to their everyday trade processes, whether it is paying employees in a new area or conversing the worth of their merchandise to a new listener.

Globalisation impacts companies in several diverse ways. Globalisation makes it simpler than ever to contact foreign traditions, counting food, cinema, song, and art. 

I think Globalization sanctions corporations to realise inexpensive methods to create their merchandise. It boasts worldwide rivalry, which takes values down and makes a larger collection of preferences for clientele (Kollarova, 2020). Inferior fixed costs support the public in developing, and already-developed states exist better on low wealth. I think companies expand a lot from globalisation and novel clients and different income streams. Companies involved in these profits hunt for elastic and pioneering ways to expand their company overseas. Besides novel markets, globalisation permits corporations to discover novel, dedicated faculty that is not obtainable in their present market (Hopper, Lassou, & Soobaroyen, 2017). For example, globalisation offers companies the likelihood to discover technology flair in thriving marketplaces like Berlin or Stockholm, before Silicon Valley.

Whilst globalisation presents several benefits; it has challenges. Employing across borders produces unknowns for HR squads. First, I think, businesses sketch how they will meet and methodically examine applicants to confirm they are fit when thousands of miles disconnect them from HQ. After that, corporations require to recognise the market’s demands for pay and remunerations to make cutthroat offers (Dana, 2021). To guarantee thriving hires, HR teams have to consider challenges similar to time zones, cultural dissimilarity, and language barricades to locate a good talent for the business. One more challenge companies face incurring taxes and export prices. For companies requiring advertising merchandise abroad, getting those objects out of the country can be costly, based on the marketplace. One more ordinary worldwide growth barrier is running abroad payroll and preserving compliance with altering service and tax regulations. This administration job gets especially hard if you want to supervise businesses in numerous markets (Kollarova, 2020). Lower expenses help several customers; however, it generates tough rivalry that leads a few businesses to look for inexpensive labour resources. A few western companies transport their creation out of the country to nations like China and Malaysia, where lax rules allow to abuse of employees.

All through the semester, I have finished coursework that have amplified my talent, and widened my intelligence as a writer in diverse regions. By undertaking this course, I have been capable to build up rhetorical acquaintance, build up critical thoughts, analysis, and information, and grow efficient plans for engaging in future business plans and so on. Two additional methods I was capable to build up my critical thoughts was by utilising exterior resources in their own inscription by skills like analysis,  rejoinder, assessment, and design and fitting in exterior materials by quotes, rephrase, and synopsis.

Future Role or Engagement with Global Business

Being involved in the course assisted me to understand the perspective that most companies have when allowing for the global business surroundings. Throughout the International Business course, I had the chance to get used to diverse trades and their policies for global results. It was a tremendous eye-opening occurrence. I have attained major skills in giving and developing a complete and consistent business plan that comprises the possibility for global growth. These assignments gave me a chance for individuality and imagination. I experienced as if my talents were used completely, and I liked the skill all through the assignment. Generally, the knowledge I have put on all through getting my degree has been life-altering. There have been knowledge results, personal objectives, and potential activities that will be much more victorious because of the efficient and resourceful learning that I have got during the University degree course.

Reference List 

Adams, C. A. (2017). The Sustainable Development Goals, integrated thinking and the integrated report. https://researchbank.swinburne.edu.au/file/473d5e90-5a04-4ad4-8a7e-e70bab78f62f/1/2017-adams-sustainable_development_goals.pdf

Dabic, M., Maley, J., & Novak, I. (2020). An analysis of globalisation in international business research 1993–2018: rise of the sceptics. critical perspectives on international business. http://irep.ntu.ac.uk/id/eprint/41549/1/1385890_Dabic.pdf

Dana, L. P. (2021). International Journal of Business and Globalisation. http://repository.petra.ac.id/18512/6/B-IJBG_THE_NEGATIVE_IMPACT_OF_FAMILY_OWNERSHIP.pdf

Hopper, T., Lassou, P., & Soobaroyen, T. (2017). Globalisation, accounting and developing countries. Critical Perspectives on Accounting, 43, 125-148. http://repository.essex.ac.uk/17239/7/Final%20preprint%20CPA%20Globalisation%20Accounting%20%20Developing%20Countries.pdf

Jones, P., Hillier, D., & Comfort, D. (2016). The sustainable development goals and business. International Journal of Sales, Retailing and Marketing, 5(2), 38-48. http://eprints.glos.ac.uk/3935/1/THE%20SUSTAINABLE%20DEVELOPMENT%20GOALS%20AND%20BUSINESS.pdf

Kollarova, D. (2020). Globalisation and its impact on the creation of sustainable points of purchase. In SHS Web of Conferences (Vol. 74, p. 04011). EDP Sciences. https://www.shs-conferences.org/articles/shsconf/pdf/2020/02/shsconf_glob2020_04011.pdf

van Tulder, R. (2018). Business & the Sustainable Development Goals: A framework for effective corporate involvement. https://library.oapen.org/bitstream/handle/20.500.12657/39491/Business_SDGs-framework-effective-corporate-involvement.pdf?sequence=1