MGT501 Business Environment Report 3 Sample

MGT501 Business Environment Report 3

Context

Self-reflection is a way of assessing yourself and understanding the reasons for your life experiences. It is about analysing what you do, why you do it as well as its future implications. Self-reflection also enhances self-awareness, which provides a solid basis for empathy and good leadership. Most importantly, it enables you to develop your skills and ability to strengthen reflective inquiries with theoretical evidence: a theory-practice interface. This assessment provides you with an opportunity to reflect on your learning (subject content) so far, and how they can be applied to advance/enhance your reflective business practices.

Instructions

• Has your understanding of the business environment and its economic principles changed?

• What are your professional goals?

• How does what you have learned relate to your present and future career/professional aspirations?

• As you think about the future, how might you apply your learning experiences in the life of your career/profession?

• What would you do to further your professional development outside of formal studies?

Key Points To Consider:

• Please focus on how the subject content has shaped your thinking about the interface between the business environment and your future career/professional aspirations.

• The video presentation needs to include lessons learnt throughout the subject, and how these lessons can be integrated into your professional life.

4. Important tips for creating your video presentation

• You MUST properly display/show your Torrens University student photo identification at the beginning of your presentation. Failure to adhere to this instruction would automatically be considered an academic integrity breach.

• You MUST also enclose a coversheet in the recording. You may use the formal Torrens University coversheet. Or a simple one with student details (student name, ID, Subject code & name, Assessment number and title, Lecturer/LF).

• Alternatively, you can enclose the coversheet as a separate document (The assessment submission link accepts multiple submissions).

• Make sure to introduce yourself and the reason for the presentation.

• You MUST also state and apply ONE (1) verifiable reflective model (e.g., Gibbs, 1988). Please use the model’s reflective stages as your presentation headings (main body).

• Be specific and clear, as you will be assessed on originality and authenticity.

• Pay attention to video and audio quality, sincerity of presentation, clarity of your perspective and overall impact on the audience.

• Your presentation must be in video format (e.g., mp4, MOV, etc.).

• Please enclose your reference listing at the end of your video presentation. Alternatively, your reference listing can be enclosed as a separate document (The assessment submission link accepts multiple submissions).

Solution

Introduction

The MBA program is very helpful as it has sharpened my knowledge of business environment. During the start of assessment, I had only limited knowledge of only economic factors. The purpose of this reflection is to reflect on knowledge about business environment and economic principles (Lovelock, 2020).As per the MBA Assignment Expert, For the reflection, I utilize Gibbs model of reflection and reflection is done using its stages (Finlayson, 2015). In reflection, I have communicated about my professional goals, application learning experiences in real life. 

Description

My understanding of business environment has changed as now I had knowledge about the business environmental factors. According to Boone et al. (2019), the term "business environment" refers to the sum of all internal and external influences on a company, along with the employees, the customers, the management, the customers, the suppliers, the owners, and the developments in technology, culture, market dynamics, and the economy. These factors affect the way a company runs and carries out its duties, either immediately or indirectly. (Toppr, 2022). These elements taken together have an impact on the environment and status of businesses or corporate entities (Lee & Klassen, 2016). Earlier, I believed that economic principles comprise of the regulation of government, market forces, competition are only the factors that affect business. Thus, now I had knowledge of PESTLE factors that cover effect of political, economic, social, technological, legal and environmental. Thus, these factors indirectly affect business operations (Perera, 2017).  

Feelings

After finishing the module's reading, my predominant feelings were contentment and satisfaction with myself. This was mainly caused by the fact that I felt competent enough to use the theoretical ideas I had acquired in the actual situation. I felt competent enough to help the management of the company make difficult choices involving crucial functions like creating the budget, etc.

Evaluation

Earlier I had thought that I want to be consultant in any multinational company. Now, I feel that I want to attain the position of manager in marketing department of any hospitality organisation. I feel confident to apply the business environment factors in taking decisions related to taxes, product prices, consumer satisfaction, integration of technology and also application of legal laws and regulations (Study. Com, 2022). 

Analysis 

My learning from the lectures is related to my career aspirations as working on the position of manager; I will be confident and as I would be apply prior knowledge of business environment and its factors in handling business operation. For example, change in government regulations such as Taxes would ultimately increase business pressure to raise cost and cover more from consumers (Perera, 2017). Thus, all the environmental factors would be timely analyzed and would help in managing business productivity. 

Conclusion 

As I think of future, these courses' principles have real-world ramifications. Because the elements covered in these modules affect the entity's global outcomes. These lessons have prepared me to handle issues at work and in projects driven by variables like quick regulatory changes and market rivalry.

Action Plan

In future, I would focus on development of the technical knowledge with the integration of technology in managing business operations. I would develop more technological knowledge such as use of machine learning, automation, etc to take more effective decisions. 

References

Boone, L. E., Kurtz, D. L., & Berston, S. (2019). Contemporary business. John Wiley & Sons.
Finlayson, A., 2015. Reflective practice: has it really changed over time?. Reflective Practice, 16(6), pp.717-730.

Lee, S. Y., & Klassen, R. D. (2016). Firms’ response to climate change: The interplay of business uncertainty and organizational capabilities. Business Strategy and the Environment, 25(8), 577-592.

Lovelock, C. (2020). Be a Better BA Through Reflective Practice - Business Analyst Articles, Webinars, Templates, Jobs. Business Analyst Articles, Webinars, Templates, 
Jobs. Retrieved 1 October 2022, from https://www.batimes.com/articles/be-a-better-ba-through-reflective-practice/.

Perera, R. (2017). The PESTLE analysis. Nerdynaut.
Study. Com, (2022) [Online] [Accessed through] <https://study.com/academy/lesson/what-is-the-economic-environment-in-business-definition-importance-factors.html> [Accessed on 25th November, 2022]

Toppr, (2022) Business Environment [Online] [Accessed through] https://www.toppr.com/guides/business-environment/  [Accessed on 25th November, 2022]