MGT501 Business Environment Report 3 Sample

MGT501 Business Environment Report 3

Management – Report

Assessment Task

This assessment requires you to conduct a Final Reflection on your learning experiences, and how they have evolved during the course of this subject. To achieve this task, you are required to revisit the Initial Reflection you completed for Assessment 1, where you examined what motivated you to undertake your current course of study.

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.

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. 

Solution

In this study, the Gibbs model is used to reflect my learning experience from this course. 
Gibbs model
 

Figure 1 Gibbs model of reflection
(Source: MindTools, 2023)

1. Description 

I learned a lot after attending this course especially about the fundamentals of the corporate world. Before taking this course, my knowledge in the market and business field is vague. As per the MBA Assignment Expert, Now I learn about the market and related tactics. I have a deeper comprehension of supply and demand, the function of rivalry in the formation of markets, and the significance of innovation in propelling growth and development (Brush, 2020). My decision-making ability has improved. I now feel much more prepared to analyse and assess the economic issues that impact firms and economies throughout the globe, thanks to my deeper grasp of the business environment and the economic concepts that underpin it. When we first started talking about this topic, my knowledge of the corporate world and the economic concepts at play there was sketchy at best (Kuznetsov & Kuznetsova, 2019). I was familiar with the terminology, but I lacked the in-depth expertise necessary to make sense of the many moving parts in the corporate world. In addition, I learned more about the dynamics of the business world and how external forces like technology development and internationalisation affect businesses.

2. Feelings 

I was completely overwhelmed by the amount of information when I first started learning about the subject (Gibbs’ Reflective Cycle, 2020). As I learned more, I became more enthusiastic about the ways in which this information might be used to further my career.

3. Evaluation

The skills and understanding I've gained from this course are invaluable to my current and future profession. Those who aspire to positions of leadership in the business world must have a firm grasp of both the fundamentals of economics and the nuances of the modern corporate world. The ability to think critically and analytically has been greatly enhanced by this course, and I am certain that these abilities will serve me well in my professional life. Because of this, I am in a far better position to analyse and react to the many elements that make up the corporate world. I also learn use of digital media (Goh & Lim, 2020). My confidence in my ability to apply economic ideas in real-world settings has also increased, which bodes well for my professional future.

4. Analysis 

The abilities and understanding I have gained from this field of study will serve me well in my future profession. For instance, I plan to use my knowledge of economics to analyse industry trends and locate promising new avenues for development and expansion. Business prospects, risks, and strategic moves will all benefit from my ability to think critically and analytically (Brouthers & Nakos, 2018). Budgeting, revenue forecasting, and sound financial decision-making are all areas where my newfound knowledge of sound financial management concepts will be helpful. I have learned a great deal about this field, and I am certain that it will help me succeed in my career and make a significant contribution in the corporate world. For instance, I have a better grasp on how technological advancements may influence consumer demand and how government regulations might influence business profitability. This knowledge will serve me well as I progress in my profession and face more difficult business difficulties.

5. Conclusion 

Outside of the classroom, I want to expand my skills in business strategy and management by taking advantage of any available internships or volunteer opportunities. Internships and voluntary work are two possibilities for me to obtain practical experience in the corporate world. The newest developments and best practises in my profession might be learned by attending relevant events and conferences. I would try to locate mentoring and networking possibilities. Developing connections with seasoned experts in my sector might help me learn from their experiences and advice as I progress in my career. My time spent studying this topic has taught me a great deal. I now feel better prepared to succeed in the commercial world and have a firmer grasp of the economic fundamentals at play there. I can't wait to put this information to use in the real world; I know it will get me closer to my career ambitions.

6. Action Plan 

I want to seek out mentors who can help me in my professional journey. Finally, I want to maintain a growth-oriented mindset by regularly reviewing my progress and seeking out constructive criticism. I want to one day be in a managerial or strategic position inside a corporation (Senol & Can, 2021). I'd want to put my skills to use in the IT business since I think there's a lot of room for creativity and expansion there. I want to one day have the kind of effect on society and the economy that comes with becoming a senior executive or an entrepreneur. 

References

Brouthers, K. D., & Nakos, G. (2018). The dynamic and multi-level nature of international entrepreneurship: Taking stock and moving forward. Journal of Business Research, 88, 175-188. https://doi.org/10.1016/j.jbusres.2018.03.023
Brush, K. (2020). model of reflection. WhatIs.com; TechTarget. https://www.techtarget.com/whatis/definition/model-of-reflection

Gibbs’ Reflective Cycle. (2020). The University of Edinburgh. https://www.ed.ac.uk/reflection/reflectors-toolkit/reflecting-on-experience/gibbs-reflective-cycle

Goh, M., & Lim, Y. (2020). How do digital platforms transform business models? A typology of platform value configurations. Journal of Business Research, 109, 484-497. https://doi.org/10.1016/j.jbusres.2019.11.039

Kuznetsov, A., & Kuznetsova, O. (2019). From talent management to professional development: HRM practices that foster employee engagement and career success. European Management Journal, 37(5), 654-664. https://doi.org/10.1016/j.emj.2019.02.005
MindTools. (2023). Mindtools.com. https://www.mindtools.com/ano9qiu/gibbs-reflective-cycle

Senol, F., & Can, H. (2021). Investigating the effects of goal setting and career planning on career satisfaction: A study on managers. Journal of Human Resources in Hospitality & Tourism, 20(1), 91-110. https://doi.org/10.1080/15332845.2020.1833477