Global Business Environment (Reflective Report Assignment)
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Type of Academic Paper – Assignment
Academic Subject – Business
Word Count – 2600 words
TASK 1
I found the class very motivating and informative. I believe that I have built a vast understanding of the Global Business Environment and the effect of globalisation on the business environment. I have found that my knowledge about GBE has significantly augmented by attending the class. I have figured out that businesses’ global practice has become very complex by the effect of globalisation. Moreover, this class helped me identify and implement several macro-environmental analysis tools to analyse the business environment from a global perspective. I understood the concepts of PESTLE and STEEP analysis, and the class has helped me implement the tool in this assignment.
The class helped me update my knowledge in international management positions and strategies used by businesses to expand the global environment. The lecturer has mentioned the businesses’ variations and challenges for global expansion by considering the environment’s political, social, legal, economic, and technological factors. I was able to develop the understandings of several domains and levels of the global business environment. With the help of this class, I understood the challenges and the opportunities faced by businesses to operate globally. It was demonstrated in the class that the business considers global expansion in the international market as an opportunity. The main focus of the business is to achieve sustainability and growth in the business by operating globally. By this, I perceived that the global business environment might increase the businesses’ profitability and stability.
The class helped me in various ways to appreciate the significance of the global business environment. The lecturer conveyed that the businesses’ global expansion requires a deep analysis of the market and products and services provided by the existing relevant companies. It has prevailed that this helps in producing customised goods to increase the appealing power of the products. I further derived that globalisation has made the business environment more prone to incorporate international management strategies.
The class helped me understand the layers of global business environments, composed of macro-environment, industry, and competitors associated with the business. I figured out that the macro-environment is composed of several environmental factors that significantly impact global performance. Those factors include the political, legal, economic, ecological, technological, and social, accumulated together affects the business’s health in the international market. I was further able to identify the key strategies and implementations that the businessmen can use for the globalisation of their businesses, keeping in mind those macro-environmental factors.
I have identified that the next layer is associated with the global business environment in the industry. The lecturer demonstrated that before entering into the global market, it is necessary to research the organisations and businesses that are providing the same products and services. I was able to identify the tools used for the analysis of the industries and concluded that Porter’s Five Forces model is best suited for this industrial analysis. After analysing the industries, businesses must identify the key competitors present in that particular international market. I found that competitive analysis helps businesses categorise their competitors based on their provision of products and services. This helps the businesses to develop strategies for successful penetration into the international markets.
The lecturer has presented the concepts of change processes of globalisation as well by which I figured out the changes due to globalisation may bring risks for the businesses. This class helped me to identify that globalisation’s change processes may bring challenges and difficulties for internationalisation of the businesses. However, on the other hand, I have found out that change may be advantageous for bringing new opportunities to expand the businesses in the global environment. In addition to this, these change processes of globalisation also bring threats to the new and existing businesses in the market.
Furthermore, this class helped me identify the impact of globalisation on business organisations, societies, and governments. This class helped me derive that globalisation brings out many opportunities and threats for businesses. Threats imposed by globalisation may include cultural diversification issues as well as security issues. However, because any business can enter into any market, this was concluded that proper research of the market might assist the businesspersons for successful expansion or penetration of the businesses internationally. Before attending this class, I did not think that cultural differences are an important issue in a business environment. These cross-cultural concepts were addressed during the lecture. Then I figured out that the global cultures play a significant role in business environments and the governments.
This class also helped me in identifying that the global business environment is also associated with ethical issues. I was able to identify several ethical issues of the GBE process, such as the entire qualified workforce is switching towards first world countries; however, manual workers and low-qualified workforce is experiencing a loss of jobs.
The class helped me build an understanding of corporate social responsibility issues of the business environment as well. For example, this class helped me understand that governments impose some rules and regulations in the business sector to convey environmental and social aims. However, I figured out that a country’s government may violate those regulations and shrink the number of resources that may help generate revenues for the businesses.
It is noted here that the class has also built my understandings of the global financial crises. Before the class, I did not have sufficient knowledge of the financial crises due to globalisation; however, I have received an immense knowledge of the global financial crises by attending this class. For example, businesses started adopting risk management strategies to attain sustainability in the global business environment. However, this resulted in extra problems for businesses.
The class helped me spot and implement the analytical tools for internal and external international business environments analysis. I identified that the managers have to incorporate extraordinary analytical skills to face the challenges imposed by globalisation. I understood that to cater to globalisation’s threats, risk management activities might also be helpful. With the help of this class, we were able to prepare a GBE process and analyse the scenarios for Paraguayan Business Market.
As per the knowledge perceived by me in a global business environment, I can utilise globalisation opportunities proficiently. In a future perspective, I will be able to apply my perceived knowledge of globalisation cost-effectively. Before attending this class, I lacked in my communication skills. By attending this study, I have also developed my communication skills because of my group discussions involvement.
The group discussions and the involvement in the class helped me in various ways. I also believe that I have also gained confidence because of this class. This level of self-confidence will also help me with my professional job interviews. Additionally, I also believe that this will also help me in my future employment, as well. After this class, I started to appreciate the role of involvement in a group discussion in a classroom.
This also played a significant role in enhancing my writing skills, as well. For example, I can present my views and present in a written format. For the evidence, I was able to prepare a presentation on GBE analysing the scenarios of the Paraguayan business market by putting into my knowledge and understanding in a written form. Also, I am more prone to thinking outside of the box and putting into my personal creativity because of this class.
I need to mention here that by attending this class, I was able to identify my strengths and weaknesses related to this course. For example, I was dependent upon the internet and other secondary resources. Still, I can implement my own knowledge in a sophisticated and presentable manner because of this class. Hence my weakness of dependency on the internet and other resources turned out to become my strength. Before this class, I had no idea that I could be creative and utilise my knowledge for a particular study; however, this class helped me explore my creative side.
I also believe that this class also helped me in building my time management and skills as well. Because of this class, I can manage my time frame according to the phenomena’ nature to be conducted. I started believing that this classroom environment and activities help build self-confidence, time management skills, and exploration of strengths and weaknesses of the individual’s presence in the class.
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TASK 2
Serving life as a student is the long-term process of learning that never ends until the person’s death. However, to become an effective student, it is necessary that the students be good learners and never end their learning process throughout their lives. My course on the global business environment has helped me understand the actual context that the formulation of a business is not a piece of cake because it has to face many difficulties and challenges to make it a prosperous one. My teacher, Dr Marisa Smith, was one of the best companions I found who provided us with various opportunities to have a prosperous career path in the future. As previously discussed, a global business environment has introduced new learning and theories to conduct an industry analysis of international business.
I plan to open a coffee shop in London’s vicinity, just like Starbucks with a funky name to attract teenagers towards my shop. Moreover, I wish to expand the business in different countries and regions to expand my customer base to generate more profit. Through the course portfolio, I learned the global business environment process, which provides the necessary information related to different sovereign countries apart from a country in which the person wishes to build their business. However, through understanding the process of a global business environment, an entrepreneur willing to open a business in different regions or countries can learn the industry norms and the industry’s overall attractiveness in terms of social, economic, licensing, regulatory, and technological environments.
Understanding the global business environment process has helped me learn different factors and grounds on which the industry analysis can be conducted within a country or a region. Moreover, after the end of the session, I understood the context of macro-environment in the essence of international business enterprises and how the businesses can be managed internationally at various scales such as global, regional and national. The teaching notes clarified that the global business environment has recently evolved since the technological advancements as conducting businesses in different countries have become easier for entrepreneurs. The classes enhanced my understanding as I want to stand at a competitive position in the international market. It also helps in looking at the big picture of the market.
In my opinion, the international business organization requires in-depth research when moving to a new country to promote the business. It also enhanced my understanding of the layers and main dimensions of the global business environment concerning economic, legal, social and technological aspects. The GBE process also helped me familiarise myself with the change process adopted in the complex global situation and further helps understand their significant impacts on organizations, societies, and governments. When I searched for the topic of international business environment analysis tools, I discovered a wide range of tools which I found more effective than Global Business Environment as it was only supported by impact and predictability matrix.
Among those tools, I found two tools more interesting and effective in conducting international business analysis to check the business’s viability. The two tools whiound interesting were entthe- McKinsey nine-box matrix and EFE Matrix, which are both used for the industry analysis for the international environment similar to the Global business environment. This interactive nine-box matrix of GE-McKinsey signifies a framework designed for the business units, which also elaborates which business unit is most profitable and can expand further into the international market (Quarterly 2008). According to the knowledge I gained through this framework, it helps the managers elaborate the business prospects. The companies can judge the industry’s overall attractiveness along with the competitive strength of the business within the industry they are currently performing.
For me, the most important aspect of the nine-box matrix is its contribution to the interpretation of industrial factors, which are necessary for any business to consider while launching the business in the international market. Moreover, the McKinsey nine box-matrices are also concerned with theory building and sense-making (Capps and Glissmeyer 2012: 1059). However, this tool’s use enables the process that has been significant for my interest as it can contextualize the whole scenario of the industry within those nine boxes, which also comments on the business opportunities provided by the international business. The best part of the nine-box matrix is that the business opportunities can be categorized as high, medium and low within the two axes. On the other hand, the GBE process only reflects on the country’s economic, political, social, cultural and regulatory environment in which the business has to be shifted. Also, the nine-box matrix can provide information relevant to the business environment, which, in my opinion, provides a systematic approach for the projections regarding the prospects and the overall attractiveness of the market.
Hence, in my opinion, the McKinsey nine-box matrix is also effective in analyzing the attractiveness of the market within the industry in which the entrepreneur wishes to start their business in the international market. The second tool that I found most effective in comparison to the global business environment process is the EFE matrix, which is the abbreviation of external factor evaluation, another most effective tool that can assess the business’s external conditions. In my opinion, it is a good tool to prioritize and visualize the threats and opportunities about the business (Schuler, Jackson and Tarique 2011: 506). As far as I have studied this matrix, I found it more interactive and authentic in identifying the external factors that can affect the business in an international market. Identifying threats and opportunities can help businesses and entrepreneurs who want to open a business in the international market. Being a student, it is necessary to grasp such concepts to enhance my understanding of the international market.
The EFE matrix, of course, rests on the application of the development in business strategy domains as it involves a low-level calculation which is important in terms of assessing globalization trends, policies and regulations, technology implementation, and protection of rights of the people within that particular country (Amatulli, Caputo and Guido 2011: 61). This matrix is much different from the global business environment. It involves the accurate calculation as in the matrix. The weight is given to identify opportunities and threats concerning the entrepreneur’s given industry to open the business in the international market (Sohel, Rahman and Uddin 2014). In this regard, I find it important to understand the upcoming threats and opportunities faced by businesses in a particular country. Moreover, the risk factors associated with the business can also be highlighted in this context which is helpful for the business. In contrast to the global business environment process, it involves assessing different factors related to the industry, which is also necessary to understand international business.
As I reflect on the EFE matrix’s strengths, this matrix has provided me with a great understanding of international business. I associate it with the current course material, and it helped me encounter the problems I faced during the course. Moreover, understanding these two tools was considered the value addition to my international business knowledge as I look forward to opening my coffee shop in London. So an in-depth understanding of such tools would allow me to pursue my career in the desired field, but on the other hand, I have to work harder to pursue my dreams.
References
- Amatulli, C., Caputo, T. and Guido, G., 2011. Strategic analysis through the general electric/McKinsey Matrix: An application to the Italian fashion industry. International Journal of Business and Management, 6(5), pp.61-68.
- Capps III, C.J. and Glissmeyer, M.D., 2012. Extending the competitive profile matrix using internal factor evaluation and external factor evaluation matrix concepts. Journal of Applied Business Research, 28(5), p.1059.
- Quarterly, M., 2008. Enduring ideas: the GE–McKinsey nine-box matrix. McKinsey Quarterly.
- Schuler, R.S., Jackson, S.E. and Tarique, I., 2011. Global talent management and global talent challenges: Strategic opportunities for IHRM. Journal of World Business, 46(4), pp.506-516.
- Sohel, S.M., Rahman, A.M.A. and Uddin, M.A., 2014. COMPETITIVE PROFILE MATRIX (CPM) AS A COMPETITORS’ANALYSIS TOOL: A THEORETICAL PERSPECTIVE. From The Editor’s Desk.
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