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  • Lucy Martin
    Updated March 23, 2022
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    MGT501 Business Environment

    Subject Code



    Subject Name


    Business Environment

    University Name


    Torrens University, Australia

    What is the Business Environment?


    usiness Environment includes both external and internal factors like employees, customers, stakeholders,

    hat is the Business Environment?

    government, suppliers, competitors, market trends, economical changes, technology, etc.

    As part of the Business Environment Assignment, you will gain a deeper understanding of the business world.

    Business Environment includes both external and internalfactors like employees, customers, stakeholders, government, suppliers, competitors, market trends, economical changes, technology, etc.

    Features of Business Environment

    In order to describe a business environment and identify the key components that make up the business environment. The following are some of the features of a business environment which are as follows:

        • Dynamic
        • Complex
        • Uncertainty
        • Sum total of external and internal factors

    Importance of Business Environment

    Business environments help the business to identify threats as well as opportunities which are crucial for the success of the business.

    Help to Identify Opportunities and Get First Mover Advantage

    Firms have several possibilities to improve their performance in the current business environment. Firms that are able to spot and identify these chances at an early age, benefit the most and have a competitive advantage over their competitors.

    Help to Identify Threats and Early Warning Signals

    Understanding the environment helps the business to anticipate the threats and take corrective actions ahead of time.

    Help in Tapping Useful Resources

    It helps the business to utilise the available resources effectively and convert them into goods and services.

    Coping with Changes

    Whether it’s changes in customer expectations, developing trends, new government rules, or technology advancements, the firm must be aware of continual changes in the business environment. If the firm is aware of these recurring changes, it can prepare a reaction to deal with them.

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    Assessment Details

    Learning Outcomes

    a) Apply conceptual knowledge of reflective practice in a business context.
    b) Critically evaluate business principles and stakeholders’ viewpoints in global environments.
    c) Analyse and synthesise the fundamentals of business practices in the contemporary environment.
    d) Construct and justify a professional value proposition as a business practitioner.

    TASK 1

    Based on a verifiable reflection model. You are required to write a 1000-word reflection on what motivated you to undertake your current course of study (postgraduate program) in Torrens University.

    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, and 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 your reflective inquiries with theoretical evidence.


    Adopting an established reflective model. You are required to write up to 1000 words of ‘initial reflection’ on the reasons for undertaking your current course of study.

    The topics you are expected to cover may include, but are not limited to, the business environment and reflective business practices, business structures and government regulations, including economic principles.

    The Reflection Should Address the Following Questions:

    • How did your experiences (academic and/or work) prepare you for the current course of study?
    • What are the past experiences (or interests) you have in this area?
    • How would you ensure the required outcomes of your course of study are being met?
    • How would you manage and monitor your academic activities to ensure a successful conclusion of your course of study?
    • Looking into the future, what are the implications of your current course of study in later life (post-career)?
    • What are the goals you would like to set for yourself, with respect to your current course of study?

    Report Structure and Format

    • Please structure the reflection as follows:
        1. Cover sheet: You MUST use the formal Torrens University cover sheet.
        2. Introduction: Brief (one sentence) aim of the assessment, and how you intend to achieve it (brief outline of your adopted reflective model [e.g., Driscoll, 1994] and its stages).
        3. Main body: Use the reflective model stages as your main headings (e.g., Driscoll, 1994 — what, so what and now what) to address the suggested reflective points.
        4. Conclusion
        5. Reference List

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    TASK 2

    Critically analyse stakeholder theory in a real-life business or a project setting, with specific emphasis on relevant internal and external environment factors. In doing so, you are required to employ a stakeholder matrix and mapping techniques to determine the extent of stakeholder influence and interest.

    Stakeholder analysis is a technique for identifying stakeholders and analysing their roles in a given business, or project scenario. The aim of the analysis is to map out and manage the stakeholders’ level of influence and degree of interest. Stakeholder analysis can also be used to assess the relationships between different stakeholders, as well as the issues they care about in the internal and external business environments.


    Selection of the business or a project scenario. You are required to select a verifiable real-life business organisation or a specific business project in an industry related to your course of study/ area of specialisation (e.g., MGPM, MEM, MBA, MBIS, GCBA).

    Based on the selected business organisation or project, you are required to write an up to 2500-word report on its internal and external stakeholder analysis.
    The stakeholder analysis report should address the following points:

    • Identify and analyse the functional areas of the business/ project.
    • Scan the macroeconomy for recent developments and comment on the future economic outlook of the business. Based on verifiable evidence, discussion MUST include the current macroeconomic environment, industry outlook and competition landscape.
    • Identify the important internal and external stakeholders, and comment on their interests and level of engagement in the business/ project.
    • Create a stakeholder matrix, and corresponding stakeholder mappings.

    Report Structure and Format

    Your individual stakeholder analysis should follow standard report structure and include the following:

    • Cover page: You MUST use the formal Torrens University cover sheet.
    • Executive Summary: Provide a concise summary of the report in bullet points.
    • Introduction: The aim of the report, and background information about the selected business/ project.
    • Main body
    • Conclusion: Summarise the aim and findings of the report. There should not be any new information that was not captured in the introduction and main body in the conclusion.
    • References
    • Appendices

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