Assignment World

logo white icon

Securing Higher Grades Costing Your Pocket? Book Your Assignment At The Lowest Price Now!

MGT501 – BUSINESS ENVIRONMENT

Home / Business Environment

SUBJECT CODE – MGT501
SUBJECT NAME – BUSINESS ENVIRONMENT
UNIVERSITY NAME – TORRENS UNIVERSITY, AUSTRALIA

MGT501 – BUSINESS ENVIRONMENT

What is the Business Environment?
Business Environment includes both external and internal factors like employees, customers, stakeholders, government, suppliers, competitors, market trends, economical changes, technology, etc.

Features of Business Environment
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.

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.

Instructions
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:
Cover sheet:
You MUST use the formal Torrens University cover sheet.
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).
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.
Conclusion
Reference List

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.

Instructions
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

FAQ’s

Will you be able to complete my assignment?
Yes, we have professional experts on board who can complete your assignment smoothly.

How long will it take you to complete the assignment?
You must state the deadline at the time of making an order.

Will you be able to provide the assignment to me before the deadline?
Yes, we can, but you must specify the duration when making the order.

Is it true that some answers may require a Student ID, and that my personal information will be safe with you?
Yes, we will keep all of your personal information secure and confidential.

If my classmate also gets the assignment done with you, how will you make sure that the solution is completely different?
Our writers pay attention to detail and make every assignment from scratch ensuring originality of the work.

Will you give the Turnitin Report?
Yes, we always give Turnitin Report with the assignments and that too free of cost.

What if I need to make modifications to the work after receiving feedback from the professor?
Yes, we can make changes to the assignment based on the feedback until it meets the original standards.

What is the payment process?
We always request to make payment in advance & the writer starts working once the payment is confirmed.