Defining Business Environment

This document provides an overview of the definition of business environment and its impact on business operations. It discusses the justification for selecting the Business Environment course, previous interest in the field of study, and the impact of past experience on learning. It also explores metrics for ensuring course outcomes are met, managing and monitoring studies for a successful conclusion, future application of knowledge, and personal learning goals.

Running Head: BUSINESS ENVIRONMENT
Business environment
Student’s Name
University Name
Author’s Note

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Table of Contents
1. Defining Business........................................................................................................................3
2. Justification for selection of the Business Environment course..................................................3
3. Previous interest in the field of Study..........................................................................................4
4. Impact of Past Experience on Learning.......................................................................................4
5. Metrics for ensuring that course outcomes are met.....................................................................5
6. Managing and monitoring the studies for a successful conclusion.............................................5
7. Future application of knowledge.................................................................................................6
8. Personal Learning Goals..............................................................................................................6
Bibliography....................................................................................................................................7

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1. Defining Business
Business can be defined as a continuous set of operations that is related to activities like
production, marketing, distribution and promotions. Business activities are primarily faceted
towards generation of revenue through profit under differential business environment in various
demographics and different geographical domains. Hence, it is justified that the environments
where the aforementioned activities take place have high level of impact on them. This makes
me feel that the profit making in business is directly related to how well the authorities and
executives in any business are able to tackle the external and internal forces of business
environment.
2. Justification for selection of the Business Environment course
Before joining this course also, I had the conception that environmental factors have high
impact on the production and demand of any business. When I saw that any business decision
that had been taken by the leaders in my parental company failed due to changes in market, I
realized that external environmental factors highly impact the business outcomes. Thereafter I
stared to realize that comprehensive and professional understanding of the external and internal
environmental factors is very necessary in order to lead the business operations in a definite
direction.
I also had brisk idea about political, legal and regulatory policies which have high level
of impact and I have also studies how market conditions affect the customer bases. Hence, sales
are severely impacted if market demand fluctuates. Since, I have a plan to develop my personal
business in future, it is essential that with appropriate business environment knowledge, I am
able to maintain the parity between demand and sales. Lastly, I also needed the knowledge of

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external and internal factors in order to design the internal activities of a company so that they
are befitting with the external environmental factors. For all the above mentioned reasons, I felt
that taking up the course on business environment would be of highly benefitting for me.
3. Previous interest in the field of Study
So far as my past experience is concerned, it is limited to passive observation of external
environmental factors. I have also seen business decisions in my parental company being
impacted by environmental factors. However, the lack of knowledge in this field prevented me
from understanding the link between the external and internal environmental factors. I also
conducted secondary research on the environmental factors that could influence the business
operations of the retail industry, where my parental company operates. Hence, I was aware of the
major external and internal environmental factors that affect business. However, by pursuing this
course, I had to take my knowledge to a professional level. I also had the chance to attend few
business seminars as a part of practical activity for business studies in my school. There I
developed a generic idea regarding the impact of political, economic, social and technological
factors on business and also learned how the strengths and weaknesses of a company are
determined based on these external factors.
4. Impact of Past Experience on Learning
Since I had the experience of closely observing the activities of the marketing and sales
department of few entrepreneur companies, I have slight knowledge about the internal
managerial skills that helps the employees to modify the production and sales of a company
based on market demand. However, I also understood at that time that if I am not able to
understand the sources or agencies that determines the extrinsic factors in business I would never

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be able to derive success by utilizing those factors for the benefit of the company, I would work
for in the future. However, the managerial skills helped me to design the practical projects,
where I needed to input operational strategies in the light of the external market factors. My first
hand knowledge also helped me in better understanding the concepts in the classroom sessions.
5. Metrics for ensuring that course outcomes are met
In order to measure whether the required outcomes of any course is met or not, I feel that
detailed learning outcomes are needed to be determined based on which, both the student as well
as the professor would be able to understand the effectiveness of conducting the course. Again,
our university had a discreet plan to help the students if they were not able to achieve the
learning outcomes during their course.
I also keep faith on the assessment instruments like the periodic projects that we needed
to accomplish. Those helped us a lot in order to understand how far we were successful in
achieving our learning goals. Lastly, I feel that course outcomes are met because the professors
give us a detailed reflection regarding why the individual students are not able to master the
learning goals and parallely develop strategies that would help the students to overcome such
limitations in the course of the future projects.
6. Managing and monitoring the studies for a successful conclusion
For concluding my educational course successfully, I have set some strategies to manage
and monitor my progress. In the first place, I always do research on the topics that are supposed
to be covered in the lecture sessions. Based on that, I determine the main areas of concern
regarding that topic. Hence, after the completion of the session, if there is still some doubt in my
mind I can easily contact the professor with that. Thereby I ensure complete understanding of

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any topic that is taught to us. Henceforth, after every lecture session, I indulge in to group
discussion in order to re-discuss the topic so that our conceptions are clarified further. I also
conduct a SMART analysis of every lecture session from my personal learning perspective.
Other than that I keep a digital track of the daily lessons and note down the key concepts that I
have learned.
7. Future application of knowledge
Since I am supposed to be a business graduate, there would be a swath of versatile job
scopes open before me. In case if I open a start up in future, which is my dream career goal, the
knowledge about market environment would help me to launch business projects with lesser
market risks which would help me gain better financial outcomes from my projects. In fact, I feel
that job opportunities against the position of strategic analyst or market analyst are wide open for
me or at best I could excel as a business consultant also.
8. Personal Learning Goals
I always try to hypothetically solve the real time business issue that major organizations
face in the light of the knowledge about market environment that I have acquired through this
course. Besides, I am always enthusiastic about undertaking leadership roles in the practical
group projects, which entrusts team leading capabilities in me also. I also observe the real life
change opportunities and in context to them try to apprehend the changes that are going to come
in to the business environment. I also take charge to authenticate these research papers by my
professors.

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Bibliography
Ayyagari, M., Demirgüç-Kunt, A. and Maksimovic, V., 2008. How important are financing
constraints? The role of finance in the business environment. The world bank economic review,
22(3), pp.483-516.
Kennerley, M. and Neely, A., 2003. Measuring performance in a changing business
environment. International Journal of Operations & Production Management, 23(2), pp.213-229.
Rodriguez, M., Peterson, R.M. and Krishnan, V., 2012. Social media’s influence on business-to-
business sales performance. Journal of Personal Selling & Sales Management, 32(3), pp.365-
378.
Schiffer, M. and Weder, B., 2001. Firm size and the business environment: Worldwide survey
results. The World Bank.
Sun, H. and Hong, C., 2002. The alignment between manufacturing and business strategies: its
influence on business performance. Technovation, 22(11), pp.699-705.