Gibbs Model for Business Environment and Economic Principles

This report discusses Gibbs model for explaining business environment and economic principles. It covers the six stages of Gibbs model and how it helps in gaining proper knowledge regarding business environment and economic principles. The report also highlights the lacking areas that need to be improved for achieving favorable influence on the career.

MGT501 BUSINESS
ENVIRONMENT
TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1

MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business environment is concerned with those factors which affects organizational
practices and its effectiveness. In the current era, it is essential for business to pay attention on
prevailing circumstances so that proper identification of factors that can impact organization
can be identified. The current report will include Gibbs model for explaining business
environment and economic principles. Present report will include different stages of Gibbs
model such as description, feeling, evaluation, analysis, conclusion and action plan.
MAIN BODY
According to the Gibbs model of reflection, it can be understand that there are six stages
which helps in gaining proper knowledge regarding description of particular course, feelings,
evaluation, analysis, conclusion and action plan so that deeper insights (Gibbs' Reflective Cycle,
2021). Each stage play significant role in providing deeper knowledge regarding highlighted
subject matter. In my opinion this is one of the crucial model that can help in expressing
experience. Contemporary business environment is associated with providing information
regarding business practice of particular duration. I came know that economic principles are the
pattern which helps business to take strategic decision regarding monetary resources so that
higher effectiveness can be derived. It can be described that there are different economic
principles which can provides assistance in understanding crucial concepts like opportunity
cost, marginal & nominal principle and law of diminishing & principle of voluntary return
(Adeani, Febriani and Syafryadin, 2020). On the basis of this, it can be articulated that these
topics can largely help me in gaining knowledge r in respect to business decision through
keeping contemporary issue in mind. Both the specified model is highly useful in
understanding economic perspective.
I felt that paying attention on these concepts has allowed me to gain practical
knowledge which has increased my ability to analyse business environment more effectively as
compared to previous. In addition to this, these outcomes like proper environment analysis,
strategic decision , etc. highly required to make my career successful after completing my
education. While studying these model, I felt that the mentioned course of action are essential to
identify the requirement of skills, attributes, etc. It can be articulated that I should get larger
practical exposure in the areas of business activities in turn higher positively get influenced and
become possible to get larger position in near future. In my perspective i is essential to have
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proper insights about business practices & economic theories like demand, supply, keynesian
laissez faire capaitalism, market socialism, etc. These has given me immense knowledge in
respect to organizational activities.
I have evaluated that modules such as contemporary business practices and economic
perspective & business environment can be derived. It becomes possible for me to recognize
aspects like depth insights regarding sustainability, current market trend, economic factor, etc
contribution in achieving objectives (Akella and et.al., 2021). I have analyzed that there are
several objectives of mine such as developing personality, strategic decision making, effective
assessment of company position, etc so that favourable impact on my career can be derived.
To have successful career after completing my course study, I need to properly determine what
are important skills possessed by me. From the assessment it can be interpreted that attributes
like leadership, effective communication, relationship building analytical skills, etc (Drane,
2021). These skills has aid me to focus on prevailing situation to ascertain aspects of business
environment so that corrective decision essential for development of company can be taken.
Communication skills is important for delivering major components that need to be highlighted
for obtaining clarity of goals & objectives (Gratton and Gratton, 2020). Leadership &
analytical has been developed throughout understanding specified module so that economic
practices can be conducted by focusing on having proper instructions & information.
There are few lacking areas that have been evaluated by me while this course of
action and required to be eliminated these limitation for achieving favorable influence on my
career. On the basis of evaluation I have identified that low technical knowledge skills,
awareness regarding legal & ethical practices, adapting changing circumstances, collaborate
working and time management tactic is lacking in me. These are need to be improved so that
while functioning in any specific industry appropriate & ethical actions can be executed
effectively (Austin, Gilkison and Clemons,2020). Business environment keeps on changing so
possessing adapting skill is important in turn feasibility & sustainability characteristics required
to cope up with environment can become possible.
On the basis of this, it can be concluded that highlighted subject matter are important for
gaining sufficient knowledge. There is requirement of concentrating on removing mentioned
lacking areas by paying attention on implementing course of action in turn higher ability to
cooperate with changing circumstance can become possible (Gibbs and Wood,2021). I could
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have getting significant factor by paying attention on developing knowledge through
considering different economic and business theories for making my career more successful in
efficient manner. The course of action which need to be applied by me for overcoming stated
limitation involves participating and subscribing to analytic based case study (Delis, Kazakis,
and Zopounidis, 2021). Online course can be done for improving my technical skills so that
advanced factor required for growth can be done in effective manner. Performing in company
as intern can as well help in achieving growth through emphasizing on gaining practical
knowledge in the mentioned subject matter. Segregating and prioritizing activities can
contribute in completion of activities in efficient & effective manner (Thiagraj, KARIM and
VELOO, 202)). This aids in getting specialization & time management skills for improving
attribute to grab better career opportunities. It will help me to accomplish goals like achieving
success, good pay scale, continuous improvement, etc.
CONCLUSION
From the above report it can be concluded that business environment keeps on changing
so it is essential to develop significant knowledge regarding economic principle & theories.
Gibbs model has contributed in sharing experience in effective manner by describing, sharing
feeling, evaluating & analyzing, concluding and providing action so that improvement can be
done. The current report has involved actions plan such as participating in company as intern,
proper forecasting & planning for getting specialization and effectiveness, etc.
REFERENCES
Books and Journals
Adeani, I. S., Febriani, R. B., & Syafryadin, S. (2020). USING GIBBS’REFLECTIVE CYCLE
IN MAKING REFLECTIONS OF LITERARY ANALYSIS. Indonesian EFL
Journal. 6(2). 139-148.
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Akella, D. & et.al., (2021). Critical Reflection and Communities of Practice as Professional
Development Strategies for Educators.
Austin, D., Gilkison, A., & Clemons, J. (2020). Turning reflection into learning: A practice
development tool for midwifery students. Reflective Practice. 21(3). 301-315.
Delis, M. D., Kazakis, P., & Zopounidis, C. (2021). Management Practices and Takeover
Decisions (No. 2021_10).
Drane, C. (2021). Improving Practice Through Reflection. Beginner′ s Guide to Reflective
Practice in Nursing. 127.
Gibbs, B., & Wood, G. C. (2021). How can student partnerships stimulate organisational
learning in higher education institutions?. Teaching in Higher Education. 1-14.
Gratton, P., & Gratton, G. (2020). Reflection. In Achieving Success with the Engineering
Dissertation (pp. 177-184). Springer, Cham.
Thiagraj, M., KARIM, A. M. A., & VELOO, A. (2021). USING REFLECTIVE PRACTICES
TO EXPLORE POSTGRADUATE STUDENTS SELF-DIRECTED LEARNING
READINESS IN MOBILE LEARNING PLATFORM AND TASK-CENTERED
ACTIVITY. Turkish Online Journal of Distance Education. 22(2). 192-205.
Online
Gibbs' Reflective Cycle. 2021. [Online]. Available through:
<https://www.mindtools.com/pages/article/reflective-cycle.htm>.
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