Gibbs Model for Business Environment and Economic Principles

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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