Reflective Essay on Weekly Learnings

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This reflective essay discusses the weekly learnings on macro-environmental factors, market analysis tools, international business environment, application of marketing theories, internationalization and forming partnerships, and maintaining psychic distance in business relationships.
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Running Head: REFLECTIVE ESSAY ON WEEKLY LEARNINGS
Reflective Essay on weekly learnings
Name of the Student
Name of the University
Author’s Note
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1REFLECTIVE ESSAY ON WEEKLY LEARNINGS
Table of Contents
Week 2:............................................................................................................................................2
Week3:.............................................................................................................................................2
Week 4:............................................................................................................................................3
Week 5:............................................................................................................................................4
Week 6:............................................................................................................................................5
References........................................................................................................................................6
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2REFLECTIVE ESSAY ON WEEKLY LEARNINGS
Week 2:
According to the lectures of week 2, the macro-environmental factors such as political
aspects, economic, and social factors are being discussed. These aspects are studied both on
internally and externally basis. The existing height of competition among the rival business
firms. The values of the strategic decision making capability that stays in the hand of the few
individuals; they are the leaders of the business firm. It is the strategic decision making an
evaluation that brings out the unique characteristics of the concerning business firm (Zaridis et al.,
2014).
There are various market analysis tools that the management make use of to study the
micro and macro level environmental factors. One such tool is PESTEL which is a theory.
However, this tool is effective as it brings out the political, economic, social, technical,
environmental, and legal factors.
Another such tool is a Porter’s Diamond Model tool; it brings out the competitive
advantage that stays in the hand of the concerning business firm, and that of the rival firms. It is
a theory proposed by Michael Porter. This tool also states the reason why some of the firms are
successful in nature in comparison to the other rival firms present therein. It helps to understand
the dynamic nature of the business environment (Riasi et al., 2015).
Week3:
According to the lectures of the week 3, much of the information regarding the
international business environment was provided. The manner in which they carry their activities
such that they are able to transform their business undertakings to the next level. A business firm
should consider both the environmental factors internally and externally basis to make use of the
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3REFLECTIVE ESSAY ON WEEKLY LEARNINGS
best solution available out of the various alternative options. A business is required to be taken to
an international level by means of Globalization. However, different key drivers of globalization
such as the market factors, cost factors, environmental factors, and competitive factors. The
necessity for market penetration, product standardization, activity concentration, uniform
marketing, and integrated competitive moves.
Taking into consideration the market structure there exists a different primary body that
together contributes towards the success of the business firm. There is an immense need to
evaluate the buyer’s sellers, taste preference of the consumers, the reason behind the dynamic
changes that are taking place, and much more (Hong et al., 2014). A business firm should aim
towards market penetration. However, it is to be clearly understood by the business firm that
which particular segment is to be targeted.
Week 4:
According to the lectures of the week 4, the importance of the various application of the
marketing related theory and environmental analysis tool is being given priority. This tool entails
the core competencies, areas that require modification or improvement, unique characteristics,
and the strength and weakness of the company. The business firm can make use of the
competitive advantage to penetrate within the marketing boundaries. The competitive advantage
is to very strong in nature as such that the rival firms fail to beat the concerning business firm. A
business firm should aim towards being competitive in the long run, as the long run will only
yield a profit for some time (Noe et al., 2017).
Moreover, making use of the frameworks such as VRIO and value chain analysis will
eliminate the further areas of default of the company. A company should focus more on logistics
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4REFLECTIVE ESSAY ON WEEKLY LEARNINGS
department by evaluating in terms of marketing factor such as to whether to make use of the
vertical marketing system (VMS) or horizontal marketing system (HMS).
Week 5:
According to the lectures of the week 5, knowledge regarding the internationalization and
forming a partnership or alliances is being imparted. I understood that there is an immense need
for the business firm to take a step into the international boundaries to generate profits rather
than operating within the domestic boundary. There also lies the importance of CSR that is
mandatory to be followed by each of the business firm irrespective of the business undertaking
and nature of the business. There is basic code of conduct that is to be followed by each of the
performing business firms in the economy; the CSR lies both internally and externally (Rangan et
al., 2015).
I also learned what the necessity of the stakeholders and those of the shareholders is. It is
both the party that together contributes towards the functioning of the concerning business unit.
The stakeholder comprises of the auditors, sellers, buyers, bankers, local political bodies and
many more. Whereas the shareholder is the leading investors of the business firm, all they seek is
the profit earning criteria. They are required to be satisfied to sustain the business unit. I also
learned that there exists a different marketing model which entails how a start-up or existing
business firm should step forward to enter the international market.
Week 6:
There exists an immense need for the business firm to maintain a psychic distance in
terms of the relationship as such that within the business context, very frequent gathering within
the individual business group makes the relationship negative. There is a risk towards the theft of
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5REFLECTIVE ESSAY ON WEEKLY LEARNINGS
the confidential data. Moreover, it helps in maintaining the focus towards the business prospects
by evaluating the opportunities that stay in the hand of the concerning business firm. I also
understood the need for forming an alliance utilizing partnership on an agreement, or joint
partnership with the other firms. Making use of the partnership or alliance, business bodies share
the work-load and the responsibilities.
Such that they consider the business objective as their common criteria by performing
and carrying on business activities independently. This is a concept of a strategic alliance in
which two or more different business firms works independently but towards the attainment of
the common objectives. I also acquired knowledge regarding the joint-venture in which two or
more firms work together towards the achievement of the common goal. I also understood the
cultural barriers that take place in terms of taboo, customs, languages, belief, and secrecy that the
local partners may need. I also got exposure to the international politics that emerges when a
domestic firm try to penetrate within the international boundary (Velu et al., 2015).
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6REFLECTIVE ESSAY ON WEEKLY LEARNINGS
References
Azar, G. and Drogendijk, R., 2014. Psychic distance, innovation, and firm performance.
Management International Review, 54(5), pp.581-613.
C. Peña-Vinces, J., J. Acedo, F. and L. Roldán, J., 2014. Model of the international
competitiveness of SMNEs for Latin American developing countries. European Business
Review, 26(6), pp.552-567.
Harding, S., 2017. MBA management models. Routledge.
Hong, Y. and Pavlou, P.A., 2014. Product fit uncertainty in online markets: Nature, effects, and
antecedents. Information Systems Research, 25(2), pp.328-344.
Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource management:
Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Rangan, K., Chase, L. and Karim, S., 2015. The truth about CSR. Harvard Business Review,
93(1/2), pp.40-49.
Riasi, A., 2015. Competitive advantages of shadow banking industry: An analysis using Porter
diamond model. Business Management and Strategy, 6(2), pp.15-27.
Souto, J.E., 2015. Business model innovation and business concept innovation as the context of
incremental innovation and radical innovation. Tourism Management, 51, pp.142-155.
Velu, C., 2015. Business model innovation and third-party alliance on the survival of new firms.
Technovation, 35, pp.1-11.
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7REFLECTIVE ESSAY ON WEEKLY LEARNINGS
Zaridis, A.D. and Mousiolis, D.T., 2014. Entrepreneurship and SME's organizational structure.
Elements of a successful business. Procedia-Social and Behavioral Sciences, 148,
pp.463-467.
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