MGT501 Business Environment Assessment: Self-Reflection Report

This report is a reflective analysis of the business environment, focusing on the changes in business practices, economic principles, and the impact of the digital world. The student discusses the importance of understanding business and marketing strategies, branding, and the external and internal environments. The report highlights the application of professional objectives, including creating effective marketing plans, enhancing sales packages, and providing excellent customer experiences. The student also outlines their professional goals, including pursuing an internship, becoming a business analyst, and eventually establishing their own business consultancy. Furthermore, the report connects the learning experiences with future plans for professional development, emphasizing the need for practical knowledge and the analysis of organizational change. Finally, the report discusses the impact of learning on professional development, including the ability to structure successful business plans, advance sales processes, and materialize future prospects, along with plans for further professional courses to enhance their consultancy.

Business Environment

Changes in understanding of
business
 Helps in understanding business and marketing strategies.
 Build concepts which help in achieving company goals.
 Importance of Image and Branding by catering to the needs of
customers.
 It also helps in understanding external and internal
environment especially focusing on the weaknesses and
threats in the market.

Application of professional
objectives in learning context
 The professional objectives can be implemented while
developing successful business plans.
 Create effective marketing plans and strategies.
 Enhance sales packages which will promote prospects into
prosperous outcomes.
 Enrich the customers with great experiences from the services
and products offered.

Changes in definition of business, economic
principles and idea of business environment
 Business ideas and their structures have completely changed over
time.
 After the advent of the digital world, the process of doing business
have completely changed.
 In one side, the people who have adapted the technological changes,
have flourished over time and benefitted from the changes (Stiglitz &
Rosengard, 2015).
 After the course, it has enabled with the knowledge out developing
adaptable strategies to suit the changing needs of the market.

Indication of professional goals
 After the completion of my course, I want to do an internship and
gather knowledge and experience.
 It would help take job as Business Analyst as I have developed
understanding about the business, market and its strategies.
 The aim that I want to materialize, ultimately after having earned
experience as a business analyst, is to have my own firm which
functions as a business consultancy (Dahms, 2015).

Relation with present and future
learning
 I need to acquire practical knowledge of the theoretical business
concepts that I have acquired through this course.
 In future I would like to understand and be able to analyze
organizational change and motivation factors that drives business (Tyl
et al., 2015).
 After completing this course I would also be able to analyze analyze
market segments, and effectively position brands as well as identify
target markets.

Impact of learning on professional
development
 Learning about business management and environment helps us
develop understanding. However, these enable a person to structure
a successful business plan.
 From these understandings, great sales processes, products and
services can be technologically advanced.
 Sound knowledge about the market will enable a person to
materialize their future prospects and plans.

Application of learning experiences
in later life
 I would like to do short professional courses like trade stock
analysis.
 This would help me to run my consultancy in a better way.

Professional development outside
formal studies
 Integrated knowledge management and learning course.
 Management content creation.

References
 Dahms, H. F. (2015). Which capital, which Marx? Basic income between
mainstream economics, critical theory, and the logic of capital. Basic
Income Studies, 10(1), 115-140.
 Stiglitz, J. E., & Rosengard, J. K. (2015). Economics of the public sector:
Fourth international student edition. WW Norton & Company.
 Tyl, B., Vallet, F., Bocken, N. M., & Real, M. (2015). The integration of a
stakeholder perspective into the front end of eco-innovation: a
practical approach. Journal of Cleaner Production, 108, 543-557.