MGT501 Business Environment: Reflective Report on Business Management

This report, prepared by a student for the MGT501 Business Environment course, offers a comprehensive overview of the subject. It begins with a self-introduction, outlining the student's interest in business management and the value of the course. The report defines the business environment, detailing both internal and external factors that influence business operations, such as employees, customer needs, market trends, and government activities. It explains the importance of a good business environment for organizational growth and stability. Furthermore, the report explores internal factors like management structure and human resources, and external factors including customers, competitors, and economic conditions. It also discusses various forms of business organization and their key features, such as ease of formation, capital availability, and liability. The report incorporates well-accepted theories for business environment analysis, including PESTLE and SWOT analyses. Finally, the report concludes with the student's future goals in the field of business management, including academic achievements and professional development aspirations.

MGT501 Business Environment

Business Environment Transcript
Self Introduction
I am a student of Business Management .Business Management has always been attraction to
me that’s why I decided to pursue my career in this field and joining a business course is first
step in this process .This course has helped me to learn the not only the basics but the important
aspects of this field and how the managers have to work in this environment , the well
researched theories and approaches are being learned through this course that helps in making a
career in this field in better way. ( please include your name and course too).
Business Environment explained
The Business Environment is sum of the internal and external factors that puts the effect on
business processing if an organization. It refers to the internal and social factors that drives the
functioning of business. These Environmental factors are-
 Employees
 Customer needs
 Supply and demand management
 Activities of Government
 Innovation in technology
 Market trends
 Economic changes
Importance of Business Environment explained
A good business environment provides the stability and growth to the organization. It helps in
following ways-
• It helps in providing the strength to core activities.
• Helps in overcoming weaknesses

• It helps in making business dynamic
• Helps in detecting the opportunity.
• It guides for efficient usage of resources.
• Helps in making goals for long term growth.
• Flexible in bringing dynamic change in business activities and also it
• Provides path for social acceptance
Internal Factors of Business Environment explained
Those factors that are within the organization and helps in making the healthy business
environment within the orgnization are termed as Internal Factors.
The core internal factors that drives the business environment are as follows-
 Value of Promoter
 Mission and objectives set
 Structure of management
 Image of company-brand value
 Facilities avilable in company
 R&D facility
 Technological innovativeness
 Human resource
 Internal relationship
The internal relationship includes the -
• Jobs and wages

• safety and hygiene and
• security
External Factors for business Environment explained
External factors are those factors that reside outside of the organization and put impact on the
business environment. The key external factors for business environment area s follows-
 Customers
 Suppliers
 Competitors
 Public
 Financiers
 Marketing Trends
 Economic factors
 Social and cultural factors
 Political and government factors and
 Technological factors
Forms of Business Organization Explained
The form of business organization depends on the criteria such as nature of business , size of
operation and various other factors. The features of an ideal Form of organization is as
follows-
The Ease of Formation- The level of legal formalities, paperwork, cost and time for the
formation of enterprise is referred as ease of formation.

The Capital and Finance availability-The amount of capital and finance required to start a
business venture.
The Nature of Liability openness- It refers to the liability of the parties involved in business
The Scope of control- to achieve this the Management and ownership must go together
Continuity and Stability- The continuity of employees and members is highly required.
Flexibility- Flexibility to handle the complexity in business
Secrecy- The level of secrecy of sensitive data and
Lawful Business- Following the legal rules in business
The Well accepted theories for analysis of Business environment are
 Pestle Analysis
It is one of the most significant tool that helps in analyzing the factors of business environment
on the basis of its categories in the analytical manner. Pestle Analysis-
The pestle analysis discusses the following factors in business environment –
Politics
Economy
Social
Technological factors
Legal Factors
Environmental factor
SWOT Analysis

The SWOT Analysis helps in determining the strength , weaknesses , opportunity and threats
within and outside of the organization. It a well implemented tool for determining the strength ,
weaknesses , opportunity and threats within and outside of the organization.
My future goals given
I am very focused for my future and I have planned to
 To complete this course with good grades.
 To attend the maximum workshops and seminars related to business management
course.
 To join an International level certification course in specialization area to achieve
International certificate like International Finance expert certificates.
 To join a good company as a trainee employee .
 To learn practical business experience from seniors and peers at that organization.
( Student can give more future goals)