Initial Statement of Intent: Business Environment Analysis

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MGT501
BUSINESS ENVIRONMENT
ASSESSMENT 1 – PART A
INITIAL STATEMENT OF INTENT
Figure 1. Cover Page (Knowledge Hut, 2017, updated 2019)
EXECUTIVE SUMMARY
TABLE OF CONTENTS
Written by: Dominika Stredanska (00278016T) Submitted to: Rachel Han

ASSESSMENT 1 TMG501 – BUSINESS ENVIRONMENT
1. Table of Contents
2. Introduction
3. How do you define business?
4. Why did you choose this course?
5. What kind of past experience (or interest) do you have in this area?
6. How has your experience (academic, work, etc.) prepared you for this course?
7. How do you ensure the required outcomes of your course are met?
8. What can you do to manage and monitor your studies to a successful conclusion?
9. As you think about the future, how might you apply your studies in later life?
10. What kind of goals would you like to set for yourself with regards to this course?
11. Conclusion
12. References
How do you define business? (Research and define business + your personal understanding of
Business)
There are many definition for a business due to a fact that it is difficult to define this term. A general
business dictionary defined a business as an organization or economic system where goods and services
are exchanged for one another or for money.
APA 6th:
business. BusinessDictionary.com. Retrieved July 09, 2019, from BusinessDictionary.com website:
http://www.businessdictionary.com/definition/business.html
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ASSESSMENT 1 TMG501 – BUSINESS ENVIRONMENT
Another source defined business as any activity that provides goods or services to consumers for the
purpose of making a profit. (University of Minnesota, 2016, p. 4).
My interpretation of what is a business would be defining it as a for-profit or non-profit entity that operates in
industrial, commercial or professional activities that provide goods or services in order to fulfil an
organisational mission or engage in a social participation.
Why did you choose this course? (Focus on "why". Points should be given clearly with your
personal story)
Generally speaking, an environment is one of the major factors influencing businesses. I strongly believe
that in order to run a successful business, we need to firstly understand a bigger picture of where we are,
as a business, in order to clearly see which direction to go and what action needs to be taken accordingly.
Understanding of our business environment will help to deal better with changes, improve performance by
enabling the identification of treats and opportunities and excel in fore-casting based on clearer vision of
not only internal, but also external business analysis. Furthermore, business environmental awareness
logically improve strategic thinking and broader possibilities for implementation of innovative strategies.
Basically, understanding of our business environment will bring us to a position of being on the right place
in the right time and that how a business chess up in a market place. This is exactly what I want to be able
to identify after finishing this course, which is the reason why I did choose this subject (Khan, et. al., 2015).
What kind of past experience (or interest) do you have in this area? (Be specific about your work
experience, what role did you take, your daily responsibilities, how many people in your tea...etc. ;
Same rule applies if you want to discuss about your interest)
My work experiences: based on my CV (we can leave the CV at the end in an appendix and reference it
in text when they ask about my experiences & my education.)
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ASSESSMENT 1 TMG501 – BUSINESS ENVIRONMENT
How has your experience (academic, work, etc.) prepared you for this course? (Through your past
experience, either from academic study or work experience, what you have learned? Methods of
study? various skills? how would these help you when you taking this course?)
From my past experiences about business environment and factors through my previous studies prepared
me to significantly adopt wide knowledge about the role and impact of globalization and digitalization in
business operation and outcome of business organization in reference with the business organization
economy factors. My work experience as part timer in business organization already provide efficient
knowledge about business factors and functionalities which prepared me to effectively seek significant
knowledge and information regarding micro and macro environment factors in relation with business
activities. From my past experience that I have sustain from my academic studies and work experience I
have identified various skills such as strategy planning skill and management skills which further
contributes and supports me to efficiently understand the selected course (Prajogo, 2016).
How do you ensure the required outcomes of your course are met? (Focus on "how". Be careful!
This is not asking you about your goals or expectation of the course. Instead, you need to answer :
"how" can you achieve your goals? What do you need to do to fulfill your outcomes? What is your
strategy?
I have ensured that I have met the outcomes during the course as during the course I was able to seek
effective information related with factors that plays an efficient role in business environment and the various
impacts on business activities. I have met the outcome of the course as during the course I have
accomplished my goal of learning the major impact of customers, media, suppliers, competitors, employees
and shareholders on business operation of a particular business organization. I need to fulfil my outcome in
reference with my chosen course in order to efficiently understand the base of business environment along
with the positive and negative influence of business environment on business operation and development
of business organization. Moreover, I have also learned about business environment support towards
establishment and development of effective plans and strategies for significantly carrying out business
operation and activities of business organization in competitive market or industry which further provides
me the assurance that I have met the required and desired outcome in reference with the chosen course.
Moreover, during the course I was also able to understand about the significant role of public and marketing
in business context of business organization and operation. I have also developed a strategy of
continuous reviewing my course in order to enhance my learning capacity and seek better understanding of
the topic includes in the chosen course (Huang-Horowitz, 2015).
What can you do to manage and monitor your studies to a successful conclusion? (Manage and
monitor means how can you be sure you are on track to reach your outcomes. Do you need more
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discussion with your lecturer and classmates? Do you need to reflect and think what you have done
well vs. what you need to improve? Do you need to draw a time line?)
I usually manage and monitor my studies for further seeking a successful conclusion through revising my
daily learning regarding the topic of the selected course and through further practically practising certain
concepts and topic of the course for better understanding of the course concepts as this process and
methods enhance my knowledge of the course. I generally monitor and manage for ensuring that I am on
track to reach my outcome related with selected topic through testing my learning related with certain topic
and through conducting self-reflection test for seeking my knowledge related with certain major topic in the
course. I also came to know that I am required to discuss my opinion and knowledge related with course
with my lecturer and classmates for ensuring that knowledge is relevant and accurate in reference with
topics in course. Moreover, I am also required to reflect on my understanding and learning in reference with
the topic in course for seeking my learning capability and the part which I required to improve as for
avoiding confusion in reference course. For efficiently and effectively managing and monitoring my
successful conclusion in reference with selected course through developing an effective time line of my
studying schedule and regularly demonstrating and reflecting my knowledge related with business
environment and business operation (De Vries, et. al., 2017).
As you think about the future, how might you apply your studies in later life? (What will you learn in
this course? Management skills? Financial management? How can you use this knowledge in your
future life? You don't need to discuss every class you are taking, however, focus on one or two will
do. Please remember to BE SPECIFIC!)
I have selected this course for further efficiently supporting my career path and future life as the knowledge
about business environment and operation would later help me to establish and develop my business
knowledge and skills which would support me to develop and enhance my own business and to seek a
significant position of my own business in competitive industry and it this course also supports my career
start-up in business field. The studies that I have sustain with my selected course also enables me to
identify and improve my management, business operation and financial skills which largely supports my
career in business and enhance my knowledge regarding the methods that helps me to survive my
business organization among business competition. I consider that this course is helpful for my future life
as it helps me to set short and long term goals related with career opportunities in business field and to
further develop my abilities related with business factors and activities.
What kind of goals would you like to set for yourself with regards to this course? (Both short term
and long term goals please)
I have also set certain goals for myself to achieve in reference with the selected course which would further
help me to effectively sustain better understanding of the topics included in the topic along with efficient
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consideration of future and career path in business field. I have set my goals in two aspects such as short
term goals and long term goals which I aim to accomplish regarding my selected course. Among the short
term goal I have set concepts such as collecting appropriate and significant information related with
business environment, impact of business environment on business operation and strategies to develop
business organization in competitive field as this short term goals would further enhance my knowledge
regarding business while long term goals include testing my capacity and ability in reference with business
factors understanding and continue reviewing and testing my learning of the topic in selected course as it
later helps me to sustaining my own business organization in competitive industry (Gani, et. al., 2015).
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ASSESSMENT 1 TMG501 – BUSINESS ENVIRONMENT
Conclusion
This assessment is generally a self-based reflection of a learner in relation with the learner understanding
about the selected course of business environment along with the demonstration of business environment
influence on business operation. This assessment includes a description of business principles of
economics of business organization in relation with the context of business environment and operation.
This assessment mainly aims to reflect learner understanding in reference with the selected course along
with the description of the reason to choose this course and this assessment also includes discussion of
the significance of the selected course for supporting learner’s career and future in business field.
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ASSESSMENT 1 TMG501 – BUSINESS ENVIRONMENT
HIGH DISTINCTION FOR THIS ASSESSMENT =
Knowledge and understanding (technical and theoretical knowledge)
A sophisticated understanding of the field or discipline/s.
Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence
from the research/course materials and extended reading.
Mastery of concepts and application to new situations/further
learning.
Application of knowledge and reflection to practise
Highly sophisticated and creative capability to analyse and evaluate experiences reflectively with application of new with existing
knowledge. Understands and describes own short-term and long-term goals with regards to studies and career aspirations, is
aware of implications and takes appropriate action to modify behaviours when necessary.
Effective Communication: Expertly presented; the presentation is logical, persuasive, and well supported by evidence,
demonstrating a clear flow of ideas and arguments.
Engages and sustains audience’s interest in the topic, demonstrates high levels of cultural sensitivity
Effective use of diverse presentation aids, including graphics and multi-media.
Correct citation of key resources & evidence: Demonstrates use of high-quality, credible and relevant resources to support and
develop arguments and position statements. Shows evidence of wide scope within and without the organisation for sourcing
evidence
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REFERENCES:
 De Vries, R., Pathak, R., Van Gelder, J., & Singh, G. (2017). Explaining unethical business
decisions: The role of personality, environment, and states. Personality and Individual Differences,
117, 188-197.
 Gani, A., & Clemes, M. (2015). Business environment and investment potentials in selected pacific
island countries. The Journal of Developing Areas, 49(4), 69-87.
 Huang-Horowitz, N. (2015). Public relations in the small business environment: Creating identity
and building reputation. Public Relations Review, 41(3), 345-353.
doi:10.1016/j.pubrev.2014.10.018.
 Khan, E., & Quaddus, M. (2015). Examining the influence of business environment on socio-
economic performance of informal microenterprises. International Journal of Sociology and Social
Policy, 35(3-4), 273-288. doi:10.1108/IJSSP-02-2014-0016
 Prajogo, D. (2016). The strategic fit between innovation strategies and business environment in
delivering business performance. International Journal of Production Economics: Part 2, 171, 241-
249. doi:10.1016/j.ijpe.2015.07.037.
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