MGT501: Benefits of Postgraduate Studies at Torrens University

This report, prepared for the MGT501 Business Environment course at Torrens University, reflects on the student's motivation for pursuing postgraduate studies. It provides a definition of business and explains the student's choice of the subject, emphasizing the importance of understanding external and internal business environments. The report details the student's past experiences, the expected outcomes of the studies, and the strategies planned for managing and monitoring the studies to achieve future success. It outlines how the acquired knowledge will be implemented in various fields, sets specific, measurable, achievable, realistic, and time-bound (SMART) goals, and concludes by highlighting the importance of business analysts and managers in providing solutions to business challenges. The student aims to develop skills in analyzing economic theories, understanding market dynamics, and applying these insights to contribute to successful business operations, ultimately seeking a career in business management or entrepreneurship.

Running head: BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
Benefits of pursuing studies at Torrens University
Name of the student:
Name of the University:
Author’s Note:

1BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
Table of Contents
Introduction................................................................................................................................2
Motivation behind undertaking of post-graduation studies on Business and Economic
Environment...............................................................................................................................2
 Definition of Business.....................................................................................................2
 Choice of my subject in Post- Graduation studies..........................................................2
 Kind of past experience...................................................................................................3
 Ensuring that required outcomes are met........................................................................3
 Managing as well as monitoring of studies to ultimately succeed in future...................3
 Implementation of studies in various fields in future......................................................4
 Specific goals to be set associated with course of studies..............................................4
Conclusion..................................................................................................................................4
Reference List............................................................................................................................6

2BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
Introduction
External environment associated with business constitute external organizations as
well as various forces that are usually sub-divided into seven parts like political as well as
legal, economic, demographic, technological, social, global as well as competitive. Business
owners have a great deal of control over the internal environment of business that usually
involve several business decisions like choosing of supplies they usually purchase, hiring of
employees, selling of products and the place of sale (Evans et al., 2017). The current study
focuses on justification of my post-graduation studies at Torrens University and I have
described my knowledge as well as experiences associated with my studies in addition.
Motivation behind undertaking of post-graduation studies on Business and
Economic Environment
 Definition of Business
An organization or an enterprising unit that is mostly engaged in various activities mainly
commercial, professional as well as industrial is usually in the long-run process of achieving
profits and fulfilling an objective in addition. Business usually refers to efforts of an
organization as well as activities of individuals to undertake production and selling of goods
and services that range from a scale of sole proprietorship up to International Corporation
(Veit et al., 2014).
 Choice of my subject in Post- Graduation studies
I chose my studies on Business Environment as well as Economic Principles as it would
help me learn all the external as well as internal factors that influence business. External
factors that affect a business environment are macro as well as micro-economic factors, social
issues that affect general society as well as social relations in a business organization (Stern,

3BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
2017). Studying these subjects I would get an opportunity to learn about supply relations,
market size and would be able to identify taste and preferences of customers (Epstein, 2018).
Further it would give me an opportunity to understand technological innovations that might
be required to implement in order to increase productivity as well as profit margins of
business organization.
 Kind of past experience
Before pursuing post-graduation in this subject of study from Torrens University, I had
developed an interest towards studying economic theories as well methodologies associated
with business realizing the economic condition of Australia (Arevalo & Aravind, 2017). I had
developed interest towards studying on basic resources like capital, labour, management and
other resources so that I can invest my ideas to improve economic conditions of country.
 Ensuring that required outcomes are met
The required outcomes of my study may be that it would help me to analyse various
aspects of economics in business like analysis of demand as well forecasting problems,
analysis of cost and production of business units, decision against pricing of products,
framing polices, management of profit as well as capital (Kugler, 2018). In order to ensure
that these required outcomes of my business studies are met, I would like to identify and
research the market position of various companies in Australia, their profits, determinants as
well as distinctions of demand, sales as well as production. Therefore it would provide me an
opportunity to take an active part in decision making processes and thus would help me to
utilise my skills and knowledge in this area.
 Managing as well as monitoring of studies to ultimately succeed in future
I would like to manage as well as monitor my studies to a successful conclusion by realizing
the current trends and situations in Australia and studying those subjects carefully. I would

4BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
like to conduct surveys and researches and based on those I would employ my ideas and
interests that would ultimately lead to achieve success for me in future.
 Implementation of studies in various fields in future
In my future years Economic studies on Management theories would help me to provide
certain solutions to managers of various firms in order to deal with various obstacles faced by
business organization (Kohlborn et al., 2014). While exercising those concepts I would also
avail the opportunity to bridge the gap between theoretical knowledge as well as economics
in practice. In addition, such studies would also help to develop my analytical skills and
configuration of rational ideas against management practises that would help me to realise
business performance of various firms.
 Specific goals to be set associated with course of studies
I would like to set a specific goal as a result of SMART business studies that would
provide me a path to achieve certain objectives such as Specific so that it can be understood
easily, Measurable that is ability to quantify, Achievable so that it can be successfully
achieved, Realistic that means aspects of business need to be practical as well as Time bound
that is associated with specific time (Ramadani et al., 2015). I would like to develop my
interest on operational activities that would help me make a proper realization of my targets
and I would be interested in motivating my staff members so that they can reach their short-
term goals when I would join in an organization. As postgraduate in Business studies and
Economics I would also like to ensure a successful career in the path of environment that
would enhance my business skills and lead me towards achieving sole proprietorship of a
Company.

5BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
Conclusion
Therefore from the above discussion, it can be concluded that running of business
organizations require involvement of business analysts as well as managers who would help
those firms to solve business cases and provide effective solutions that would to deal with
challenging tasks. As a result of studying these subjects I would also get an opportunity to
realize the strengths, weaknesses, opportunities as well as threats associated with any
business firm and would employ necessary strategies to find out appropriate solutions on
those. These subjects would help to understand economic theories as well as concepts where
demand, range of supplies as well as competition in the environment come into play that
would help me to deal with successful business operations in near future. I would be able to
structure specific demand as well as supply curves for consumers and I would like to arrange
every possible choices so that it suits their tastes and preferences.

6BENEFITS OF PURSUING STUDIES AT TORRENS UNIVERSITY
Reference List
Veit, D., Clemons, E., Benlian, A., Buxmann, P., Hess, T., Kundisch, D., ... & Spann, M.
(2014). Business models. Business & Information Systems Engineering, 6(1), 45-53.
Epstein, M. J. (2018). Making sustainability work: Best practices in managing and
measuring corporate social, environmental and economic impacts. Routledge.
Arevalo, J. A., & Aravind, D. (2017). Strategic outcomes in voluntary CSR: reporting
economic and reputational benefits in principles-based initiatives. Journal of Business
Ethics, 144(1), 201-217.
Ramadani, V., Dana, L. P., Ratten, V., & Tahiri, S. (2015). The context of Islamic
entrepreneurship and business: Concept, principles and perspectives. International
Journal of Business and Globalisation, 15(3), 244-261.
Kohlborn, T., Mueller, O., Poeppelbuss, J., Roeglinger, M., vom Brocke, J., Schmiedel, T., ...
& Viaene, S. (2014). Ten principles of good business process management. Business
process management journal.
Kugler, J. (2018). Political capacity and economic behavior. Routledge.
Evans, S., Vladimirova, D., Holgado, M., Van Fossen, K., Yang, M., Silva, E. A., & Barlow,
C. Y. (2017). Business model innovation for sustainability: Towards a unified
perspective for creation of sustainable business models. Business Strategy and the
Environment, 26(5), 597-608.
Stern, R. (2017). Balance of Payments: Theory and Economic Policy. Routledge.