University of Example: Reflection on International Business Module

This reflective journal entry summarizes the student's learning experience in the 'Introduction to International Business' module. The student discusses the development of their understanding of international business concepts, including the analysis of global markets, the importance of cultural adaptation, and the strategic considerations for multinational enterprises (MNEs) and small and medium-sized enterprises (SMEs). The reflection highlights the importance of market research, the impact of cultural differences, and the application of business strategies. The student analyzes examples such as McDonald's, and considers the influence of economic conditions on international business operations. They identify their strengths, weaknesses, and future career plans, including a desire to work in an MNE in Vietnam, leveraging the knowledge gained from the module. The student also mentions the application of international business theories like Trompenaars theory and Hofstede’s model, and the need to stay updated on economic changes. Overall, the reflection demonstrates a comprehensive understanding of the module's key concepts and a clear vision for applying this knowledge in a future career.

Reflection

“Introduction to International Business”
Starting from the module was given, till it got end I was able to develop my
understanding and knowledge with respect to topic “Introduction to International Business” in
significant manner.
In general context, I have understood that there are different type of organizations around
the world that deliver their customers with similar products and services. As per my future
career, it is important that I select a firm that will enable to develop by understanding and boost
up the skills and capabilities that I possess. All these firms aim at understanding the needs and
requirement of services. As per their analysis made they develop products in such a way that
their requirements can be satisfied. Further, I have identified that there are different type of
changes that take place with respect to taste and preference of customers. In order to be
competitive from other companies, it is important for the business to conduct market research
that enables to identify the changes or requirements. As per the findings, changes are made in the
products and services delivered by the firm.
Further, I have identified that people at different countries have their own set of
preference and culture, this affects the business when considerations are not made. In order to
understand this, I identified example of McDonalds. From this, I have identified that that
strategies that are used to attract customers need to be modified as per the changing preference.
In this context, I will make sure that I update that different set of strategies that are implemented
by organizations. Cited firm has business operations around the world. They conduct research
and deliver their products as per the preference at different countries. The type of product that
are delivered by McDonalds at Australia is different and UK is different. This type of strategy
has helped them to develop positive perception within mind of customers. Moreover, the type of
economic condition is differs from country to country. When rate of monitory and fiscal rates are
high, then purchasing power of customers get negatively affected. My strength high
understanding level and managing time. I am able to understand the strategies that are implement
by the firm and for studying them I am able to manage my time in effective manner. One of the
weakness is to develop strategies to enhance skills in short period of time.
I have analysed that operating in international business id highly difficult task and so both
MNEs and SMEs should conduct research so that they will be able to identify environmental
factors like political, social, technology, etc. to perform smooth business operation. Further, it
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includes international business theories like Trompenaars theory, Hofstede’s model, etc. These
are helpful enough to identify the problems in order to operation business operation at
international level. The rate of changes that take place with respect to economy is high and so I
will focus on developing my knowledge and understating in this area. This way, the type of
issues that are faced by firm operating at international level can be identified and it will be
helpful for me in future.
From this reflection, it can be concluded that with the help of module, it has highly
supported and enabled me to develop my understanding, skills and knowledge for future career.
As per my future plan is concerned, I will visit back to Vietnam and aim at working in MNE.
This way, I will be able to make use of the awareness which I have with respect to international
business environment. The type of knowledge which I have gained is highly engaging and area
of interest in which I will be able to develop my career. It will also help me to choose a path for
professional research on this particular area.
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