BUMGT5920 Management in a Global Business Environment Assignment Sample

Sample BUMGT5920 Management in a Global Business Environment Assignment

1. Assessment Description

In this course, students are required to consider the environment in which global businesses operates. This assessment task requires students to engage with the key themes and issues discussed in the workshops, and reflect on how these issues intersect with the world of business. These reflections are to be presented in a reflective journal.

The themes (including issues, challenges, concepts and approaches) MUST be discussed in terms of their relevance or implications for global business and MUST be drawn from those raised in class presentations, discussions, activities, and with reference to resources and readings provided on the course Moodle page. Suitable themes for reflection may include:

- Global trends and priorities
- Sustainable Development Goals – challenges and opportunities for business
- Climate Change
- Globalisation and its impacts
- Impacts of technological change

Students are required to demonstrate not only their understandings of the themes but also their consideration of the implications for the business sector and the student’s current/future role or engagement with global business.

Please note:

- This task DOES NOT require a research essay or a description or summary of the course content – instead, students should provide their thoughts, feelings, responses, reactions, opinions and ideas on the material explored. Critical thinking and analysis MUST be demonstrated in these reflections.

- A Reflective Journal records on your own thoughts and reflections ‘in conversation’ with the published ideas of others. This means that you will need to reference, cite and acknowledge content you use from other sources, according to Federation University rules on academic integrity.

- This task must be submitted via the assessment submission link provided in the course Moodle page.

2. Criteria used to grade this task:

This assessment task will be marked out of 100 and is worth 25% of your total mark for the BUMGT5920 course. The key criteria on which this assessment will be marked are:

- Critically analyse key issues from the course that impact on the global business environment.
- Reflect on key factors that contribute to sustainable and responsible international management.
- Follow APA referencing conventions to accurately cite and reference relevant course resources and readings.
- Use clear concise English language expression.
- Use an appropriate critical reflection structure and layout

Please refer to the marking guide/rubric in Appendix.

Solution

Businesses have been spending extensively since the past two years for surviving in the uncertain global environment. In my opinion, it has become essential for individuals, businesses and society to seek for various innovative ways of shaping their future to survive in the long run. It is expected that the firms will be experiencing a consumer rebound in the coming years alongside bringing back leisure travel more than business travel (Sneader & Singhal, 2021). The recent economic crisis has sparked a wave of innovation in the global business environment, thereby launching numerous entrepreneurs. Here, I feel that firms are also going to experience the rapid growth in the use of technology, new forms or working and increased digitization. Here, productivity gains from digital revolution are expected to further accelerate the Fourth Industrial Revolution. This helped me to realize that there are expected to be various uncertainties in the global business environment. Businesses need to become aware about various upcoming trends in the global environment (Marr, 2021). I think that they are required to shift towards more sustainable options, use global economic and political power structures for solving climate crisis and growing divergence in the recent years. They are also facing shifting demographics alongside social, cultural and workplace shifts. Thus, these trends are expected to impact the business operations of firms for best assignment help.

Sustainable Development Goals (SDGs) of the United Nations provides a global framework that enables companies to ensure their global development by balancing economic, social and environmental sustainability. It can be referred to as a plan of action for benefitting people, planet and prosperity (Mio, et al., 2020). I feel that these goals have become essential for firms operating in the global business environment for addressing a wide range of social, environmental and economic issues.

Firms can use SDGs for responding to various issues like climate change, biodiversity, water stewardship, sustainable consumption and production, poverty, economic growth, energy, marine conservation and economic growth. The growing concerns about the negative consequences of business operations have led to the establishment of these goals that firms need to follow (Mio, et al., 2020). Companies gain various market opportunities form SDGs of developing energy efficient technologies, meeting needs of untapped markets, reducing greenhouse gas emissions and wastage and communicating products or services in lesser developed countries. They can further create value for themselves by integrating these goals into the value chain (Jones, et al., 2016). In my opinion, firms can ensure these values by making their brands more sustainable, improving operational efficiency, enhancing sales, improving employee loyalty, expanding into new markets and decreasing staff turnover. They can also gain trust with the different stakeholder groups, reduce their regulatory and legal risks and further enhance resilience for future cost increment by working to advance these SDGs (Jones, et al., 2016). I have realized that integrating SDGs into the business value chain can provide various opportunities to the companies. On the contrary, I have also found out how companies also face several challenges in achieving SDGs because of absence of effective leadership, lack of coordination in partnerships, inadequate investments, improper implementation and ineffective data collection (Singh, 2016). Lack of leadership strategies in the firms makes it difficult in achieving progress associated with changes in policies, legislation, investment, advocacy, implementation and representation. In my opinion, leadership is an essential component for dealing with the challenges of integrating SDGs into the value chain of businesses. Moreover, I feel that firms also face challenges of regional disparities, social inclusion and gender inequality in their organizational culture, thereby reducing their ability to include sustainability in their practices and operations (Singh, 2016). Thus, I think that various external factors present in the global business environment might create challenges in SDGs for the firms.

I have found out that climate change is one of the significant challenges facing humanity. With rapid industrial development, I feel that businesses have been contributing extensively towards global warming, which accelerates this issue of climate change. I think that this has made it even more essential for the companies to address this climate change issue by shifting towards more environmental-friendly business practices. Firms have always been at the centre of this challenge by contributing towards the production of greenhouse gas emissions (Schlosberg & Collins, 2014). However, they have the capability of undertaking innovative ways of decarbonizing the economies. In my opinion, firms undertake effective environmental strategies and practices because of increased pressure from governments and regulators. I have realized that they are trying to reduce their negative environmental impact for competing with rival firms and meet the increased demand of sustainable business practices of its customers. Businesses have also started to respond to climate change issue by seeking a balance between the market demand and environmental concerns through the strategy of corporate environmentalism (Wright & Nyberg, 2017). However, I understand that firms are still far from progress in reducing significant amount of carbon emissions as they continue to struggle in responding to this issue of climate change. Thus, I think that climate change has forced firms to incorporate environmental and sustainable practices in its business operations.

Furthermore, global firms are also majorly affected with the increasing globalization observed in the past few decades. I have come to know that this generates significant impact on business life, society, economy and environment in numerous ways, thereby affecting corporations operating in the global business environment. Global firms have been facing changes such as increased competition, information transfer and rapid technological advancements (Holton, 2017). Globalization results in increased competition related to products, services, prices, technological adaptation, target market, quick response or rapid production. I have found out entrepreneurial and internationally oriented firms are further able to leverage new business opportunities by the use of new technologies that come from increased globalization. In my opinion, globalization also leads to knowledge or information transfer by adapting to the changes occurring in the global business environment. This makes me realize that globalization can create both advantages or disadvantages for the firms. Firms can gain access to new markets, utilize new and improved innovation and technology, ensure lower product costs, access to new talent and acquire new customers (Holton, 2017). However, I feel that they can also face several challenges like difficulty of international recruitment, managing employee immigration, increased tariffs and expenses, certain payroll and compliance challenges, loss of cultural identity and allegations of foreign worker exploitation. Thus, I think that globalization can lead to both benefits and challenges for the firms operating in the global business environment.

In my opinion, firms are facing the trend of technological changes occurring in the global business environment. There has been a rapid growth in advanced technologies in business operations, such as, artificial intelligence, Big Data, e-commerce, analytics, blockchain, virtual reality, augmented reality, machine learning and others.

I have seen that such technological changes have been transforming various business practices, operations and business models, thereby making it essential for firms to get upgraded with them. I think that it might become difficult for the firms to survive in the global competitive business environment without responding and leveraging these technological changes. Technological changes have been helping firms to gain competitive advantage in the market by exceeding customer satisfaction level, enhancing customer experience, improving production and supply chain operations and increasing productivity and performance (Dodgson, 2018). In my opinion, these technological advances can be exploited by firms for reducing their operating costs, securing sensitive information, improving their communication processes, ensuring collaboration and outsourcing and expanding customer base. I think that firms must realize that technological change is inevitable that will affect internal and external environments, managerial functions and organizational values. Thus, I also think that it is essential for the firms to plan for the future to respond effectively to these changes instead of getting bogged down from the pressure.

References

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Sample BUMGT5920 Management in a Global Business Environment Assignment

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