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MGT610 Organisational Best Practice Sample

Context

Strategy, benchmarking, best practice, and continuous improvement are constant concerns for any organisation. In an ever-changing business environment, this means that every initiative, successful or not, must be measured, reviewed, and reflected upon so that future threats and opportunities can be identified and analysed against a deep knowledge of previous efforts.

This assessment requires students to critically reflect on their earlier efforts to analyse a potential strategic weakness and design a set of benchmarks to help future-proof the chosen organisation. It asks you to compare your early assessment recommendations against the theories and examples covered in the subject modules, and against the growth in understanding you experienced through the unit. Such reflection should form that foundation of a student’s professional body of understanding and practice.

Instructions

You will write a reflective essay focused on the relevance of what you have learnt through this subject. This essay should include your personal reflections upon how you view the importance of strategy, benchmarking, best practice, and continuous improvement for long- term business sustainability and how you believe the tools and methods available may be best utilised as a business analyst and understood by executive management. In writing this reflective journal you should draw on the learning resources provided during the subject, further readings you have undertaken as part of your own research, your previous assessments, the formative exercises conducted in class and/or online, and your personal experiences and opinions formed in relation to this topic. The reflective journal should critically review the topic at the highest level, which means reflecting upon the importance of strategy, benchmarking, best practice, and continuous improvement to business sustainability rather than upon the effectiveness of any particular approach or tool. You should also reflect upon their relevance to a range of business types, including corporate, B-Corporation, not-for-profit, and public sector enterprises. 

Solution

Introduction

This assessment is aiming to reflect upon different frameworks or tools being used in any business report for assessing the macro and microenvironment, where the organisation operates. This report will also include the role of Benchmarking and the importance of Best Practices in measuring the organisational strategy. For this section, the project work, being done on the case scenario of “Bega” has to be

For Assignment help Lastly, this assessment will include my own experiences, and knowledge that I have earned from the proposed project work. For this section, Gibb's reflective model will be taken into consideration, for highlighting that "what I have learned from the modules"; "what I have learned from the feedback given by my learning facilitator"; and "how I will use a benchmark for future career".

Reflection on key theory from Module I to Module 6

The role of Benchmark plays in implementing and measuring an organisational strategy

In Module 4 and 5, I came across the term “Benchmarking” and its importance in measuring the organisational strategy. In this respective module, I have come across the ideology that improving organisational performance is one of the most important goals of benchmarking. Bega Food Company, being one of the largest cheese manufacturing companies in Australia, uses this tool to measure its performance efficacy in comparison to its rival groups (Trujillo-Gallego, Sarache& Sellitto, 2020). For example, Bega Cheese Limited uses benchmarking to compare the business practices and metrics with other companies, which can help "Bega’ to get 3,3000 measures for worldwide comparison. This comparison can ultimately help the Bega to identify the area of improvement in business practice and set a precise goal for business improvement.

The role of SWOT, PESTLE and competitor analysis play in developing, changing, and monitoring an organisational strategy

In modules 1, 2, and 3, I have come across the terminologies, "SWOT", "PESTLE" and "competitor analysis".SWOT analysis has been used in the proposed project to identify the key internal and external influences, which are responsible for Bega's current position in the market. The role of SWOT analysis in developing, changing, and monitoring an organisational strategy is by identifying the key internal and external factors which can either favor or can inhibit the prospect of moving an organisation, in the environment where it operates in. By analysing the case scenario of Bega Cheese limited, I have learned that SWOT can be used as a good tool, which enables the leadership to identify the areas where the organisation needs improvement to thrive the future goal (Tsai et al., 2020). By identifying the strength, weaknesses and external threats and market opportunities, the management of Bega can align the business vision and mission with the cost and benefits of making change happen.

On other hand, PESTLE is used to analyse the impact of external factors, which used to exist in the external environment, where the business operates. PESTLE is used to demarcate the political, economic, social, technological, legal and environmental factors that exist in the Australian business environment and have a significant impact on the overall business growth and prosperity of Bega. By using PESTLE analysis, the business administration and management team of Bega Cheese Limited can understand the market and position of the organisation in respective industry in a better way, which ultimately can help the management team to make strategic plans and conduct market research on the new and existing market (Jafari& Othman Soleiman, 2020). For example, in Australia, the environmental concern, continuous climate change can help me to understand that why the organisation needs a proper waste management program and recycling process. Similarly, PESTLE analysis has helped me to understand the power structure, demographic trends, spending patterns among the population, along the National Income rate in society. This, in turn, can help me, as management of Bega to develop product line and service provision accordingly, so that it can meet the current need and preferences of the consumers in the market, where it is operating.

On other hand, in Module 2 and 3 I have learned about the use of competitor analysis as the best practice to measure the organisational performance. There are various tools or strategies, that use for competitor analysis purposes, for Example Porter's 5 force analysis. In the following module, I have come across the idea, that it is important for an organisation like Bega Cheese Limited to analysis its performance in reference to its potential competitors (Jafari& Othman Soleiman, 2020). In elaboration, I can state that, while the Bega will identify the uniqueness of other similar businesses and their business performance, then the respective company can feel the urge to innovate the business operational process, business strategies, along with the product line. For example, the quality of the Cheese can be one of the important benchmarks in the cheese manufacturing industry, which can give competitive advantages to Bega over its potential rivals in the market.

What is the value of continuous improvement to help drive Best Practices?

During the class work on modules 2 to 4, I have to focus on the "Best Practice" of a business. Use of the SWOT and PESTLE analysis, along with competitor analysis and benchmarking are the Best Practice for any organisation, while it comes to excelling in its respective business environment. Therefore, continuous improvement in business practice can boost employee performance as well as organisational productivity (Vardopoulos et al., 2021). By carrying out the project based on the case scenario of Bega, I have learned that continuous improvement in Best Practice method can help an organisation to develop more precise business aim and objectives, which by aligning with vision and mission, the organisation can ultimately achieve the success in the market.

Reflection on the Assessment and experiences

To reflect upon my own experiences and knowledge that I have learned from the project work, Gibb’s reflective model has been used.

Description: in this project, I have been asked to carry out thorough research on the business process of Bega Cheese Limited. Therefore, I carried out SWOT, PESTLE analysis, along with the competitive assessment of business strategy to understand the current business scenario of Bega in response to the Australian business market.

Feelings: previously, I have little knowledge about SWOT and PESTLE analysis, specifically the role of Benchmarking and how these tools can be used in business analysis purposes. Through thorough learning of modules, continuous interaction with educators regarding the use of these tools and techniques have helped me to develop confidence about the use of these frameworks for business research purposes (Capobianco et al., 2020).

Evaluation: the proposed business project and thorough analysis of the modules have helped me to understand that, when it comes to analyse a business, in response to a specific market, SWOT, PESTLE, and Benchmarking are important tools to be used. These modules and project work has helped me to understand that SWOT and PESTLE are the tools used to assess the impact of micro and macro environment on the respective business.On other hand. Benchmark, as the knowledge that I have gained, made me understand that this tool is one of the important frameworks to demarcate the organisational "Best Practice" in any respective business sector or industry (Adeani, Febriani& Syafryadin, 2020). On other hand, the feedback that I have gained from my educators regarding the work has helped me to understand that I have to develop my written skill, analytical, and research skills to develop a business report in a precise way.

Analysis: The project work that I have done during the classroom program is completely based on business research and analysis. This project work and the module that I have learned in the classroom program have helped me to understand that, SWOT, PESTLE, and Benchmark are the important factors that can help anyone to understand the competitive edge of a business in any specific market (Adeani, Febriani& Syafryadin, 2020). The feedback that I have gained from the educator helped me to understand that proper research and analytical skills are important while it comes to research about a business and the market where it operates in

Conclusion: Therefore, it can be concluded that to identify the position of a business in the market, the importance of identifying the Benchmark and other tools have to be used in the proper way.

Action plan:

1. To develop my written skill
2. To develop my research and analytical skill

Conclusion

To conclude this research work, it can be stated that SWOT, PESTLE, Benchmarking are being taught to us through modules 1 to 6. These tools are being used by me to identify the market position of Bega Cheese limited in the current market. Additionally, in this work, Gibb’s reflective model has also been used by me to reflect upon the knowledge and understandings that I have gained from the module and project work.

References

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