business environment

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MODULE 1MODULE 1

Contemporary Business Practice

Introduction:

Welcome to MGT501 Business Environment!

This subject will explore the environment in which every business organisation operates. Put simply, business environment affects the overall performance and

sustainability of a business. It is crucial that managers understand what is happening both inside and outside the business to ensure they adapt and react

appropriately to possible changes and that these changes are reflected in the development of organisational strategies.

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appropriately to possible changes and that these changes are reflected in the development of organisational strategies.

Analysing and evaluating business environment factors helps the business to,

1. Identify opportunities and threatsIdentify opportunities and threats

Businesses that recognise opportunities at an early stage have a competitive advantage over their competitors. Similarly, those who identify threats in

advance can prepare for challenges or avoid them altogether.

2. Tap into useful resourcesTap into useful resources

Businesses require resources, or inputs, like raw materials, equipment, investment, and labour, to produce outputs. Scanning the business environment

helps businesses track these resources and convert them into goods and services.

3. Cope with changesCope with changes

Identifying changes in demography, economy, technology, politics, or consumer behaviour, is essential in today’s dynamic business environment. To cope

with these changes effectively, managers must choose the correct course of action at the right time.

4. Plan for the futurePlan for the future

By reacting to changes and analysing the business environment for opportunities and threats, managers have an understanding that helps them in

planning and decision-making. This enables them to adopt a different approach in the future or adjust their strategy when competing with others.

5. Improve performanceImprove performance

Objective qualitative information provides a strong basis for strategic thinking which can be applied in planning, decision-making and adopting new

business practices. Ultimately, monitoring the business environment allows businesses to improve their performance.

This first module will examine the concept of business, how business organisations can be classified and their role within the economy. It also looks at how

being a reflective business practitioner allows managers to adjust perspective and to analyse their decision-making processes and choices.

This Module will cover:

Module 1.1

The importance of reflective practice in business

Reflection models by Gibbs, Driscoll, and Schön

Module 1.2

Types of business structures

How the Australian government regulates business activities

This Module will help you achieve the following outcomes:

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This Module will help you achieve the following outcomes:

a) Develop and apply a conceptual understanding of reflective practice in a business context.

d) Construct and justify a professional value proposition as a business practitioner.

Time Management:

Student workload expectation is 20 hours for Module 1

3 hours Per weekly topic Facilitated study: Attending class, responding to facilitator feedback

7 hours Per weekly topic Personal Study: Assessment progression, reading and viewing resources, self-directed and collaborative online learning activities

Assessment Progression:

In commencing this module, you should read Assessment Brief 1, Part A and be sure you understand the requirements.

resources and conduct your own research, be mindful of the importance and relevance of what you are reading as it relates to the assessment. It is suggested

that you take notes as you read particularly for those areas relevant to the assessment requirements and consult your facilitator if you have any questions.

Assessment 1, Part AAssessment 1, Part A

Assessment 1, Part A is due at the conclusion of Module 2.2

Begin preliminary research, completing your first draft by the end of module 1

Class Expectation:

Participate in all scheduled Collaborate or face-to-face classes.

This time is intended to be used by students and their lecturer to work through activities and engage in discussion about the weekly content.

These sessions provide a space for students to raise questions and seek guidance on writing their assessments

Students will review and explore more deeply the information presented in the learning material

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