Business Environment

Student’s Name

Institutional Affiliation

Business Environment

Slide 1: Definition of Business Concepts

At the beginning of the course, I understood business as a process of exchanging goods and services with the aim of earning profit. Through this course, my comprehension of business has changed from just a process which does not only involve the exchange of goods and services. In this business has come out as an aspect that requires planning and laying of strategies to overcome the competitive forces of the free market (Stiglitz, 2015).

Slide 2: Definition of Business Concepts

Ideally, in this course, I understood business as a single-tier aspect involving general stakeholder analysis. However, this course has explicitly outlined to me that stakeholder analysis is a vital aspect that allows the business to understand and protect the interest of people who are influenced or influence decisions made in the business (Corporateethics, 2009). Ideally, the role of the government in business has been outlined to be laying out a regulatory framework to ensure fair competition and genuineness of products sold.

Slide 3: Definition of Business Concepts

Consumer behaviour as a business principle indicates why consumers make certain choices for products they purchase for consumption. For this reason, businesses have to understand the consumer decision-making process for them to understand consumer behaviours. Ideally, companies also ought to conduct an internal analysis to identify the strengths and weakness of the business (Corporateethics, 2009).

Slide 4: Business Environment

This is composed of external or internal factors which have a collective impact on business performance. Throughout this course, I have understood that external factors also influence how business organization functions. The business environment is also composed of microenvironment and microenvironment (Stiglitz, 2015).

Slide 6: Lessons relation to the Present and Future.

Lessons learnt throughout this course are helpful to my present and future career path. In the present, the knowledge I have acquired allows me to comprehend the fact that business is more than a collection of activities aimed at making profits. In the future, the knowledge that I have acquired in this course will allow me to effectively plan and strategize for my business as well as perform a stakeholder analysis. By understanding the concept of business environment, I can effectively understand the various aspects that have a collective impact on business performance and functioning of the business.

Slide 7: Reflective Business Practice

In this course, we learnt on the concept of reflective business practice which allows business practitioners to apply critical thinking and evaluation of one’s actions with an aim to continuously learn and develop professionally. By studying, the deeper contexts of this concept, I will be able to create platforms for my business to grow as well as improve my profession based on the reflections and critical evaluation of my actions.

Slide 8: Applying Concepts in the Future.

Having gone through this course, I have acquired knowledge of the business environment and other essential business concepts. Through this, I will apply this knowledge to perform stakeholder analysis, business environment scanning, complying to the existing government regulations and managing my workforce. Ideally, I will also use the knowledge acquired to perform consumer behaviour analysis. All these aspects will be aimed at boosting the business-stakeholder relationship and the overall business performance.

Slide 9: Professional Development Outside Formal Studies

Outside the formal learning environment, I will use various platforms that will help me professionally develop myself. Such platforms include special business projects, community involvement, job rotation at the work place and use of groups such as committees and peer groups.

References

BIBLIOGRAPHY l 1033 Corporateethics (Director). (2009). What is stakeholder theory [YouTube]. Retrieved from https://www.youtube.com/watch?v=bIRUaLcvPe8

Stiglitz, J. W. (2015). Principles of economics(Ebook-Second Edition).