SUBJECT CODE – MGT501
SUBJECT NAME – BUSINESS ENVIRONMENT MGT501
UNIVERSITY NAME – TORRENS UNIVERSITY, AUSTRALIA

What is the Business Environment MGT501?

What is the Business Environment MGT501?

The subject Business Environment MGT501 is the foundation of a business that provides fundamental concepts and context for the students. This subject focuses on the innovation of new ideas and products that can be customized according to the needs of the consumer. 

A business Environment is a great concept where you can significance the market conditions, determine opportunities, and internal & external environmental factors, which is the reason for influencing all the operating situations of any organisation.

What would a student learn from the Business Environment MGT501 Course?

A student would learn after studying Business Environment MGT501 that the Business Environment is a sum of all internal and external factors such as clients, suppliers, and owners that affect the company situation and environment.

An environment determines the growth and development of a business or organisation. The awareness of the business environment helps businesses to grow and get more opportunities.

Learning Outcomes

• Examine and understand the fundamentals of business practices in the contemporary environment.
• Create and evaluate a professional value proposition as a business practitioner.
• Demonstrate conceptual knowledge of reflective practice in a business context.  
• Understand business principles and examine stakeholders’ viewpoints in global environments..

Difference Between Internal and External Environment Factors 

The growth of the business depends on understanding the types of environmental factors. The environmental factors are categorized into two different parts:

Internal Environment Factor

It refers to anything that is under the control of the company. It comprises plan and policies, employee management, financial capacity, business culture, and structure of the business

External Environment Factor

Contrary to internal factors, the elements are not under the control of the company.   It includes market competition, rules, and regulations of the government, the existence of suppliers and your customers, and advertising media.

What is the importance of the Business Environment?

The most important aspect of any organisation is the business environment. The business environment helps in understanding the threat as well as the opportunities for any business.

Let’s understand the importance of the business environment briefly :

Identify Business Opportunities

It is an advantage for any business to identify the opportunity and take a wise step ahead. It is important to give attention to the solution of the problem to get better-performing ideas. It is necessary to watch your progress to grab the opportunities for your business.

Identify Business Threats 

Threats refer to the condition where the threats affect the functioning of the business. When a sudden and unexpected approach approaches the company then it becomes important to stay updated and adapt to the turbulent state of the overall business environment.

Help In Improving Performance

 It empowers the business to distinguish the zones for development and extension of their activities, services, and product line. With the help of external factors, we can improve the performance of the business. Scanning your positive environment will flourish your business..

Long Term Growth

Good knowledge of the business environment can easily take steps, face competition, and prevailing markets to be in a better position. It helps you to stay in the market for the long term.

Make Business Dynamic and Flexible In nature 

A proper study of the business environment will help you to understand the surrounding trends through which you can easily take steps to face the challenges. It supports the dynamic and flexible nature of the business by analysing the required changes.   

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Task 1
You are required to write a 1000-word reflection on what motivated you to undertake your current course of study in Torrens University.
Instructions
1. Adopting an established reflective model and relevant aspects of topics covered in Modules 1 and 2srerser
2. The reflection should address the following questions:
• How did your experiences (academic and/or work) prepare you for the current course
of study?
• What are the past experiences (or interests) you have in this area?
• How would you ensure the required outcomes of your course of study are being met?
• How would you manage and monitor your academic activities to ensure a successful
conclusion of your course of study?
• Looking into the future, what are the implications of your current course of study in
later life (post-career)?
• What are the goals you would like to set for yourself, with respect to your current
course of study?
3. Key points to consider
4. Structure and Format
5. You are strongly advised to frequently read through the rubric as you write because it is the evaluation guide, with criteria for grading your assignment
Task 2
You are required to write a 1000-word reflection on what motivated you to undertake your current course of study in Torrens University.
Instructions
1. Adopting an established reflective model and relevant aspects of topics covered in Modules 1 and 2
2. The reflection should address the following questions:
• How did your experiences (academic and/or work) prepare you for the current course
of study?
• What are the past experiences (or interests) you have in this area?
• How would you ensure the required outcomes of your course of study are being met?
• How would you manage and monitor your academic activities to ensure a successful
conclusion of your course of study?
• Looking into the future, what are the implications of your current course of study in
later life (post-career)?
• What are the goals you would like to set for yourself, with respect to your current
course of study?
3. Key points to consider
4. Structure and Format
5. You are strongly advised to frequently read through the rubric as you write because it is the
evaluation guide, with criteria for grading your assignment.
5. 5. Structure and format of the report
Your individual stakeholder analysis should follow a standard report structure and include the
following:
• Cover page: You MUST use the formal Torrens University cover sheet.
• Executive Summary: Provide a concise summary of the report in bullet point