BUMGT5920 Management in a Global Business Environment Report Sample

BUMGT5920 Management in a Global Business Environment

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.

2. Criteria used to grade this task:

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 i.

3. Submission details:

Assignments exceeding the word limit may not be marked and may be returned to the student for re-writing; assignments less than the required length will risk not covering the topic adequately and may result in a fail. Do not include references in the word count.

Solution

Introduction

In this reflective journal, I have discussed about key themes and reflected on various issues intersecting with the global business environment. For this purpose, I have critically analysed the implications of key themes for global firms and further identified factors required for sustainable international management. Such key themes include global trends and priorities, sustainable development goals, climate change, globalisation and its impacts and impacts of technological change.

Critical Analysis

Global trends and priorities

A general development or change that have an impact on global activities are known as global trends and priorities. Turbulent time for economies, rethinking education, ongoing urbanisation, work evolution are major global trends that will further define 2024 (Marr, 2023). In my opinion, slow growth in the economy can lead to job cuts and degradation in living standards. This can have negative impact on the global business environment. Secondly, companies are asking employees to return to their office. Therefore, students need to develop team-work and collaboration skills to engage with global businesses. On the contrary, rethinking education or continuous learning is another major global priority. This global trend also has an impact on chocolate business. Customers are demanding healthy chocolates. Therefore, dark chocolate is currently becoming superfood (Alves, 2023). In my opinion, Continuous learning can help employees to rethink and redevelop recipes that meet the nutritious need of consumers for MBA assignment expert.

Sustainable Development Goals (SDGs)

United Nations have developed SDGs to make a better and sustainable future. It has an impact on global business environment. The 3 main components of this business environment are society, people, and environment. The 9th SDG is Industry, Innovation, and infrastructure. The objective of this goal is to foster sustainable and innovative industrialisation. In my opinion, this goal has a direct impact on the people. Sustained growth in industries can promote equality within the workplace. Workers or employees from various parts of the world can access equal opportunities and get equal salaries for their contribution (SDGs, 2024). The 13th goal is to take urgent actions to overcome problems related to climate change. In my opinion, this goal has an impact on the environment. Finally, the 16th SDG promotes peaceful society. The objective of this goal is to provide justice to each people within the society.

I think that students and fresh graduates can develop problem-solving and creative thinking skills once we gain knowledge about the impact of SDGs. For example, SDG also can significantly influence the chocolate business. Goal 1 focuses on “No Poverty”. Whereas, child labour and child slavery are mostly prevalent in the chocolate industry due to poverty (Food Empowerment Project, 2022). In my opinion, eradication of poverty can reduce child slavery in the chocolate industry.

Climate Change

Environment is an integral component of global business environment. In my opinion, climate change has adverse effects on environment. Specific industries are encountering challenges due to climate change. For example, the agriculture sector faces challenge due to increased number of floods, cyclones, and other natural disasters (Zurich, 2023). Moroever, climate change can also have direct negative effects on education of students. Extreme weather conditions like flash floods, drought and so on can prevent students from visiting schools. For example, adverse weather conditions in Zimbabwe are destroying bridges and roads. Students are failing to go to schools due to such conditions (UNDP, 2017). Finally, climate change can also have devastated impact on chocolate industry. Climate forecasters have predicted that third of global cocoa production might get extinct by 2050 due to extreme weather conditions. Currently, farmers in Kenya are facing problems in cocoa production (CEO Magazine, 2023). This is how chocolate production might stop in coming years.

Globalisation and its impact

Globalisation help business leaders to function in different locations. Globalisation is allowing economic growth and providing employment opportunities. In my opinion, it is following principle 6 of UN Global compact (UN Global Compact, 2024). Business leaders are proving employment opportunities to employees irrespective of their background. I think globalisation can help us to grab jobs in different parts of the world and it can help us to collaborate with people from different communities. In addition to this, globalisation has helped in distribution of chocolates from the elites to middle and lower-middle class people.

Impacts of Technological Change

The 21st century business environment is witnessing technological change. In my opinion, technological change has an impact on the growth and productivity of business across the world. I feel that technical skills can help me to become more productive in the real-world of business. Finally, chocolate industry is also enjoying benefits of technology. 3D printing, precision tempering are several added features that are helping in flavour development.

Key Factors of Responsible and Sustainable International Management

There are various key factors to be considered for ensuring responsible and sustainable international management. In this regard, I think that the Gap Frame can be used as a guidance tool for determining such significant factors. Gap Frame helps in focusing on key factors under the four dimensions of governance, planet, society and economy. This helps in creating a safe operating space considering all factors of planetary boundaries, social requirements, economic benefits and governance (Muff, et al., 2017).

Fig 1: GAP Framework

(Source: Muff, et al., 2017)

In my opinion, business integrity factor under governance is of utmost importance for upholding the conditions of responsible and sustainable international management. This enables firms to incorporate ethical codes in every process or activity that enable them in carrying out operations without harming the stakeholders, community, society and planet (Mallin, 2016). It also encourages the employees in catering to the workplace ethics, values and principles while carrying out their tasks to achieve desired organisational objectives for protecting the shareholders.

I think that international businesses must also look after their carbon quotient as it helps in determining their contribution towards the global carbon footprint. In this regard, international firms should focus on developing and diffusing various environment friendly technologies in their operations (Lee, et al., 2016). They should also undertake various initiatives for promoting greater environmental responsibility. This can be helpful for catering to different environmental issues in the global business environment.

Another factor that I find to be useful for ensuring responsible and sustainable international management is equal opportunity. International businesses should focus on upholding the eradication of any potential discrimination with respect to employment and occupation (Barak, 2022). In my opinion, providing equal opportunities to all individuals can help in contributing positively towards society. It is also beneficial in recruiting diverse individuals with varied and unique skillsets in the global businesses through such equal opportunities.

Lastly, I think that sustainable production is another essential factor for ensuring responsible international management. Sustainable production can make sure that global firms are using environment friendly and non-polluting processes and systems for creating their goods and services (Charter & Tischner, 2017). This can also help in conserving of natural and energy resources alongside ensuring economically viable production.

Conclusion

This reflective journal has helped me to better understand how the key themes have been influencing global firms and business environment. I have identified factors like business integrity, carbon quotient, equal opportunity and sustainable product under dimensions of governance, planet, society and environment of Gap Frame. These factors help in ensuring sustainable and responsible international management.

References

Alves, G. (2023). Healthy Bite: Dark Chocolate to be the fastest growing segment in India. https://economictimes.indiatimes.com/industry/cons-products/food/healthy-bite-dark-chocolate-to-be-the-fastest-growing-segment-in-india/articleshow/105155231.cms?from=mdr

Barak, M. E. M. (2022). Managing diversity: Toward a globally inclusive workplace. Sage Publications.
CEO Magazine, (2023). Why chocolate and coffee could become casualties of the climate crisis. https://www.theceomagazine.com/business/world-news/climate-change-impacts-on-cocoa/

Charter, M., & Tischner, U. (Eds.). (2017). Sustainable solutions: developing products and services for the future. Routledge.
Food Empowerment Project, (2022). CHILD LABOR AND SLAVERY IN THE CHOCOLATE INDUSTRY. https://foodispower.org/human-labor-slavery/slavery-chocolate/

Lee, K. H., Cin, B. C., & Lee, E. Y. (2016). Environmental responsibility and firm performance: The application of an environmental, social and governance model. Business Strategy and the Environment, 25(1), 40-53. https://doi.org/10.1002/bse.1855

Mallin, C. A. (2016). Corporate governance. Oxford university press.
Marr, B. (2023). Navigating The Future: 10 Global Trends That Will Define 2024. https://www.forbes.com/sites/bernardmarr/2023/10/31/navigating-the-future-10-global-trends-that-will-define-2024/?sh=5ee7edae42ba

Muff, K., Kapalka, A., & Dyllick, T. (2017). The Gap Frame-Translating the SDGs into relevant national grand challenges for strategic business opportunities. The International Journal of Management Education, 15(2), 363-383. https://doi.org/10.1016/j.ijme.2017.03.004

Sustainable Development Goals, (2024). Goal 9: Build resilient infrastructure, promote sustainable industrialization and foster innovation. https://www.un.org/sustainabledevelopment/infrastructure-industrialization/#:~:text=Goal%209%20seeks%20to%20build,industrial%20development%20and%20technological%20progress.

UN Global Compact, (2024). The Ten Principles of the UN Global Compact. https://unglobalcompact.org/what-is-gc/mission/principles

UNDP (2017). Zimbabwe Human Development Report 2017. https://www.undp.org/sites/g/files/zskgke326/files/migration/zw/UNDP_ZW_2017ZHDR_Briefs---Climate-Change-and-Education.pdf

Zurich, (2023). Here’s how climate change will impact businesses everywhere – and what can be done. https://www.zurich.com/en/knowledge/topics/climate-change/how-climate-change-will-impact-business-everywhere