Learning Team Weekly Reflection Paper
Learning Team Weekly Reflection 3
MGT/498
November 10, 2014
Rodney Greene
Week 3 Reflections
Today, all businesses are global businesses. Some may think otherwise. However, if there is any aspect of a business that involves a global element such as products or services, it is a global business. Therefore the global market affects everyone, the consumers and the buyers. It is important to estimate the long term business operations and explain how the global market affects business strategy. Finally, constructing a long-term strategic management plan for sustaining organization performance will assist with staying competitive within the global market.
Estimate the Sustainability of Long-term Business Operations
Organizations must use several methods to evaluate themselves to ensure the organization can sustain current practices without jeopardizing future resources. It is that which the purposes of sustaining long-term business operations are. There are numerous genres of sustainability. The most common areas of sustainability are: economic, social and, ecological. Of the aforementioned common areas of …show more content…
One analytical tool economist’s use for doing business on a global scale is best known as PESTEL (Political, environmental, sociocultural, technological, economic, and legal). This term refers to environmental factors, and their effects on macro-economics. By analyzing environmental threats a firm can abide more closely to its business plan, thus helping it obtain its strategic objectives. "Knowing what industry- and firm-specific factors affect a firm is critical to understanding its competitive position and determining what strategies are viable" (Wheelen & Hunger, 2010, p. 107). Mathew believes that observing the mistakes and successes of other businesses will help to establish a better foundation for his prospective business adventure, all the while enhancing his overall business
MGT/498
November 10, 2014
Rodney Greene
Week 3 Reflections
Today, all businesses are global businesses. Some may think otherwise. However, if there is any aspect of a business that involves a global element such as products or services, it is a global business. Therefore the global market affects everyone, the consumers and the buyers. It is important to estimate the long term business operations and explain how the global market affects business strategy. Finally, constructing a long-term strategic management plan for sustaining organization performance will assist with staying competitive within the global market.
Estimate the Sustainability of Long-term Business Operations
Organizations must use several methods to evaluate themselves to ensure the organization can sustain current practices without jeopardizing future resources. It is that which the purposes of sustaining long-term business operations are. There are numerous genres of sustainability. The most common areas of sustainability are: economic, social and, ecological. Of the aforementioned common areas of …show more content…
One analytical tool economist’s use for doing business on a global scale is best known as PESTEL (Political, environmental, sociocultural, technological, economic, and legal). This term refers to environmental factors, and their effects on macro-economics. By analyzing environmental threats a firm can abide more closely to its business plan, thus helping it obtain its strategic objectives. "Knowing what industry- and firm-specific factors affect a firm is critical to understanding its competitive position and determining what strategies are viable" (Wheelen & Hunger, 2010, p. 107). Mathew believes that observing the mistakes and successes of other businesses will help to establish a better foundation for his prospective business adventure, all the while enhancing his overall business