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MPM755 Building Success in Commerce For External Environment

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Questions:

The assignment
The assignment requires students to engage in disciplined self-reflection, following the principles and structure of experiential learning. In a personal review, students are directed to respond to the following questions:  

1. As you approach the end of your degree, what is your consolidated view on the key learnings (academic and personal) that you will take away from your experiences within your core and specialisation units?
2. To what degree did your views on effective team working / cross cultural team working change or evolve as a result of your experiences in working collaboratively on Assignment 2?

3. What were the advantages and disadvantages of working on Assignment 2 in a team, rather than an individual capacity? 
4. What role did you take in the team for Assignment 2, and how effective were you in promoting your ideas within the group?

5. What went well and what could have been improved upon reflection in relation to Assignment 2?

6. What will you take away from your experience within this Unit in terms of work readiness and future employability?

Answers:

Introduction

The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2013). The concepts and knowledge gathered have been essential in solving the present exposure and analytical scenario from the student perspective as well as preparing each learner in line with professionalism and job responsibilities after the coursework is completed. This paper is a personal review relating to the current unit and other core and specialization courses covered in this degree.  

Learnings: Academic and Personal

The process of acquiring the degree has been characterized by various knowledge acquisition and assessment of the real-life scenarios through coursework activities. The focus of the entire degree specialization has been on the need to advance the skills that are essential for business sector sustainability based on both the internal and external structure of any organization. The changes in the corporate sector require a multidimensional thinking, which can guarantee growth and revenue generation from the segmented market through local and international research (Punnett and Shenkar, 2004; Parnell, 2010). However, to achieve such targets, it is essential for the firm to consider the benefits of teamwork, working with a cross-cultural approach to diversity management, and setting up a high level of compliance to ensure that the business operates within the ethical framework.  Although these factors, as noted through the degree specialization courses, are included in the planning process of a business idea, the changes in the global scope are inevitable; therefore, strategic approach to emerging issues presents a standard measure to continuity, sustainability, and competitiveness of business ventures (Rodrik, 1997; Purkayastha and Sharma, 2016).

Therefore, the general review of the core units, as well as the specialization course, revealed the centricity of business development and strategic planning and implementations as the key requirements in the corporate sector. However, the fundamental elements require the ardent support of the knowledge and experience in line with team management and leadership, which is at the core of human resource management. Integrated market analysis and entrepreneurial development also form part of the consolidated concepts, which will be an essential component in professional development (Swanson and Holton, 2009; Teece, 2007). The other conceptual frameworks and dimensions that have been indispensable in the core areas and specialization associated with the degree include business innovation and planning, intercultural competence and management, and Information Technology and global business growth, which are critical in building success in commerce.     

Efficient and Cross-Cultural Team Working: Lessons from Assignment 2

The choice to work on assignment two as a team was a significant move in allowing the students to discover the essence of teamwork in a group as well as in line with cross-cultural dimension. The contribution from each member depicted the diversity in thinking, which can be used as a pool of ideas to solve complex problems. Before the assignment, the mental perception regarding working in a team was centered on the synergy effect; however, the assignment approach generated a new dimension in idea development, which depends on different thinking to solve complex and business-related scenarios. Moreover, as a team leader, it was clear that the success of the group was not only determined by how well the group was organized but also on the willingness of the members to embrace the advantage of cross-cultural difference and diversity in the situational analysis based on experience and acquired knowledge. Nevertheless, the coordination responsibility of a leader is crucial in groups success especially in line with the benefits associated with adherence to the scope, schedule, and objectives of the project at hand (Muethel and Hoegl, 2016; Clare and Kristi, 2013). Therefore, the assignment approach was a turning point regarding the perceptions on teamwork and synergy based on diversity and cross-cultural factors, which were considered true but the experience revealed new insights.     

Advantages and Disadvantages of Working on Assignment 2 as a Team

Undertaking the assignment as a team was one of the extraordinary experiences during the course as noted in the previous section. Whenever a task is carried out as a group, several benefits can be noted because of the synergy associated with the teamwork. However, some challenges may exist, which will require particular attention to ensure maximum benefit from the combination of the efforts of each member. The process of carrying out Assignment 2 in a group was associated with the sharing of the entire load amongst the participants, which made the creation of the business proposal easy. Each member was assigned the section to be addressed upon a brainstorming discussion regarding the allocation of the subsections. Focusing on one area allowed each student to provide a detailed analysis of business dimension, which increased the quality of the content in the paper. Furthermore, it was efficient to work in a team because it saved time (Peters and Brown, 2008). Nevertheless, some challenges were depicted. The allocation of sections was not easy because it was a complex decision to determine the suitable member for the identified sections. Moreover, there was a need to coordinate the group and brainstorm on what was to be done for each area, which signified that each member was to be familiar with what is required for the entire paper. Such perspectives seemed like double work as opposed to reduced scope expected in teamwork duties.

The Team Leader

The group consisted of five members and serving as the team leader was a position that required a high degree of attention to details. Therefore, when carrying out the tasks of Assignment 2, it was necessary to ensure efficiency, which will guarantee the success of the project plan. Several measures assisted in ensuring the completion of Assignment 2. As the team leader, it was essential first to consider the need to balance the workload of each member. Therefore, the task was divided into four sections based on what was to be covered in the entire project. The size of the subsection determined the number of people to complete the part. Moreover, it was a central duty as the team leader to ensure that each member participated in the group session, which included joint research, discussions sessions, and attending progress meetings. The process of reviewing the work of each participant was also part of the activities undertaken to ensure that the role played was effective. Nevertheless, being a team leader also meant being a member of the group; therefore, another responsibility was to complete the assigned section too as other members. A general overview of the position indicates that it was centered on the need to ensure a perfect project was handed to the professor.  

The Effectiveness and Shortcomings

The experience of Assignment 2 was characterized by an exploratory review of the shortcomings as well as what went right. The designation of roles was part of the achievements that the group attained. It was not easy to determine the functions and allocate each member based on their preferences and choice as well as maintaining the need to complete the task as outlined in the assignment details. Moreover, the management of the allocated time was part of the things that went as described in the schedule. Furthermore, the research approach on the possible market gaps considered the advantage of individual assessment and later a brainstorming session to determine the best alternative, which led to the selection of the free Wi-Fi business. On the other hand, coordinating the results of each a single entity to depict a clear correlation was part of the shortcomings witnessed. However, such a case can be attributed to the short time associated with the project. Therefore, given a next chance, it will be essential to consider a wider time frame to allow the team members to work together in executing each task for maximum contribution.      

Knowledge of the Unit: Readiness and Future Employability

The unit covered several key areas in commerce and management that are central to professional growth and development. The current concern of organizations is the establishment of sound strategies that will correlate with the internal structure and external environment of the organization. The unit had valuable insights regarding how entrepreneurs can develop ideas and transform them into a global venture that is highly competitive and profitable. One key insight that was acquired in this unit is the expectation of the business enterprises, which goes beyond the profitability needs and focuses on the management of processes and setting up structures meant to keep the business going for an extended period. Therefore, perfecting the team leadership skills and understanding the implication of cross-cultural diversity will be an essential tool in career path while seeking to perfect business development and management skills in the corporate sector professionalism (Ragir and Brooks, 2012). Effective leadership remains an imperative characteristic of successful organizations (Roy, 2012; Strand, 2011).

Furthermore, the changing business world and the need for growth calls for the establishment of growth strategies that will ensure the scope of operation of the venture becomes global. A short overview of the key concepts learned in this unit showed how essential globalization and information technology plays a vital role in enhancing the success of commerce. Working within the ethical and legal frameworks based on the needs and objectives of the organization only generates an environment that is safe for the implementation of other strategies that is meant to create a global presence. The unit provided great insights regarding these dimensions and embracing the concepts in practice, and employment position will ensure that the chosen career is characterized not only by job satisfaction but also by career development, corporate competence, and talent management (Vogel, 2013; Sweeney, 1987; Boccuzzo, Fbbris, and Paccagnella, 2016). Just like it was evident in the group assignment, the greatest lesson attained is the essence of working with a diverse team to achieve the anticipated goal.       

Conclusion

In conclusion, the course period is almost over, and it was associated with great insights from both the core and the specialization units regarding the area of study. The biggest concern has been the need for success in commerce. The knowledge gathered in class through lectures, assignments, and group activities have been necessary for preparing each learner to acquire competent skills regarding the local and international business environment and be in a position to develop a business idea and manage the activities to the desired achievement level. Through the units, key concepts have been covered, which is expected to enhance the level of competencies of each learner after graduation in line with the job market and personal and professional development as well as based on the critical corporate sector need. 

References

Barza, L., 2013. School?business partnerships: the case of the UAE. Journal of Strategy and Management, Vol. 6 Iss. 2, pp.180-189.

Boccuzzo, G., Fabbris, L., and Paccagnella, O., 2016. Job-major match and job satisfaction in Italy. International Journal of Manpower, Vol. 37 Iss. 1, pp.135-156.

Clare, P. and Kristi, H., 2013. Practitioner leadership: a missing link in leadership theory", The International Journal of Leadership in Public Services, Vol. 9 Iss. 1/2, pp.32-46

Muethel, M. and Hoegl, M., 2016. Expertise Coordination over Distance: Shared Leadership in Dispersed New Product Development Teams, in Claudia Peus , Susanne Braun , Birgit Schyns (ed.) Leadership Lessons from Compelling Contexts (Monographs in Leadership and Management, Volume 8) Emerald Group Publishing Limited, pp.327 – 348.

Nzelibe, C., 1996. The Entrepreneurship and Management of Small Scale Businesses. Enugu: Optimal International Limited.

Parnell, J. A., 2010. Strategic clarity, business strategy and performance. Journal of Strategy and Management, Vol. 3 Iss. 4, pp.304-324.

Peters, J. and Brown, S., 2008. Outcomes of the New Zealand Blueprint Executive Leadership and Management Learning Programmes", International Journal of Leadership in Public Services, Vol. 4 Iss. 4, pp.48-60.

Punnett, B. J., and Shenkar, O., 2004. Handbook for international management research. Michigan: The University of Michigan Press.

Purkayastha, A. and Sharma, S., 2016. Gaining competitive advantage through the right business model: analysis based on case studies. Journal of Strategy and Management, Vol. 9 Iss. 2, pp.138-155.

Ragir, S. and Brooks, P. J., 2012. The key to cultural innovation lies in the group dynamic rather than in the individual mind. Behavioral and Brain Sciences, Vol. 35, Iss. 4, pp. 237-238.

Rodrik, D., 1997. Globalization, Social Conflict, and Economic Growth. Lecture delivered at Prebisch Geneva.

Roy, S. R., 2012. Digital Mastery: The skills needed for effective virtual leadership.

International Journal of e-Collaboration, Vol. 8, Iss. 3, pp. 56-66.

Strand, R., 2011. Exploring the role of leadership in corporate social responsibility: A review. Journal of Leadership, Accountability and Ethics, Vol. 8, Iss. 4, pp. 84-96.

Sweeney, G. P., 1987. Innovation, Entrepreneurs and Regional Development. London: Pinter.

Swanson, R. A., and Holton, E. F., 2009. Foundations of human resource development (2nd Ed.). San Francisco, CA: Berrett-Koehler.

Teece, D., 2007. Explicating Dynamic Capabilities: The Nature and Micro-foundations of Enterprise Performance. Strategic Management Journal, Vol. 28, pp. 1319-1350.

Vogel, P., 2013. The employment outlook for youth: building entrepreneurial ecosystems as away forward. G20 Youth Forum, St Petersburg: Russia.

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