BUS503: Introduction to Business Environments assignment Sample NZ

The BUS503: Introduction to Business Environments course is a critical introduction to the various business environments students will encounter in their professional careers. The course provides an overview of the functional areas of business, with an emphasis on how these areas interact and affect one another. In this assignment, you will analyze the business environment of a company of your choosing. This analysis should include an evaluation of the company’s external environment and its internal environment. You should also identify any key issues or challenges that the company faces. Finally, you should provide recommendations on how the company could improve its performance in light of these issues and challenges.

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This course will increase your students’ knowledge and understanding of the subject. The following are some activities that will be answered in this course:

Assignment Activity 1: Analyze the potential operational impacts of a range of internal environmental influences on a business entity

The potential operational impacts of a range of internal environmental influences on a business entity are often difficult to quantify with accuracy. Similarly, the direct impact of any one issue can vary greatly depending upon factors such as industry, operating model, company size, etc.

However, there remain certain benchmarks that might be used for making an estimate of potential impacts across various data points outside the realm of available details. For example changes in regulation impacting compliance may have different impacts on large multinationals versus SMEs depending on their capital stock and operating models per the nature of their operations. Similarly, sectors like agriculture or energy production are vulnerable to climate change which could affect regions differently dependent on location with diverse geographical landscapes thus variably influencing operational costs at global levels per product mix.

However, the cost is not the only impact that businesses face when considering external factors. There are other less tangible impacts such as reputation and branding which can be heavily influenced by changes in public perception of a company’s business practices. For example, negative press coverage related to labor concerns at a large multinational could have an adverse effect on brand perception with consequent impacts on consumer behavior and sales. Conversely, a well-executed CSR program with positive media attention can improve a company’s image and potentially increase its customer base.

Assignment Activity 2: Analyze the potential operational impacts of a range of external environmental influences on a business entity

The potential operational impacts of a range of external factors on a business entity vary widely, even more so than the internal issues. These impacts can be difficult to quantify with accuracy and may vary according to a company’s size, industry, etc.

It is important to consider whether any given environmental issue will have an immediate or lasting impact on a company, which will depend on whether the company is a laggard or leader in its industry. For example, the development of electric vehicles has been slower than many environmental advocates had hoped, but this can be explained by battery technology remaining a significant hurdle to overcome.

However, even if an issue does not have an immediate impact on a business entity it may still have an indirect impact. For example, a manufacturing company may be affected by the cost of energy even if it does not use renewable sources. This is because the rising prices of traditional fuels will have a ripple effect throughout the economy as businesses pass on their increased costs to consumers.

In order to mitigate these impacts, companies need to be aware of all factors that may influence them, both internal and external. This enables companies to plan for any operational impacts caused by environmental issues.

Environmental (external) Factors: weather; natural disasters; climate change; health pandemics; depletion of resources.

Internal Factors: labor force issues; healthcare costs; insurance costs/availability; energy usage.

Assignment Activity 3: Utilize relevant internal and external environmental data to manage risk to support the performance of a business entity

There are a variety of external factors that can affect the performance of a business entity. While it is impossible to quantify all of these impacts, there are several key areas where certain trends and statistics make an estimate possible.

First, is the issue of weather patterns; with reports forecasting more severe storms and temperature fluctuations in coming years, it would be prudent for companies to factor in increased insurance premiums as well as potential damage to property or loss of business due to extreme weather conditions.

Second, is the increasing trend of natural disasters, which can have devastating effects on a company’s supply chain or even its physical plant. In order to adequately plan for such an event, businesses need to have accurate data on where their suppliers are located and how long it would take for them to be able to resume production.

Third, is the impact of climate change, which is already beginning to have an effect on businesses through alterations in weather patterns and increasing frequency of natural disasters. For companies with supply chains that span the globe, this can be a particularly difficult issue to address because of the varying levels of commitment being made by different nations to address climate change.

Finally, there are issues related to health pandemics, which have already had a visible impact on tourism and travel patterns. These include SARS, bird flu, and swine flu as well as the H1N1 virus that emerged in 2009. All of these issues have the potential to escalate quickly and could cost a company billions in lost revenue if appropriate plans are not made.

In order to mitigate these risks, companies need access to relevant data concerning the external factors that may affect their business. This information can be used to make decisions pertaining to operational changes or future investment needs. It is also important to have a crisis management plan in place so that the company is able to respond quickly and effectively if an incident does occur.

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