MGT501 Assessment Answer – Business Environment

MGT501: Business Environment Assessment Answer- Charles Stuart University

In Australia, there are many universities and colleges which are offering management courses because of its big demand in the professional sector. Hence the zeal of students has also increased to opt for a management degree program. If you are also one of those students who are pursuing a management course then eventually you will have to prepare an assessment and write MGT501: Business Environment Assessment Answer.

MGT501 Assessment Answer – Business Environment

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In this topic, you will learn about a suitable environment for running a business or an organization. There are many ways in which you can complete the MGT501 assignment. One of which is to take help from the experts of Australia Assignment Help.
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Learning outcome of MGT501: Business Environment Assessment:

Upon successful completion of the MGT501: Business Environment Assessment students will be able to address the following subject learning outcomes:
A) in the MGT501 assessment answer you should critically evaluate the effects of the external environments confirm.
B) Appropriate frameworks to resolve the challenges faced by a firm can be selected and applied.
C) Industry-specific factors in the context of the firm decision-making process can be analyzed and synthesized by students at the type of writing assessment answers.

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Approach for answering the MGT501: Business Environment Assessment:

Maintaining a healthy business environment is very essential for all organizations. Every organization operates in an environment which affects most factor ranging from availability of skilled labor to prices of raw materials. For maintaining a healthy business environment, it is important to consider the various environmental factors which impact an organization.

It is very obvious that an organization with an unhealthy working environment in context to the ambiance, hygiene, location, working culture and many more will never lead to the growth and success of the business in that organization.
On the other hand, it is also important to consider the other environmental factors such as customer behavior, government regulatory and economic policies, and strategies of the competitors as well as the opinion of the public – impacting the success of the firm. You should include all these factors in answers to the MGT501 assessment.

Therefore, the environmental scan report prepared by the students will identify the important mentioned factors to further propose the solutions to the various risks that they impose.

At the time of preparing the MGT501 assignment, we would consider the “Porter’s Fiver Forces of Competitive Position Analysis” to conduct the microanalysis framework for environmental factors that are affecting the organization. The competitive environment in which a product or a company works is well understood through this model developed by Michael Porter.
There are other external factors also working on a growing firm. There are certain implications and effects by each of them on different firms. These factors we are talking about constitute the macro – environment and are categorized into social, political, economical, technological, legal, and ecological factors (Farooq,2018).

The external factors which impact the organizations include competition, economic landscape, consumer choice and preference, technological advantages as well as the regulatory environment.

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