MN1178 Business and management in a global context Assignment Sample Singapore

This course will introduce you to the world of business and management, with a focus on its international aspects. It will provide you with an understanding of different business organisations, their management structures and practices, and how they operate in a globalised economy. The course will also cover topics such as marketing, finance, human resources, and operations management. By the end of the course, you should have a good understanding of the main concepts and theories in business and management, and be able to apply them to real-world scenarios.

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Assignment Activity 1: Demonstrate knowledge of, and the ability to assess, core institutions of international business and how firms manage on the global stage.

In order to manage on the global stage, firms must have a deep understanding of the core institutions of international business. These institutions include the World Trade Organization, the International Monetary Fund, and the World Bank. Each of these organizations plays a vital role in regulating international trade and managing the global economy. Without a thorough understanding of how these institutions work, firms would be at a significant disadvantage when operating in foreign markets. Fortunately, by working with experienced advisers, firms can gain the insights they need to navigate the complex world of international business. With their help, businesses can develop strategies for success on the global stage.

Assignment Activity 2: Assess regional, cultural and institutional differences in how business is conducted globally

There are a number of regional, cultural, and institutional differences in how business is conducted around the world. For example, in some countries such as China and India, it is common for businessmen to build strong personal relationships with their clients and colleagues. In these cultures, it is believed that trust and mutual respect are essential for successful business dealings.

In contrast, in countries such as the United States and the United Kingdom, businesspeople often focus more on contractual agreements and less on personal relationships. This may be due to the fact that these cultures are more litigious, meaning that disagreements are more likely to be settled through lawsuits than through negotiation. Additionally, in countries with strong legal systems, businesses may feel more comfortable relying on legal contracts rather than personal relationships to protect their interests.

Finally, there are also significant institutional differences in how business is conducted globally. For example, in countries with a centrally planned economy, such as China, businesses must obtain approval from the government before they can engage in certain activities. In contrast, businesses in market economies, such as the United States, have much more freedom to operate without government interference. These institutional differences can have a major impact on how businesses operate and the strategies they use to succeed.

Assignment Activity 3: Apply core understandings, frameworks and management principles to specific business contexts

The ability to apply core understandings, frameworks, and management principles to specific business contexts is a critical skill for any business manager. By understanding how to apply these concepts to real-world situations, managers can make better decisions and develop more effective strategies.

For example, one of the most important concepts in business is the concept of opportunity cost. This concept states that there is a cost to every decision that a business makes, even if that decision is not to take any action at all. The opportunity cost of a decision is the value of the next best alternative that was not chosen.

Consider a company that is deciding whether to build a new factory in China or expand its existing factory in the United States. The company must weigh the costs and benefits of each option before making a decision. If the company decides to build the new factory in China, it will incur the cost of constructing the new facility and hiring workers.

Assignment Activity 4: Formulate choices and decisions in international business strategy and operations

There are numerous choices and decisions to be made when operating a business on an international scale. Some of the key factors to consider include:
1. Target market – determining which countries or regions offer the best potential for success is essential. Consider factors such as demographics, economic conditions, and cultural preferences when making this decision.
2. Product offering – it’s important to tailor the product or service to appeal to the target market, while also considering local preferences and regulations.
3. Marketing strategy – deciding how best to reach consumers in different countries can be tricky, and will likely require a tailored approach for each location. Traditional marketing channels may not be as effective in some cases, so innovative methods may need to be used.
4. Distribution – getting the product to the customer is crucial, and this will vary depending on the country or region. Different logistics solutions may need to be employed in order to ensure smooth delivery.
5. Pricing – pricing must be competitive in order to succeed, but also needs to take into account local market conditions and purchasing power.
6. Regulatory environment – it’s important to be aware of the various regulations that may apply in different countries, as this can have a major impact on business operations.
Making the right choices and decisions in each of these areas is essential for international businesses, and will ultimately determine whether or not they are successful. With careful planning and execution, however, it is possible to achieve success in the global marketplace.

Assignment Activity 5: operate as an informed employee in an international firm.

As an employee of an international firm, it is important to be aware of the various factors that can impact business operations. This includes understanding the different institutional arrangements in different countries, as well as the various cultural and economic factors that can influence business decisions. In addition, it is also important to be familiar with the various legal and regulatory requirements that may apply in different countries. By being informed about these various issues, employees can play a role in ensuring that their company is able to successfully operate in the global marketplace.

Operating a business on an international scale can be a complex and daunting task, but it is important to remember that success is possible with careful planning and execution. With a thorough understanding of the various factors that can impact business operations, employees can play a vital role in ensuring that their company is able to succeed in the global marketplace.

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