Reflections On Business Artefact Modules

Part 1: Literature Review, Data and Theory

The aim of this report is to reflect upon those modules that I have learned so far for the business artefact. The purpose of this report is also to know more about the modules that I have learned so far. These modules allowed me to gain knowledge in various topics of the management.

There are many sources as well as theories that are important and used in the artefact development. The theories and the concepts that are used in this artefact will allow gaining more knowledge about the marketing and management theories. I have used theories like Global business, International marketing, integrated marketing, business entrepreneur, strategic management and many more. Such theories and concepts are very much important for making the artefact (Kalyanaram et al. 2022). The theory and concept of global business in this artefact enabled the development of something like the artefact alongside the process of modifying different organisations’ marketing tactics to fit the needs of other nations. After all, global marketing entails more than just selling goods or services on a worldwide scale. That’s the whole method of designing, developing, positioning, and marketing various items in a worldwide market. Large corporations frequently establish offices inside the nations where they sell their products. With the spread of technology, even tiny enterprises may now contact customers worldwide. If a company decides not to expand globally, it may face competitive pressure from multinational firms that are expanding their foreign footprint. The prevalence of this rivalry nearly forces many firms to develop a worldwide presence. The idea of global marketing revealed to us that organisations’ transitions to brand business are really rather slow (Elo and e Silva 2022). During the first round, the firm focuses on the retail country, with some of its activities centred on their domestic economy. The artefact also discussed about the international marketing. International marketing is the application of marketing concepts to fulfil the different needs and interests of people living outside of national borders. Simply put, international marketing appears to have been the activity of conducting marketing activities in countries other than one’s own. This is typically referred to that as Advertising Messages, but it comprises developing a worldwide business strategy and customising it to the preferences of different nations. It is one of the most essential selection that each firm must make isn’t whether to expand globally. A company may decide to just not globalise because it has a huge client base in its domestic markets and therefore does not wish to learn the right regulations and conventions of both the overseas countries. It also taught me that even in today’s world, businesses are not limited to their country boundaries, but are available to worldwide marketing (Knight, Noboa and Pacheco 2022). As customers’ aspirations, choices, preferences, and tastes grow; industries adapt and give rise to increasingly effective strategies. As nothing more than a result, businesses must respond rapidly to customer demand with well-planned advertising efforts.

Knowledge

The theory of entrepreneurial activities in the artefact said that many people, even long-term entrepreneurs, struggle to pin down a clear definition of entrepreneurial innovation. It is one of those more prominent definitions characterises this as the process of developing new ideas and transforming them become value-creating company activities that are eventually successful (Avezimbetovich 2022). It appears thorough sufficient entrepreneurs is that they have the ability to create a company, which would be generally a start-up organisation that provides a new product, technique, or service. It might contend that it is indeed a productive endeavour, however an entrepreneur views everything as a possibility and is prejudiced in making judgments in able to capitalize on that potential. An entrepreneur is a programmer or builder who, with his or her own excitement, builds new methods in reaction to market wants (Petrescu et al. 2022). To become a successful businessman, it is critical to have management skills as well as good team building talents, and leadership qualities are a hallmark of such a serial businessman. According to certain classical theorists, ability and group building abilities are vital attributes of such an entrepreneur.

The artefact discussed about the theories of integrated marketing and it is a very crucial part of the artefact and this is because integrated marketing is used by various companies. Integrated marketing seems to be a method for creating a unified, holistic storey across entire firm’s marketing channels. Integrated marketing guarantees brand loyalty independent of where customers choose to interact with a company. In the absence of integrated marketing, to run the danger of sending contradicting messages or engaging in a disconnected manner, letting every brands look disjointed and unpredictable to my customers. For example, whether a customer sees marketing material on a PC or a cell phone, the design and language should have same the design and language should have same. A consumer who brings it up about an item via an autonomous chat-bots solution on one’s website should get the same answers as somebody who engages in a teleconference with a marketing executive (Hoque et al. 2022). The integrated marketing helps the companies to integrate the advertising strategies may help companies to save money on advertising content creation by enabling companies to repurpose the same material across many channels. For instance, if a company is having a brand character, they may utilise pictures and videos of both the mascot through social media promotional media (Ghorbani et al. 2022). To coordinate company’s messaging, it may deliver the identical catch phrases to sales personnel in different places or at multiple incidents. Not only did the methods more successful owe to narrative continuity, but they also assist to lower overhead.

Module Year 1

The theory of strategic management in this artefact developed the use and importance of strategic management and it also described how different higher management of the company use strategic management for their business. Strategic management refers to the management of such a company’s resources in order to attain its mission and targets (Li, He and Wang 2022). Strategic management includes goal planning, analysing the tough market, examining the organisational structure, reviewing tactics, and ensuring that management applies the objectives across the firm. There are several points of view within strategy formulation. A prescriptive strategic management technique describes how projects should be created, even though a qualitative design focuses on how strategies should be put into action (Fauzi et al. 2022). These schools of thought dispute according to whether regulations are developed through a study approach that takes into consideration all risks and opportunities, or if ideas appear to be essential basic values that must also be applied.

Following are the knowledge I have gained from the modules:

This artefact taught me that global business pertains to worldwide trade, but a global company would be a corporation that does business all over the world. I understood that the trading of money over vast distances has a long history, because it is not my intention to debate another and group of subjects covered separately inside this capacity: globalisation. . I understand how to apply marketing ideas to effectively promote either products or services. The good marketing plan, in my opinion, is an essential component to the success organisation; it emphasizes on what I’d like to accomplish for my company (Elsharkasi 2022). For me, marketing is about informing people and convincing them of the benefits of my products and services. It showed me that while advertising may not appear to be the same since before to the introduction of the online realm, the fundamental concepts of marketing remain the same. This artefact taught me about recognising my learning requirements, developing educational objectives, locating and utilising learning materials, and evaluating my achievement. This is due to the fact that I am completely self-directed and also in control of recognising every one of these factors. Self-directed workers, in my opinion, choose because they need should study and what they will measure success. This also showed me that perhaps the flexibility that accompanies with self-directed studying enables me being in charge.

This artefact has taught me about the brand communication. The trademark is stated to be a guarantee: a commitment about what a service or business will deliver to those who contact with that as well. I’ve also learnt that a trademark is made up of any of the qualities that differentiate one seller’s commodities from some other, such as a name, keyword, design, fashion, symbols, and direct consumer. For me, every one of the company’s aspects act as a cognitive trigger or stimulation, causing an association with all of my previous ideas about just the brand (Cotter 2022). Branding, in my opinion, includes visible design components, distinguishing product attributes, and intangible parts of a customer’s consumption experience. I’ve discovered that marketing performance appraisal is the economic advantages of branding that improve and enhance brand awareness, educate customers and potential customers regarding available products, and strengthen relationship with stakeholders, making assessing its economic effect a bewildering and tricky task.

I’ve discovered that many people, even long-term entrepreneurs, struggle to pin down a clear definition of entrepreneurial innovation. I’ve learned that one of those more prominent definitions characterises this as the process of developing new ideas and transforming them become value-creating company activities that are eventually successful. I’ve realised that it appears thorough sufficient, but I’ll do better (Basri et al. 2022). What I’ve noticed about entrepreneurs is that this is the ability to create a company, which would be generally a start-up organisation that provides a new product, technique, or service.

I also investigated how the abilities that comprise people management might assist me in discovering my strengths and identifying opportunities for growth. A leader, in my opinion, should be able to improvise with each other while yet claiming ownership of the issue. I’ve discovered that being adaptable exposes the organization to a plethora of fresh opportunities and concepts. It also taught me that even a marketing strategy specifies the communication and public relations activities which will be carried across a length of time, but also how the firm would assess the impact of these efforts. I have learned that now the economics of managerial decision making is a seamless integration of economic thinking and their management features. It is very useful in policymaking. I’ve also admitted that it’s a hybrid of modern economics and management theory (Ceccardi 2022). This artefact taught me about customer retention refers to recruiting new clients or encouraging them to buy my products. It is a strategy of shifting clients from business model to buy determination with marketing initiatives. The expenditure of increasing customer is referred to as client purchase value. Only when consumer recruiting process is completed, the emphasis moves to customer retention and re-acquisition. I’ve discovered that direct marketing refers to the acquisition of new clients. Obtaining new customers includes convincing individuals to purchase a company’s products and services.

To thrive in business these days, I believe I must be adaptable, as well as have strong planning and organising abilities. It taught me that far too many individuals set up a business expecting to switch on their machines or open their borders and start producing money, only then to discover that getting rich in business is far more challenging than they anticipated. I can minimize this one in my future business by spending my leisure and laying out all of the processes required for success (Li 2022). I’ve realised that applied marketing is more about the operational implementation of my approach in a certain marketing sector. It informed me that several marketers may utilise this method to effectively find an effective way in communicating, research, revenue, or indeed any area (Karttunen 2022). Marketers, for instance, may utilise what they understand about their intended audience to develop a plan that would reach individuals and encourage people to buy a purchase.

I learned about autonomous projects, which could be carried there by a professional studying solo or in groups of three to five pupils. I also learned that each supporting business must appoint a senior management to act as the student’s team’s liaison. This individual is required to give exposure to construction projects and information, as well as to establish a tight influence on the team all across the procedure (Zainuddin 2022). This artefact also taught me that corporate research approaches even include a variety of strategies for acquiring knowledge about a business, its rivals, or the studying options accessible. Some ways include searching Google, obtaining data now at universities, interviewing customers, conducting surveys, and hosting structured questionnaires.

There are many barriers I had to face while working in a team. Working from my other group members necessitates professionals having great communication skills, which enabled us to communicate with colleagues, express our points of view, listen to everyone else, and transmit expectations (Schühly 2022). While working on the team I have faced many trust issues among my team members and due to this the team coordination was highly getting affected. To collaborate on socially shared objectives, my team frequently needs to trust one another and build trusting relationship in that they have faith in one another’s qualities. Team people do not feel cooperation between the two comments or giving their thoughts during collaborative tasks if they lack trust (Cotter 2022). Furthermore, a loss of faith may lead to misunderstanding and disagreement, which can stymie teamwork. As a result, we must work harder to develop trusting connections using team-building activities and regular chances for cooperation. There was a problem that the team was facing about decision making. As different members of the team has different viewpoint. It is usual for a person on the team to acquire more accountability than others and dominating decision-making tasks in a team setting who together I have worked. This unequal atmosphere is frequently the result about certain group members becoming much more outgoing, possessing more advanced talents, or favouring an autonomous work style (Schühly 2022). However, my co-workers that are more reclusive and like a shared work approach begin to produce less if they perceive their suggestions aren’t valuable. By democratising workflow and guaranteeing that all group members can contribute equitably, teams may overcome grossly unequal decision-making procedures.

Our team encountered accountability issues, particularly when certain group members within my team consistently underperform and accept no responsibility according to how their activities hinder a team’s success. Our team members feel better validated throughout their viewpoints as a result of increased responsibility, and they will be more tolerant to the problems of other teammates in reaching standards. To tackle these problems, teams might develop methods for monitoring workflow and holding all people to account regarding their respective responsibilities (Crespo, Crespo and Curado 2022).  Sometimes between the members of the team there were poor conflict resolution skills. As the team with whom I was working confronted conflict while they worked towards the same common goals that was critical that the participants know well how resolve conflicts and move ahead together. This might be a difficult task if you lack dispute resolution abilities. To eliminate this problem, teams can practise resolving disagreements together in instantaneously using a planned approach through focused professional development seminars. There has been a workflow separation among our team members several times (Pavlovich 2022). My team has always found it difficult should go past the level of identifying objectives and comprehending the actions that must be completed in order to achieve such goals. To collaborate effectively, teams must understand how their pipeline will function and what function each group member will play in achieving a common objective. To develop a clear route to success, managers may consider employing tools such as mapping or engaging a responsible person to appropriately manage workflow.

From this artefact I have lot of things regarding management and further I have gained different knowledge in the different kinds of marketing that the companies are doing in the contemporary business. I have discovered that management artefacts comprise supervising the whole circumstance or circumstance to validate and guarantee that the innovative educational project is completed (Ozretic-Dosen, Fuduric and Horvat 2022). It includes numerous operations that collect intermediate outcomes as well as supporting knowledge and documents that are required to record the final heritage, sustain the end-product, boost customer satisfaction, and improve process capability. I’ve learned through the well-organized courses, discussions, and examinations that I can just go farther in terms of improving social skills, gaining actual skills, and improving my quality of work. Numerous experiential learning possibilities embrace a worldwide corporate culture, allowing me to get experience in such an unusual and fresh situation. People skills and also an understanding for varied working styles have been important areas of growth when carrying out a task context. With that I have gained knowledge about the ways a leader maintains his team so that it can be effective and productive (Nakamura 2022). Several of our team members’ job qualifications have been excellent, and now I have actively sought to incorporate them into my work conditions. After completing this artefact, my ability to adapt to new conditions has grown, as has my conviction in taking responsibility of a problem related to managing and implementing business initiatives. Even when an employer sees this, it makes it much simpler for any of them to picture myself in the position.

I also learned that each supporting business must appoint a senior management to act as the student’s team’s liaison. This individual is required to give exposure to construction projects and information, as well as to establish a tight influence on the team all across the procedure. The initiative is meant to introduce me in possibly difficult circumstances, and my ability to manage such scenarios can exhibit behaviours and attributes that employers are searching for. Highlighting work experience that indicate my power to put concepts into practice, as well as a level of expertise that wouldn’t be feasible to build via standard classroom study alone, may assist nurture career opportunities and wage rises. The module assisted me in learning a great deal about management (Fauzi et al. 2022). I put myself in the position of scenario protagonists, genuine corporate executives who must make difficult judgments while being challenged either by varied opinions of classmates. Through the future, I will be able to utilise what I have learned in immersive field programmes and scientific studies to put into practise what it takes to be a leadership who creates a change in the life. From transnational cases and leads to multinational classrooms and endeavour activities, each of these obtained from testing contributes to a genuinely global perspective.

Conclusion

From the above it can be concluded that I have learned so many things about management. These modules also taught me lot of things that I will need in the future as well as my further studies. The report also concluded that I have gained a lot knowledge from this module which will help in building up my career.

References

Avezimbetovich, S.K., 2022. Improving the Strategic Management System of Automobile Enterprises. Middle European Scientific Bulletin, 20, pp.112-118.

Basri, B., Ridwan, M., Maudin, M. and Asykur, M., 2022. Madrasah Strategic Management in Improving The Quality of Human Resources. AL-TANZIM: Jurnal Manajemen Pendidikan Islam, 6(2), pp.408-420.

Biggiero, L., Jongh, D.D., Priddat, B.P., Wieland, J. and Zicari, A., 2022. Manifesto for a relational economics. In The Relational View of Economics (pp. 9-13). Springer, Cham.

Ceccardi, T., 2022. Melanie Wasserman, UCLA.

Cotter, T.S., 2022. Managerial Economics of Engineering Organizations. In Engineering Managerial Economic Decision and Risk Analysis (pp. 3-35). Springer, Cham.

Cotter, T.S., 2022. Replacement Analysis. In Engineering Managerial Economic Decision and Risk Analysis (pp. 287-304). Springer, Cham.

Crespo, C.F., Crespo, N.F. and Curado, C., 2022. The effects of subsidiary’s leadership and entrepreneurship on international marketing knowledge transfer and new product development. International Business Review, 31(2), p.101928.

Elo, M. and e Silva, S.C., 2022. Who Creates International Marketing Agility? Diasporic Agility Guiding New Market Entry Processes in Emerging Contexts. Thunderbird International Business Review.

Elsharkasi, F., 2022. Global Marketing 10th Edition (Book Summary).

Fauzi, T.H., Harits, B., R Deni Muhammad Danial, D.M.D. and Kokom Komariah, K.K., 2022. Adaptive strategies of external environmental effects in digital entrepreneurship in the strategic management perspective. Academic Journal of Interdisciplinary Studies www. richtmann. org, 9(3), pp.38-45.

Ghorbani, M.K., Hamidifar, H., Skoulikaris, C. and Nones, M., 2022. Concept-Based Integration of Project Management and Strategic Management of Rubber Dam Projects Using the SWOT–AHP Method. Sustainability, 14(5), p.2541.

Hoque, M.T., Ahammad, M.F., Tzokas, N., Tarba, S. and Nath, P., 2022. Eyes open and hands on: market knowledge and marketing capabilities in export markets. International Marketing Review.

Kalyanaram, G., Saini, G.K., Mony, S. and Jayasankaran, N., 2022. Behavioral response to online pricing: empirical and managerial insights. Journal of Indian Business Research.

Karttunen, I., 2022. Fishing Tourism and Its International Marketing in Finland.

Knight, J., Noboa, F.S. and Pacheco, B.G. eds., 2022. Marketing in Latin America and the Caribbean: Contemporary Case Studies. Routledge.

Li, F.F., 2022. The integration of social media and marketing strategy: tactics, strategy, and culture.

Li, J., He, Z. and Wang, S., 2022. A survey of supply chain operation and finance with Fintech: Research framework and managerial insights. International Journal of Production Economics, p.108431.

Nakamura, Y., 2022. Corporate social responsibility focusing on consumer surplus and endogenous competition structure: A case of managerial delegation. Managerial and Decision Economics.

Ozretic-Dosen, D., Fuduric, M. and Horvat, S., 2022. Challenging the status quo in marketing research. Journal of Business Research, 143, pp.294-297.

Pavlovich, K., 2022. 5 Spirituality and Religion: Influencing the Strategic Management Field of Research. Workplace Spirituality: Making a Difference, 1, p.85.

Petrescu, M., Anghel, E., Ro?u-Lis, M. and Oncioiu, I., 2022. IMPLICATIONS OF BEHAVIORAL DECISION THEORY FOR STRATEGIC MANAGEMENT. ISSN 2168-0612 FLASH DRIVE ISSN 1941-9589 ONLINE, p.91.

Schühly, A.M., 2022. What Is Strategic Management and Why Do We Need It: Theoretical Foundations of Strategic Management. In Cultural Influences on the Process of Strategic Management (pp. 33-135). Springer, Cham.

Schühly, A.M., 2022. Cultural Influences on the Process of Strategic Management. Springer.

Zainuddin, M.Z., 2022. The Impact of Implementation Strategic Management and Technology on SMEs in South Sulawesi. International Journal of Management and Education in Human Development, 2(01), pp.119-126.