1.0 My Future Career
Career goals are important as they can act as a guide on what should be done for one to achieve their dreams in the cooperate world. I have always wanted to become a director of marketing in a big company so that I can help the organization achieve greater heights (McKean and Rasmussen, 2017). The hotel industry is one interesting fields that I would love to venture in the near future as part of my career. Most companies across the world operate with a view of increasing its customer base and revenue significantly. It is the role of the marketing director to come up with strategic approaches that can help an organization operating in the hotel industry to make an impact (Stachová et al., 2019). The purpose of the paper is to give a personal reflection on various elements that have been learned in class throughout the module. Two important topics that thrilled me include chapter 3 and 9 that have crucial information regarding the environment of a business and how to take part in social responsibility programs in society (Valos et al., 2017). As an aspiring marketing director in the future, there is a need to learn basic skills and strategies that can see firms increase their coverage within the market. In my view, working in a hotel setting and handling customers will be an opportunity for me to better skills in marketing. In essence, my career goal in future is to work as a marketing director for a firm that operates in the hotel industry (Kumar et al., 2019). It is important to note that the outbreak of covid-19 is a challenge that has crippled many businesses across the world. Creating networks that are meaningful for businesses and ensuring that customers have full information on activities of the company is a step towards success in my career path.
2.0 Topic 1: Chapter 3 (Evaluating a company’s External Environment)
2.1 Review of Key Concepts
The external environment of a business includes all factors and aspects that impact the operations of a firm within a particular industry. The chapter is elaborate and informative of crucial concepts that should be taken into account as part of the external environmental analysis of a business (Wheelen et al., 2017). Managers within firms should have the ability to distinguish vital factors from those that are merely important. It is important to explore the components of a company’s external environment and establish how they affect operations of a business. The macro-environment of a business includes political, technological, ecological, social, legal and economic factors that affect operations of a company in an industry (Antamoshkina and Zinina, 2019). Managers should conduct an environmental scanning when making decisions regarding production and marketing practices in a bid to ensure that business operations improve. Failure to conduct the right scanning can lead to poor decision making, which is detrimental to efforts of increasing customer coverage in the industry. It is also important to highlight on the competitiveness of a firm in a particular industry (George, Walker and Monster, 2019). Some industries attract investors due to the nature of operations and economic aspects that exist. Managers must study factors that impact business within the environment and seek to optimize output.
The level of competitiveness and profitability within an industry can attract investors in a significant way. It is vital to explore the various competitive forces that affect industry competitiveness including the bargaining power of buyers, the bargaining power of suppliers, the level of competitiveness in the industry, possibility of substitution, and threat to new entrants (Sullivan, Thomas and Rosano, 2018). It is always crucial that management of any firm considers such aspects when coming up with a business in a bid to avoid failure in the market. For instance, when the level of competition in the market or industry is high, it makes it difficult for less established firms to make an impact. Equally, some firms operate in industries that have a high possibility of product substitution. An example is the hotel industry where there are many players offering the same of related services (Antamoshkina and Zinina, 2019). In such a scenario, it is the duty of management to strategically plan its activities in a bid to gain a competitive advantage. In essence, the chapter provided elaborate information on how one can analyze the macro-environment of a business in a bid to make strategic decisions.
Conducting an external business environment analysis can play a crucial role in shaping the decision making process. Making of crucial decisions requires one to use the right tools of analysis as a way of gaining a deeper insight into the topic of discussion (Sullivan, Thomas and Rosano, 2018). The PESTEL tool and porter’s five forces are crucial frameworks that are utilized widely to conduct an external environmental analysis. It is through an environmental scan that investors can identify potential barriers and opportunities that can push business to the next level. The external environment of a business is essential as it significantly impacts the level of success a firm can achieve (George, Walker and Monster, 2019). In essence, chapter three has been interesting since it has helped increase the scope of knowledge regarding analysis of the external environment of a business. Managers should weigh all options and consider factors that can be detrimental to successful business operations in a significant way.
2.2 Personal Reflection
Concepts from chapter three are elaborate and can be helpful in improving professionalism when handling corporate strategy for organizations. As an aspiring marketing director, the information obtained from chapter three would prove essential to my practices at work (Antamoshkina and Zinina, 2019). For instance, it is through an environmental scan that an expert can learn of opportunities that exist within the industry. For instance, online shopping is on the rise and a strategic manager should purpose to invest in the same (Wheelen et al., 2017). The knowledge gained from class and the chapter will; be a tool to guide me at work when analyzing the environment of a business. With a clear analysis of the macro-environment, I can make informed decisions regarding investment plans, especially when it relates to marketing (Kumar et al., 2019). Utilizing skills and knowledge from the chapter can be useful towards improving marketing practices in the industry. Evaluating the external environment of a business is important to marketers in a significant manner.
Marketers need information on the attractiveness of the industry and strategies that can be helpful in promoting marketing activities. It is through the knowledge gained from the chapter that I will analyze various situations and come up with a formidable solution within the corporate world (Valos et al., 2017). Such information can be utilized by companies to predict what should be done or the level of production that should be adopted. Investors and stakeholders in the management of firms should be strategic in the manner that they handle operations, especially when economic times are tough (Wheelen et al., 2017). Poor planning and decision making arises from inability to analyze the environment of a business in a significant manner (McKean and Rasmussen, 2017). In essence, the chapter highlights crucial concepts that can be utilized by a professional marketer to make the right decisions in any industry. I will use the information to make the right decisions and project the company to another level as far as marketing is concerned.
3.0 Topic 2: Chapter 9(Ethics, CSR, Environmental Sustainability and Strategy)
3.1 Review of Key Concepts
Environmental sustainability and taking part in community social responsibility programs can prove helpful for managers in the corporate world. Organizations must come up with strategic and ethical approaches of handling all stakeholders within the society (Burritt et al., 2020). Chapter nine is elaborate on ethical conduct, environmental sustainability and CSR programs that can help promote business significantly. Innovation and globalization form two very interesting concepts in chapter 9 that influence strategy in the corporate world (Cantele and Zardini, 2018). Innovation allows a firm to come up with product lines that are diversified in a manner that expands market coverage. Innovation and globalization influence strategic management of companies in a significant way (Kuokkanen and Sun, 2020). The chapter highlights that for firms to achieve extraordinary returns in any industry, there is a need to adopt the right relationship structure with all stakeholders. It is through innovation that most firms can come up with diversified products and services for the market. For instance, it is through creativity and innovation that firms have adopted differentiated products based on existing market segments. The application of digital technology in business has transformed the world in a significant manner (Schuler et al., 2017). Artificial intelligence has changed the scope of operations in many firms across the world in a relevant manner. Chapter 9 highlights the need to practice a high level of ethical conduct, involvement in CSR activities and formulation of strategic environmental sustainability approaches.
Globalization as a phenomenon has changed the way businesses and companies communicate to stakeholders in society. Poor communication approaches from established companies can lead to a decline in the number of sales registered (Kuokkanen and Sun, 2020). Through the chapter I have learnt that utilizing integrated methods of communication in business can help improve outcomes in any industry. Strategic management in any industry requires experts to analyze an organization’s environment using the necessary tools and at the same time explore resources at the firm’s disposal. Globalization allows firms to form a network that brings together customers from different parts of the world. For instance, the establishment e-commerce has changed operations for many companies in a significant way. It is through innovation and globalization that firms have come up with strategies that promote operations within an industry (Cantele and Zardini, 2018). The chapter is elaborate on the need to utilize technology and advance creativity as a way of improving business.
Environmental sustainability is another useful concept that managers in the corporate world should take into account. The deliberate actions taken by firms in any industry to promote environmental wellbeing can lead to environmental sustainability (Kuokkanen and Sun, 2020). For instance, packaging of food and other products should be done in a way that protects the environment so that future generations can meet their obligations. Multinational companies take part in various environmental sustainability programs in a bid to improve its reputation in the market (Cantele and Zardini, 2018). Firms that take part in cleaning and ensuring reduced emissions within the environment show a good example to the rest in the corporate world. Environmental sustainability requires that business people practice ethical conduct while carrying out various practices as related to corporate social responsibility (Schuler et al., 2017). For instance, provision of clean water to residents of a place by a multinational company is an example of good practices in an industry. Chapter 9 is elaborate and provides detailed information on handling of sustainability and ethical conduct in an industry.
3.2 Personal Reflection
The concept that I have learnt from chapter 9 will prove very important to my future career as they will guide me on the best practices as a marketing director. In future, I have to ensure that any firm I work for is readily strategic in the market as a way of promoting its reputation (Stachová et al., 2019). As a marketer, I need to act in an ethical manner and provide the right information to customers. Providing misleading information to the public can lead to failure in business as individuals cannot trust the company (Valos et al., 2017). In essence, learning concepts on community social responsibility programs can help me become a better marketer in future. The skills and concepts are helpful in increasing the scope of understanding regarding corporate strategy and environmental sustainability.
As an aspiring marketing director in future, I will use the skills I have gained from chapter 9 to formulate strategic community social responsibility programs that can improve sustainability (Sardana et al., 2020). The environment of a business forms an important aspect that should be analyzed well to ascertain what is required to make the community better. Poor decision making in the corporate world can lead to failure and there is a need for firms to be strategic in each activity. The knowledge can also be utilized in future to come up with the right policies regarding marketing and related activities. Concepts on ethics present a chance to understand various issues besides profitability of a company (Burritt et al., 2020). Failure to put strategic policies in place to manage operations within the environmental can lead to low popularity and hence reduced sales. In essence, I will utilize the information collected to be a better marketing director in any firm that I get an opportunity.
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