Part B – Critical reflection
A critical reflection about your own professional experience and how the Field Trip enhanced your professional skills. Students should reflect on their personal development and how new skills will enhance their employability and position as an emerging leader in the highly competitive global job market. Students are encouraged to consider the challenges and opportunities associated with doing business globally and form suggestions for how they might demonstrate professionalism in cross-cultural situations
Commencing business on a global platform invites a lot of challenges and opportunities. Considering all these opportunity and challenges will help in enhancing the personal development. In this project there will be a critical discussion on the personal and professional experiences that I experienced in a global business process. Certainly there is various aspect that are related to the expansion of business in a global context all these aspect will be critically discussed to get an extensive overview of my professional career. In this critical discussion there will be focus on the challenges and opportunities which a company faces while operating in a global context.
Emerging leader in the highly competitive global market
In accordance with my apprehensions, the current business market can be considered as volatile in terms of emerging rivalry among identical concerns. After the field trip, I have been able to conclude the fact that, this rapid leap in relative competitive rivalry is fundamentally fueled by the advent of technological expertise as well as the abrupt hike in the customer demands. In order to be competent to answer the requisites of the core consumers, the leading business organizations are attempting to exploit the resources at the optimal level to obtain the desired competitive edge. Few decades back, when the notions of liberal market and liberal economy were still nascent, considerable trends in the global financial principles have been observed. The shift is supposed to indicate the polarization of public assets and after the establishment of International Monetary Fund (IMF) as a global financial regulator the observation became flagrant (Epstein & Buhovac, 2014).
Before the dissolution of Soviet Union, the competitive rivalry has been extensively advocated by an ethical clash of ideals. At the verge of the entry of the apprehensions regarding liberal market, it has become a granted fact that the only ideology is market. On that note, China appeared to be prudent regarding the adaption of the new financial policies and deciding the upcoming strategies (Flemes, 2016). Due to the prudence of anticipating the upcoming financial events, they have employed proper leaders at each stage of their established hierarchy in order to dispense circumvent leadership skills that might inspire the subordinates. What is evident about their policies can be conveyed as they wish to establish China a potent alternative of United States. What impressive about china is they has been able to transmit it in terms of marketing strategies. The global impression that China has set is to develop market assets with multipurpose capabilities and potent enough to combat the establish properties chiefly back by United States (Doz, & Prahalad, 2013, January).
Experience of doing business in China- Challenges of doing business globally
According to my experience, for conducting business operations in different countries of the world, a business organisation needs to face different challenges related to governmental policies, taxation, social and much more. An organisation needs to develop effective strategies for dealing with those challenges and to conduct business operations. The policies and procedures need to be maintained by an organisation to develop its strategies that contribute to the organisation’s productivity and profitability.
In order to conduct business operations in China, foreign organisations make different mistakes initially. In china, a lot of businesses are associated with a certain industry (Lardy, 2014). Therefore, the competition is high and an organisation needs to focus on it to develop its strategies. However, initially many businesses only focus on the market growth and to produce good products with affordable cost. Those strategies of them not worked initially because, a lot of other organisations provide same product in lower cost which causes loss in the business. In china, if an organisation wants develop its business then it needs to conduct proper market research on the competition and customer demands.
In addition, a foreign organisation needs to focus on specific behaviour to gain trust of the Chinese people. The society of china is very sensitive about the behaviour from outsiders and a outsider needs to provide enough reasons to gain their trust. A person from foreign country needs to focus on different behavioural factors in order to communicate with Chinese people. An organisation also needs to provide enough reasons to gain trust of Chinese people to get more number of customers. If a business organisation do not focus on behavioural factors to gain trust of the costumes in china, then it has to experience loss in business.
Opportunities of commencing business on a global platform
According to my experience I feel that there are various opportunities for a company on a global platform. If an organisation can enhance its level and run its business in other countries in the world, then it has high opportunity get higher number of customers. However, an organisation needs to provide quality products and services to its customers. Apart from this, market research is necessary to gain knowledge about the customer demand and competition of other countries because, every country consists of different customer behavior and demand. If an organisation can complete these efficiently, then it can develop effective marketing strategy to conduct its business in other countries of the world (Cavusgil & Knight, 2015). Getting range of new customers can be the reason for generating more revenue, which is another opportunity for conducting business operations globally. That is because, the sales volume of the products of an organisation can be enhanced for gaining number of customers and that organisation can experience more profitability. However, right management and manpower is needed to enhance an organisation’s productivity and profitability.
Professionalism in cross cultural situation
I have experienced that professionalism has been a sole element which has connected various strings of business in cross cultural situations. Professionalism can be defined as a conduct to maintain a professional environment in different situations. Staying professional while conducting business is very important. Various entrepreneurs have also demonstrated the essence of professionalism while conducting and carrying out business in various cultural environments. In order to maintain the fluency of operational activities on a foreign soil it is very important that the professionals know the essence of communication network. I think that in order to comply with the cross cultural competencies the organisation needs to know the essence of professionalism in cross cultural environment. Professionalism has been very important in various sectors of business and organisation because in the modern day business very business is trying to expand as much as they so that they can increase the range of service and incurre better revenue from the market. Now, in this process the company’s can experience problem related to the cultures which means that the company can face problem in communicating because of language barriers in this case the operational activity of the business is affected (Ferraro & Briody, 2017). Following professionalism will help the organisation to build proper communicative network within the organisation which will help the organisation to develop and expand in foreign and cross cultural environment. I learnt that in order to carry out various operational process in different business environment the business has to follow professionalism which will help the organization to build effective market network and will provide proper and successful results of foreign soils. I have gained knowledge that professionalism is very important in an business as this helps a business man or an entrepreneur to successfully run their organization in cross cultural situations and on a global context.
In the light of the above study, I have been able to conclude that the field trip has been able to endow me with the requisite professional skills that appear imperative in order to sustain in this volatile and competitive business ambience. Moreover, I have been able to realize that sound leadership skills and individual development is one of the most essential criteria for every business unit to survive in this volatile and hostile business ambience. Furthermore, what came to me as a bliss is the comprehensive realization about the significant shift in financial principles that might be considered as the origin of these emerging trends of global business market. This is followed by the apprehension that where the clash was supposed to be ideal in the last segment of century, have significantly shifted to an ethically unhygienic clash where the governing player is the market itself.