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Question: Write a reflection on Business Management. Answer: Introduction: Students who like developing their understanding of the international markets and different parts of the world should study international business. As the global economy is expanding, taking courses on international business will help the individual to gain knowledge not only on the global economics but also on the business climates. As a result, demand is continuously growing for individuals who will be capable of understanding the global context of business which would start from logistics of global trade to that of cross border investments (Anderson and Anderson 2017). This may also include various ethical and cultural issues that remains intricately inculcated in the business systems globally. I believe that by studying international business, I will be able to learn about the different societies and cultures and how to handle challenges that come from different practices. In my classes, I had learnt a number of different topics in my MBA classes which would help me in properly a pproaching different situation while working in a global environment. In this assignment, I would be particularly, reflecting on the subjects I had learnt in my course. Reflection writing procedure, if used purposefully and effectively, can reflect ongoing personal and professional learning. This would thereby make students develop a professional capability to demonstrate their progression towards learning outcomes and required standard. It ill thereby provide a structure to me by embedding concepts and theories in practice. Along with that, constant thought and innovation are also simultaneously fostered. Different subjects studied: While studying through the different subjects, I found that international strategy to be one of the most crucial subjects which would be extremely useful while dealing as a manager in the international business fields. This strategy actually provides the procedures by which the organization sells its goods and services outside its domestic market (Priem, Wenzel and Cork 2017). One of the most important rationales that multinational companies provide while conducting overseas ventures is that such market provides new potential opportunities for expansion, making profits and establishing itself on a global scale (Li et al., 2017). I believe that if managers of the international companies provide correct international strategies, they would be able to get a number of advantages. I believe that it would successfully help in increasing the market size and getting a competitive advantage through the location. This may include accessing to low cost, labor, critical resources or customers. S uch strategies would also involve greater returns on the major capital investments and also ensuring greater economies of scale, learning and scope. However, I must also remember another aspect that intricately remains associated with business management is the implementation and management of the business through dynamic strategies. I, as a manager, cannot celebrate success after immediately implementing international strategies. This is because in a constantly changing business environment, there might arise many challenges like new competitors, lack of funds, loss due to other natural factors and many others. Therefore, in such a scenario, dynamic strategies are extremely important which will help me as a manager to develop the ability to modify and implement new strategies in the business fields so that losses can be met (Bharadwaj et al. 2013). I will properly develop and implement dynamic strategies in order to make sure that the organization is properly being able to respond to different changes which might act as both potential threats and opportunities for the company. This can be explained with the help of an example; it might happen that the global organization where I had been given the responsibility to manage the marketing ventures; economic pressures, industry changes, regulatory pressures and other changes in consumer preferences can take place. All these would impact the ability of the global organization to function properly and sell its products to different services and products. Thereby by providing dynamic strategies, I will be able to handle the situation effectively. Now coming aside from the strategic aspects which are very important for the growth of the company, development of the profit margins, establishment in international markets and others, other aspects should also be developed by the manager. These are cultural intelligence and emotional intelligence. I believe that I have to be culturally competent so that not only I can han dle and deal with my overseas clients successfully but also manages employees coming from diverse backgrounds and cultures. Different countries have different cultures of working and every employee has their own cultural preferences and inhibitions which I need to develop knowledge on and respect for. Moreover, I also need to utilize proper emotional intelligence like social skills, motivation, proper communication skills and others so that business partners from other cultures do not feel disrespected or humiliated. For example, if I am meeting up with business partners of a multinational company of Japan for making a deal as a representative of my own company I need to know the cultural preferences of the business experts of that country and what they like. Bowing down heads as an initial gesture of meeting and respectfully taking their business cards are some of the steps I need to know while working with Japanese firms. Therefore cultural intelligence and emotional intelligence are extremely important. At the same time, business ethics which have been taught to us would also help me in handling different moral or ethical situations which arise in business environment (Engle and Crown 2014). Learning them would help me not only to resolve moral and ethical issues internally but would also ensure that business is done with overseas company with proper ethical and moral principles. Theories which can be involved: After going through the theories of international strategy, I have learnt that there are different types of international strategies which are applied to different scenarios to make them successful. There is one type of international strategy called the multi-domestic strategy. In this type of strategy, decision making authority is given to the different local business units in each of the countries in order to develop and thereby maximize local responsiveness. This would help the local bodies to create products and also services which would be customized for the demands of customers of the area or the country. Most of the global food industries usually follow these strategies as customers are found to have food products according with a mix of their own regional food style and that with the continental styles. Again there is another form of international strategy which is called global strategy which is mainly centralized and controlled by the home offices thereby seeking to maximiz e global efficiency (Pagani 2013). The electronics industry can be taken here where a company likes the Sony when producing televisions would maintain a global strategy and not modifying them according to the regional demands. Another international strategy that I can undertake is the translational strategy which combines both global efficiency as well as the local responsiveness. Clothing industries can take such international strategies which I believe could lead them to higher profits. In such a situation where an organization has adapted international strategy and working successfully threats may arise from new competitors who have entered the market or due to natural calamities or changing styles of consumer needs and others. In such a situation, dynamic strategies need to be properly planned and implemented by the organization to overcome the threats (Ott et al. 2016). Three main steps are incorporated in dynamic strategy planning and implementation. The first step is the tran slation of the strategy which is mainly done by investing significantly on up front to understand and share the strategic ambition (Mahmood, /chung and Mitchell 2017). This should also accompany staffing people who thinks strategically and operationally. The second step is the adaptation of the strategy. In this step, individuals need to adapt during strategy implementation by course effectively and then by building in mechanism of learning. The last step is the sustaining of the strategy which mainly consist the sustenance of the strategies by building organizational capabilities and demonstrating impacts. While going through the strategies in details I have understood that many failures may result which include failures to translate strategy, to adapt strategy and to system them. Therefore I personally feel that I should follow five important steps for dynamic strategy management. Strategic management mainly comprises of 5 important steps which I believe if followed properly will assure best implementation of the strategy. These are alignment, agility, employee buy in, clearing accountabilities and knowledge capital. Besides all these, I believe that cultural intelligence is yet another important aspect which would help me to be successfully conducting effective business globally. There are a number of models of cultural intelligence that I can apply successfully in my global business ventures as a manager. One of the most comprehensive models which I personally like and would want to apply is the Global leadership competency model which has 17 dimensions that can be broadly organized into three factors like self management, perceptions and relationships. Other models which I can also follow are the Global mindset model. This model mainly acts as cognitive filter (Caroll et al. 2014). It mainly embraces the complexity and paradoxes inherent in global interactions. The multicultural personality model mainly comprises of emotional stability, social initiative, open mindedness, cultural empathy, and flexibility (Chell et al. 2016). I believe that if I am able to follow these traits effectively and develop cultural intelligence I would be able to successfully conduct intercultural communication and enhance profit margins. While maintaining the cultural intelligence, another aspect that comes hand in hand, is the business ethics. Six important pillars of business ethics need to be maintained by every profession. I believe that each and every of my activities, trustworthiness; respect, caring, citizenship, responsibility and fairness are the main ethical values that I will harbor as effective managers. Besides, utilitarianism, justice, rights and egoism should also be known by me. However, I believe that the most important business ethics which is very important and should be fort prioritized by me is corporate social responsibility ensuring that the organization where I will work makes sure that they contribute enough for such purpose both strategically and financially. Reflection: The subjects whom I have learnt in my academic courses would be indeed very much helpful not only if I get a job in the national sector but also in the international sectors. Studying international business is helping me to be an effective professional for positions across public, private as well as in non profit sectors. I have become quite comfortable in the topics that revolve around international trade, global business operations, planning or industrial development. I have developed a detailed knowledge and therefore in whichever industry I get placed, I will be comfortable and will allocate international strategies which will align with the requirement of the situations. Moreover, the ideas about dynamic strategies will help me to understand how to cope up with new competitions in the fields or other challenges in the fields with the help of dynamic strategy models, their planning and implementations. However, while going through all these activities, I must also keep in mind th at I have to culturally sensitive and should possess cultural intelligence which will help me to successfully communicate and crack deals with overseas organizations or overseas branches of a multinational companies. Lack of cultural intelligence may result in development of negative feelings and distrust in the teams which will hamper productivity. Moreover, maintaining basic business ethics will help me to keep away different ethical, moral and legal obligations and will help in creating a working environment which will be stable and bring out best productivity. Conclusion: In the academic course, I have been fortunate to learn about many aspects of international and national business which would be very helpful for me. I believe the in-depth knowledge gained by me in the topics like international strategy and dynamic strategy would be extremely essential for me to effectively perform my managerial role in my future organizations. I also believe that cultural intelligence is one of the most critical aspects that every global organization has to successfully establish in their organization among every member. This would help the employees not only to effectively communicate within diverse teams but also with their overseas members of their branches so that miscommunication, development of negative feelings and lack of trust do not occur among themselves. All the subjects would ultimately help me to be an effective professional in the future. References: Andersen, T.J. and Andersson, U., 2017. Multinational Corporate Strategy-Making: Integrating International Business and Strategic Management. InThe Responsive Global Organization: New Insights from Global Strategy and International Business(pp. 13-34). 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