MGT 4225 Individual ReflectionBUSINESS AND COMMERCIAL AWARENESSProgram: BBDUHSemester: April 2015Lecturer: DAVID LOW SUI MINGName: Ian Tan Tim Eian (K12000762)

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Table of Contents1.0 Introduction12.0 The relevant business environment in macro and micro terms13.0 Business volatility and risk management24.0 Branding success and challenges35.0 Business sustainability46.0 Relevant theories on teamwork47.0 Conclusion58.0 References6

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1.0 IntroductionThis individual reflection essay is to reflect what we have learnt from this business planning process. The aim of this individual reflection essay is to examine us students our skills and ability to link with the relate experiences to what we have learnt in theory. In addition, this individual reflective essay has a wide array of issues which are the relevant business environment in macro and micro terms, business volatility and risk management, branding success and challenges, business sustainability, and relevant theories on teamwork. This assignment requires all of us as a group to think of strategies or ideas to bring awareness of laundrette services to non-hotel guests. This must be done to highly utilize the hotels laundry department so that the hotel can earn some side income. Hotel Equatorial is a 5 star hotel which has 662 guestrooms and many other more facilities, so non-hotel guests might think it will be a good idea to do their laundry here so their laundries will be very clean and comfortable. We did think of a new strategy that can help improve the laundry services which is we provide loyalty programme and also a delivery service. By providing a loyalty programme, it helps to attract more non-hotel guests to do their laundry since we give them special discounts and also points so that they can redeem free gifts with their points that they achieve. For the delivery service, we will send the laundry to the specific location they need. By providing this service, it really help save a lot of time for the non-hotel guests to come to the hotel and get the laundry since most people are tired and it might jam after working hours.2.0 The relevant business environment in macro and micro termsIn the business environment macro always applies to political, economic, social, technology, environment, and legal which is PESTLE analysis. Therefore, for the micro it always applies to strength, weaknesses, opportunity and threat which is the SWOT analysis. The microenvironment is likewise called the working, aggressive or errand environment. It comprises of sets of strengths and conditions that begin with suppliers, wholesalers, clients, loan bosses, contenders, and shareholders, and in addition exchange unions, and the group in which the business works. These strengths, once a day, affect the association's capacity to acquire inputs and release of its yields. Calculates the microenvironment are to a great extent inside of the control of the chiefs. Along these lines, associations can be considerably more proactive in managing the errand environment than in managing the large scale environment (Atuma, 2011).However, for macro environment, this environment refers to the boundless financial, socio-social, political and legitimate, and mechanical strengths that influence the association and its working surroundings. These strengths start past the association's working circumstance. The macro environment is likewise called the outer or remote environment. The macro environment presents dangers and opportunities that are regularly hard to ponder (that is, distinguish and react to), than with occasions in the microenvironment. With the information of micro and macro, it can really help us to understand how to continue the business running and who to target in a specific location in Penang (Learnmarketing.net, 2015).3.0 Business volatility and risk managementBusiness volatility and risk management is two different things. The definition of volatility is actually a factual measure of profits for a given security or business sector record (Investopedia, 2003). Volatility can either be measured by utilizing the standard deviation or change between comes back from that same security or business list. Moreover, volatility refers to the measure of vulnerability or hazard about the extent of changes in a security's quality. A higher volatility means that the security's quality can possibly be spread out at a bigger scope of qualities (Begin to Invest, 2013). This implies if the cost of the security change drastically more than a short period. A lower volatility implies that a security's worth does not vacillate drastically, but rather changes in quality at a relentless pace from time to time.Besides that, risk is actually subjective and it could not be measured by using standard deviation. According to Jorion (2000), risk is defined as the volatility of expected results, generally expressed in the value of interest assets or liabilities. It relates to our laundry business service because Hotel Equatorial wants to make full use of the laundry service to non-hotel guests so that they can earn some side income or maybe even bring awareness to majority population about this hotel. By taking this risk, there will be a chance that this company can achieve their main goal which is to bring awareness although it is a fail plan, but many people will know that this 5 star hotel still exist and still providing good services (Kobjaiklang and Rojsurakitti, 2015).

4.0 Branding success and challengesBranding success is what every company wants to achieve their goal. Without branding success, the company itself could not run the business well and needs to do some research and development to help develop or improve what they are doing. To build a successful brand image, the first thing that most business have to do is to get audience knowledge. This is a step that most organization did to achieve what their target market needs so that they can attract customer. The second thing is to improve the uniqueness of their product or services. By making it unique, customer will admire for such special and creative idea that this company provide to help make things more effective and efficient. Thirdly, a company must have passion because with passion it motivates people to work hard and deliver greatness. Sometimes customers advertise from word to mouth so it is a little bit slower than usual. Fourthly, consistency is a significant thing because customers expect good quality products or services every time when they come back to a business (Demers, 2013). The fifth step is to provide competitive advantage so that it can attract customers of the specialties that a business provides better than the other competitors. Besides that, exposure is another thing to help improve the level of brand success by doing more advertising to reach customers. Companies need to reach customers to bring awareness to them so that it can help them to promote whenever they need this kind of business. For example social Medias like Facebook, Twitter, LinkedIn, and Google. Lastly is to have a good leadership. Every company must have a good leader to bring the company up (Demers, 2013). With good leadership, the owner or CEO will know how to delegate, motivate their employees to achieve their long term goal.In a business, there will always be brand challenges. This first challenge that a business needs to do is to change their strategy or tactics (Brandvision Blog, 2009). More and more competitors are also getting stronger now, so if a business brand wants to improve to be better they have to change strategy for short term to attract customers. Second challenges is to change from advertising to promotions (Punjaisri, Wilson and Evanschitzky, 2008). Sometimes doing too many advertising is a waste of money and promotions can help attract customers to buy although it can generate more profit but it can bring awareness to customers faster than advertising. The third challenges that companies face now are online shopping (Brandvision Blog, 2009). Online shopping can help save a lot of customers time and they also do not have to worry about making payment in cash. Business now must be able to deal everything online so that customers will build brand loyalty because of its efficient. Nowadays, technology is developing and many companies are starting to buy new technologies to improve their working lifestyle. The fifth challenges that companies should expect from buyers are that they are starting to be sophisticated. Buyers or customers who are more sophisticated pay off brand suppliers who provide better information system.5.0 Business sustainabilitySustainability is having the capacity to continue and survive until future. As far as business, business sustainability is about combining social, financial and ecological components into your business choices. It includes putting an attention on future, long term objectives for your business as opposed to concentrating on short term benefits. Being a practical business doesn't mean you have to surrender your main concern. In the long run, practical organizations turn out to be more profitable as they adjust and develop with the evolving business environment. It can provide you with a game changer and permit you to separate your business from the opposition (Lampikoski et al., 2014). Many points of interest result from combining social, monetary and ecological components into the choice making process in your business. It can help you to distinguish and stay away from future expenses connected with unsustainable business practices. It can likewise help you to anticipate changes in shopper desires and permit you to exploit developing markets and commercial ventures. Business sustainability incorporates ideas, for example, corporate social obligation and business morals. A socially capable business is one that means to lessen its negative effect on society and build its positive impact. Business morals are particularly imperative as neglecting to stick to them can have a disastrous effect on the practicality of a business. Building up your comprehension of sustainability and applying it to the way you work your little business will help you to stay fruitful into what's to come (Toolkit.smallbiz.nsw.gov.au, 2015).6.0 Relevant theories on teamworkIn this teamwork theory, there are 2 types which is the Belbins theory talking about the team role and Tuckmans theory about team process. According to Belbins theory (1981), there are 6 different factors that a model role is being defined and those are personality, mental ability, current values and motivation, field constraints, experience, and role learning (Aritzeta, Swailes and Senior, 2007). This theory has a hypothesis saying that if all these 6 different role model is in a team, they will perform better than other team. However for some team who doesnt have these 6 different roles they could use the other 6 different stage of development which are identifying needs, finding ideas, formulating plans, making ideas, establishing team organization and following through. This is another way to build a better team so that everyone is working together as one and make the work more efficient and effective.Despite that, Tuckmans theory focus on two things which is task activity and interpersonal relationships to build a good team. There are 4 stage model that team members must follow to form an effective group. And the 4 important stages are forming, storming, norming, and performing (Bonebright, 2010). This stages are important at the starting point to form a group and it is being used until today. With this 2 theory apply in our teamwork, it helps us to do our assignment easier when task are being distributed evenly. Group leader play an important role because group leader has to understand each of us to know our capabilities in doing the task. Without a good leader, task being distributed will be confused and some might have difficulties doing the assignment.7.0 ConclusionIn this assignment, I have learnt many things from my group members. Each of my group members have different cultural background. We have to understand each other to divide the job equally so that it is fair for all of us. Doing this group assignment help us to improve our understanding and relationship with each other. According to the laundry assignment we did, it is a very risky idea because a 5 star hotel might have many limitations and there might be some things that we as a students would not know about the law or constitution they have. There are many challenges that we have to face and think of before implementing the delivery service to non-hotel guests. Without teamwork in this group assignment, the challenges that one team members face might not be enough or specific to describe the answer. It is very important to have a teamwork spirit by putting more effort and commitment when doing this assignment. Slacking is not a good thing to do because people will boycott and would not put trust on that particular person.

8.0 ReferencesAritzeta, A., Swailes, S. and Senior, B. (2007). Belbin's Team Role Model: Development, Validity and Applications for Team Building. J Management Studies, 44(1), pp.96-118.Atuma, B. (2011). Micro and Macroenvironment of Business | Contemporary Business. [online] Contemporarybusinessideas.blogspot.com. Available at: http://contemporarybusinessideas.blogspot.com/2011/11/micro-and-macroenvironment-of-business.html [Accessed 13 Jul. 2015].Begin To Invest, (2013). The Difference Between Risk and Volatility - Begin To Invest. [online] Available at: http://www.begintoinvest.com/difference-risk-volatility/ [Accessed 13 Jul. 2015].Bonebright, D. (2010). 40 years of storming: a historical review of Tuckman's model of small group development. Human Resource Development International, 13(1), pp.111-120.Brandvision Blog, (2009). Branding challenges and opportunities. [online] Available at: https://brandvision2009.wordpress.com/2009/07/04/branding-challenges-and-opportunities/ [Accessed 15 Jul. 2015].Demers, J. (2013). The Top 7 Characteristics Of Successful Brands. [online] Forbes. Available at: http://www.forbes.com/sites/jaysondemers/2013/11/12/the-top-7-characteristics-of-successful-brands/ [Accessed 15 Jul. 2015].Investopedia, (2003). Volatility Definition | Investopedia. [online] Available at: http://www.investopedia.com/terms/v/volatility.asp [Accessed 15 Jul. 2015].Jorion, P. (1996). Risk 2 : Measuring the Risk in Value at Risk. Financial Analysts Journal, 52(6), pp.47-56.Kobjaiklang, C. and Rojsurakitti, T. (2015). Small Medium Enterprises Insurance Credit Risk Management. Archives of Business Research, 3(1).Lampikoski, T., Westerlund, M., Rajala, R. and Moller, K. (2014). Green Innovation Games. California Management Review, 57(1), pp.88-116.Learnmarketing.net, (2015). The Marketing Environment. [online] Available at: http://www.learnmarketing.net/environment.htm [Accessed 15 Jul. 2015].Punjaisri, K., Wilson, A. and Evanschitzky, H. (2008). Exploring the Influences of Internal Branding on Employees' Brand Promise Delivery: Implications for Strengthening Customer Brand Relationships. Journal of Relationship Marketing, 7(4), pp.407-424.Toolkit.smallbiz.nsw.gov.au, (2015). What is Sustainable Business Management?. [online] Available at: http://toolkit.smallbiz.nsw.gov.au/part/17/83/355 [Accessed 15 Jul. 2015].Wilmott, T. (2014). What is the difference between volatility and risk?. [online] BrighterLife.ca. Available at: http://brighterlife.ca/2014/03/24/whats-the-difference-between-volatility-and-risk/ [Accessed 15 Jul. 2015].