Lecture Synthesis - Coursework Example

Lecture Synthesis Affiliation: The lecture, “Managing in a Global Environment” (Week 12 & Chapter 3), explores domestic and international practices that organizations face when they do business globally. This lecture outlines approaches to global business, and at the same time highlights the dynamics of global business operations. In light of the lecture, it is evident there are many social, cultural, economic, legal, political, and environmental factors that influence business enterprises.

In this respect, it is important for business operators to understand the environment in which they operate. This understanding is the central focus of the lecture. Managers in the global environment have to understand the diversity that characterizes both domestic and international markets. The lecture provides relevant information that allows managers and employees in the global environment to understand why business settings vary from one country to another.At a personal level, the lecture is important is important because it brings together different concepts that aid in the understanding of global business operations.

For example, the lecture presents cultural differences as a critical factor in business. Cultural variations may not seem that important, but a business enterprise that fails to acknowledge cultural diversity faces a key operational challenge across the globe. In addition, the lecture sheds important insights about entrepreneurship. Entrepreneurship and global economic progress are essentially intertwined, this highlights resonates with my personal drive, goal, and desire to own and operate a successful international enterprise.

In this respect, this lecture focuses on central ideas and concepts that I find relevant and informative at a personal level. Additionally, the lecture outlines how the global business environment functions. From the operations of World Trade Organization to the actualization of agreements that promote free trade in America and beyond, such information shows just how complex yet successful global business has become. By understanding global business environment, I find it easy to comprehend the diversity and dynamism of the global political economy.

As the lecture maintains, understanding the global environment is critical to the success of today’s management practices. Managing in a global environment is both interesting and challenging. For example, minimum wage continues to elicit mixed reactions in North America today. While some business enterprises in America support the move to increase minimum wage, others oppose the move arguing that it will cause an increase in businesses’ operational costs (Belman & Wolfson, 2014). This puts organizational managers and leaders in a dilemma because employees are highly likely to welcome a wage increase while management perceives the move as an additional cost to the business.

Regardless of the decision reached in that respect, the management has to design ways and strategies of dealing with the outcome. Most importantly, it is important to understand the American economy, the composition of the workforce, and reasons why minimum wage is an issue. This takes managers back to the understanding of global business environment, where individual differences and general societal diversity plays a key role in influencing business performance. In order to reach an amicable consensus, all stakeholders involved in the minimum wage debate would have to work together.

ReferenceBelman, D. & Wolfson, P. J. (2014). What Does the Minimum Wage Do? Kalamazoo, MI.: W.E. Upjohn Institute.