knowledge gained in the course of Module 2

The information I learned during Module 2 was crucial for both my academic and professional careers in business. After finishing the module, I developed a number of fresh perspectives, including the necessity of comprehending the applicability of diverse business operating strategies. One new understanding I learned was the importance of taking advantage of first-mover advantages, or taking the lead in a new market. Also, I discovered that in order to reduce risks and uncertainties in most new contexts, joint ventures are advised.

The module was really instructive, and I took away many valuable lessons. Nonetheless, the most valuable lesson I learned was that in business (or any endeavor in that matter), it is pertinent to formulate feasible strategies that are pertinent for the attainment of set objectives. For instance, a significant strategy applied to understand the potential growth of a business is to conduct a SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis. I learned that with suitable strategies, it becomes possible to meet personal, business, or even organizational goals.

Even though I was highly enlightened after studying the module, I came across some difficult points in this lesson. The most difficult concept was the Grand Strategy Matrix which is a form of a strategic planning matrix. Connecting the applicability of the concept in the real business world was a bit challenging.

The most important aspect regarding the concepts learned in this module entails applying the lessons in my professional life. Since I understand that the growth and survival of business require effective strategies, I will be sure to formulate feasible strategies in my professional life. Besides, I will make full use of the various relevant concepts in business management; hence make it possible to attain the set objectives.