There is so much that I have learned from the module. Things that I previous had no idea that had so much impact on the business. Apart from this, I have also learned that each one of us has something that they can share with the others. For example, I recall that there were things that I could not understand on my own, but through discussing with my group members, I think that I have learned a lot something which was impossible on my own.
Going back to the module, I was assigned the task of analyzing the target and market potential, marketing plan, launch plan as well as design. I gave my best in the presentation, and I think that everyone else in the group was happy with my work. I also to learn a lot through the various researches that I was able to conduct especially about the European market and the global market as a whole. Needless to say, I plan on owning my own business after I have invested enough capital in keeping me on the right path. I know that the information that I got to learn from the module will be good appropriate information on which be able to kick start me on the right path.
Reflecting back on the module as a whole, I think I would like to start by addressing the topics that we as a group were able to discuss in the presentation. Firstly, I learned that the customer is the boss in any business. This means that they have the mandate to either fire someone or to promote someone. By firing someone, it means that the customer by deciding not to buy the products belonging to a particular company, this in most cases translate to the end of that particular product and hence the end of many employees as well as the owner. Additionally, the same customer can decide to promote someone. For example that sales person who is said to sell more can either get a higher commission or they can be promoted to a hire job. These are just some of the examples that I got to learn about the buying power of the customers. Otherwise, there are so many classic examples of business which have indeed been shut down by not selling their products in the market.
Apart from understanding the buying power that the customers is said to have over any business, we also sort to find out the reasons as to why the customers may decide not to buy particular products that are out there in the market or rather, why customers may prefer certain products to others. One of the group members was able to conduct a survey on this, and the results were surprising. There are various reasons that are given as to why customers would prefer to buy or not to buy certain products. However, what caught my attention is the number of customers who feel unappreciated. In other words, there are customers who feel that certain products do not put into consideration the markets needs which translate to the needs of the customers. Additionally, there are those who claim that getting information concerning particular products is quite hard. Thus, they feel frustrated by not getting the information that they need concerning certain products. Consequently, others claim that the only information that is provided about products is that on the packs as well as that is given during promotion and nothing else.
Apart from the issue of customer preferences, there are things that affect the sales or rather the market share of particular products. Such things are inclusive of bad reputation or an image that the customers might have about certain products. It is important to note that company image should be protected by all means. This means that any business should not allow any negative information to lick out to the wrong persons. More so information should not be given to competitors who can use it to their own advantage. A classic example of how social media can be able to destroy a good company image or rather a reputation is that of United Airlines. By the mere fact that a flier was dragged out of the flight by use of excessive force caused uproar in the social media with customers owing not ever to use the airline.
Another thing that companies have to deal with is the challenges that are brought about by the global market. Companies have to re-engineer in line with the needs of the global market otherwise no doing so would mean that they would be pushed out of the market. Additionally, due to technological advancement, business have a larger platform, for example, that of the social media through which they can be able to sell their products. As such there are a variety of choices that they can make with regard to particular products. Additionally, there is increased competition in the UK markets and as such businesses have devised ways of ensuring that they can have a huge share of the global market. As such through R&D as well as continuous innovation, businesses can stay ahead of others in the same market.
I have also learned that doing business is not easy as I previously assumed. One has to be ahead of others in virtually everything that they do. Thus it is always important to learn new trends that are very helpful in understand the different market needs. Additionally, the world is gradually becoming a global village. This means that advertising techniques that can be able to reach virtually every other consumer regardless of whatever part of the world they are in are needed.
Furthermore, everything in today’s business is being inclined to favor the modern day consumer unlike in the past where this would be two-way. For example, software’s are being designed with buyers in mind and not the end user. In short, virtually everything there is on the market today is being created to favor the buyer and not the end user as earlier stated.
I did a lot of research with regard to competitive advantages that our business can have over the others competitors in the same industries. I was able to base my research on a timeline of three years from now. One thing was clear though is the fact that technology is of the essence if any business is to be able to gain a competitive advantage over the others. For example, I was able to find out that in 2019, virtually everything will be done through a messaging app. thus, and this will be able to bring customers and the suppliers on the same platform which means that a lot of problems would be solved by this. For example, it would be easy to solve any problem that could occur much faster. In other words, it means that the supplier would be able to get an immediate feedback regarding their products. Consequently, the supplier or rather the manufacturer will be in a position to act fast if need be. Apart from this, the service app will also be able to eliminate middlemen. This means that the buyers can negotiate on the product price on a one on one basis with the supplier. It further means that through this the supplier will be in a position to fix prices in line with the market needs. Additionally, this will also be able to eliminate long waiting time. That is, the customers can get their goods and services as soon as they order them. It would also mean that the supplier will be able to learn other needs that the buyer might have. Hence, the supplier will be in a position to continually improve on their products.
I was also able to learn more about the global market and especially the UK markets which have divergent needs with regard to what customers want. At first, I thought I knew what customers want out there in the market. But after this module, I admit that there was only very little I knew. For example, depending on the size of business, their needs are valid. For example, take the case of SMEs operating in the UK market and those that are operating let say in the Middle East. It is important t to understand that the size of the labor market in each of these two markets as described above is very different. Thus, what this translates into is that these needs of these markets are bound to be met along these lines. Interestingly though, there is also the millennial markets. It is paramount in understanding the needs of the UK market to put into consideration different demographics such as age, gender and the like. This is very important due to each of these markets happens to have divergent needs.
I was also able to look at the different needs of the global market. A lot of emotional intelligence is needed for leaders to be able to accommodate the different dynamic needs of the global market. This is because virtually every business is competing for a share of the global markets. Thus, business has to devises ways of ensuring that they are not only able to have a larger share and at the same time maintain their share of the market. Hence, businesses are re-engineering towards this, and technological advancements come in handy in helping business to be able to achieve their targets.
I also got to learn about reaching out to audiences which are not very easy. In short, this module was very helpful, and in the future should I consider starting up my business, I think I will be properly furnished in doing so.