Reflective Essay on Business and Entrepreneurship

thoughtful Essay on Business and EntrepreneurshipReflective EssayI demand never really considered much round business and entrepreneurship until I started the merchandising in Hospitality course. I rush come to understand how businesses have evolved their marketing strategies over the years by implementing unhomogeneous concepts in order to achieve order goals. I have in like manner come to appreciate the importance of team work devoted that this module requires the work to be done in a group. In doing this it has created a sense of team spirit among myself and my group members. In this broody essay I testament be outlining what I have wise(p) in each Assessment Criteria and how it will help me in my profession.In AC 2.1 I leaned about the importance of an presidential term having a Marketing Mix which will allow them to meet customer expectations and needs. I in addition secureed a full understanding of the 4 Ps of the marketing ruffle and the crucial part in which ea ch play in ensuring that the organisation achieves their goals. This AC will help me to know why a company chooses to use a certain distribution method or the pass water of advertisement that they choose.In AC 2.2 I learn about the heterogeneous set strategies that have been utilize by organisations in order to gain a leading advantage over competitors. The various strategies that have been utilised argon floor pricing, penetration pricing, premium pricing, equal pricing, bundle pricing among others. Depending the kind of feedback or result in which the organization is seeking they will choose the pricing that outmatch suits them. I also learned that on that point are various factors such as competition, ethics and even the parsimony that may affect the pricing of a output.In AC 3.1 I learned about advanceal mix and the importance of branding and image. I learned how relevant a customer perception of a company, return or product is hence, the advertisement or promotional method in which they choose shag determine whether or not they will succeed.In AC 3.2 I learned the importance of advertisement and advertising campaigns. I learned about how to plan an advertisement campaign, the steps to take and also how to ensure that the campaign is effective in impacting the targeted audience.AC 3.3 I learned about sales promotion and also cosmos relations. Sales promotion are short- term techniques that companies might use to create an incentive strategy for customers in order to get them to purchase their products. I understand that gaining public acceptance is a vital role for public relations and they are given the task of ensuring that people know about the company and the product or services it provides.AC 4.1 I learned about the relevancy of market research and how vital it is for companies to conduct such research in order to ensure that their plan or product will be successful or is suitable for the current market. Marketing research identifies tr ends and anomalies inside the market and focuses on the needs of the consumers.AC 4.2 I learned how to channel out a marketing research. I learned about the contrary steps to take and also about data collection and sources which should be used. I learned about primary and secondary sources, how to select the best sampling groups and the various use for qualitative and quantitative research.AC 4.3 I learned about the different marketing methods such as television, magazines, billboards and posters among others. I also learned about the advantages and disadvantages of each and the effect that each is verbalise to have on consumers. I also learned about the various factors to consider when choosing a marketing method such as budget, resources and gettable time.AC 4.4 I learned about the process of implementation in marketing. This is where all the marketing strategies that a company has come up with are put into action. I learned that there are various approaches that can be taken when implementing the various marketing strategies such as drop approach, change approach, cultural and consensus approach.Overall, the course was very educational and the group assignments were healthy as it stimulated team work. This is vital and resourceful, as I am currently working in an industry that requires working together as a team. For the purpose of gathering information, formulating a way to approach the judgement criteria and delegating the workload, I have learnt to listen attentively, respect and appreciate everyones suggestions and feedbacks. I had gained more than enough knowledge and insights for establishing and running a business