Business Professional Reflective Account

Introduction

Having studied entrepreneurship and business, I have come to comprehend how corporations have changed their marketing plans over the years by executing different ideas to obtain firm objectives. In this reflective account, I will outline what I have studied in the university and how it will assist me in my field of profession. During my year on campus, I studied the significance of a company containing a marketing mix that enables companies to meet clients' needs and expectations (Amanchukwu, Stanley and Ololube, 2015 pg 23). Additionally, I learned the 4 Ps of the marketing mix as well as other important elements as well as the role they possess in guaranteeing that the company achieves its objectives. The idea of 4 Ps of marketing mix will assist me to understand why a particular organization chooses to apply a certain supply system or the structure of advertisement that they select.

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During my time in business school, I learned the different pricing mechanisms that have been applied by companies, in turn, to obtain a primary benefit over opponents. The different strategies that have been applied are premium pricing, bundle pricing, floor pricing as well as equal pricing. Companies will select the pricing strategy that best fits them depending on the type of feedback the firm is seeking. During this class, I also learned that factors such as ethics and competition affect the value of a commodity. Additionally, I studied the significance of branding as well as promotional mix and image. This means that the promotional or advertisement method that a company uses can determine whether their business will thrive or not. Business class enabled me to learn about the significance of advertising campaigns and advertisement. I studied about how to prepare advertisement campaign and the procedures to follow to make sure that the campaign is effective in reaching the targeted customers.

During my second year, I learned about the public relation and sale promotions. Sales promotion is short-term approaches that organizations apply to design an incentive plan for clients to attract them buy their goods. I comprehend that obtaining public recognition is a crucial task for public relation since they have the task of ensuring that customers know about the organization and the services or products it offers. Additionally, I learned the importance of market research as well as how crucial it is for firms to carry out a study to make sure that their products or plan is appropriate for the present market. Marketing study locates anomalies and trends inside the market and centers on the requirement of the client. During my third year, I studied how to conduct marketing research where I learned on the various steps to follow as well as how to collect data and sources which should apply. This enabled me to understand the difference between secondary and primary data. On the same note, I learned about the application of quantitative and qualitative research. Additionally, I learned how to select the most excellent sampling cluster.

The utilization of modern social media platform is the most important method of advertisement in the business sector. During my time in school, I acquired knowledge of different forms of marketing processes that included posters, televisions, billboards, magazines, internet, and Facebook as well Twitter. These social media platforms have both their advantages and disadvantages which are capable of influencing consumers. I as well gained knowledge of various parameters to be considered when selecting a marketing process and these factors include resources, available time and budget. Through this knowledge, I appreciate the significance of putting into consideration these factors in business. On the other hand, my time in school made me comprehend various methods used in the executions of marketing. In this segment, I learned various marketing systems that an organization can formulate and utilize to improve their productivity. I appreciate the multiple approaches considered when executing the existing marketing structures and these approaches may include consensus, command approach, cultural approach as well as change approach. Business classes can provide the students with the chance to be directly included in the most sensitive administration decision that would eventually influence both the failures and success of an organization. To me to be provided with this kind of responsibility in any institution is a rare prospect for students thus, being involved in critical decision-making processes ascertains that I have enough knowledge on the management of any business. Though business studies have been seen as simulation experts, argue that this replication is highly precise and well acknowledged by business scholars.

Knowledge gained from decision-making responsibilities and observable activities would eventually examine my capability of conducting any study related to business. Business classes provided me with an opportunity to work with group members which enhances teamwork organization. Knowledge of teamwork will enable me to work with people from diverse environment regardless of their social or economic background. Group work is an important method of improving essential skills that are important to working in various business diversities. Besides, group working presents key skills such as communication, social, decision making, listening, timekeeping, organization as well as reflective thinking. These skills will enable me to succeed in any workplace both professionally and socially.

Business modules expose learners to partnership conferences which enhances partnership relationships. I attended a shareholder's conference, and I believe this meeting was valuable since it inflicted a sense of responsibility when running an enterprise. The conference provided me with a practical meeting that helped me acquire an insight into typical business operations (Schon, 2017.pg 13). The conference sharpened my skills in decision making, business operations and strategies used logically by enterprises to enhance their production.

Conclusion

In conclusion, the course provided me with educational knowledge and the ability to stimulate team working. This knowledge is crucial and resourceful, as I possess the capabilities to work in a various business environment that requires working in groups. Additionally, am certain that I have enough knowledge on data collection, formulation of methods that assesses the criterion and managerial decision making, thus, am fit for any job application. Through this module, I have achieved more than enough insights and comprehension for developing and running an enterprise.

Reference List

Amanchukwu, R.N., Stanley, G.J. and Ololube, N.P., 2015. A review of leadership theories, principles and styles and their relevance to educational management. Management, 5(1), pp.6-14.

Schon, D.A., 2017. The reflective practitioner: How professionals think in action. Routledge.