REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT

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Information about REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT
Business & Mgmt

Published on March 20, 2014

Author: wualankcloy

Source: slideshare.net

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REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT

1. What did you learned on the subject?
2. How did it change your life?
3. How would you apply it in your daily life?

Consumer Behavior Reflection The study of Consumer behavior plays an importance role to us students in Marketing which need to study in how individuals, groups and organizations select, buy, use and dispose of goods, services, idea or experiences to satisfy the needs and wants of the consumers. I learned from this subject that some of the factors that may influence consumer purchase decisions are the cultural influences, social influences, personal factors and psychological factors. Those of the factors are vital when using them to apply as the marketing strategies. It changed my life in a way that my perspectives in my buying habits and in decision making were changed. This subject taught me how consumers are motivated in buying preferences and how to come up with a better decision strategies differ between products that differ in their level of importance or interest. As a result, this impact will surely bring about certain changes in behaviors based on positive or negative aspects of learning, which more explicitly, positive or negative experiences in a situation that I will encounter in the market place. Among all the subjects I took this semester, for me this is the most applicable in life since it refers to the buying behavior of consumers, so for this reason, I learned that those factors mentioned above are very helpful in considering which products or services to avail. I also learned a new perspective on how we view advertisements since we advertisements are everywhere. Also, in how the consumer looks and reacts towards the Ads. This subject has really opened my eyes to why we buy things and how we relate with the advertisements. The Ads not only show you the product make you want the product for certain reasons. Therefore, I am learning and I will learn in the future throughout actual experiences and potential opportunities have drawn, and will, a huge impact on perception, personality, attitudes, values, and the learning process itself.

Methods of Research Reflection The purpose of the feasibility study is to provide information needed to determine if the proposed business venture is viable. By using these as a guide, it will help you move through the process efficiently while helping you get the most out of the analysis. A feasibility report will help us to determine the profitability of the business venture. Before starting a business, seasoned entrepreneurs and investors would want to know if the business would be worth their time, effort and resources. It is worthwhile to know that many entrepreneurs have abandoned solid business ideas because the profitability was not ascertained on conducting a feasibility study on the business idea. It changed my life in terms of decision making decide whether or not to pursue a new business opportunity. This subject taught me to be more determined and dedicated to accomplish a specific task. I learned that to adequately perform that task, the cooperation of every member of each group who are conducting the study must have a thorough understanding of the project and they must also understand the purpose of the study. Moreover, Feasibility studies also open my eyes to new possibilities, opportunities and solutions we might never have otherwise considered. It is applicable in life because, for instance, if I had the chance to put up my own business, I must really have the guts to take risks since it is an expensive and time consuming process. However, not doing a feasibility analysis can be even more expensive in terms of the poor decisions you may make from not conducting the proper analysis. Likewise, feasibility study is not easy to make, it taught me to be more patient in reviewing the study to determine if it is accurate, relevant and complete. It also helps me to be more productive in every given tasks. Therefore, studying Methods of Research subject is very necessary for us marketing students since it will help thoroughly examining all of the issues and assessing the probability of business success we might put up in the future.

Product Management Reflection First and foremost, Product Management is very essential subject for us marketing students since we are the future leaders in business industry. The role of Product Management is to define, develop, deploy and maintain products and services that: Provide more value than the competition. Help build a sustainable competitive advantage. Deliver measurable benefit to the business. I learned how products and services should be developed. Likewise, I learned that in terms of competitions, the organization must offer goods that are better than its competitors; it must be unique and have good qualities in order to patronize their products or services. I also learned that some new products fail because of poor market research, it didn't meet the needs and wants of the consumers and it has lack of demand. It changed my life in a way that it changed my perspective in how products are need to be seen in terms of the benefits they provide rather than the functions they perform. I also learned that if the product is sound and easily acceptable to the market, if it satisfies reseller’s needs and consumer preferences and is carefully filled to the needs and desires of the customers, sales success is assured. Moreover, products need to be seen in terms of the benefits they provide rather than the functions they perform. Through taking this course, I understood that product management plays a very important role in achieving organizational excellence by effective product management. Indeed, this subject taught me that to be able to achieve a particular goal; you must exert an effort, time and creativity to be able to come up with a great outcome. I can apply it in my daily life on how my preferences should be considered in my decision making what are the factors to consider in buying the best quality product in the market. Therefore, product management is important not only for making sure that existing products live profitable and efficient lives, and that they are deleted at the most appropriate time, but also to enable it to plan for the future and the flow of new products, taking advantage of new technologies and other opportunities.

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