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Reflection

The reflection discusses the challenges faced during a market day, highlighting misjudged product demand and competition, as well as issues with pricing and team accountability. It emphasizes the importance of extensive research, appealing presentation, and cost-cutting strategies for future entrepreneurial endeavors. The team recognizes the need for better task management and product diversification to attract a wider customer base.

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22 views2 pages

Reflection

The reflection discusses the challenges faced during a market day, highlighting misjudged product demand and competition, as well as issues with pricing and team accountability. It emphasizes the importance of extensive research, appealing presentation, and cost-cutting strategies for future entrepreneurial endeavors. The team recognizes the need for better task management and product diversification to attract a wider customer base.

Uploaded by

jeromes10111
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Faculty: Commerce and Law

Module Code: COBMA1

Module Name: Business Management 1A

Reflection and Evaluation

Investing in entrepreneurship is a leap of faith, no matter how fool proof your


business idea seems to be, success is never guaranteed. During our market day we
experienced few successes and great challenges, for one, we managed to sell our
most expensive package allowing us to recoup a fraction of our investment. Though,
later we concluded that we may have misjudged the appeal and demand for our
product, as the research conducted was limited to a few people, mainly roommates
and fellow classmates. We also underestimated our competition, the thought process
was that as long as no one was selling similar products to ours, we would be fine,
but it occurred to us too late that customers would spend all their moneys on our
competition and leave none for us, the allure of sugary goods is too great, I guess.
Setting prices was also quite challenging for us, our production costs were quite
high, so in attempts to cover our marginal costs and make a profit, the selling price
became, as we learnt from customers, unreasonably high. Team members also
failed to complete their assigned tasks, which was greatly unforeseen and because
of that no contingencies were put into place.

It was through practical application that we learnt that just because something looks
feasible on paper, does not mean it guarantees success. We learnt that for future
endeavours, one should conduct more extensive research on a broader scale to get
a clear consensus on the actual demand as to not base your entire enterprise for a
niche group of persons. Our stall also lacked the physical, decorative appeal to
attract more customer, so we learnt that for future endeavours on should invest quite
a bit in means to create a welcoming stall.

In future we might invest in cost cutting techniques, to ensure that we will be able to
offer consumers goods at prices they will be willing to pay while making a profit. We
will also create a structure within that ensures that team members do the tasks they
were assigned to in due times, so that, should they fail, they are held accountable.
We should also diversify our products and have individual units of products to appeal
to a broader group of people.

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