Individual Reflection Assignment 2nd Answer

Introduction : A Reflective Analysis of a Product Development Project: Wireless Charging Mouse-pad and Mice

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The project represents an assignment determining the creation of company profile for wireless charging mouse-pad and mice. It represents the individual reflection of research undertaken to analyse the opportunities available for the product offered in the market. In order to enhance a business activity, there is a need to evaluate the supply chain management in an effective way. Generation of new as well as innovative ideas may bring more fruitful results. It consists of different activities such as marketing the brand, customer segmentation, different activities in order to create and select the market segment, how to do positioning etc. This report is going to focus on the reflection of where we have put together the presentation on the wireless charging mouse-pad and mice.

Reflection

BRANDME refers to the process of giving our firm a name that defines its characteristic features and differentiates my offerings form others available in the market. As a leader or founder of the mentioned venture, I need to undertake this branding activity for gaining long term gains. In this process of developing brand on the wireless charging mouse-pad in a presentation format I have performed the different roles and responsibilities of the person who is responsible for creating an innovative decisions in the organisation. The different roles and responsibilities that I have performed and which are mentioned in the presentation are as follows:

• The primary role that I have performed is I decided to find the needs and wants of the customers and effectively catering them in order to serve them high level of satisfaction.
• Further I decided to determine the ways through which the offerings that I am going to provide to the customer is to be supplied.
• The next responsibility that has been followed by me is relating to its operational activities of production that needs to be carried. I have made a framework that needs to be followed while performing those activities, in order to attain a beneficial result.
• The quality management is an important component, which is to be taken into consideration by me. I have to make assure that the products manufactured are as per the needs as well as wants of the desired
• The very next role that need to be performed by me is to develop a market6 for the offerings that I am going to present in front of the consumers.

From these different roles and responsibilities, I was able to gain the different skills and knowledge which can be implemented in the future in order to enhance effectiveness of the business organisation that I have undertaken. The major roles that I have played in the context of my mentioned venture, would clearly lead to a path of growth and developmental activities, which is the whole and sole objective of my company. As an intrapreneur, it is my prime responsibility to build a framework within which my firm will operate in respect of achieving the well defined objectives. Growth refers to the increase in various aspects of an organisation relating to its sales, revenue, earnings, customers and brand image. All these factors or aspects would together lead to overall growth and development of my organisation.

On the other hand it has been founded that there are several strategies by which I can enhance my skills and knowledge while managing my venture related activities. Other than that I have discovered that price also plays very important role when the firm is launching a new product that is wireless charging mouse-pad and mice. In the same regards, I have learned that there are different pricing strategies such as price skimming, penetration, price bundling, cost plus pricing, discount pricing. With this issue, firms have selected price skimming, where they start selling different products and services at low price.  

With that I have learned that expansion planning the structure of a venture is also one of the important aspects of managing the organisational activities if that firm. This is because it will help the presenter to plan for delivery of qualified as well as consumer preferable goods to the targeted audience. Where my primary objective is to sustain in the environment and then enhance the operational activities undetrtken in my organisation. So I need to plan for the organisational structure. Other than that I have learned that environmental factors of an entity also plays a significant role on attracting audience. In order to do so I have simply to create an interactive environment for the employees that have been appointed in my company.

The presentation is made in the group. In this the business model is Wireless charging mouse-pad and mice. When the organisation is going to serve these products, they will have different advantages and disadvantages. I have identified that when it comes to the wired mouse, there is no need to charge it and it is reliable which is advantageous. And when it comes to drawbacks, Hassle with wires and the Length of wire may be inconvenient. On the other hand when it comes to the wireless or Bluetooth mouse then, the different benefits it has that are it has no hassle with tangled wires and more freedom with movement. When it comes to the drawbacks, then batteries require changing and battery life is poor. I have learned from this project that value creation is one of the significant aspect of the business when the company is newly opening, when the firm is going to expand their products and services and when the going to launch some new and innovative products. I have learned that value creation is the primary aim of the business which helps the organisation to sell their products and services to the customers. Other than that I have learned that there are several benefits when the venture is going to create value for the venture such as it enhance the stock price, ensure future availability of investment capital to the fund operations. Therefore, it can be said that value creation is the foundation of the business. In this case, value is created by investing huge amount in the technology. I have analysed that there are several factors from which value can be created such as customer satisfaction, serving new products, other benefits, after sales services, employee retention etc.

On the other side, I have learned that market segment is also one of the significant factor which the firm need to decide when they are opening the venture or when they are going to launch new product in the market. With that I have learned that there are different methods by which segmentation can be done, that are geographical, personal etc. I have analysed that segmentation need to be made on the basis of products and services which the firm is going to offer. Other than that I have learned that secondary segment cans also being made. In this case the people who are aware about the latest product which are available in the market, who keep the eye on the different and special offers, who is high enthusiast, who is highly present in the online forums and communities, who have many friends with the similar interest, who is able to spend more money on the products in order to follow his or her lifestyle and read the reviews before purchasing the high value products.

With that I have learned that there are several activities which organisation needs to play when they are creating the high value for the customers such as marketing, sustainable business environment, engage customers etc. I have analysed that marketing plays very significant role when the venture is going to launch new and innovative products in the market in order to cater the needs and wants of the customers. This is because; creating awareness is one of the important tasks for the venture when new product is launch. When awareness is not created, then how could customers find the product and purchase it. Hence, it can be said that awareness is one of the important aspect of marketing the products and services. I have learned that are various strategies of marketing such as advertisement, sales promotion, digital marketing, social media marketing etc. When it comes to the advertisement, it is way by which organisation market their products and services to the mass media with the help of television, radio etc. on the other hand, when sales promotion is concerned then, it is way by which venture enhance their customers base by providing samples, discounts, complementary gifts, coupons etc. on the other hand, I have learned that digital marketing have become one of the effective way for promoting the products and services and generating awareness (Tomczak and Kuss, 2018). There are several strategies that are included in the digital marketing such as search engine optimisation, social media platforms, pay per click, content marketing, affiliated marketing etc. I have analysed that social media platforms such as Facebook, Twitter, Instagram, Pinterest etc. are very much effective way to promote the product; this is because most of the people are available and use social media platforms.

On the other hand I have learned that relationship marketing is also one of the effective way by which organisation can promote their products and services by creating cardinal relationship with the different stakeholders. When the venture is going to implement relationship marketing, then they will have several advantages such as it encourages close and frequent contact, enhance sales, basic focus on the services and value, key attention on the quality of products and services which is being offered and can able to achieve the long term goals.

As the organisation have promoted their product and services, the next stage is to collect the orders from the customers and distribute them products and service. I have observed that there are several ways by which organisation can distribute their goods and services. I have select ways direct sales with the help of website, indirect sales with the help of retailers and web advertisement with the help of partnered companies (Mikeska and Coryn, 2017). On the other hand, I have learned that firm need to collaborate with the different partners. Here I have selected product manufactured partner that is Seliable stock, retail partners with the public awareness with the product samples and other partners by serving sponsorship in order to generate additional revenue.

Conclusion

It can be concluded from the project report that when the organisation is going to launch new product, they need to select the segment according to the product they are offering. Other than that they need to select the different marketing strategies in order to generate awareness and product the product and services. The report is all about creating the profile of the company and finding the different expansion ways who is dealing in mouse pad selling. With that it is concluded that the firm need to think for the future expansion in order to gain competitive advantage. Assignment Help provided by New Assignment Help

Books and Journal

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Tomczak, T. and Kuss, A., 2018. Introduction. In Strategic Marketing. Springer Gabler, Wiesbaden.