Reflective Essay MGT3193
I have always wanted to start my own business. The knowledge and experience gained from completing various components of the business plan for this module has definitely equipped me with the some of the skills necessary for entrepreneurship. After taking this module, I would say that I am now looking at businesses differently and I am more appreciative of the processes behind managerial decision-making - specifically the seemingly innocuous details that make all the difference for an organisation. For example, hitherto I did not really appreciate the effect music has on consumers/ and or employees. I have since learnt that many studies point to background music being used in retail stores to: “improve store image, make employees happier, reduce employee turnover, and stimulate consumer purchasing” (Milliman, 1982, p.86). Dr Mike Lee describes the entrance of supermarkets as a landing strip reiterates the importance of making it appealing to attract customers (Hubbard, 2016). Another thing I have observed is that supermarkets usually put their most profitable goods at eye-level; this is where customers are most likely to see them. For example, in the stationary section of my local Tesco, you would see the higher priced materials at eye level and the cheaper goods are usually located on the higher or lower level shelves.
Whilst writing up this business plan, I have used my knowledge and tools from other modules as well as the tools provided in this module. For example, I used the knowledge and experience from my strategic management module to conduct an industry analysis for the business plan. Completing this has made me aware of several factors that can affect the business and different ways to mitigate them. I have also realised the importance of identifying these risks before starting up a business, and the necessity of carrying out