26 Sep Interview someone in a Management position and write a reflection paper about one of the last four modules.? Some topics may include: Please note the following important standards:
Interview someone in a Management position and write a reflection paper about one of the last four modules.
Some topics may include:
Please note the following important standards:
- 500 words max.
- Proofread your paper carefully; always use proper grammar and spelling.
- If a specific question is looking for a qualitative answer, limit your answer to five sentences or less. Quality over quantity, please!
- Please place your name, date, and assignment name (Module 2 Assignment) in the heading. Your assignment must be in Microsoft Word, Time New Roman size 12 font.
- Any outside sources must be cited properly. Please use APA formatting.
The last module is posted below. You can base it on that.
Sebastian Mosquea
20 September 2022
Dr. Valente
MGT 100 EL
Module 1 Writing Assignment
Why do you think vinyl records are appealing to customers?
Vinyl records appeal to consumers because they have aesthetic appeal compared to compressed CDs. Consumers like packing vinyl records on shelves because it is more appealing than a media player with billions of music files or shelves packed with CDs. Also, vinyl records provide the best sound quality compared to compressed CDs. Sound is composed of different frequencies, and vinyl presents a wide range of frequencies because of its analog-to-analog production process. Additionally, vinyl records have surface noise which adds to the charm of its format and is part of the vinyl experience for consumers. Further, vinyl records are more valuable than other music formats because they are more artistic and aesthetically appealing.
Do you think the sales growth will continue to be vital for vinyl sales? Why or why not?
I think the sales growth for vinyl will continue to improve because vinyl records provide an opportunity to recycle and reinvent classic and portable records. With new technologies, it is possible to reinvent vinyl and recycle it into stunning records that potentially have a more extended play and audio fidelity. Updating the vinyl infrastructure and adding new technologies will ultimately provide streamlined serviceability for consumers and increase sales. The increased popularity of vinyl will also increase their demand and drive sales.
What research would you want to conduct before investing in new presses?
Decision-making is crucial in solving issues efficiently and achieving organizational objectives within budget and time (Bright et al., 2019). Market research is crucial for any new business as it provides decision-makers with relevant information. Many businesses enjoy longevity by conducting market research to identify consumer needs, establish a target market, and pinpoint competitors (Mooi et al., 2018). For example, I would research the demand for presses, target market, competitors, and cost versus price to decide to invest in new presses. Researching competitors will help determine the organizations that are providing similar services and products and study what they are doing. As a result, I can know what works and does not work without trying and making errors myself. Also, doing competitor research can help me know the areas where my competitors fall short and work on them to help my business stand out. Further, I can use the information from the research in my sales and marketing to attract consumers.
Researching consumer needs can help me identify the crucial unmet needs of consumers and address them to attract customers. Also, researching consumer needs can help me refine segmentation, improve ROI (return on investment), and drive growth through consumer loyalty, adoption, and advocacy. Finally, research on customer needs can also be crucial in disapproving false assumptions and correcting mistaken beliefs about consumers.
For my business to thrive, I need to determine the target consumers ready to purchase my services. Not every person is a potential consumer; thus, establishing and understanding my consumers is a crucial part of my business and marketing plan. Identifying the target market can help my company direct resources to the consumers with a higher potential for buying. Also, it can help my company develop efficient marketing communication strategies to drive sales.
References
Bright, D. S., Cortes, A. H., Hartmann, E., Parboteeah, K. P., Pierce, J. L., Reece, M., … & O’Rourke, J. S. (2019). Principles of management. OpenStax.
Mooi, E., Sarstedt, M., & Mooi-Reci, I. (2018). Market research. The process, data, and methods using stata.
