Over the course of the degree, I had studied a lot of different and varied tools of business management. The group report was the core and gist of everything that I had studied so far. The report was designed in ways, which tested my knowledge about everything that I had studied to date, and implemented it to a realistic situation.
The initial portion of the report was an easier task, which required some general information about the approach to the analysis. Basic marketing theories were discussed in detail, and the discussion was simply whatever I had studied in my degree thus far about the particular theories. I had taken a special interest in understanding the core and classical theories of marketing strategies because every new and improved theory is a rip off from the traditional and classical theory. Classical theories such as the 7 P’s in marketing, SWOT analysis, PEST analysis and Porter’s five comprised a major portion of business analysis and management, and I had taken a special interest in the topic. At the end, my grasp on those theories was satisfactory thanks to my instructors and friends who were there to help me all the way. The other tool that I acquired from the courses was not specifically related to them, but helped me in compiling the research material required for the report. Over the course of the degree, major emphasis had been placed in researching relevant material from online sources. At first, my grasp on researching was hideous; however, with time and a significant amount of practice, researching material from the web became one of my strong suites.
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The difficult part of the report was the implementation of all the theories which were taught to me during my degree. Implementation of theories on a realistic scale is not an easy task, and I was always afraid to do so. On the bright side, I was prepared for this and with the help of my instructors and friends; I was able to overcome the problem. In class, we were given several examples of the implementation of every marketing theory, but it was until the moment of report preparation that we realized the extent of difficulty in implementing. Even with the knowledge of the theory, I was still confused whether the implementation would be up to the standards. I had acquired all necessary tools for identifying the theories, which were spoon fed to me, but it would have been a lot better if during class we were tasked to implement a theory ourselves rather than studying several examples of it.
Analyzing a service business and implementing marketing techniques are never an easy task, which was exactly what I was supposed to do. Thankfully my training during classes had helped me in identifying the factors applicable to the service business only. For example, I knew before hand that the 7 P’s are particularly applicable to a service sector organization or that the Opportunities and Threat in the SWOT analysis were the effect of external forces on the marketing strategies just like the PEST analysis which analyzes the macro level forces which affect the business.
The time required for the report was a concern because; the analysis was on three different countries in three different continents. The features of markets in all countries were variable, and even though the report did not let the reader know that there was a lot of time and effort involved in completing a SWOT and PEST analysis for the business in all three countries separately. Marketing plan posed a serious hurdle to the report because it required a different approach to the analysis. The only tool which I believe I lack is the ability to combine information from different sources. I analyzed every theory from the scratch even though I found out later that they were interconnected. This led to spending a great deal of time on the analysis than it should have.
I had studied every theory required in the marketing analysis of the business, but one thing that I believe was not taught to me was to combine all the theories together and form a perfect mix of strategies which would be helpful for the organization. Even though, the objective of the report was exactly the same, but it would have been helpful if I was taught to point out specific strategies from each analysis and form a bunch of ideas that would help the company. The isolated analyses of all marketing theories are absolutely perfect, but I believe the strategy devising portion of the report is not at par. I was taught every theory in isolation, and had no idea what the result should have been when they were combined. I had to research from online sources about the strategic choices of different theories when combined. My knowledge of every theory and the current issues in different markets and theory which were taught to me during my degree were greatly helpful, but the tool to combine the knowledge of theories with strategic implementation was lacking.
Once I was done with the analysis and presentation of strategic choices to the service business, I recalled everything that was taught to me in class and prepared the evaluation. Help from every module was acquired especially the current issues which were integral in pointing out the recommendation in the report. I had to face several difficulties in preparing the report especially during the implementation of the marketing theories; however, I am proud of the final result and effort that I put in the preparation.
The report was the gist of everything that was taught to me, and would be of significant importance during my career because now I know how to implement the strategies learnt in class to an actual business model. The course material covered every theory in general and definition while management through those theories and the current issues were taught separately; I learned how to combine all the material, which I had studied in class through this report.
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