We completed this class by assigning our last day to summarize what we have

learned over the past four weeks by presenting our business plan to the class. As I

learned on the first day of our class, we started our planning by first defining what we

really wanted to be. Our team is made up of six individuals with different characteristics

and beliefs. First, we asked each other what we really wanted and what common

problems we faced in our daily lives and after that discussion, we decided to come up

with a business plan for a laundry shop because most of us spend our days working

and studying that sometimes we do not have enough time to wash our clothes. And we

are really satisfied coming up with this idea, especially with me because before, I had

planned to have my own laundry shop, so I already had some ideas that we used for

this business plan. Then, after that meeting, we started researching by asking our

friends to share their own experience starting their own business and we also applied

what we learned to define what things we really need to consider when establishing a

business. And today, after the presentations of all the groups and after hearing the

questions and comments of Dr. Rotairo, it makes me realized that planning is really

important in starting your business because you should know and understand all the

things about the business you plan to build from the target market, where you plan to

sell or offer your product/services and to the projections of your finances. You really

need to identify your target market because it will help you decide where to place your

business, what kind of marketing you need to attract your target market, and especially

all the laws and regulations governing business industries. Starting a business requires

analytical thinking and having a good plan. It is important to analyze the competition and

find out who your competitors are because in some way you can use their successful

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tactics to improve your business and get ahead of them. And, you also need to

understand the risks and rewards. By doing so, you will be able to overcome the risk

and reap the tremendous rewards of having your own business. And lastly, you need to

be creative, stay focused, and be consistent. For me, a successful business is the result

of preparation, hard work, and creativity.

And from the book review, I learned that it is important for the marketer to know

how to develop meaningful connections with their customers in a rapidly changing,

increasingly digital, and social market. Our selected book on Marketing Principles

proves that different marketing management functions can serve the needs of the

organization by making them aware of the needs of the consumer and by showing that

implementing an organization's strategy plays an important role in development.

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