CONCEPT NOTE (GROUP 4, 5, & 6)

Name: Habulan, Amiel G.

Course & Section: BS Entrep 2-D

Subject: Market Research and Consumer Behavior (ECC3)

Concept Note #: 2 Date: October 14, 2023

Professor: James Rey M. Aponte, LPT, MBA

I learned about what was the topic of group four and it was to make a point to everyone how
necessary it is to continue to improve your thinking about how to run your own company
except to reflect on your behaviors for being a low-effort person so we don't have to spend the
rest of the day thinking difficult about all of the things we had experienced low effort thinking
can occur in the context of what we are thinking while we actively think about it. In addition, try
another thing. Have you taken a drive on a road that you've traveled many times and focused
on while analyzing what was going on? Even though you might have been actively thinking
about that conversation you had earlier, you were still able to maintain your speed. Most of the
time, low-effort thinking works well for us and enables us to assess a new situation or piece of
information quickly. On the other hand, since we have no control over low-effort thinking, it
may result in problems, such as making incorrect assumptions or even unintentional racial bias.
Higher-effort thinking is also a skill; in fact, it is a component of education, and reading or
listening to others helps you develop it. Entrepreneurs work to assist beginners in developing
their high-effort ability to think beyond just the fundamentals. A particular type of thinking, or a
kind of thinking, is low-effort thinking, which is thinking that is effortless and voluntary. This is a
form of social cognition that requires very little to no effort when walking into a room with
twelve individuals. You can easily tell the difference between a corporate meeting and a casual
party. You don't have to stand off the entrance and count heads. An individual skilled in these
areas will perform well in a company and definitely have an important benefit in getting a head
start in life.
I found out that outside gathering aids in analyzing the market from group five's discussion. A
company is able to comprehend the state of the market, customer preferences, and the
competitive environment by compiling data from a variety of sources, including industry
publications, customer behavior studies, and competitor analyses. Making profitable choices
and remaining one step ahead of the competition requires the use of this knowledge. External
data can also support strategic choices. For example, identifying recent market developments
or being aware of what new goods or services rivals are releasing can help a business modify its
plans to stay current and cutting-edge. In addition, external collection is essential for managing
and assessing risks. by keeping an eye on outside issues like alterations in laws, the state of the
economy, or world events. The business may identify possible hazards and create plans to
efficiently mitigate them. I've come to understand how important it is for organizations to
gather external data in order to improve consumer engagement, undertake thorough market
analysis, make wise strategic decisions, and manage risks. It enhances internal data by offering
a bigger picture and a more in-depth comprehension of the outside influences on a firm.

I found out that post-decision conflict is the feeling of regret and uncertainty caused by a choice
or purchase you have made. An illustration of post-decision confusion is when you decide to
enroll in the course you want after letting other people influence your decision, and then, once
you're there, you suddenly regret it because the course is not for you, you feel uneasy, you
can't keep up, and you're not happy. There is less post-decision confusion, and the best way to
avoid making a choice that you might later regret is to weigh the pros and cons, gather more
information, and talk to others about their perspectives on the matter or potential choices.
Learning from customer experiences can help a business expand and improve its perceptions of
the services it offers and whether to add, modify, or remove them from the business. Internal
control is the way multiple businesses utilize different strategies with the same client without
disclosing their information to other businesses. Customers can feel more at ease and
interested in the products when a brand or business engages with them online and gives them
discounts and services. The organization places a high focus on client happiness and feelings,
ensuring that the goods are of high quality and good value, and being available at all times to
help the customer and communicate with them. Whatever the customer's input may be, be
sure to accept it and record it. In order to develop the business and satisfy current and
potential customers, it is important to adapt to new trends, customer expectations, and
experiences. When a customer expresses dissatisfaction with your product or service, you
should reply positively. Offer discounts and refunds. Let the customer know what you can do to
help. Always be prepared to hear unfavorable client feedback and reactions since
understanding their perspectives will help you get more out of the goods and services your
business offers. Learning all of this can result in increased client satisfaction, brand loyalty,
steady commerce, and positivity. I also learned about returned goods, which I also encountered
when I had to send anything back because it was generally damaged or unclean.