Question

(A) As a current or future business owner, reflect on what new information you have learned in this unit that will impact how you will run or would plan to run your businesses. For example, has anything you have read or discussed changed what business area you are interested in or altered your conceptions of how you run or might run your business?

Answer 1

For any business owner, updation is very much necessary for survival. They should thoroughly search for new ideas and opportunities to grow. It can abhundantly change the structure of any business organisation. It is absolutely necessary for all business to grow according to the latest trend.

As a current business owner of bakery specialising in cakes and pudding, we use to have lot of orders for cakes. Recently I have come across instagram post of many cake bakers who are using different designs for cake and selling at exhorbitant price. The ingredients for the cake is same but designs for example image of bride and groom is used in cake, and it can make the cake more attractive and worth buying for the customers. This made me think of new patterns for cake baking and tried it one day. The response was tremendous. We have got more customers and orders for some pattern and there became huge demand one set of pattern. Since averege cost of this production remains same as that of before it became a source huge revenue for our business.

Another important feature which we followed from the post is that social media itself could be used as a marketing tool. Before we noticed the post, we used to do paid advertisement in local newspaper , magazines etc. And the response was also very less. When we started posting our items in social media the customers increased and it also gave new suggestions to improve our products. Since many are already following the trend, we could easily connect to the latest trend in customer preferences and behaviour. One social media post definitely changed our view on business and it helped us in a great way to improve ourselves.