Surprises
Description
Kayla raised a question regarding the company’s marketing strategy in the new Australian markets for their products, services, and brand. However, Guadalupe Lanao responded that the firm did not have any marketing approach at the moment. Although it had general ideas of working with big players in the market, I was surprised that they did not have a straight forward marketing strategy for their new market entry.
Interpretation
The lack of a market strategy meant that the firm had not executed profound research regarding the new platform. The decision-making team appears to focus on data collection through the big players in the market to make accurate and factual-based choices concerning the most appropriate marketing approach. Nevertheless, I was surprised that the enterprise had started making entry moves without a marketing strategy.
Evaluation
The surprise taught me of the importance to learn and understand the nature and dynamics of new markets before deciding the most relevant marketing approach. I learned that it is advisable to rely on factual-data to make choices, which means that the researchers have to be on the ground. Therefore, I understood that having an appropriate marketing strategy is better than having any approach.
Plan
I will apply the lessons in my future business carrier. I will ensure that I assist the decision-making team to collect accurate and reliable data and use them to make factual-based decisions. Therefore, the insight will help me make appropriate and factual-based strategic choices through profound studies.
Frustrations
Description
Guadalupe Lanao and her husband (her boss) presented our client, Candela Peru, in the meeting. I expected both of them to actively participate in the meeting, especially while responding to questions. However, Lanao responded to all questions after introducing her boss. I was frustrated that the husband did not share much as the founder of the company.
Interpretation
The scenario suggests that I, and my colleagues, missed indispensable insights and experience from the boss. Although Lanao strived to answer the questions as the representative, she seemed not to understand some issues, such as the market strategy one. Thus, we missed crucial historical details, advice, and practical experiences from the founder of the company, which frustrated me.
Evaluation
The occurrence taught me the importance of being organized and actively participating in such meetings. Although Lanao represented the company throughout the session, she failed to invite her boss to participate in the process. Thus, i learn the need for inclusivity in commercial meetings and discussions.
Plan
I will ensure that inclusivity in my future presence in business meetings. Although I will advocate for an organized representation, I will also emphasize on the need for member’s inclusivity, especially in question and responses that touch their field of expertise. Thus, inclusivity will ensure that all concerns and addressed, and the audience benefits from existing diversities.
Moments that made me feel good or confident
Description
I felt excellent when all the participants were allowed to ask questions to the clients, who used details to respond. Lanao took every question seriously, an attribute that made me feel competent and confident. Thus, the inclusion during the question and answer session made me feel confident.
Interpretation
Responses to all questions meant that all concerns were essential and legitimate. Lanao strived to make response precise and provided additional details to ensure that all people understand the dynamics of their concerns. Therefore, inclusivity gave me confidence that I am crucial in the team and that all my questions were necessary and relevant to the meeting context.
Evaluation
The question and answer question taught me essential elements regarding entry into a new market and industry. I learned that marketing strategy is among the most critical aspects of business expansion, which requires profound research regarding the trends and customers. Therefore, the response to my questions and other concerns covered the expansion concept in a broad spectrum.
Plan
I will use the acquired expansion and marketing insights in my future carrier. Firstly, I will ensure that I understand the targeted market and consumers before making entry move and deciding on the strategy to use. Overall, I will observe other related factors, such the product performance in other landscapes, before expanding any venture in the future.
Deepened my understanding concerning marketing and market entry
Description
I noted different features in the company’s plant to enter the Australian market, especially on marketing. The boss and her wife seemed to be knee on understanding the market, its customers, and dynamics before making entry moves. The lack of a specific marketing strategy deepened my understanding regarding the best way to enter a market.
Interpretation
Lanao mentioned that the firm did not have a specific marketing approach since the decision-making team did not have facts regarding the customers. The incidents meant that buyers are the most important players and determinants of business performance.
Evaluation
I learned the importance of factual-based research and decision-making in business expansion. The customers were the main determinants of the approach that the company will use in the Australian company. Thus, understanding the targeted market and the buyer is the most crucial phenomenon in expansion.
Plan
I will focus mostly on understanding the customers and the new market in my future carrier, especially during new market entry or expansion. I will ensure that I execute in-depth research regarding the performance of the product in the market to ensure that it will perform well. Overall, the meeting has frustrations, surprises, and other scenarios that deepened my understanding about market entry and marketing.