Reflective essay about the guest speaker Essay

I have been given the opportunity to attend one of the guest speaker events to write my reflective essay on. The guest speaker lecture I attended was a woman who had her own wedding company and as years went on she changed it to just focus on wedding cakes, instead of dresses and wedding events etc. The speech was very useful as the business student it gave me a wider knowledge and ideas for the future and I am so glad I attended because when you hear about another person’s journey through their business it helps you to understand more and focus on what’s important. She also spoke about the change in her technique to challenge competitors and blending techniques which she said in her speech â€Å" Niche was to give her clients exactly what they want when there’s conflict within the wedding party â€Å" which you would understand when you are getting married you want everything to go perfectly for your big day and everything to go how you planned it. So making the cakes she had to make sure especially for wedding cakes she always makes sure it is exactly how the clients asked for so there is no conflict and issues as a client it would be devastating seeing a result of the complete opposite of how you wanted the cake to be. It’s always important to keep the clients happy and impressed as it plays a big part in the company and you would want people to leave good and positive reviews and that’s how you build your company. The guest speaker also mentioned the economic climate which is a general characterization of the overall mood of the global economy or of a regional economy, which captures the status of the stock market, the perception of the economy by consumers, and the availability of jobs and credit. Business decisions such as hiring, borrowing, lending, and investment in new initiatives are often strongly influenced by the overall economic climate. The economic climate for her company was sweatshops because they have been a factor in the production of goods around the world for centuries but the globalization of business has led increasing numbers of major corporations to take advantage of low-cost sweatshops labor in developing countries. Recent examples of sweatshop conditions in the garment industry have caused an international outcry by Labour leaders and government officials. This whole situation made the clothing cost less than the retail price of fabric. Also, it all depends on the targe t market on who it is targeting at and in her company she had a lot of people that were size 14 plus. The recessions in the 1990s Were she wasn’t making enough money and it made it difficult for her to hold on to the business, the disposable income reduced as well as the wedding cakes were considered elastic products which meant the sellers and buyers adjust their demand for the good product when the price changes. Also, the guest speaker spoke about the disadvantages that affected her business was the changes in the law 1990 health and hygiene regulations. She spoke how this was a big impact on her business because of changing fashions and finding ways to keep up with the times and the little things count in maintaining a high-quality brand. All these things were really important towards her business because if you don’t follow the rules and regulations it can cause a danger to the company and she could lose it all. The implications of changing environment were keeping up to date with change as it plays a big part when having your own business and you are responsible for following and researching changes in the law. Attending wedding fairs was a chance for her to promote her business and give our business cards and people to get a taste of her company so they knew what the service and goods are if they wanted her for the future upcoming events. Along with that she also mentioned how she had wedding cake competitions which she enjoyed but you have to compete with others so clients come to her and not the other company’s. It was all about having the good product and knowing what the audience love, although it was a competition it was also about learning new techniques from others and others learning from her and how they do their design. She explained how learning from others isn’t always a bad thing, sometimes it’s good for you as if give you more ideas on how to improve and have better skills than what you already have and know.The pricing strategy is also important as she had to access the cost by monitoring the prices of competitions and having the interactions with customers have changed because of the internet where you have social media like Instagram, Facebook or your own business website where people have easy access and can easily contact you via message asking for quick information and you have other people who are already your client s writing feedback which catches other people’s attention as well.She spoke how if it was profitable, and explained that yes the wedding dresses were more profitable as there are the wedding every season of the month and the love of weddings, where every woman wants to look perfect with the perfect wedding dress on the big day. During the guest speaker event, I am so glad to have attended as I have learned many things from the guest speaker speaking about her company. She has motivated on helping me create ideas for what I plan for my future business/career. She also taught me that it is important to be up to date with the rules and regulations and always do research on anything especially when having your own business or if you wish to. You also need to think of contingency measure in different emergency and situations, doing this will make sure the events you hold or the finished product will be carried out smoothly with no conflicts. How I intend to implement ideas gained in the event to boost my future career, is by attending more of the guest speaker events and be involved when there are events going on to help me boost my confidence, doing this I know it will help me to understand more and also because I am studying business in most of my modules it helps me to understand each day. Doing research is r eally important before thinking of having your own business so it gives you a wider knowledge and keeps you aware of the advantages and disadvantages. References What is economic climate? definition and meaning (2017). Available at:  http://www.businessdictionary.com/definition/economic-climate.html  (Accessed: 26 November 2017). Sweatshop’s facts, information, pictures |  Encyclopedia.com  articles about Sweatshops (2017). Available at:  http://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/labor/sweatshops(Accessed: 26 November 2017).