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    Module 6 - Reflect Activity 3

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    Module 6 - Reflect Activity 3

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    Module 6 - Reflect Activity 3

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    of 1

    Sherwen Pormanes

    BSBAFM 1

    I've learned from modules 3 to 6 that, in order for any business to succeed in the business
    world, customer dynamics are crucial. Module 3 highlights the necessity for all types of
    businesses to collect extensive data regarding the needs, desires, and even behavioral
    traits of their client. Only with this understanding will businesses be able to create a
    marketing strategy and improve their more offerings, guaranteeing the contentment of
    their client. Remaining ahead of the competition requires the ability to predict trends and
    spot opportunities based on customer intelligence. It becomes essential to incorporate
    consumer knowledge into both short-term sales and long-term profitability when working
    with a complex market. Upon reflection, this highlights the fundamental need for market
    research and analysis, which serves as a foundation for developing corporate strategies
    that successfully address the understanding of customers. Module 4 discusses the unique
    features of business marketplaces, including market segmentation for businesses and a
    structured purchasing procedure. By using this method of market segmentation,
    companies can find potential groups or segments and create unique goods and services
    that help build solid client relationships, which in turn lead to healthy growth. With a
    focus on quality in terms of being able to provide consumers with the appropriate goods
    and services, Module 5 presents ideas of customer value. These are the foundations of
    long-term success. Module 6 focused on price strategy: the prices have to comply with
    the perceived value of the product or service offered for sale. In a way, it is a challenge to
    balance profit with client satisfaction so that pricing tactic happens to be what the clients
    appreciate in terms of value perception. Price strategy was the main topic of Module 6;
    prices must be in line with the perceived value of the good or service being sold.

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