Reflective Report Essay Example | Topics and Well Written Essays - 1500 words - 2

Reflective Report - Essay Example Furthermore, members have different experiences and each has a preferable way to research for the required information. Therefore, we all decided to choose an area in which one would prefer to focus on at the beginning. This was also informed by the limited amount of time available. Even thought the group met every week, more work was done during our private times. On the other hand, the group meetings were useful as we all used this time to share the researched information and track what areas needed to be looked into with more detail. Also, with today’s technological advancement, we were all able to contact each other through mobile phones or email so as to share the findings thus far and seek for assistance from one another. The business plan consists of three parts. One of them is the market environment, which includes external and internal analysis as well as the strategic fit of the corporation. The main advantage of researching the current external and internal situations is the ability to identify the threats and opportunities for marketing purposes (Baines & Fill 2011) (see Figure 1). In our case, the environmental scanning was essential to understand why the company chose the specific strategies it did. For example, the company decided to create the focused shapes UK music (MixtapeMadness 2014). In addition, according to Mintel (2014), technological evolution changed consumer purchasing behaviour with a majority purchasing music products online nowadays. Therefore, in order to match consumer needs, the online platform was created for music downloads. Moreover, the â€Å"PEST† analysis was highly useful to track the environment that the company operates in (Mullins 2013). For example, economical factors such as low income among young consumers have influenced the company to create a free downloading website. The business plan also contained the marketing plan, which