SG4001 – Reflective essay about the guest speaker (Maintaining a business in a changing environment) Speech by Dr Stephanie Sandland
Submission January 16th 2018 1000 words
I have been given the opportunity to attend one of the guest speaker lecture event. Attending this event allowed me to contribute towards writing my reflective essay. The guest speaker event I attended was a woman named by Dr Stephanie Sandland, who introduced her business on celebration cakes, wedding dresses and more general dressmaking. She also defined the vision and market sector, identified the changes that occurred in a 10 year period, considered how she needed to respond to the changed and also in order for her to retain in the market.
Dr Stephanie Sandland changed my future perspectives in a lot of ways, she gave me a wider knowledge and ideas for the future. She spoke about comparing with the competition, she explained how she had to change her techniques to challenge competitors and her blending techniques. ” Niche was to give her clients exactly what they want when there’s conflict within the wedding party”, her vision was to provide the perfect, elegant cakes. You would expect that from any client/customer wanting everything to go perfect and how they planned for their big day/occasions.
Dr Stephanie Sandland mentioned how the changing economic climate. From a business perspective, sweatshops are overwhelmingly lucrative since they capitalize on low-wage labor in developing countries and significantly reduce production costs. Many major clothing and footwear companies, for example, have been linked to sweatshops. Clothing cost less than the retail price of fabric as Stephanie said, 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 globalisation of business has led increasing numbers of major corporations to take advantage of low cost sweatshops labour in developing countries. Recent examples of sweatshop conditions in the garment industry have caused a an international outcry by Labour leaders and government officials. This whole situation made the clothing cost less than retail price of fabric. Also it all depends on the target 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.
Dr Stephanie Sandland spoke about the disadvantages that effected her business was the changes in law. 1990 Health and hygiene regulation, food safety which include the requirement on food businesses to place safe food on the market, for traceability of food, for presentation of food, for the withdrawal or recall of unsafe food placed on the market. Surfaces had to be impervious and required retiling with waterproof grout. It was important to have the food training as that is required no matter what, and no pets allowed. This was a big impact on her business because of the change in fashions and finding ways to keep up to date in maintaining a high quality brand. The implications of the change was very important when having your own business you are responsible to require and follow the rules and regulations to keep your company going.
She spoke how attending wedding fairs and events gave her a chance to promote her business by giving out sample and her business cards. This is a good market strategy as this shows you are interacting with customers that may be interested in the future. Dr Stephanie Sandland mentioned how she had wedding cake competitions which she enjoyed although you are competing with others it gave her a chance to learn and improve to become better. Most cake business owners are afraid of competition because, truth be told, most people have a selfish and greedy outlook in business. However, there are many ways that a competitor can help grow your business. It all boils down to your attitutude to competition. Having a pricing strategy was also important as she had to deliver the quality and keep costs down, also to develop strategy to minimise payment defaults. She monitored the prices of the competitions by interacting with customers. Technology has changed ways in marketing because of the internet, you have several different social medias like Instagram, Facebook etc. This allows you to put your business in the public more by creating your own business page for customers that can easily contact you via message. Dr Stephanie Sandland said how her business was profitable, she explained that the wedding dresses made more profit as there are more wedding seasons mostly every month and the love of weddings where every woman wants to look the best in the perfect wedding dress.
Overall the summary of the change, there was only an economic change because of the sweatshops and recession. Also the Technological change of techniques, Health and hygiene regulations. Other than that there wasn’t much of a change in her business.
Dr Stephanie Sandland has taught me a lot just by attending her event. I have learned many things towards the end of the speech, she has motivated me with many different ideas and thoughts from her business. This will be very useful for myself in the future when I plan my own business. One of the most important thing I have learned was to keep up to date with the rules and regulations and to always do your own research, this is because if you are up to date you will be more knowledgeable and everything will be carried out smoothly with no conflicts. I intend to implement the ideas I have learned to boost my future career by attending more guest speaker events and be involved in workshops.
Globalethicsnetwork.org. (2017). Two Faces of Economic Development: The Ethical Controversy Surrounding U.S.-Related Sweatshops in Developing Asian Countries. online Available at: http://www.globalethicsnetwork.org/profiles/blogs/two-faces-of-economic-development-the-ethical-controversy Accessed 10 Dec. 2017.
Food.gov.uk. (2017). General food law | Food Standards Agency. online Available at: https://www.food.gov.uk/enforcement/regulation/foodlaw Accessed 10 Dec. 2017.
Sweet Cake TV School. (2017). Competition Is Good. online Available at: https://www.sweetcaketvschool.com/blog/competition-is-good Accessed 10 Dec. 2017.
1021 words without references.