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Name: Renzhi Zhao

Instructor: Professor Catalin Macarie

Course: MGMT 1052

Date: 2/20/2017

First Semester Learning & Project Assessment

Top Ten Most Memorable Notions, Information and New Things

1. If employers want their employees work hard for them, they should meet their

employees needs first.

Explanation: When I visited Luxottica last semester, I found Luxottica tried to make the

employees feel at home. For instance, I found many coffee machines in the workspace.

And every employee in Luxottica seemed to be enthusiastic when we talk about

Luxottica.
2. Every company has its own unique corporate culture, which is significant for the success

of this company.
Explanation: A successful corporate culture can make all staff fit into their company. The

employees in a company with a strong corporate culture are usually royal to their

company.
3. The 4 Ps of marketing include Production, Price, Placement and Promotion.
Explanation: 4 Ps are the four elements in marketing mix. In order to sell out your

products, you have to consider What make my product unique? How much are my

customers willing to pay? Where is the best location for me to sell my products?

What kinds of advertisements should I use to promote my products?

4. We are in Customer Orientation Era nowadays.
Explanation: It is important for companies to determine their target markets.
5. The fundamental principle which decides the production is the balance between supply

and demand.
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Explanation: Producers need to understand supply-demand relationship and produce the

products according to the real demand.

6. Money is just the 5th place in the most important motivator at work.
Explanation: I still remember the first motivator is appreciation. Motivating the

employees is easier than I think, sometimes what they need is just a compliment.
7. Maslows Hierarchy of Needs: Physiological Needs, Security Needs, Social Needs,

Esteem Needs and Self-Actualization Needs.

Explanation: People desire the advance needs only if the basic ones are met.
8. The Decision Making Process: Recognize the Decision Situation, Develop Options,

Analyze Options, Select the Best Options, Implement the Decision, Monitor the

Consequence, and Reassess the Decision finally.

Explanation: In our SWOT Analysis project, our team followed this process when we

make decision to choose the best one.

9. Price Skimming and Penetration Price are the strategies of new product pricing.
Explanation: Price Skimming is a pricing strategy in which the product price is high at

the beginning and then lower the price. Penetration Price is the low price of new product

the producer set to attract more market share. The strategy we choose is based on the

market demand.
10. The Accounting Equation is Asset + Liabilities = Equity. Everything in Accounting is

based on these three elements.

Explanation: The Balance Sheet is based on this equation, which is known as the

statement of financial position.

Teamwork Experience
I do not have any teamwork experience like SWOT Analysis before. Fortunately,

my teammate helped me a lot. For instance, they helped me correct my grammar

problems in my SWOT paper and gave me many suggestions when I have a hard time in

SWOT presentation. At the same time, I found my advantage I am familiar with China.

Therefore I was in charge of the part which introduced the business opportunities

Luxottica have in Chinese Market. In the final presentation, just like everyone else in my
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team, I finished my job excellently. I was really proud of being a member in my team

when we finished the final presentation.

A lot of lessons are gained from SWOT Analysis. First of all, every team member

should take full advantage of their talents to make the team succeed. It is important to

know your own position in a team. For me, I do not know a lot about American business

environment, but my teammates do. So what I should do is the job I am good at

Luxotticas chances in China. Moreover, I understand the important role of

communication in teamwork. Besides, I get to know some communication tricks from the

teamwork. For example, keep eye contact while others talk to you and ask others

suggestions after you put forward your ideas. Last but not least, team cannot work

without plans, so be sure to make a plan before taking action.

Conclusions
To sum up, I am ready for my future business study because of this course. I

improve my presentation skill and communication skill from the SWOT Analysis. From

MGMT1051, I get lots of basic business expertise and become more professional. The

teamwork also foster my cooperative ability. When it comes to feedback, I suggest to add

more presentations in this course because presentation is the fabulous combination of

social knowledge and the knowledge on textbooks.