Name: Samantha A.

Candia Year & Section: BSENT 2B

Reflection Paper

We need to research how people, groups, and organizations pick, buy, use, and dispose of
goods, services, ideas, or experiences to satisfy the requirements and wants of consumers, hence
we need to study consumer behavior. Cultural effects, societal influences, personal variables, and
psychological factors are some of the aspects that may impact customer buying decisions,
according to what I studied.
It altered my life in such a way that my purchasing habits and decision-making
perspectives were altered. This topic taught me how consumers are motivated in their purchasing
preferences and how to develop better decision strategies that differentiate between products
with varying levels of importance or interest. As a result, this impact will almost certainly result
in certain behavioral changes based on positive or negative aspects of learning, or more
explicitly, positive or negative experiences in a situation that people will encounter in the
marketplace.
It is applicable in real life because, for example, if I had the opportunity to start my own
business, I would need to have the courage to take chances because it is a costly and time-
consuming procedure. However, failing to do a feasibility study can be much more costly in
terms of poor decisions made as a result of failing to do so. As a result, product management is
critical not only for ensuring that existing products have a profitable and efficient life cycle and
are retired at the appropriate time, but also for allowing the company to plan for the future and
the flow of new products while taking advantage of new technologies and other opportunities.