Critical Self Reflection

This document is a critical self reflection on the market portfolio strategies used by Lush handmade cosmetics. It discusses the use of marketing research and marketing mix strategy in developing an effective portfolio. The document also highlights the implications of marketing mix strategy and the challenges faced in managing the portfolio. The author reflects on their own skills and areas for improvement in future market portfolio projects.

Critical Self Reflection

TABLE OF CONTENTS
Self-reflection..............................................................................................................................3
REFERENCES................................................................................................................................5

Self-reflection
Market portfolio was quite effective for the Lush handmade cosmetics because it
recorded all informative content for the company that can support company in future as well for
leveraging brand effectively. There were various strategies that I undertook to develop effective
portfolio for example to obtain effective market portfolio used marketing research strategy by
me. It was first task to prepare market portfolio. So, I conducted simple market research to
understand needs and expectation of customers for the cosmetic products which would going to
be included by Lush handmade cosmetic company (Knapp, Gottlieb and Handelsman, 2017).
Then I followed market research process for the Lush company to gain objectives of market
research. I designed questionnaires to ask customer while researching market about products. I
applied marketing mix strategy in the market portfolio because it is a marketing tool that
comprises seven elements product, price, place, promotion, physical evidence, process and
people.
These elements were quite enough to make organization sustainable to achieve
competitive advantage. There was a reason to select marketing mix strategy such as it contains
seven elements that are the form of strategies. So, if organization would use this marketing mix
model effectively then automatically it could meet all customers objectives effectively. Lush
company wanted to sell it’s handmade cosmetic products that was new for everyone. With this
product strategy it could give brief information about products and it’s benefits to the customer.
To conveyed message to customers about products required good communication media to
company. Promotion element could support company to created awareness in people about it’s
products. Thus, this particular model was quite enough as compared others. So, this model was
used for market portfolio. There were various things which went quite effective like selection of
marketing mix strategy and market research that brought effectiveness in whole market portfolio
report. There were several other things like market research process and design questionnaires
could be improved because these were not going effective.
Due to these company unable to achieve all targets effectively. Implication of marketing
mix strategy is the most rewarding aspect of the market portfolio because it would support
company to differentiate it’s product and services effectively and could achieve competitive edge
over competitors. The most challenging aspect of the portfolio is that it requires good

management and effective funding sources then company would take advantage from this
portfolio. But I learned new skills as well such as analytical skills, effective communication
skills that supported me to gather reviews of customer about products and services in the market.
While preparing portfolio I felt I was lacking behind researching skills that’s why I unable to
prepare effective questionnaires effectively. I also realized that I was lacking behind of time
management while completing market portfolio. For example, I was taking more time to
implement strategies of marketing mix element in the context of company (Zahiruddin Fitri and
et.al., 2018). So, I thought this market portfolio report could be better if I would manage my time
effectively. I have decided I will improve my weak area such as time management and research
skills by taking online classes and other techniques like 4D management that will develop my
weak areas. I will collect reviews from peers about my skills that will support to analyse me that
my skills have improved or not. I decided next time I will did effective research and manage my
time effectively if I get same opportunity to develop market portfolio as resultant will be
received good outcomes by me.

REFERENCES
Books and Journals
Knapp, S., Gottlieb, M.C. and Handelsman, M.M., 2017. Enhancing professionalism through
self-reflection. Professional Psychology: Research and Practice, 48(3), p.167.
Zahiruddin Fitri, A.H and et.al., 2018. Portfolio-Based Assessment.