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Relevant Market Survey; Difference in Salary Ranges & Pay Bands

Questions of human resources, Compensation Course. Please do not use the compensation book author Milkovich, because is text that I using and do not use plagiarism from the website use the ideas and develop the answer with your own words.

1-What is a market survey? What factors determine the relevant market for a survey? Why is the definition of the relevant market so important?

2-What are the differences between salary ranges or pay grades and pay bands? Why would you use either? What are the pros and cons of using them to achieve internal alignment? How do they help or hinder external competitiveness?

Solution Preview

1. A market survey is a data collection tool used to gather information about a potential
market and potential product or services offerings. It gauges the need of a particular product or
service. The market survey also collects more detailed information on the most suitable target
audience. Demographic information such as age, gender, income level and family status may
help determine which groups the product will be marketed to. Other background information, such
as what the consumer is willing to pay for a product and purchasing habits may help the organization
develop an effective targeted marketing program.

Factors that determine the market relevance of a survey include how members of the target
audience is reached and whether the products or services consumers are considering provide
something of value to them. "In order to process information, they've learned to be more vigilant,
more adept in tuning out predatory messages" (DeLegge, 2007). The relevant market survey will
focus on the expectations of consumers in various market segments. For example, the portable
radio that does not operate on batteries, may be more relevant to consumers who live in coastal
areas, where they may have to ...

Solution Summary

The solution discusses relevant market surveys and difference in salary ranges and pay bands.