The product development team at XYZ Fireworks Company has worked on several modifications for their unique backyard fireworks. The most promising development is a new type of sparkler that explodes into five different colors. Based on the positive feedback from employees who home tested the fireworks, management thinks the new home based fireworks will be a major seller. It has been decided to test market the product. If you were the CEO, what information would you want from the test market? What constraints would you want the test-marketing to operate under and why?© BrainMass Inc. brainmass.com October 25, 2018, 9:40 am ad1c9bdddf
In the Entrepreneur's Guide to Market Research, Wenzel (2012) defines Market research as the study of the demographic characteristics of our customers (and potential customers), their needs and desires, our market competition, emerging technologies, and market trends. "We perform market research in order to reach a new understanding of the size and growth of our market, who exactly our customer and potential customers are, what types of products and services our customers and potential customers most desire, and who our competition is. Market research can also tell us where and how we can reach our customers and potential customers (e.g., via which websites, publications, ...
This solution provides information on test marketing and its constraints.
Marketing research proposals
Throughout the course, you will be developing a marketing research proposal. For this unit, complete the following tasks:
Create your sampling design.
Create your data collection, measurement instrument(s), and data preparation design.
Marketing Research and Buyer Behavior
Unit 1 IP 1
Yolanda M Zetar
A New Product Based on Olive Oil
3. Research approach.................................................................3
4. Time required.......................................................................5
5. Cost involved........................................................................5
Olive oil is extremely useful for the human body. It is a mono-saturated fat which decreases low density Lipoprotein (LDL) cholesterol that is responsible for heart diseases. It is a good source of Vitamin E that is a natural antioxidant and Vitamin K that has an important role in blood clotting. It is easier to digest as compared to the other fat. The advantage that is offered by olive oil over the other products of its kind is that it has a higher shelf life.
As more and more peoples are getting conscious about their health therefore, the company is planning to introduce a new product based on olive oil. Before introducing the new product in the market company wants to do a market research. This research proposal involves the objectives, methodology used that is related to this issue.
The objectives behind this market research proposal are as follows:
1. To estimate the domestic use of olive oil.
2. To identify the competitors that is expected to be faced.
3. Promotional platforms that is required for acquiring the product.
The approach which we would use to perform this market research involves both qualitative and quantitative techniques. This approach would help us to identify:
1. How many households are currently using Olive oil?
2. What is the main use of olive oil?
3. What are the current prices charged?
4. What are the bottle sizes?
5. What are the promotions that are currently used?
6. Who should be the target?
Qualitative research used would help to identify the factors that could spoil the olive oil, place where the olive oil could be kept safely, current use of olive oil, division of customer on the basis of consumption.
Quantitative research would be conducted by the help of telephonic interviews that are based on the following sample questions:
1. Do you use olive oil?
2. Are you aware about the benefits of olive oil?
3. What is the average monthly consumption?
4. Are you happy with the current price of olive oil?
5. What are the other changes you required in the packaging and pricing of olive oil?
Division of activities:
Activity Expected duration required for completion
Identifying research objective 2 days
Staff selection 7 days
Qualitative research 7 days
Quantitative research 5 days
Analysis (cost etc.) 2 days
The time required to complete the entire market research is 23 days.
The expected cost that would be involved in this market research would be around $20,000.
This market research proposal would help in identifying the expected cost and time that would be involved in completion of the market research. It also helps in making a rough estimation of all the problems and activities that are associated with the introduction of new olive oil product in the market.
Human Resource Administration
Unit 2 IP 1
There are a countless number of assessment test that are used to analyze a variety of aspects about prospective candidates. These tests are used to identify their abilities, character and appropriateness for the available position. There are cognitive-ability test that measures candidates' flexibility, learning ability, attention to detail and ability to multi-task. Cognitive ability assessment is a leading global assessment measuring a candidate's potential aptitude. With the current skills shortage crisis, employers are using psychometric assessments that measure cognitive ability to hire more people who can produce 40% more. By doing this, employers actually need fewer people to do the same amount of work! (http://www.onetest.com.au/home/products/assessments/cognitive.cfm)
The rationale of using varieties of assessment tests or screening tests is to review the aspects of a candidate's capability and personality to determine their suitability for the position rather than decisions solely based on his qualifications from experience and formal education. The tests help the selection professional to observe in depth views of the candidate's personality.
These tools are an instinctive part of the pre-screening process of candidates to have cleared the preliminary or minimum job requirements for the job. After these requirements are met, they are screened on other aspects to be selected for a final interview. These assessments can be customized to receive comprehensive information about the candidate to the interviewer.
The employment interview is probably the most commonly used assessment tool. The interview can range from being totally unplanned, that is, unstructured, to carefully designed beforehand, that is, completely structured. The most structured interviews have characteristics such as standardized questions, trained interviewers, specific question order, controlled length of time, and a standardized response evaluation format.
The rationale of employment interviewing is used in the extent to which the interview is structured. The skill of the interviewer can make a difference in the quality of the information gathered. A skillful, trained interviewer will be able to ask job-relevant follow-up questions to clarify and explore issues brought up during the interview pertaining to the vacant position
Assessment instruments may provide you with important employment-related information about an individual. However, no assessment tool is 100% reliable or valid; all are subject to errors, both in measuring job-relevant characteristics and in predicting job performance. Moreover, a single assessment instrument only provides you with a limited view of a person's qualifications. Using a variety of tools to measure skills, abilities, and other job-relevant characteristics provides you with a solid basis upon which to make important career and employment-related decisions and minimizes