1. What factors determine the relevant market for a survey?
2. you own Flazer's Tool Coating Company, a high-tech firm specializing in the coating of cutting tools to provide longer life before resharpening is needed. you are concerned that the competitio continues to develop new coating methods and new applications of coating in different industries. you want to create a work enviroment where these ideas might be applied. what type of compensation plan will you recommend? what are some of the problems you need to be aware of?
1. Factors that determine the relevant market for a survey can include:
a) Target audience or demographic: Who are the specific individuals or groups that the survey aims to gather information from? Identifying the target audience helps determine the appropriate questions and survey method.
b) Purpose of the survey: What specific information or insights are you seeking to obtain through the survey? Defining the purpose helps narrow down the scope of the market you want to target.
c) Research objectives and scope: Clarify the specific goals and objectives of the survey. What do you want to achieve, and what is the scope of the research?
d) Industry or market segment: Consider the industry or market sector that your survey is focused on. Is it related to technology, healthcare, consumer goods, or some other specific industry? This will help determine the relevant market for the survey.
e) Geographic location: Determine the geographical area or region where the survey will be conducted. This can be a specific country, city, or even a global market.
To determine the relevant market for a survey, a combination of these factors should be considered. It's important to define the target audience, research objectives, industry, and geographic location to ensure the survey is effective and generates meaningful insights.
2. As the owner of Flazer's Tool Coating Company, a high-tech firm specializing in tool coating, you want to create a work environment that encourages idea generation and application of new coating methods and applications. In terms of compensation plans, here are some recommendations:
a) Performance-based compensation: Implement a compensation plan that rewards employees based on their individual or team performance. This could include bonuses, commissions, profit sharing, or stock options tied to specific performance benchmarks or achievements.
b) Innovation incentives: Offer additional financial rewards or benefits for employees who come up with new coating methods or application ideas. This could include a bonus structure or recognition program specifically designed to encourage and reward innovation.
c) Training and development opportunities: Provide resources and support for employees to continuously enhance their skills and knowledge in coating methods and relevant industries. This can include workshops, seminars, conferences, or access to industry experts.
d) Collaboration and teamwork: Foster a collaborative work environment where employees are encouraged to share ideas and work together to develop new coating methods and applications. Consider implementing cross-functional teams or brainstorming sessions to encourage collaboration and knowledge sharing.
e) Recognition and career advancement: Ensure that employees' contributions are recognized and rewarded, not only financially but also through career advancement opportunities. This can include promotions, additional responsibilities, or leadership roles within the company.
Some potential problems you need to be aware of when implementing a compensation plan for encouraging innovation are:
- Unintended consequences: The compensation plan may focus too much on the financial rewards, potentially leading employees to prioritize personal gain over the quality of their work or the long-term success of the company.
- Inequity or perceived unfairness: If the compensation plan is not perceived as fair or if some employees feel that they are not being adequately rewarded for their contributions, it can negatively impact morale and motivation.
- Limited resources: Providing financial incentives or training opportunities may require additional resources, so it's important to carefully consider the budget and ensure that the investment aligns with the company's long-term strategy.
- Retention and turnover: Depending on the competitiveness of the industry, offering attractive compensation plans may be necessary to attract and retain top talent. However, it's essential to regularly review and adjust the compensation plan to remain competitive and prevent turnover.
To address these potential problems, it's important to regularly evaluate the effectiveness of the compensation plan, gather feedback from employees, and make adjustments as needed to ensure it aligns with the company's goals and values.