1.What is important when motivating staff? Financial benefits, Career development opportunities
2.What is important when developing new products? Market research, Costs involved, Pricing
One of the most important things to consider is market research. Market research can help determine your target market, or the target group for your products. This refers to the age group, education group, and income group likely to purchase your products. And through market research, you can also find out about their habits and attitudes, say, what TV programs and newspapers are their favorite. For instance, if you are marketing a product for the teenagers, you’d achieve good results if you have your commercial inserted into sitcoms such as ‘Friends’ popular among this group. Just those gorgeous teen idols are convincing enough.
On top of that, Costs involved are not to be neglected, either. Here, costs involve not only direct cost, such as production costs, but also indirect ones, such as R & D costs required to develop the new products from scratch, as well as marketing and advertising costs in order to promote the new product to potential customers.
Last but not least, well, pricing is another key factor that must be taken into account. In addition to the costs mentioned above, manufacturers must decide on an appropriate profit margin as a return on their investment. But it is also important to consider the competitors’ prices and the local average spending level or the purchasing power of your target group. If your pricing is too out of touch with reality, your new products are unlikely to survive the keen competition.
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