Mkt621 Assignment No. 1 Solution

SOLUTION:

Being a marketing manager you have been assigned a task of introducing an alternative to butter in market i.e Butter in Liquid form so that cooks won't have to melt down blocks of margarine to obtain the same product.

Required:
1: Suggest a suitable Brand Name for this alternative to butter i.e. in liquid form. (2)

Ans: Unique identity for eg: Butter lake or butter milk etc

2: How would you decide about the Positioning Strategy to position your product in the mind of customer? (7)

Ans: Positioning must give the answer "Powerful reason to choose our product"
We are using new product to introduce in the market and we also know the concept of positioning. Positioning is making a good image in the minds of the customers.

There are 7 approaches to positioning strategies.
Price – quality approach, Application approach, Product user
approach, Product class approach, Cultural symbol approach and Competitor approach.
But in this case as we have to introduce a new product, we will use Approach Product user approach.

3: Who is your Target Audience and what specific Media will you use to market this product? (7)
Target is our best potential customers. In this case, these customers are hotel cooks.
We want to communicate KEY BENEFIT of our product that can attract our targets.

We have choices of Media.

1. Print Media (papers etc)

2. Radio

3. Television

4. Below the line Media (such as direct mail, sales promotion, exhibitions, sales literature etc)

5. Media Mix for advertising. (Combination of media to be used).

Think about it.
Do cooks watch Radio or television channels on which you will give ads? Does a these medium have Target Market Coverage.
(Reach, coverage and frequency)
Is the media you selected is affordable?

4: Give General Comments about this new business idea that would it appeal to audience? (4)

Ans: Being a marketing manager, we know that customers always want and need those products which have some use in their minds.

If they are satisfied, the business is a good idea because liquid butter can help cooks in making dishes.
It will help our company to reduce cost of making solid butter and can earn good profit.
(You can add your own comments)

STA630 Assignment No.1 solution

1. Describe the hallmarks of scientific research.

Answer :
1. The hallmarks of scientific research ;
• Purposiveness
• Rigor
• Testability
• Replicability
• Precision and Confidence
• Objectivity
• Generalizability
• Parsimony
The manager also realizes that although organizational research cannot offer 100 percent accuracy in results, choices and trade-offs among the various criteria of scientific investigation can be made to obtain valid results for good decision making.

The problem had to be attended to very quickly and the results are expected to be fairly accurate with at least 85 percent chance of success in problem solving. The friendly telephone company solving the problem based on the hallmarks of scientific research.

HALLMARKS OF SCIENTIFIC RESEARCH

Successful managerial decisions are seldom made on hunches or on trail and error method. The sound and effective decisions are always made on the basis of scientific research. Scientific research focuses on solving problems in a step _by _step logical, organized and rigorous manner in each step of research viz., identifying problem, gathering data, analyzing it and in arriving at a valid conclusion. Organizations may not always be involved in the scientific research due to various reasons like - simple problems which can solved with previous experience, time contingency, lack of knowledge, resource constraints etc., However the scientific research performed in a rigorous and systematic way leads to repeatable and comparable research findings. It also enables the researchers to arrive at accurate, dependable and subjective findings. The hallmarks or distinguishing characteristic features of scientific research are as follows:

Purposiveness
The research is conducted with a purpose. It has a focus. The purpose of the research should be clearly mentioned in an understandable and unambiguous manner. The statement of the decision problem should include its scope, its limitations and the precise meaning of all words and terms significant to the research. Failure to mention the purpose clearly will raise doubts in the minds of stakeholders of the research as to whether the researcher has sufficient understanding of the problem.

Rigor
Rigor means carefulness, scrupulousness and the degree of exactness in research investigation. In order to make a meaningful and worthwhile contribution to the field of knowledge, research must be carried out rigorously. Conducting a rigorous research requires a good theoretical knowledge and a clearly laid out methodology. This will eliminate the bias; facilitate proper data collection and analysis, which in turn would lead to sound and reliable research findings.

Testability
Research should be based on testable assumptions/hypotheses developed after a careful study of the problems involved. The scientific research should enable the testing of logically developed hypotheses to see whether or not the data collected support the hypotheses developed.

Replicability
Research findings would command more faith and credence if the same results are evolved on different set of data. The results of the test hypothesis should be supported again and again when the same type of research is repeated in other similar circumstances. This will ensures the scientific nature of the research conducted and more confidence could be placed in the research findings. It also eliminates the doubt that the hypotheses are supported by chance and ensures that the findings reflect the true state of affairs.

Precision and Confidence
In management research the findings are seldom definitive due to the fact that the universe of items, events or population are not taken as such but based on sample drawn from universe. There is a probability that the sample may not reflect the universe. Measurement errors and other problems are bound to introduce an element of error in the findings. However the research design should ensure that the findings are as close to the reality as possible so that one can have confidence in the findings.

Precision refers to the closeness of the finding to 'reality' based on sample. It reflects the degree of accuracy or exactitude of the results on the basis of the sample to what exactly is in the universe. The confidence interval in statistics is referred here as precision.

Confidence refers to the probability that the estimation made in the research findings are correct. It is not enough if the results are precise but it is also important to claim that 95% of the time the results would be true and there is only a 5% chance of the results being wrong. This is known as confidence level.

If the precision and confidence levels of the research findings are higher than the findings of the research study would be more scientific and useful. Precision and confidence can be attained through appropriate scientific sampling design.

Objectivity
Research finding should be factual, database and free from bias. The conclusion drawn should be based on the facts of the findings derived from the actual data and not on the basis of subjective or emotional values. Business organizations will suffer a greater extent of damage if a non-data-based or misleading conclusion drawn from the research is implemented. Scientific approach ensures objectivity of research.

Generalizability
It refers to the scope of applying the research findings of one organizational setting to other settings of almost similar nature. The research will be more useful if the solutions are applicable to a wider range. The more generlizable the research, the greater will be its usefulness and value. However it is not always possible to generalize the research findings to all other settings, situations or organizations. For achieving genaralizability the sampling design has to be logically developed and data collection method needs to be very sound. This may increase the cost of conducting the research. In most of the cases though the research findings would be based on scientific methods it is applicable only to a particular organization, settings or situations.

Parsimony
Research needs to be conducted in a parsimonious i.e. simple and economical manner. Simplicity in explaining the problems and generalizing solutions for the problems is preferred to a complex research framework. Economy in research models can be achieved by way of considering less number of variables leading to greater variance rather than considering more number of variables leading to less variance. Clear understanding regarding the problem and the factors influencing the same will lead to parsimony in research activities. The sound understanding can be achieved through structured and unstructured interview with the concerned people and by undertaking a study of related literature in the problem area.

The scientific research in management area cannot fulfill all the above-discussed hallmarks to the fullest extent. In management research it is not always possible to conduct investigations that are 100% scientific like in physical science as it is difficult to collect and measure the data regarding the feelings, emotions, attitudes and perception. It is also difficult to obtain representative sample; these aspects restrict the generlizability of the findings. Though it is not possible to meet all the above said characteristics of the scientific research, to the extent possible the research activities should be pursued in the scientific manner.

Mgmt623 GDB No. 1 Announced

Total Marks: 2

Starting Date: Monday, November 08, 2010

Closing Date: Wednesday, November 10, 2010

A president of a company said, "Sometimes a less than top IQ is an advantage because that leader doesn't see all the problems and gets on and gets it solved. But the extremely bright leader can see so many problems that he or she never gets around to solving any of them"

Give your opinion about the comment mentioned above.

Mgt502 GDB No. 1 Announced

Total Marks	5
Starting Date	Monday, November 08, 2010
Closing Date	Thursday, November 11, 2010
Status	Open
Question/Description	Mr. Ali is an IT specialist and works in a Software House. He is awarded "Employee of the Year" award. The fact is that, he is considered as one of the most enthusiastic, broad-minded, innovative and creative software developer. Also, his colleagues and coworkers term him as a trustworthy and well-mannered person. Evaluate the personality of Mr. Ali in the light of Big Five Personality Model, point out and discuss two factors on which he is on higher end.

Mgt501 GDB No. 1 Announced

Total Marks	2
Starting Date	Monday, November 08, 2010
Closing Date	Thursday, November 11, 2010
Status	Open
Question/Description	With the increased awareness of frugal utilization of Human Resources, the organizations today keep their HR policies knitted in their strategic policies when they develop these policies. HR is no more a back wheel rather a forerunner. Elaborate. Note: The answer should not exceed more than 250 words. Please be specific and to the point.