Leadership and Management | Questions-Solutions

Question 1:
The Importance of Research
Prior to the launch of a fast-food restaurant business, it is very important to go for a demand
assessment of the product in the market. This assessment of the demand can help a business
owner in ascertaining the right parameters in terms of pricing, time delivery commitment, and
quality promise. A marketer can ascertain the need for the product in the market, go for an in an
internal survey of the capacity to deliver and weave around a “production and delivery” matrix.
Research prior to the launch of the product, service or business can also help the company in
designing the product and its packaging in accordance with the need of the final customers.
Primary research of the market can also give us an idea that what kind of market we are making
an entry (Krishnan, 2020). For instance, if it is an oligopoly market then we can price our
product in the higher bracket. If we are moving into a perfect competition market then price can
become a crucial factor. Primary research can also help us in learning from the mistakes and
USPs of the rival products as well. SWOT analysis and PESTLE analysis can be considered as
the primary research methods. Apart from it, every market place can dictate the need Primary
other types of researches as well (Redetich, 2020).
Question 2
The methods to keep employees motivated
The fundamental processes of Reward and punishment can be applied to keep the morals of the
employees high. Under the theory of the “Reward and Punishment,” an employee can be given