In: Accounting
If you had a limited budget and two weeks to decide which two flavors to put into quantitative testing, would you choose a "poll only" or a "contest only" strategy? Why? What are the advantages / disadvantages associated with each? (b) If you had a sizable budget and two months to make the same decision, which scenario would you choose? Why?
Answer
1.
On the constraints of a limited budget and time, I will prepare a "election-only" strategy because it is not time consuming or expensive, basically, it's just posting a question of choice on the wall of Facebook and waiting for respondents to respond Capacity is needed, which does not take long, in the end, collecting data will be the last step.
2.
On the other hand, if I had a big budget and had more time to make the same decision, then I would go with the "competition only" strategy because the results would be more beneficial. A campaign will be run for consumers to participate in the establishment of official rules and to promote competition, and instead of answering the poll survey the competition will be taken seriously.
When the rewards are included, the consumer will give more accurate and realistic answers which can be used in testing, resulting in a more developed result.