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What is a relevant market. what difference does it make when determining people's pay?
Wiki User
∙ 11y ago
Relevant market is used in order to identify the products and undertakings which are directly competing in a business. Therefore, the relevant market is the market where the competition takes place.
Relevant competitive market salary studies are conducted to establish and adjust pay levels as necessary.
The market analysis process includes data collection and analysis of:
• Salaries paid to jobs recruited on a local, regional or national basis
• Supply of applicants with specialized or unique skills
• Staffing needs in terms of number of vacancies and length of time to identify qualified applicants
Typically an annual survey is conducted by Human Resources They receive and analyzes relevant market data to compare the competitiveness of salaries in the market. Market surveys determine rates paid by competitors for similar jobs. A company's goal is to be competitive in the markets in which it competes. How an organization positions its pay in relation to the market is the result of balancing its ability to recruit and retain qualified applicants in relation to the budgetary resources available. As relevant labor market rates fluctuate in response to supply and demand of labor and other economic factors, pay ranges may be adjusted with the appropriate budgetary approvals.
Wiki User
∙ 11y ago
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Difference between qualifying and determining dimensions?
To select the important segmenting dimensions, think about two different typesof dimensions. Qualifying dimensions are those relevant to including a customertype in a product-market. Determining dimensions are those that actually affect thecustomer's purchase of a specific product or brand in a product-market.
What is the difference between qualifying dimensions and determining dimensions?
Qualifying dimension is those important to include a customer type in a product-market. Meanwhile, determining dimensions are those affect the customer's purchase of a brand in a product-market.
What is the market cap for Peoples Financial Corporation PFBX?
As of July 2014, the market cap for Peoples Financial Corporation (PFBX) is $68,855,619.84.
What is the market cap for Peoples Bancorp Inc PEBO?
As of July 2014, the market cap for Peoples Bancorp Inc. (PEBO) is $267,375,552.73.
What is the difference between market and selling orientation of doing business?
market orientation mean market making for product. it is a long term prospective of the business.A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such
What is the market cap for Peoples Financial Services Corporation PFIS?
As of July 2014, the market cap for Peoples Financial Services Corporation (PFIS) is $379,833,374.56.
What factors are considered when determining a target market?
A number of factors should be considered when determining a target market. Gender, age, income, profession, location, and family composition are factors to consider.
What does Market Analysis mean?
Market analysis is defined as the process of determining conditions and characteristics of a market. It involves trying to determine the present and future attractiveness of a market.
What is the difference between local market and national market explain with example?
what is the difference between local market and national market
In a perfectly competitive market individual consumers have .?
no influence over determining price
In a perfectly competitive market, individual consumers have _____.?
no influence over determining price
How does a marketing manager differ from a manager?
because market manager meets lots of peoples and he knows what is the basic thougts of peoples.
