STATISTICAL ANALYSIS

Consumer Product Safety Initiatives by Companies Results in Higher Profits

Consumer Product Safety Initiatives by Companies Results in Higher Profits

Introduction

Consumer product safety issues has been an important concern with respect to providing secure products to customers. Main objective is to provide products that not only result in increasing the quality standard of the product, but also aims at providing better quality products to customers. Many companies have been taking contemnproary measures to improve the product quality in order to differentiate themselves from competitors offerings. This research aims at examining the extent to which such kind of approaches help in improving the company's profitability.

Research Question

Do consumer product safety initiatives by companies results in higher profits?

Hypothesis

Ho: Consumer product safety initiatives increase the profits of the companies.

HA: Consumer product safety initiatives do not increase the profits of the companies.

Problem statement

To find out the effect of safety initiatives of consumer product on the profits of the companies.

Research Objective

The objective of the research study that is consumer product safety initiatives by companies, results in higher profits include, to analyze the impact of the initiatives by the companies in context of consumer product safety on the profits.

Importance

No product (under conditions of normal use or reasonably foreseeable conditions including duration and, where applicable, putting into service, installation and maintenance) should present any risk or only minimal risks s compatible with the use of the product and considered to be acceptable in compliance with a high level of health protection and safety of people. A product is considered safe if it meets the specific provisions for their safety (Schoeffler et al., 1974). A safe product is one that is safe, or that has only reduced risk (compatible with the use of the product) and acceptable in respect of high protection for the health and safety. Producers need to market products that meet the general safety requirement. In addition, they must provide consumers with useful information to assess the risks inherent in a product when they are not directly observable; take adequate measures to avoid these risks (eg product recall market, warning consumers or recall from consumers products already supplied, etc.).

There are a number of specific regulations governing certain categories of products such as toys, lifts, explosives for civilian use, etc. In the absence of such regulations, a product is safe when responding to the legitimate expectation of consumer safety using the product under normal or reasonably foreseeable (particularly in children's use) both for the installation, as in the implementation of service or maintenance (Gulati et al., 2010).

Methodology

In every piece of research, the concept of methodology is one of the most significant, as it functions as a guide for the whole research that is, do consumer product safety initiatives by companies results in higher profits. Designing the appropriate research methodology is a difficult but essential that determines to a high degree the significance and validity of the research results; any mistakes and omission can lead to the wrong direction and thus adopting the wrong statistical techniques and ...