PROJECT TOPIC- IMPACT OF MARKETING RESEARCH IN ANY BUSINESS ORGANIZATION
The impact of marketing research in a business organization cannot be over emphasized. The work is aimed at knowing the performance of a particular organ ization’s product in relation to others. The research attempts a positive appraisal of marketing research in a business organization. From the data presented and analyzed, it can be agreed that marketing research has contributed tremendously to the increase in sales of products especially in Nigeria bottling company which is my case study. Relevant literatures on the subject are reviewed and questionnaires are administered, responses are collected and analyzed and hypotheses are tested. Finally observed findings are stated with recommendations for improvements and the researcher draw a summarized conclusion.
- Background of the Study
Marketing is a common practice in business organizations. It seems to accomplish an organization objective by anticipating customer client needs and directing a flow of products and services to satisfy those needs by making the optimum use of available resources. Marketing research is a very complex but proper understanding of it would move the organization to gather heights.
Competition in getting stiffer, so the rule of thumb and guesswork can no longer be relied upon for marketing decisions. Marketing research helps to make sure that the right goods and services are produced and finds their ways to consumers. Since the industrial revolution with mass productions, the close knowledge of marketing needs have decline considerably. Producers now need to look for market for their products, because it is patient for producers to study their market and to satisfy the needs of their consumers. For an organization to ensure good sales of its products, it should employ good marketing strategies. Marketing research helps in the control of the marketing of good and services.
Marketing research is geared towards the finding out of:
- Suitability of company’s market methods
- Competitor’s strategy and market penetration
- The habits, tastes, preferences and the motives buyers.
The competence of marketing research can not be over emphasized in an organization. Many businesses have failed and a lot will still fail, if the place marketing research can not be over emphasized in an organization. Many businesses have failed and a lot will still fail, if the place marketing research has not located in their operations. Marketing research has been under value by many organizations. It can help determined market opportunities that are not viable and assess the resources that can be required to develop them.
Marketing research helps to focus on the short or long-term decisions and the firm must make with respect to the element of market mix (price, product, place distribution and promotion).
Marketing activities can be seen in terms of five different stages:
- Simple trade
- Product orientation
- Sales orientation
- Marketing as a business activity
- Marketing as an organization – wide activity
Different economy system and different organizations have reached different levels in their development of marketing. It does not make sense to provide goods and services which customers do not want when there are so many things they want or need. Here again, marketing research has a major role to play.
Marketing research is every important to the success of an organization. An organization that can not successfully sell its products go back to the “drawing board”. Marketing research department is also an important department in an organization. The department is, concerned with securing information, which is directly or indirectly connected with the extension of sales in the organization.
Such information gathered by the department includes information concerning demand for the products, competitors activities, adequacy of the advertisement, channel of distribution etc in fact, marketing research covers every aspect of business activity from the ideal stage to the eventual customers satisfaction.
PROJECT TOPIC- IMPACT OF MARKETING RESEARCH IN ANY BUSINESS ORGANIZATION
- Statement of Problem
Since the industrial revolution with mass production, the knowledge of market needs have decline considerably, producers now need to look for market for the sales of their products. It is essential for producers to study the markets and other products to satisfy consumer’s needs.
The needs to consider the following questions in the course of writing research are very relevant. The questions to address include:
- Are marketing decisions affected by marketing research?
- Does marketing research have any impact on the performance of an organization?
- Is there any significant relation between marketing research and organization?
Based on the foregoing, it is imperative, we examine marketing research in an organization due to eth act that it increase the profit of any organization.
- Objective of the Study
The main objective of the study is to check relevant of marketing research in organization especially in Nigeria Bottling Company (N.B.C) other derived objectives are:
- To ascertain the significant relationship between marketing research and organization.
- To ascertain whether marketing research has any impact on the performance of organization.
- To check how marketing problems can be solved through marketing research.
- To suggest solutions to marketing problems in an organization.
- To determine the stages and processes involved in marketing in an organization.
- To see how marketing research serves as a tool in knowing the marketing research affects marketing decision.
- Scope of Study
The study intends to examine marketing in relation to organizations, how they market their products and guidelines that regulates their marketing research.
Marketing research plays an important role in every commercial organization. It would seen likely therefore, that every organization especially those that produces consumers products should engaged in marketing research to enable them know their customers and the right quantity of goods to produce.
- Significance of the Study
The significance of the study is to understand marketing research in Nigeria Bottling Company. The study would bring out the best in the proper use of marketing mix in the organization; it would throw more light on the importance of marketing, marketing actions and to improve the understanding of marketing process. The study help the marketing department N.B.C to understand more about the complexities of commodities.
The study would be useful to management N.B.C in the area of identifying and defining marketing opportunities and to generate and evaluate marketing actions and to improve the understanding of marketing process. The study would also help future researchers in the field to understand the pricing policy of the organization.
- Definition of Terms
- Marketing: Marketing is the theory and practice of presenting, advertising and selling things. It seeks to accomplish an organization’s objective by anticipating customer or client needs and directing flow of products and services to satisfy those needs by making the optimum use of available resources.
- Marketing Research: The systematic and objective process of gathering, recording and analyzing data for aid in marking decisions. It is also the analyzing of all facts about producer to consumer.
- Organization: A project, a business of a person or group of persons. A company making and selling things e.g. N.B.C.
- Marketing Mix: It comprises of the 4ps (price, place products and promotion. It is the integration of the 4ps to attain high product yield).
- Product: A product is anything capable of satisfying a customer’s want and need. A product can be in variety or otherwise a product could tangible or intangible if it is services.
- Business: I
This chapter present a review of a valuable literature on the issue of marketing research, its concept, characteristics and important in business enterprises. It also examines the process of marketing as well as purpose.
- Historical Development of Marketing Research
Dodge Fullerton and Rink (1992) says that marketing research in the United State began by hiring or Charles paring as manager of the commercial division of Curtis publishing company in 1911. In 1915, Dr. Paul Nyston was told by U.S robber company to direct its marketing research efforts. Two years later in 1917, soft and company hired DR L.D from Yale University as an economist. These 3 men plus Dr. L. U Duncan published the first book on marketing research in 1919 therefore, they are the pioneers.
Marketing research is not usually included in the same conversation as selling or advertising, but marketing research is part of the communication mix. Marketing research can communicate to the customers that the organization is committed to satisfy. Feedback is an important element in a successful communication, and research is one avenue for feedback.
Almost all the marketing research work done before ahs shortly after first world war consist of what is now called descriptive marketing studies.
In the late 1920s and 1930s there was progress and improvement made in research techniques. The amount of research activities was still relatively small. Expenditure on marketing research was in millions of dollars but it was after the second world was that marketing research took off. Donald M. Herbert estimated that 50 million (dollars) per year was spend on marketing research. The American Marketing Association (A.M.A) surveyed in 1957 of 861 companies reported that, these firms spent 4 million annually.
These percentage of companies involves in marketing research varies by the sizes of the companies as well as the types. The American Marketing Association (A.M.A) in 1963 discovered that 20% company in annual sales of 8 & 5 million dollars have a department.
From slow beginning in recent years, there have been growing sophistical techniques and behavioural science concept and the early skepticism of management and the sometimes exaggerated claims of pseudo-researchers are rapidly disappearing. The use of marketing research in consumers market is now reasonably widespread. The need for the objective evidence with marketing research as a decision makes tools can produce for management in producers of goods or industrial market. It is probably even greater than in consumer goods marketers, but it value in these area, has been too little realized and research activities has consequently been more limited. Marketing research can therefore play a major role in enabling the modern executive to apply a truly analytical approach to decision making. It can also assist in the evaluation of the effects of decisions, which have been taken. As the economy is becoming ore complex, business units grow larger; more firms are becoming multinational and are sophisticated.
Technology has become available and market concept has become more acceptable hence greater emphasis is placed on marketing research.
Marketing Research Process
Research process is not susceptible to any one completely and inflexible sequence of steps and type of problems to be studied will determine the particular steps to be taken and their orders.
According to Kotler (1980) marketing research process consist of the following steps:
- Definition of the problem
- Developing the research plan
- Implementing the research plan
- Interpreting and reporting the steps in the marketing research process.
Definition of the Problem: This is of greatest importance. Frequently, management initial poses an indefinite problem or one, which is a superficial aspect of a more fundamental problem. Care must be taken to verify that objectivity and validity of the background facts and to agree upon the problem. After the problem is definite, objectives are set. After defining the problem, develop the research plan, get the information needed to solve the problem already defined and knowing the sources of getting information.
Implementing the Research Plan: This is the step, that involves the research design and data collection, here the means of obtaining information, the availability and skills of company marketing research staff, and the time and cost of the research is put into consideration. The ways in which information can be obtained can be through different means e.g. questionnaires, observation studies etc.
After all these processes, the data are interpreted, which involves the recordings and classifying of data statistical methods and computers are used where necessary. The research is reported to the marketing manager. This latest stage becomes under the headings of interpretation and reporting.
- Characteristics of Marketing Research
The characteristics of marketing research which makes it different from other kinds of research are stated below:
Kotler (1980) highlight the following as Chapt