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.
- 0 Introduction
- 1 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
- 2 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.
- 3 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.
- 4 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.
- 5 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.
- 6 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: It is simply the buying and selling of products. Business can be done anywhere.