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THE APPLICATION OF MARKETING RESEARCH IN NEW PRODUCT PLANNING AND DEVELOPMENT

ABSTRACT

The research was based on the application of marketing research in new product planning and development the essence of the research was to find out the efficiency and effectiveness of the application of marketing research in new product planning and development. The major objectives of this study includes: bring to a company’s operation. To ascertain the kind of marketing research problem faced by firm. To make recommendation and solutions based on how to solve these problems and  on low best to use marketing research to improved on the productivity, market share and by extension the profitability of the company. Some hypothesis were postulated and later tested via the aid of chi-square statistical tool. The research used both primary and secondary source of data collection in this study the researcher used only questionnaires and personal interview as data collection. It is importation to note that the study through the questionnaires distributed and collected, revealed a lot of findings, this are: 60% of the respondents said that marketing research of the company should be improved and should be found in the field of customer research 90% of the respondents said that marketing research is an important tool in new product planning and development. 80% of the respondents is highly agreed that the marketing research of the firm has impact on the sales volume. Finally, it is important to note that the application of marketing research in new product planning and development will not only help firms in enhancing productivity and profitability, but will also give the consumers a better sense of belonging in their environment and as well as to boost professional marketing practice in Nigeria.

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

There has always been a great need for information in business, but the present day difficulty in business makes the need for information more imperative. In fact it is generally agreed that the survival of any business largely depends on its capacity to interpret the behavior, attitudes and needs of the individual customers or industrial users who make up its market. Marketing research serves as a veritable tool for providing vital information that will aids firms in recognizing and attending to marketing opportunities and threats. Donald (1990).

The increasing need for marketing can be easily understood when consider the importance of this decision in connection with the conventional marketing concept suggests that needs and wants of consumer should be determined before an appropriate can be developed. This means that the decision to determines what to produce how much, when where and for whom to be produced have far reaching implication on the survival of any manufacturing form and can only be accurately dealt with through marketing research.

Over the years, a lot of manufacturing firm had often paid lip its findings. Most of these firms hold that conducting research expensive and time consuming, they often fail to realize that running a business with out research is like administering a drug with out diagnosis.

Today, management has recognized the critical importance of the fifth resources (information). The role which information plays in any business, especially manufacturing industries cannot be over emphasized in recent time.

1.2   STATEMENT OF PROBLEM

The essence of marketing is to satisfy human needs and wants and in the end make profit through increases sales. Firms over the years have initiated product that could not do well in the market due to its inability to meet the immediate needs and wants of the target market it is equally note worthy that that market for most products is highly competitive. These have to a large extent increases the need for marketing research prior to any firm production and commercialization process. The marketers: knowledge of the factors that could influence his product will actually aid him in offering products that will satisfy the need of the consumers. Unfortunately, marketing research have been despised over the years as a result of time consumed and the huge funds involved in it. The effect of this neglect has been so harsh on the performance of these firms.

1.3   OBJECTIVES OF THE STUDY

The general objective of the study is to investigate the role of marketing research in product planning and development.

i.            To determine the changes marketing research has brought to the company’s operations.

ii.          To find out the marketing research problems faced by the firm.

iii.        To make recommendation on how to solve marketing research problems and how to use marketing research to improve on its operations.

1.4   RESEARCH QUESTIONS

1.          What impact does marketing research play in respect with sales volume of a product.

2.           Whether marketing research is important tools in new product planning and development.

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