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THE ROLE OF MARKETING RESEARCH IN THE PLANNING AND DEVELOPMENT OF A NEW PRODUCT

Format: MS WORD  |  Chapter: 1-5  |  Pages: 71  |  439 Users found this project useful  |  Price NGN3,000

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THE ROLE OF MARKETING RESEARCH IN THE PLANNING AND DEVELOPMENT OF A NEW PRODUCT

 

ABSTRACT

This research work is on role of marketing research, planning and development of a new product, a case study of Nigeria Bottling Company Plc, Benin City. Marketing research is not a substitute for management decision. It is a tool for making better decision. This work starts with the introduction of the subject matter, research questions, objectives, relevance of study, research problems and scope of study. Secondly, interactive review of the subject matter was looked into. Here, relevant textbooks, journals, magazines etc. were consulted. This was to ensure that various options and knowledge of the experts and scholars were examined to broaden the scope of the researchers’ knowledge on the use of questionnaires and personal interview with customers and employers of the organization under study. Finally, there were limitations that were encountered and recommendation, suggestions were stated and this represents the view and opinions of the researcher. If the recommendations made are consistently implemented, it will go a long way to enhance the overall objectives of the organization and academic exercise.

CHAPTER ONE

INTRODUCTION

1.1Background to the study

One of the basic function of management is decision making, marketing are particularly difficult to make and effect are fact through the business with growing complexities on supplyingindividual needs for particular kinds of customers, it is however, necessary that some kinds of organized study should be undertaken to identify threats and opportunities.

As a result when the transition from seller market to buyers make it become so necessary that producers would have to study their market and make sure that their product satisfies the specific needs of customers. Producers turn to formal research because they find it harder to predict how buyers perception would be about certain characteristics of the product, package, colouring, style and other features attributes.

          Identification of customers entrails some systematic investigation into the markets. These include current market or new market area of potential interest.

This is the role of marketing research which is the foundation of a sound marketing policy.

          Without reliable data, management cannot be expected production and distribution of range of products involving a long period of expensive development. It should be noted that most of these researchers are done by wholesalers and retailers which involve forecasting measurement of market potential and determination of other market characteristics, market store analysis, sales analysis and product mix studies.

          Marketing research is therefore not a substitute for management decision; it is a building tool for better marketing decision. But how impact is the marketing research process?

1.2Statement of the Problem

Fact alone achieves nothing; they need to be used imaginatively and correctly to produce good management decision which must then be well implemented. In most cases, managers need to make decisions, specific situations and get enough information.

          Various schools of thought for example are of the view that research play no reasonable role in the existence of any organization. It is also believed that marketing research is a little better than an office activity.

          This research was carried out to identify possible solutions to the problem of planning and development of new product and the application of marketing mix, management, marketing research as it relates to identifying new market opportunities, market research as used to attending corporate objectives and the nature and problem affecting marketing research in the country.

1.3Objectives of the Study

The research aim is to examine the role of marketing research in the planning and development of a new product in organization with special emphasis on Nigeria Bottling Plc. The research also aims at identifying likely problems and making recommendations.

The specific objectives of the study are:

i.                To examine the role of marketing research in the planning and development of a new product and the application of marketing mix management.

ii.                To find out if marketing research is useful at identifying new market opportunities in relation to planning and development of a new product before introduction into the market.

iii.                The extent to which marketing research is used at attending corporate objectives.

iv.                To examine people in terms of their roles or buyer, seller and consumer.

1.4Research Questions

The following research questions were formulated and focus in this research process.

i.                Is there any relationship between marketing research as a fact finding process for successful marketing.

ii.                Is there a relationship between marketing research used to examine people in terms of their role as buyers, sellers and as consumers.

iii.                Is there a relationship between marketing research that is necessary for the survival an organization.

iv.                Is there a relationship between marketing research as a management tool for better decision making.

1.5Statement of Hypotheses

The hypotheses developed are as follows:

Hypothesis I

Ho:   There is no significant relationship betweenmarketing research and successful marketing activities.

Hypothesis II

Ho:   There is no significant relationship between market research and the roles of buyers, sellers and as consumers.

Hypothesis III

Ho:   There is no significant relationship between marketing research and the survival of an organization.

Hypothesis IV

Ho:   There is no significant relationship between marketing research and its being used as a management tool for better decision making.

1.6Scope of the Study

The study will examine marketing research as an important instrument that aids marketing decision, it will explain various concept that make up marketing research and it impact in the modern business environment. The research will have a wide grasp at the importance of marketing research in the planning and development of a new product. It counters the negative impression about the presence of research activities in a company.

          It will also evaluate the performance of marketing research of some selected organizations.

          Basically, management uses research information for all types of marketing decision.

          For the purpose of this work, the researcher attends to cover the new product marketing research areas. The researcher will deal specifically on product research, sales consumer and promotion research, the stud will examine these areas mentioned above to assist organization in attaining marketing objectives identifying problems and market opportunities and eventually taking better decision using Nigeria Bottling Company as a case study.

1.7Significance of the Study

The findings of the study shall be of benefit to the following.

i.                Nigeria Bottling Plc.

ii.                The management of other brewery companies.

iii.                The management and student of Auchi Polytechnic, Auchi.

iv.                The management of other organization intending to develop new product.

v.                It will give the company an insight on the need to identify and exploit certain marketing opportunities.

vi.                It could as well reveal the need for more appropriate coordination of the marketing mix.

vii.                It will help the company to intensify effort at engaging in research with areas where little or no attention has been placed in terms of development of a new product.

viii.                The result of the findings could enable the company make quantitative and qualitative marketing decision.

1.8Limitations of the Study

In carrying out the research work, there were some difficulties encountered which actually made the research work too tasking.

The attitude of respondents posed great problem for the research in fact, the organization respondent doubted the genuine intention of the use of information sought. Some of the respondent were reluctant, being for busy to fill questionnaires the experience from the respondents in addition, lack of proper orientation on how to go experience on the study made the work quite complex and difficult.

          Also, it should be observed that the project work is consuming more than what was budgeted for time constraint was another factor that posed a great limitation. The time allocated for this project was being a partial fulfillment for Award of Higher National Diploma (HND), the research has other academic classroom curst to attend.

          Also, much time has been spent in the course of trauching from Auchi to Benin to administer questionnaire and seek interviews with the management and staffs Nigeria Bottling Plc and the consumer of their product, finally, it must be noted that this study was limited to one Company Nigeria Bottling Plc, which may not adequately represent the performance of companies in Nigeria.

1.9Operational Definition of Terms

           The following terms or concept will be used in the course of explaining the research topic work.

i.Market: It can be defined as a place or avenue where buyers and sellers meet, goods and services are offered for sale and transfer ownership occurs. It can also be seen to consist of individual or organization who have the purchasing power. (Money) and the desire to purchase product or service.

ii.Marketing America: marketing association(1960) defined marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user in order to satisfy customers.

iii.Marketing Concept: this is a management orientation that holds that the key task of the organization is to determine the needs and want to target markers and to adopt the organization to delivering the desired and efficiently than its competitors.

iv.  Market Information System: this is a set of procedures and methods for the regular, planned, collection analysis and presentation of information for use in making marketing decision.

v.Research: is a close and careful study or investigation in trying to find out new facts or idea or way of improving on the existing fact about something.

vi.Research Design: this is simply the frame work or plan for which the study that is used as guide in collecting of the data.

vii.Primary Data: these are data which are being collected for the first time and specifically for the purpose of the investigation at hand (i.e. Data in their raw form). This form data is the combination with observation experiment.

viii.Secondary Data: these are already existing pieces of information which are useful to specific surveys which are not usually gathered for immediate study at hand, this form of data is sub-divided into the internal and external source.

ix.Questionnaire: this is a formal list of question designed to gather response from customers on a topic. They are the major instrument used in obtaining data from respondents, through the survey approach.

x.Field Experiment: this is a direct face to face conversation between a representative of the research organization, the interviewer and respondent or interview a representation of the research organization, interviewer and a respondent or the interviewee.

xi.Test Marketing: this involves the actual marketing of their product appropriate target consumers and getting their reaction. It is the ultimate form of testing a new consumer product in a situation resembling the one that would be faced in a full scale launching of the product.

xii.Marketing Mix: it is the term that is use to describe the combination of the four inputs that constitute the core of a company’s marketing the product, i.e. the product, the price structure, the promotional activities and the distribution system(place).

xiii.Sample: this occurs when a number of sampling unit is drawn from a population which is to be sampled.

xiv.Sampling: this is the part of marketing research which lays down the specification for the selection of individual who will be asked to apply certain required data. It involves the study in considerable detail of relatively small number of information taken for larger groups.

xv.Sampling Unit: this refers to an individual element of the population which is to be sampled.

xvi.Random Sampling: this is simply the frame work or plan for which there is a known chance of each unit to be selected.

xvii.Population (universe): this refers to any group of people who are similar in one or more ways and which form the subject of study in a particular survey.

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