Download complete project materials on Impact Of Marketing Research On New Product Development from chapter one to five
CHAPTER ONE
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INTRODUCTION
BACKGROUND TO THE STUDY
Marketing research is a systematic design, collection, analysis and reporting of data finding relevant to a specific marketing situation facing the company. It is also the activity of presenting, advertising and selling a company product in the best possible way.
Marketing research is also a systematic approach to the development and provision of information for marketing decision making.
The collection and provision of information by market research is systematic. It is planned and well organized progress. The method of obtaining information is objective or by interview process.
Since data are pieces of information it is through the research process that the data collected take on meaning and become information until it is being process into a meaningful information before it become an information, information is gathered through marketing research for purpose, it is used by marketers to make accurate decisions.
Marketing research is an encompassing term covering research in virtually all aspects of marketing activities including business, economic, corporate research, advertising research product research, sales and marketing research. “To manage, a business well is it manage its future and to manage its information”. Therefore marketing executive must be future oriented. That is they must be;
- Anticipate change
- Forecast the direction and intensity of the change.
- And adjust their strategic marketing planning in line with these changes.
To do these marketing manager need a lot of information’s about potential markets and environment force. It is essential that marketing manager understand the research process. The research face in order to evaluate the research effectively.
Marketers used a very large amount of research information and in using it they must be it is “as error free” as is humanly possible. As matter of fact obtaining accurate information is a major goal of the research process.
Marketing research try very hard to eliminate error that can creep research is to reach conclusion and to make recommendation that the marketing manager can use in solving a particular problems. Obviously, if the researchers are collecting information and in drawing conclusion, the market is likely to be given incomplete accurate information as a result, he or she may make decision.
To avoid the situation, marketing researchers attempt to apply the scientific method by concluding their assignment. That is they emphasis objectively and accuracy in collecting information to solve a problem.
The essence of marketing is that, a firm will produce what it can sell rather than what it can produce.
Marketing therefore, require an assessment of consumers needs through research and the orientation of all firms activities towards the satisfaction of their needs.
According to David Hughe and Donald Donald competently managed enterprise today attempt to revealed the marketing concept or orientation if its total efforts to the satisfaction of the market. That attempt can succeed only when they have accurate and up to date knowledge of the ultimate buyer where decision and motivation should be its guiding star.
Peter M. Donald, supports the above ascertains by stating that marketing research is a fact finding process, ;logical and essential for successful marketing adoptable to the requirement of the firm operating in market of all kinds.
STATEMENT OF THE PROBLEMS
The study wants to find out an answer to series of question and problems. This research is also to give the appropriate answer to the following question. Do this organization? Take up marketing research? What form of marketing research is practiced in your industry or organization? And lastly to what extent the marketing research can be of help to the industry and organization (Nigeria Bottling Company, Plc).
RESEARCH QUESTIONS
In view of the impact of marketing research and new product development, the following research questions are raised.
- What is the impact of marketing research on new product development?
- What are the problems facing marketing research on new product development?
- What are the significance of marketing research on new product development?
OBJECTIVES OF THE STUDY
The general objective of the study is to observe the impact of marketing research on new product development.
- To examine the empirical study of the role which the marketing research functions equally play in the operational activities of the industry (Nigeria Bottling Company).
- To investigate the justification for marketing research in (Nigeria Bottling Company).
- To examine the impact of marketing research
HYPOTHESIS OF THE STUDY
The hypothesis of the study is the null hypotheses which are;
Hypothesis 1
Ho: Marketing research is not significant in product modification.
Hypothesis 2
Ho: The Company’s product quality or benefit does not strength its competitive stand in the market.
If the calculated value which is X2 is less than table value. It means that the null hypothesis (H0) will be accepted and reject alternative hypothesis (Hi) and vice versa.
1.6 SIGNIFICANCE OF THE STUDY
The motive behind this was to find out how the organization in question can make use of marketing research to get more information about the consumers and competitors of its product.
The study will also enable the organization or industry to know the attitude of consumer. Through this study the organization know the development of marketing research and why marketing research is very important. Lastly, the study will also help the organization to know the development of new product and why new product fails.
1.7 SCOPE OF THE STUDY
The research study which centers on impact of marketing research on new product development with particular reference to Nigeria Bottling Company Plc.
The number of marketing research department has grown steadily snce the end of the 2nd world war. Marketing research is gaining with 40% of the marketing research directors accountable to management. However, the scope of the study will cover the role of marketing research in Nigeria Bottling Company Plc, Limited and how to reduce the uncertainty in decision making.
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