The Application Of Marketing Research In New Product Planning And Development

 

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.

 

 

TABLE OF CONTENTS

Title page-       -       -       -       -       -       -       -       -       i

Certification     -       -       -       -       -       -       -       -       ii

Dedication       -       -       -       -       -       -       -       -       iii

Acknowledgements  -       -       -       -       -       -       -       iv

Abstract   -       -       -       -       -       -       -       -       -       v

Table of contents     -       -       -       -       -       -       -       vi

 

CHAPTER ONE

INTRODUCTION      -       -       -       -       -       -       -       1

1.1      Back ground of the study         -       -       -       -       -       1

1.2      Statement of problem      -       -       -       -       -       2

1.3      Objective of the questions        -       -       -       -       3

1.4      Research questions  -       -       -       -       -       -       4

1.5      Research hypothesis        -       -       -       -       -       -       4

1.6      Significant of the study    -       -       -       -       -       5

1.7      Limitation of the study     -       -       -       -       -       6

1.8      Definition of terms   -       -       -       -       -       -       7

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE    -       -       -       10

2.1      Meaning of marketing research        -       -       -       10

2.2      The breadth and scope of international marketing research    -       -       -        -       -       -       -       -       12

2.3      Objectives and main division of marketing research        13

2.4      Marketing research and marketing information system 17

2.5      MDSS and customer data base marketing       -       18

2.6      Marketing research as a tool for organizing firms.   20

2.7      Marketing research and its need      -       -       -       22

2.8      Need for marketing Research   -       -       -       -       23

2.9      Problems of marketing research       -       -       -       24

2.10  Important of marketing research      -       -       -       25

Reference-       -       -       -       -       -       -       -       27

CHAPTER THREE

RESEARCH METHODOLOGY         -       -       -       -       -       28

3.1      Research design       -       -       -       -       -       -       28

3.2      Area of the study      -       -       -       -       -       -       28

3.3      Instruments for collecting data        -       -       -       -       28

3.4      Population of the study    -       -       -       -       -       31

3.5      Sampling size for distribution -       -       -       -       33

3.6      Sampling techniques       -       -       -       -       -       -       35

3.7      Methods of data Analysis         -       -       -       -       -       35

References       -       -       -       -       -       -       -       35

CHAPTER FOUR

DATA PRESENTAION AND ANALYSIS   -       -       -       37

4.1      Questionnaire distributed and returned -       -       37

4.2      Test of Hypothesis   -       -       -       -       -       -       43   

CHAPTER FIVE

SUMMERY OF FINDINGS, RECOMMENDATIONS AND CONCLUSION -       -        -       -       -       -       -       -       50   

5.1      Summary of findings       -       -       -       -       -       50

5.2      Recommendation     -       -       -       -       -       -       52

5.3      Conclusion      -       -       -       -       -       -       -       53

Bibliography    -       -       -       -       -       -       -       54

Questionnaire -       -       -       -       -       -       -       55

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 (1990.5).

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   OBJECTIVE OF THE STUYD

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

 

1.5   RESEARCH HYPOTHESIS  

For the purpose of attaining efficiency, the following hypothesis have been formulated as guide throughout the research work.

Ho:   Marketing research is not an important tool in new product planning and development.

Hi:    Marketing research is and important tool in new product planning and development.

Ho:   Marketing research has no impact in sales volume of a product

Hi:    Marketing research has impact in sales volume of a product.

 

1.6   SIGNIFICANCE OF THE STUDY

The study is significant in the sense that its findings will aid management and decision makers to know the important of marketing research initiating product policy.

The result of the research work will help in solving the socio-economic problems in Nigeria arising form under utilization of marketing research concept moreover, it will serves as a panacea for the cripple and depressed manufacturing industries.

Its findings will assist to clarify some of the questions pertinent to the effect of an independent marketing research department will find some of the recommendations beneficial in solving problems relating to product failure.

Finally, the result of the study will considerate the findings of earlier research works related to this and stir up further study

In addition, the research work will serve as a reference to research student in the department pf marketing and other related fields.

 

1.7   LIMITATION OF THE STUDY

The study in view will be limited by finance, time constraint and the validity of the information generate by the respondents.

 

 

 

1.8   DEFINITION OF TERMS

MARKET this is a set of actual and buying of a product or service.

MARKETING:  is the process by which companies create value for customers and build strong customer relationship in order to captured value from customer in return (Kolter 2006).

RESEACH:      It is a systematic, objective organized and through investigation of a particular fresh ideas information and solution to problem under investigation.

MARKETING RESEARCH:      this is a function which like customers, consumers, users, and public to the marketer through information used to identify and define marketing opportunities and problems, generate and evaluate marketing action, monitor marketing performance and improve understanding of marketing as a process. (American Marketing Association).

MARKETING INFORMATION:This consists of people equipment and procedures together sort, analyze evaluate and distribute needed, timely and accurate information to marketing decision makers (Koller 2006).

PRODUCT:       A product is anything that can be offered to a market for attention acquisition or consumption, it include physical objectives, actions and ideas (Adirika ital 2001).

PRODUCT DEVELOMNET a strategy for company growth by offering modified or new product to current market segments development into a physical product development.

PRODUCT PLANNING: this therefore involves the planning of the sub-stages in product development process (ideas stage, screening stage) concept stage, business analysis, product development stage test marketing stage and commercialization) and marketing some that efficiency is attained at the entire processes concept into product.

 

 

 

 

REFERENCES

Adirika, E (1996) principle and practice of marketing Enugu, Jamoe enterprises

Kotler and Keller (2005) marketing management U.S.A prentice- Hall, Inc.

Kotler and Armstrong (2006) principles of marketing, India me Graw Hills Irwin

Kinsley, J. (1998), marketing in developing countries, London, ma (Millian Education, P. 403.