ROLE OF MARKETING RESEARCH IN THE PLANNING AND DEVELOPMENT OF A NEW PRODUCT
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ROLE OF MARKETING RESEARCH IN THE PLANNING AND DEVELOPMENT OF A NEW PRODUCT
ABSTRACT
This research focuses on the function of Marketing research in the planning and development of a new product, with a case study of Nigeria Bottling Company Plc in Benin City. Marketing research is not a substitute for managerial decisions. It is a tool that helps you make smarter decisions.
The introduction to this work includes the subject matter, research questions, aims, study relevance, research challenges, and study scope. Second, an interactive review of the topic matter was considered. Relevant textbooks, journals, and magazines were consulted.
This was done to ensure that various options and knowledge of experts and academics were considered in order to extend the breadth of the researchers’ knowledge on the usage of questionnaires and personal interviews with customers and employers of the organisation under study.
Finally, limits were identified, and recommendations and proposals were made, which represent the researcher’s views and opinions. If the recommendations are consistently applied, they will significantly improve the overall aims of the organisation and academic exercise.
Chapter one
INTRODUCTION
1.1 Background of the study
One of the fundamental functions of management is decision making; marketing decisions are particularly difficult to make and implement due to the growing complexities of meeting individual needs for specific types of customers; however, some form of organised research is required to identify threats and opportunities.
As a result, the transition from the seller to the buyer market makes it important for producers to understand their market and ensure that their product meets the specific needs of clients.
Producers utilise formal research because it is difficult to forecast how purchasers would perceive specific product aspects, such as packaging, colouring, style, and other feature attributes.
Customer identification requires some methodical market research. These encompass either the present market or a new market region of prospective interest.
This is the job of marketing research, which serves as the foundation for effective marketing policies.
Without trustworthy data, management cannot expect to produce and distribute a diverse range of products after a lengthy and costly development process. It should be emphasised that the majority of these studies are conducted by wholesalers and retailers,
and include forecasting, measuring market potential, determining other market features, market store analysis, sales analysis, and product mix studies.
Marketing research is not a replacement for management decisions; rather, it is a tool for making better marketing decisions. But how effective is the marketing research process?
1.2 Statement of the Problem
Facts alone are ineffective; they must be used imaginatively and effectively to make smart management decisions that are then well implemented. In most circumstances, managers must make decisions on specific situations and gather sufficient information.
Several schools of thought, for example, believe that research has no reasonable role in the existence of any organisation. Marketing research is also thought to be slightly superior to office activities.
This study was conducted to identify potential solutions to the problem of new product planning and development, as well as the application of marketing mix, management, marketing research as it relates to identifying new market opportunities, market research as used to meet corporate objectives, and the nature and problems affecting marketing research in the country.
1.3 Objectives of the Study
The research aims to investigate the function of marketing research in the planning and development of a new product in an organisation, with a focus on Nigeria Bottling Plc. The research also tries to identify potential difficulties and make recommendations.
The study’s particular aims are:
i. To investigate the function of marketing research in the design and implementation of a new product, as well as the use of marketing mix management.
ii. Determine whether marketing research is beneficial in finding new market potential during the design and development of a new product prior to its debut into the market.
iii. The extent to which marketing research is used to address company objectives.
iv. Examine people in terms of their positions as buyers, sellers, and consumers.
1.4 Research Questions.
The following research questions were developed and are the subject of this study procedure.
i. Is there a link between marketing research as a fact-finding process and successful marketing?
ii. Is there a link between marketing research that examines people in terms of their roles as buyers, sellers, and consumers?
iii. Is there a link between marketing research and the survival of an organisation?
iv. Is there a link between marketing research as a management tool and better decision making?
1.5 Statement of Hypothesis
The theories formulated are as follows:
Hypothesis I
Ho: There is no significant link between marketing research and effective marketing initiatives.
Hypothesis II.
Ho: Market research has no meaningful association with the responsibilities of buyers, sellers, or consumers.
Hypothesis III.
Ho: Marketing research has no substantial association with organisational survival.
Hypothesis IV
Ho: There is no substantial association between marketing research and its use as a management tool to improve decision-making.
1.6 Scope of the Study
The study will look at marketing research as a key tool for making marketing decisions, explain the numerous concepts that comprise marketing research, and discuss its influence in today’s business world.
The research will provide a comprehensive understanding of the importance of marketing research in the design and development of a new product. It counteracts the bad perception of research activity in a corporation.
It will also assess the effectiveness of marketing research in some selected organisations.
Basically, management employs research data to make all types of marketing decisions.
The researcher attends this meeting to cover the new product marketing research areas. The researcher will focus on product research, sales, consumer, and promotion research.
The study will look at these areas to help organisations achieve marketing objectives, identify problems and market opportunities, and ultimately make better decisions, using Nigeria Bottling Company as a case study.
1.7 Significance of the Study
The study’s findings will be beneficial to the following.
i) Nigeria Bottling Plc.
ii. The management of other brewery businesses.
iii. Management and students at Auchi Polytechnic, Auchi.
iv. Management of another organisation planning to launch a new product.
v. It will provide the organisation with insight into the importance of identifying and capitalising on certain marketing opportunities.
vi. It may also highlight the need for improved marketing mix coordination.
vii. It will assist the company in increasing its efforts to conduct research in areas where little or no attention has previously been paid to the development of a new product.
viii. The results of the studies may allow the organisation to make quantitative and qualitative marketing decisions.
1.8 Limitations of the Study
There were certain challenges faced when conducting the research, which made the process too complex.
The attitudes of respondents constituted a significant challenge for the research; in fact, the organisation respondent questioned the true intention of using the information sought.
Some respondents were hesitant to fill out questionnaires due to their busy schedules, and a lack of sufficient orientation on how to conduct the study made the work rather complex and challenging.
Furthermore, it should be noted that the project work is taking up more time than was budgeted for. Time constraints were another significant hindrance. The period allowed for this project was a partial fulfilment for the Award of Higher National Diploma (HND); nonetheless, the research has additional academic classroom courses to attend.
Furthermore, much time was spent travelling from Auchi to Benin to administer questionnaires and conduct interviews with the management and staff of Nigeria Bottling Plc, as well as product consumers.
Finally, it should be noted that this study was limited to one company, Nigeria Bottling Plc, which may not adequately represent the performance of companies in Nigeria.
1.9 Operational Definition of Terms
The terms and concepts listed below will be utilised to explain the research topic.
i.Market: A market is a place or route where buyers and sellers meet, goods and services are for sale, and ownership is transferred. It can also be defined as a group of individuals or organisations with purchasing power. (Money) and the desire to buy a product or service.
ii.Marketing America: Marketing Association (1960) defined marketing as the practice of commercial operations that direct the flow of goods and services from producer to consumer or user in order to please customers.
iii.Marketing Concept: This is a management perspective that holds that the organization’s primary responsibility is to determine the requirements and desires of target markers and to adapt the organisation to produce the required results more effectively than its competitors.
iv. Market Information System: This is a set of procedures and methods for collecting, analysing, and presenting information on a regular, planned basis in order to make marketing decisions.
v.Research: is a close and careful study or research aimed at discovering new facts, ideas, or ways to improve on current information about anything.
vi.Research Design: This is basically the framework or plan for the study that will be utilised to guide the data collection process.
vii.Primary Data: these are data that are being acquired for the first time and specifically for the purpose of the inquiry (i.e. raw data). This form of data is a blend of observation and experiment.
viii.Secondary Data: These are pre-existing bits of information that are relevant for specific surveys but are not often obtained for immediate examination; this type of data is classified as internal and external sources.
ix.Questionnaire: This is a structured list of questions designed to elicit responses from customers on a certain issue. They are the primary instrument used to collect data from respondents using the survey approach.
x.Field Experiment: This is a direct face-to-face talk or interview between a representative of the research organisation, the interviewer, and a respondent or interviewee.
xi.Test Marketing: This entails marketing their goods to appropriate target consumers and gauging their reaction. It is the ultimate method of evaluating a new consumer product in a circumstance similar to that seen during a full-scale product launch.
xii.Marketing Mix: This phrase refers to the mixture of the four elements that make up the heart of a company’s product marketing, namely the product, the price structure, promotional activities, and the distribution system (location).
xiii.Sample: This occurs when a number of sampling units are drawn from the population to be sampled.
xiv.Sampling: This is the component of marketing research that specifies the criteria for selecting individuals who will be requested to apply specific data. It entails doing a thorough examination of a limited number of data points collected for bigger groups.
xv.Sampling Unit: This refers to an individual piece of the population that will be sampled.
xvi.Random Sampling: This is just the framework or strategy in which each unit has a known chance of being selected.
xvii.Population (universe): this refers to any group of people who are similar in one or more aspects and are the topic of a certain survey.
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