The Contribution Of Marketing Research For New Product Development (A Case Study Of Nigerian Bottling Company Plc)
The research work focused on “the contribution of marketing research for new product development”. Discussing fully marketing research and new product development, its definition, importance, different types of marketing research and stages of new product development.
The research topic is concerned with the persistent increase of new product failure which faced many organizations of business and left many business in a serious financial loss. The relationship between marketing research and new product development. The effect of marketing research on new product development. The influence of marketing research on brand name of a new product.
In sorting the sample area, 60 questionnaire was administered by the staff of Nigerian Bottling company Plc using random sampling method. Data collection method were primary and secondary and was analysed using Spearman Ranking to drive home points and findings. Reliability and validity was tested through the distribution of questionnaires to the staff of Nigerian Bottling Company Plc. for conclusion, the respondents claimed that there is no relationship between marketing research and new product development.
Table of Contents
- Title page
- Table of contents
- 1.1 An Overview of Marketing
- 1.2 Background of the Study
- 1.3 Statement of the Problems
- 1.4 Objectives of the Study
- 1.5 Research Questions
- 1.6 Research Hypothesis
- 1.7 Scope and Limitation of the Study
- 1.8 Significance of the Study
- 1.9 Definition of Terms
- 2.1 Introduction
- 2.2 Historical Background
- 2.3 Models and Theories Relevant to the Study
- 2.4 Current Literature Based on such of the Relevant Variables of the Model/Theory.
- 2.5 Summary of the Chapter
- 3.1 Introduction
- 3.2 Restatement of the Research Questions and Hypotheses
- 3.3 Research Design
- 3.4 Description/Characteristics of the Study Population
- 3.5 Sampling Design and Procedure
- 3.6 Data Collection Methods
- 3.7 Data Analysis Methods
- 3.8 Scoring and Administration of the Research Instruments
- 3.9 Reliability and Validity of the Data/Study Instruments
- 3.10 Scope of the Study
- 3.11 Limitation of Methodology
Data Analysis and Presentation
- 4.1 Introduction
- 4.2 Analysis of Respondents Bio-Data
- 4.3 Analysis of Research Questions
- 4.4 Analysis of Research Hypothesis
- 4.5 Test of Hypotheses
- 4.6 Discussion of findings
Summary Conclusion(s) and Recommendation(s)
- 5.1 Summary of Findings
- 5.2 Conclusion(s) Drawn From the Findings
- 5.3 Recommendations Based on the Conclusion(s)
- 5.4 Limitation and Suggestions for Further Studies
- Appendix I – Covering Letter
- Appendix II – Questionnaire
1.1 An Overview of Marketing
Marketing as defined by the chartered institute of marketing United Kingdom is the management process for identifying, anticipating and satisfying customer requirements profitably. Marketing focuses on customers needs, identifies this needs through marketing research and goes ahead to produce goods and services that satisfies the needs of the consumers more effectively and efficiently than that of the competitors.
Marketing research according to Kottler (2006), can be defined as the systematic design, collection, analysis and reporting of data and findings relevant to the specific marketing situation facing an organisation. It requires the business information to determine the right techniques to use in order to carryout the activities of the organisation and achieve its objectives. Marketing research includes product, price, place and promotion research and provides managers with information that would assist them to take decision relating to marketing mix variables.
1.2 Background to the Study
New product development, though considered to be costly and risky must be undertaken by every firm, so that the firm can maintain or improve its position in the market place.
New product development can be actualized in the following ways;
The organization can buy other firms or buy a license or franchise or buy patents
b. Internal new product development:
It can be achieved in two ways i.e. through the development of new product by an in-house research and development (R & D) team, or use of outside agencies to develop products.
Because new product development goes through a continuous process, it is crucial that companies stand back after each step to evaluate whether the new product is worth investing on.
1.3 Statement of the Problem
This study is concerned with the persistent increase of new product failure, which has forced many organizations out of business and left many business in a serious financial loss, while so many business/organization have lost competitive advantage due to inability to fully satisfy the growing customers expectations.
1.4 Objective of the Study
The purpose of this research work is to determine whether marketing research can be used to:
- Provide customer satisfaction
- Design optimum package for a new product
- Prevent product failure
- Increase market share and profit turnover.
1.5 Research Questions
- Does marketing research have any effect on new product development?
- Does lack of marketing research affect new product acceptance in the market?
- Is there any relationship between marketing research and new product development?
- Does marketing research influence the brand name of a new product?
1.6 Research Hypotheses
- Ho: Marketing research does not have any effect on new product development
- Hi: Marketing research has effect on new product development
- Ho: There is no relationship between marketing research and new product development
- Hi: There is relationship between marketing research and new product development
- Ho: Marketing research does not influence the brand name of a new product
- Hi: Marketing research has influence on the brand name of a new product.
1.7 Scope and Limitations of the Study
This study deals with the contribution of marketing research for new product development using Nigerian Bottling Company Plc. as a case study.
The study will focus on the following;
- Marketing research
- Stages of new product development.
There is nothing in life that has its advantages that does not have its limitations and restraining factors. The major limitations to this work is time, fund and people can be bias, gathering of information requires movement from one place to another, requires availability of funds.
1.8 Significance of the Study
The significance of this study cuts across individual, organisation and the government.
- To the individual, it helps avoid sub-standard products in the market, while to the organisation, they have the ability to cope with environmental changes and challenges.
- To the government, it helps reduce the burden of monitoring sub-standard products.
1.9 Definition of Terms
This is anything that is offered for acquisition, use and disposal and that satisfies the needs of the target market. The term product is broad and covers both tangible goods and intangible goods. Tangible goods have physical presence that can be seen, felt, smelt and touched e.g. mobile handsets, toothpaste, textbooks, television sets, while intangible goods include hair cut, financial service, accounting service and tourism.
This is an individual or organizational unit that uses or consumes a product.
This is an individual or organisation that actually makes purchase decision or a person buying goods or services for a purpose etc.
This is a new product that has recently been offered to the market. It is any idea, practice or product perceived to be new by the relevant individual or group.
These are set of consumers that are the first to adopt or purchase an innovation. They represent approximately 2.5% of all the buyers who will eventually adopt the new product. They are active information seekers
Consists of individual and organisation who are interested and willing to buy a product and has the resources to engage in such transaction. A market may be defined as a place where buyers or sellers meet, goods and services are offered for sale and transfer of ownership occur.
Stanton W. J. (1981), defines marketing as “A total system of business activities designed to plan price, promote and distribute want satisfying goods and services to a present and potential customers, MIN London defines marketing as “The management process responsible for identifying, anticipating and satisfying customers requirement profitably”.
Research means to search for knowledge, information etc. Marketing research concerns investigation of the size, composition and characteristics of the market as well as distribution channels and market shares. It seeks to find out how many people buys, what they buy, why and where they buy
Indicates specific target market and the types of competitive advantage that are to be developed and exploited
10. Target Market:
This is the segment of the market that the company aims to serve with its marketing programmes and efforts.
Is e state of felt depreciation. A lack that is necessary for our physical and psychological well being. It includes psychological, safety, social, ego and actualization needs.
12. Peak Period:
This is the period at which a product has reached its highest level, it is also known as the maturity stage.
Summary, Conclusion(s) and Recommendations
5.1 Summary or Synopsis of the Study Including Chapter by Chapter and Comprehensive
Summary of the Findings
The findings of the study are as stated below:
Marketing is a valid marketing tool and plays a major role in new product development. Marketing research is a necessity in new product development, it is an antidote to product failure and influential to product success.
Marketing research also place an organisation on a better competitive ground and yield more returns on investment.
However, marketing research can be defined as the systematic design, collection, analysis and reporting of data and findings relevant to a specific situation facing the company or organisation. It also deals with identification of problems.
The project consist of five chapters, the introduction section as chapter one, which include the introduction, background of the study, statement of the problem, research questions, research hypothesis, definition of terms, scope and limitations of the study, significance of study and justification for investigation. Chapter two of the project deals with review of literature, introduction, models and theories relevant variable of the model theory, summary of the chapter. Chapter three contain step by step of what will be done and how it will be done, it helps the researcher to see the totality of the study.
The research method and design, sampling design and procedure, characteristics of the study population. This section is the basis for the possibility ofreplicating a study in order to establish its validity. Chapter four deals with data analysis and presentation, introduction, respondents characteristics and classifications, presentation and analysis of data, according to research hypothesis, then discussion of findings.
The last chapter highlights the summary, conclusion and recommendations. In this chapter, the researcher is expected to explain, interpret meaning out of the data presented and analyse in the previous sections.
Comprehensive Summary of the Findings
Marketing research is very important to the survival of a new product for any organisation to remain relevant in the market because it helps in generating new product idea. Though marketing research will not necessarily have direct effect on new product at all time.
However, marketing research should not be totally neglected as it is important for the growth of the company economically and build up the goodwill of the company in the long run.
Taking cognizance of the above analysis, the conclusion is that marketing research is very crucial to the survival of new product and the organisation alike.
Finally, the extent of success of any product depends largely on the efficiency and effectiveness of the information at hand.
Therefore, proper caution should be applied when analyzing and implementing the research findings so as to maximally benefit from the enormous advantages of marketing research.
5.3 Recommendations Based on the Conclusions
Based on the conclusion, the company should not rely much on marketing research because it has perfect negative correlation.
Considering the analysis of the findings and the conclusion drawn from the study, it is recommended that Nigerian Bottling Company Plc should:
- Be mindful when implementing research findings.
- Establish internal research department with owned staffs.
- Create an atmosphere that fosters good rapour with the external research organization.
5.4 Limitations and Suggestions for Further Studies
The study is limited to the degree of truthfulness and objectivity of respondents and the conditions under which the respondents answered the questions.
The time given for this project is too short to conduct a thorough research work on the topic, coupled with the fact that I have to combine it with my academic programme. Also, financial constraint is another problem that I was been faced with.
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