Effect Of Product Feedback On Marketing Strategies

Effect Of Product Feedback On Marketing Strategies

Abstract

This study was carried out on the effect of product feedback on marketing strategies using some selected manufacturing company in Lagos State as a case study. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprised of marketing staff of the 7 selected manufacturing companies in Lagos State. In determining the sample size, the researcher purposefully selected 114 respondents and 100 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables, while the hypotheses were tested using Pearson correlation statistical tool, SPSS v23. The result of the findings reveals that there is a significant relationship between survey strategy and effective product feedback. The study also revealed that there is a significant relationship between monitoring strategy and effective product feedback. Furthermore, the study revealed that there is a significant relationship between product feedback and effective marketing strategy development. Therefore, business should monitor customer feedback as a going concern to continuously understand by identification new and developing interests and concerns of the customer. To mention but a few.

Chapter One

Introduction

1.1 Background of the Study

To achieve a set of organizational goals and objectives, companies conceptualize, design, and implement various strategies. These strategies can be corporate, business, or functional. Marketing strategies constitute one of the functional strategies amenable to application by contemporary companies in order to enhance performance. Marketing has been defined and conceptualized in various ways, depending on the author’s background, interest, and education. For example, marketing can be seen as a matrix of business activities organized to plan, produce, price, promote, distribute, and market goods, service, and ideas for the satisfaction of relevant customers and clients. marketing strategy is important for the success of any organization, whether service- or product-oriented. Marketing strategy is a method by which a firm attempting to reach its target market uses to attract customers.

Marketing strategy starts with market research, in which needs, attitudes and competitor’s products are assessed and the firm concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Nymous, 2006).Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost however quantifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issue facing decision makers.

Feedback marketing is the process of the marketing department allowing customers to give transparent details about their experiences with a product or service. Companies that implement feedback programs are in tune with their customers. They get their customers entrenched in their products and brands. And when customers feel that they have a voice, they are more likely to be loyal.

Not utilizing feedback from customers can paralyze a company. Paralyzed companies are unaware of customer attitudes and future trends. This is why it is imperative that companies create strategies on how to receive feedback from their customers. Customer feedback is important to small businesses. It lets you know what your customers think of your products and services and provides a basis for taking action to improve any weaknesses in your business that affect customer satisfaction. A customer feedback strategy has two main elements: gathering the feedback and taking action based on the feedback. (https://smallbusiness.chron.com)

Develop a strategy that shows customers you welcome their feedback. Provide a feedback mechanism that is easy to use, such as a simple form on your website or a card that customers can mail free of charge. Encourage feedback by offering customers an incentive such as free entry into a prize draw. Publish feedback on a product or service review page on your website.

It’s no secret that displaying testimonials from happy customers on your website can be a huge advantage for your business. A Nielsen survey showed that 70 percent of people trust recommendations from complete strangers online. This moves them closer to engaging further with your brand and becoming a potential customer (Nielsen, 2011)

Customers who are already poised to buy are 90 percent more likely to decide on purchasing a product after they have read reviews from previous buyers. If you’re not using any form of customer feedback as part of your marketing strategy, your business is missing out on the powerful psychological element of social proof. Based on this the researcher wants investigate the effect of product feedback on marketing strategies

1.2 Statement of the Problem

Customer feedback is essential to guide and inform your decision making and influence innovations and changes to your product or service. It’s also essential for measuring customer satisfaction among your current customers. Getting a handle on how customers view your product, support, and the company is invaluable. A customer feedback strategy is a process of gathering feedback from the people using your products and then acting on that feedback. There are many ways to gather feedback. You can simply ask them via surveys or monitor their behavior. The study wants to investigate effect of product feedback on marketing strategies

1.3 Objective of the Study

The objectives of the study are;

1. Determine whether there is a significant relationship between survey strategy and effective product feedback.
2. Determine whether there is a significant relationship between monitoring strategy and effective product feedback.
3. Determine whether there is a significant relationship between product feedback and effective marketing strategy development.

1.4 Research Questions

The study will be guided by the following questions;

1. Does any any significant relationship exist between survey strategy and effective product feedback?
2. Does any significant relationship exist between monitoring strategy and effective product feedback?
3. Does any significant relationship exist between product feedback and effective marketing strategy development?

1.5 Research Hypotheses

The statements below will be validated in the course of this study;

• H01: There is no significant relationship between survey strategy and effective product feedback.
• H02: There is no significant relationship between monitoring strategy and effective product feedback.
• H03: There is no significant relationship between product feedback and effective marketing strategy development.

1.6 Significance of the Study

The study will be very significant to students, companies and marketing companies. The study will give a clear insight on the effect of product feedback on marketing strategies. The result of the study will help to know the important of feedback in marketing and to the companies. The study will also serve as a reference to other researcher that will embark on the related topic

1.7 Scope and Limitation of the Study

The scope of the study covers the effect of product feed back on marketing strategies. The study will be limited to selected manufacturing company in Lagos State, Nigeria.

The researcher encounters some constrain which limited the scope of the study;

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study

1.8 Definition of the Terms

Product Feedback:

Product feedback is any information shared by your users about their experience and satisfaction with the product. You can collect product feedback through a variety of research methods like user interviews, customer surveys, evaluating customer support tickets, and more

Marketing:

Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection

Marketing Strategy:

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.

Chapter Five

Summary, Conclusions and Recommendations

5.1 Introduction

This chapter summarizes the findings on the effect of product feedback on marketing strategies using some selected manufacturing company in Lagos State as a case study. The chapter consists of summary of the study, conclusions, and recommendations.

5.2 Summary of the Study

In this study, our focus was on the effect of product feedback on marketing strategies using some selected manufacturing company in Lagos State as a case study. The study is was specifically carried out to; determine whether there is a significant relationship between survey strategy and effective product feedback, determine whether there is a significant relationship between monitoring strategy and effective product feedback, and determine whether there is a significant relationship between product feedback and effective marketing strategy development.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent were marketing staff of the 7 selected manufacturing companies in Lagos State.

5.3 Conclusions

Based on the findings of this study, the researcher concluded that;

1. There is a significant relationship between survey strategy and effective product feedback.
2. There is a significant relationship between monitoring strategy and effective product feedback.
3. There is a significant relationship between product feedback and effective marketing strategy development.

5.4 Recommendations

The following recommendations should be handy for every manufacturing organization:

1. Monitor customer feedback as a going concern to continuously understand by identification new and developing interests and concerns of the customer
2. Monitor market trends regularly and compare them to in-house peculiarities
3. Discover new and cost-effective ways of doing business
4. Consistent review of suppliers and vendors’ prices with prevalent market conditions to know where competitors are making savings
5. Develop new products and brands to fit into the buying ability of different customers.
6. Organizations should engage more in marketing research activities since the market is very competitive and will also help them to remain competitive in the industry through effective marketing.

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