Marketing Research As A Tool For Increased Profitability (A Case Study Of Nigerian Bottling Company Enugu)
This project work is meant to examine marketing research as a tool for increased profitability.
A case study of Nigerian Bottling Company Enugu.
The main objectives of this study include:
- Determination of the extent marketing research can improve product quality.
- To find out how marketing research can increase profitability.
- To ascertain the extent to which marketing research effect customer satisfaction.
The researcher used structured questionnaire and personal interviews to elicit responses from members of the WBC.T-test, percentage and mean cluster mean and standard deviation were used in analyzing and interpreting data collected.
The interpretations and results of hypothesis, testing formed the core findings of this project.
- NBC improved the quality of its product through marketing research.
- Marketing research increased their profitability.
- NBC does not have a separate research department apart from the central one.
- The engage in field research more than other types of research.
1.1 Background of the Study
The mineral water industry is slightly transforming into a buyers bither hitherto to a sellers market, which it had been for a very long time. This draft may be attributed to the several new entrants into the industry. This situation had made the several industries to strive to survive and hence what?
The need for effective marketing tools for survival or for attainment is the watchword of every business organization, therefore organizations always work very hard towards the attainment of their objective of set of objectives. In trying to do this, the organization has to imply some of the laid down scientific or modern techniques. Business today should be formulated and demand that planned and defined systems and tools be formulated and adopted to meet organisation’s requirements, and one of such tools in marketing research.
Marketing research according to Philip Kottler in Journal of marketing is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. Also American Marketing Association (2004:4) defined marketing researcher as the formation that links the consumer, customer and public to the marketer through information used to identify and define marketing opportunities research as the “use of scientific method, to collect information relevant to the marketing of goods and services marketing research concerns itself with co-coordinating responsibilities comparing actual sales volume with forecasted sales volume and acting upon result to achieve maximum profit. The universal application of marketing organization and other fields of human endeavour cannot be over emphasized and the Nigerian Bottling Company is not an exception in this direction.
As already stated that in the Nigerian context, the sellers market rather than the buyers market had been obtainable, this is a situation where whatever sellers of products of goods and services offered to the market must be sold. This situation emanated from the fact that the country is experiencing production crises which has led to crises of short supply and always satisfy their consumers adequately.
This situation has been worsened by the non existence of consumerist activities in Nigeria which has made it impossible for the Nigerian consumers to influence governments’ legislation to protect their rights, the very few attempts which government had made to protect the consumers had been recklessly flouted by the business sector. Consumerism is beneficial firstly to consumers and manufacturers alike because such association will provide a “go ahead” to manufactures which have what the consumers need and approves, and this can only be achieved through marketing research.
The Nigerian Bottling Company first came to Nigeria in 1953 and established it’s first bottling plant in Lagos. This was to be the beginning of growth and development in 1956, two other plants were established in Kano, and Jos respectively. The opening of the Ibadan plant followed in 1961, the next was that of 1970.
The Enugu plant at 9th mile corner Ngwo was established in 1975. in all, there are about 21 bottling plants in several parts of the country. In some states where bottling plants are non existents, large depots are always maintained to serve the growing demand for the products by consumers in those areas.
The Nigerian Bottling company plc are sole markers of several brands of soft drinks in Nigeria. Their products include cocoa-cola, fanta orange, fanta tonic water, fanta ginger Ale, fanta chapman, fanta lemon, five alive, fanta soda, Eva water sprite and krest bitter lemon.
The Nigerian Bottling brought with it the development of number of allied establishments all contributing to the growth of the Nation. Some of the establishments are the Delta Glass company at Ugheli, Delta State that supplies the Nigerian bottling company with the millions of bottles they used, the crown products factory at Ijebu-Ode, Ogun State and Kano state respectively, which manufacture the metal cork used in sealing the bottles, the Benin plastic company, which make the creates for carrying the products.
The Nigeria Bottling Company as the leader in soft drink production in Nigeria employs more than 60,000 Nigerians in all fields of it’s operation. The company has immensely helped in the development of sport and sporting activities mainly through sponsorships and promotions.
1.2 Statement of the Problem
A company may have good innovation well equipped plant and office facilities strategically located and good promotion activities but if it has no place for effective marketing research which will bring about customers satisfaction, then the whole effort used in putting the other factors in place has been wasted. Some of these areas, the study will look into for improvement of this study are.
- The need to improve the product quality offered to the customers.
- Effect of production and supply crises.
- Low profitability on the side of the producer
- Lack of interest in the customers satisfaction.
1.3 Purpose of Study
- To determine to what extent marketing research can improve product quality.
- To curb production and supply crises through marketing research programme.
- To find out the extent to which marketing research can increase profitability.
- To ascertain the extent to which marketing research can effect customers satisfaction.
1.5 Research Question
To guide this project work, three research questions were formulated to ensure charity.
- To what extent has marketing research improved product quality.
- To what extent has marketing research results been used to curb production and supply crises.
- To what extent has marketing research affected customer satisfaction.
1.6 Null Hypothesis
H0:1 – There will be no significant difference at the profitability level of 05(P<05) between the mean perception of senior and junior staff of Nigerian Bottling Company Enugu on how marketing research improved product quality.
Ho2 – There will be no significance difference (p<05) (at the probability level of 05) between a mean perception of senior and junior staff of Nigerian Bottling Company Enugu on how marketing research results is been used to curb production and supply crises.
Ho3 – There will be no significance difference (p<05) (at the probability level of 05) between a mean perception of senior and Junior staff of Nigerian Bottling Company Enugu on how marketing research increased profitability.
Ho4 – There will be no significance between (p<05) (at the probability level of 05) between a mean perception of senior and junior staff of Nigerian Bottling Company Enugu on how marketing research affected customers satisfaction.
1.7 Significance of the Study
The benefits of this study are speeded to every body including the company, competitors, readers and myself with the customers. The significant of this study should not be left out because without marketing research the organization like the one mentioned in our introduction will not be moving forward.
The company will be benefiting through the means of knowing where they are lacking and where they are to improve when we talk about the competitors, of course, they gain by knowing to challenge or compete, with the competitors, also about the readers of this particular project, the research will benefit the readers in the aspect of selecting or knowing the best mineral company they should go for and this will include the customers also because some times readers night be one of their customers. So the significant of this research to the researcher is a lot, although I went through a lot of stress but eventually I got what I wanted, so I benefited by knowing how they produce their products and how they’ve been talking with their competitors and have more understanding about the above company.
Discussion, Conclusion and Recommendation
5.1 Discussion of Findings
The main purpose of this study is to intimate Nigerian Bottling Company more about marketing research. Marketing research is a key element in product growth. It’s mainly concerned with information about market (consumers) and the reaction of the market to product, price, distribution and promotion.
The study sought to find out if bank compete favourably in market without conducting marketing research. It also sought out whether the success of Nigerian Bottling Company depends on the effective use of marketing research in its product decision.
The research also sought to see if marketing research can improve the profitability level of Nigerian Bottling Company.
In this project research, it has been observed that marketing research is not magic worked by statisticians. It is a management tool that helps that marketing manager to make better decision, not just based on feeling and intuition but an objective information.
The manager should understand research procedures and the researcher should understand management’s problem of planning, implementing and controlling marketing strategies.
Marketing researchers should apply the scientific method to determine the need for new product. Some objective and organized approach is needed, because very often a researcher does not have the time and money to complete a whole research project.
In an attempt to make conclusions based on the findings made in this study, one would conclude that marketing research is a must for creating product that will meet customers satisfaction. The study also confirmed that foe a consumer oriented product ot survive in the market, research into consumers need and want must be conducted.
- In marketing research practice, the management of Nigerian Bottling Company must pay great attention to the marketing research department, if the company wants to perform the above average level.
- Since the discoveries had revealed that there is greater need for marketing research in product growth, then it is essential that research activity should be the priority in Nigerian Bottling Company.
- In order for marketing researchers to perform above its present performance, management must monitor and control the activities of marketing research department like other functional departments.
- Management should gear all its efforts towards achieving new product ideas through marketing research
- The application of marketing research will enable phb to produce and develop product that will survive in the market.
- Application of marketing research helps to nevitalize product in order to prolong the mature stage of the product life cycle.
- Having examined the impact of marketing research on customer’s satisfaction in Nigerian Bottling Company, it is paramount that re-enforcement for purchase of being derived from product through effective market research.
- The management of Nigerian Bottling Company should know that they have very but interesting challenges to increase it’s share capital based in the financial market.
- With regards to the statement of the CBN Governor Sanusi Lamido Sanusi, that financial institutions should make product that will fit into consumer’s need and performance by doing a total consumer research. This will make the management of Nigerian Bottling Company to see the effectiveness and efficiency of marketing research.
- The application of marketing research can increase the profit margin of Nigerian Bottling Company.
- The application of marketing research can bring growth and growth in Nigerian Bottling Company.
- More professionally trained marketing executive should be recruited to handle marketing research effectively.
- Finally, there is need for marketing research and its application in developing a new product in order for the company to make an edge over its competitors through the opportunity gained from marketing research department.
Also marketing research departments should work hand in hand with other functional department in Nigerian Bottling Company as this is the only means by which the company can succeed in this dynamic business environment.
1.4 Recommendation for Further Studies
From the data available the researcher contends that the company (Nigerian Bottling Company) has benefited from the application of marketing research. The following recommendations are made to further help in the marketing research activities of the company.
- It is recommended that effective training programme should be put in place to acquaint staff in its marketing research department with modern and suitable technology for identifying problems and solving them.
- It is recommended that the company (Nigerian Bottling Company) should conduct more research to know the relationship that exists between promo and marketing research.
Based on the fact that marketing research is so vast and broad it could be said that the researcher was deficient on certain areas of marketing research activities as regards the problems faced by Nigerian Bottling Company. This is as a result of financial incompetence, time constraints and inadequate texts.
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