The Role Of Marketing Research In The Planning And Development Of A New Product

Project and Seminar Material for Marketing

The Role Of Marketing Research In The Planning And Development Of A New Product


Abstract


This research work is on role of marketing research, planning and development of a new product, a case study of Nigeria Bottling Company Plc, Benin City. Marketing research is not a substitute for management decision. It is a tool for making better decision. This work starts with the introduction of the subject matter, research questions, objectives, relevance of study, research problems and scope of study. Secondly, interactive review of the subject matter was looked into. Here, relevant textbooks, journals, magazines etc. were consulted. This was to ensure that various options and knowledge of the experts and scholars were examined to broaden the scope of the researchers’ knowledge on the use of questionnaires and personal interview with customers and employers of the organization under study. Finally, there were limitations that were encountered and recommendation, suggestions were stated and this represents the view and opinions of the researcher. If the recommendations made are consistently implemented, it will go a long way to enhance the overall objectives of the organization and academic exercise.


Chapter One


Introduction

1.1 Background to the study

One of the basic function of management is decision making, marketing are particularly difficult to make and effect are fact through the business with growing complexities on supplying individual needs for particular kinds of customers, it is however, necessary that some kinds of organized study should be undertaken to identify threats and opportunities.

As a result when the transition from seller market to buyers make it become so necessary that producers would have to study their market and make sure that their product satisfies the specific needs of customers. Producers turn to formal research because they find it harder to predict how buyers perception would be about certain characteristics of the product, package, colouring, style and other features attributes.

Identification of customers entrails some systematic investigation into the markets. These include current market or new market area of potential interest.

This is the role of marketing research which is the foundation of a sound marketing policy.

Without reliable data, management cannot be expected production and distribution of range of products involving a long period of expensive development. It should be noted that most of these researchers are done by wholesalers and retailers which involve forecasting measurement of market potential and determination of other market characteristics, market store analysis, sales analysis and product mix studies.

Marketing research is therefore not a substitute for management decision; it is a building tool for better marketing decision. But how impact is the marketing research process?


1.2 Statement of the Problem

Fact alone achieves nothing; they need to be used imaginatively and correctly to produce good management decision which must then be well implemented. In most cases, managers need to make decisions, specific situations and get enough information.

Various schools of thought for example are of the view that research play no reasonable role in the existence of any organization. It is also believed that marketing research is a little better than an office activity.

This research was carried out to identify possible solutions to the problem of planning and development of new product and the application of marketing mix, management, marketing research as it relates to identifying new market opportunities, market research as used to attending corporate objectives and the nature and problem affecting marketing research in the country.


1.3 Objectives of the Study

The research aim is to examine the role of marketing research in the planning and development of a new product in organization with special emphasis on Nigeria Bottling Plc. The research also aims at identifying likely problems and making recommendations.

The specific objectives of the study are:

  1. To examine the role of marketing research in the planning and development of a new product and the application of marketing mix management.
  2. To find out if marketing research is useful at identifying new market opportunities in relation to planning and development of a new product before introduction into the market.
  3. The extent to which marketing research is used at attending corporate objectives.
  4. To examine people in terms of their roles or buyer, seller and consumer.

1.4 Research Questions

The following research questions were formulated and focus in this research process.

  1. Is there any relationship between marketing research as a fact finding process for successful marketing.
  2. Is there a relationship between marketing research used to examine people in terms of their role as buyers, sellers and as consumers.
  3. Is there a relationship between marketing research that is necessary for the survival an organization.
  4. Is there a relationship between marketing research as a management tool for better decision making.

1.5 Statement of Hypotheses

The hypotheses developed are as follows:

Hypothesis I

Ho: There is no significant relationship between marketing research and successful marketing activities.

Hypothesis II

Ho: There is no significant relationship between market research and the roles of buyers, sellers and as consumers.

Hypothesis III

Ho: There is no significant relationship between marketing research and the survival of an organization.

Hypothesis IV

Ho: There is no significant relationship between marketing research and its being used as a management tool for better decision making.


1.6 Scope of the Study

The study will examine marketing research as an important instrument that aids marketing decision, it will explain various concept that make up marketing research and it impact in the modern business environment. The research will have a wide grasp at the importance of marketing research in the planning and development of a new product. It counters the negative impression about the presence of research activities in a company.

It will also evaluate the performance of marketing research of some selected organizations.

Basically, management uses research information for all types of marketing decision.

For the purpose of this work, the researcher attends to cover the new product marketing research areas. The researcher will deal specifically on product research, sales consumer and promotion research, the stud will examine these areas mentioned above to assist organization in attaining marketing objectives identifying problems and market opportunities and eventually taking better decision using Nigeria Bottling Company as a case study.


1.7 Significance of the Study

The findings of the study shall be of benefit to the following.

  1. Nigeria Bottling Plc.
  2. The management of other brewery companies.
  3. The management and student of Auchi Polytechnic, Auchi.
  4. The management of other organization intending to develop new product.
  5. It will give the company an insight on the need to identify and exploit certain marketing opportunities.
  6. It could as well reveal the need for more appropriate coordination of the marketing mix.
  7. It will help the company to intensify effort at engaging in research with areas where little or no attention has been placed in terms of development of a new product.
  8. The result of the findings could enable the company make quantitative and qualitative marketing decision.

1.8 Limitations of the Study

In carrying out the research work, there were some difficulties encountered which actually made the research work too tasking.

The attitude of respondents posed great problem for the research in fact, the organization respondent doubted the genuine intention of the use of information sought. Some of the respondent were reluctant, being for busy to fill questionnaires the experience from the respondents in addition, lack of proper orientation on how to go experience on the study made the work quite complex and difficult.

Also, it should be observed that the project work is consuming more than what was budgeted for time constraint was another factor that posed a great limitation. The time allocated for this project was being a partial fulfillment for Award of Higher National Diploma (HND), the research has other academic classroom curst to attend.

Also, much time has been spent in the course of trauching from Auchi to Benin to administer questionnaire and seek interviews with the management and staffs Nigeria Bottling Plc and the consumer of their product, finally, it must 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 following terms or concept will be used in the course of explaining the research topic work.

i. Market:

It can be defined as a place or avenue where buyers and sellers meet, goods and services are offered for sale and transfer ownership occurs. It can also be seen to consist of individual or organization who have the purchasing power. (Money) and the desire to purchase product or service.

ii. Marketing America:

Marketing association(1960) defined marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user in order to satisfy customers.

iii. Marketing Concept:

This is a management orientation that holds that the key task of the organization is to determine the needs and want to target markers and to adopt the organization to delivering the desired and efficiently than its competitors.

iv. Market Information System:

This is a set of procedures and methods for the regular, planned, collection analysis and presentation of information for use in making marketing decision.

v. Research:

Is a close and careful study or investigation in trying to find out new facts or idea or way of improving on the existing fact about something.

vi. Research Design:

This is simply the frame work or plan for which the study that is used as guide in collecting of the data.

vii. Primary Data:

These are data which are being collected for the first time and specifically for the purpose of the investigation at hand (i.e. Data in their raw form). This form data is the combination with observation experiment.

viii. Secondary Data:

These are already existing pieces of information which are useful to specific surveys which are not usually gathered for immediate study at hand, this form of data is sub-divided into the internal and external source.

ix. Questionnaire:

This is a formal list of question designed to gather response from customers on a topic. They are the major instrument used in obtaining data from respondents, through the survey approach.

x. Field Experiment:

This is a direct face to face conversation between a representative of the research organization, the interviewer and respondent or interview a representation of the research organization, interviewer and a respondent or the interviewee.

xi. Test Marketing:

This involves the actual marketing of their product appropriate target consumers and getting their reaction. It is the ultimate form of testing a new consumer product in a situation resembling the one that would be faced in a full scale launching of the product.

xii. Marketing Mix:

It is the term that is use to describe the combination of the four inputs that constitute the core of a company’s marketing the product, i.e. the product, the price structure, the promotional activities and the distribution system(place).

xiii. Sample:

This occurs when a number of sampling unit is drawn from a population which is to be sampled.

xiv. Sampling:

This is the part of marketing research which lays down the specification for the selection of individual who will be asked to apply certain required data. It involves the study in considerable detail of relatively small number of information taken for larger groups.

xv. Sampling Unit:

This refers to an individual element of the population which is to be sampled.

xvi. Random Sampling:

This is simply the frame work or plan for which there is a known chance of each unit to be selected.

xvii. Population (universe):

This refers to any group of people who are similar in one or more ways and which form the subject of study in a particular survey.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

This chapter is made up of summary, conclusion and recommendation. In the summary is entails what each of the previous chapters contain, while the conclusion is the outcome of the overall research work and the recommendation is what the researcher finds out on the impact of marketing research on new product development.


5.2 Summary

The research is an assessment of the Impact of Marketing Research on New Product Development which is divided into five chapters.

Chapter one introduced the study, it states how marketing has been an important tool for determining the success rate of a new product generating more revenue for the entire success of the organization. It also consists of the statement of the problems, significance of study, limitation of the study, scope of the study, limitation of the study and definition of terms. The objective of the study was to examine the contribution and the importance of marketing research on new product development, and examine circumstances under which marketing research is more likely to be used in the stage of new products development and the impact of marketing research on the profitability.

The chapter two explains why the researcher has decided to go into the area of study. The literature consists of the area of product control, sales, targeting and sales forecasting, it states that although, marketing performance in the market, not much emphasized in most companies. Attempt has been made to look at some theories, research in marketing and the types of research that exist in the field of marketing such as product research, consumer marketing analysis, sales promotion, primary research, distribution research etc.

Chapter three explain the research design of study, techniques and sample size, methods of data collection, method of data analysis and research instruments used. In all, the chapters explain how the research came about, how the data was collected and how the data was analyze to help solve the problem at hand.

Chapter four dealt with the analysis of the relevant data collected for the research, the chapter also dealt with interpretation of the data.

Chapter five is just the summary of all that is contained in the first four chapters.
It contains the summary, conclusion, recommendation and bibliography.


5.3 Conclusion

Despite the huge amount of money spent for the promotion activities in most companies, the products are not well recognised. This means that the planning and development stage of the company are the most important areas to consider before any other thing.

Organizations succeed more with uniqueness rather than uniformity. Uniqueness entails doing things completely different from the usual way adopted by competitors and other organizations. To have uniqueness in methods, procedures, processes and systems, organizations need to have the right caliber of people to bring about these changes to stimulate them and to live with them for the purpose of gaining a competitive edge and advantage over the competitors. To achieve these, organization must spend a lot on marketing research to achieve uniqueness and product delivery.

If sufficient research is undertaken, then the chances of failure are reduced. Indeed, the danger that many companies wish to avoid is the development of products without any consideration of the market.

Marketing research would lead to higher NPD success, and that the integration of marketing research would be the most important of the factors contributing to success in NPD organization. Companies which use marketing research intensively and understand consumer response in great depth are more likely to have higher success rates.

The more extensive use of marketing research appears to be related to more experience in doing NPD and a larger role for new products in the companies. Use of marketing research also allows companies to set quantitative goals for new products, and more carefully evaluate performance after launch.

Also most organizations can be regarded as pace setters or market leaders in their various markets, if only they take time in doing marketing research on New Product Development.


5.3 Recommendations

In order to undertake a systematic product planning and development, in marketing research, the researcher is making the following recommendations.

  1. Most company should invest in promotional activities to enable the product sell in the market and to increase the profitability of the company.
  2. Also companies should adopt the scientific method of product planning and development within the context of marketing research.
  3. Another recommendation that can be put forward is that, more money should be invested in promotional activities to enable the product sell in the market
  4.  That they should also conduct gap analysis of the existing products by interviewing a representative of consumers to find out their views about the company‟s existing products before thinking of producing another one.
  5. They should also take note of the types of research approach used at the stage which includes monadic approach which is concern with comparing the concept with or against existing market after of the competitors. The Holistic approach of data about the marketing mix variable such as price, promotion package and distribution. Although the companies conduct testing, it may suggestion that the company studies very well the procedure of product testing which varies from company to company and product to product. It is also expensive since it involves raw materials, machinery, and accuracy of new skill production.
  6. Like product testing, marketing test also involve some procedure of which I will suggest companies to adopt to ensure successful marketing test, and take note of the information required during the marketing test.

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