EVALUATION OF MARKETING RESEARCH AND ITS IMPACT ON PRODUCT DEVELOPMENT AND ACCEPTANCE IN THE SERVICE INDUSTRY: A CASE STUDY OF ZENITH BANK PLC ABAK ROAD BRANCH, UYO METROPOLIS
| Format: Ms Word | 1-5 Chapters | Table of Content|
INSTANT PROJECT MATERIAL DOWNLOAD
Study Level: BTech, BSc, BEng, BA, HND, ND or NCE
Amount: ₦4,000.00
ABSTRACT
This research work is aimed at finding out the Impact of Marketing Research in the Service Industry, using Zenith Bank Plc, Abak Road Branch, Uyo as a case study. The objective of this research work was to critically examine the changes brought by marketing research to the company also to investigate how marketing research is being practice by the company. Findings reveal a calculated value of 47.8 that was compared with a critical value of 5.991 after employing 0.05 level of significance without closing sight of the degree of freedom 2 which shows the former as being greater than the later which invariable indicates that any organization that employed marketing research in their day to day operation will automatically stand as a catalyst that speed up the economic boom in an organization. The research area was strictly confined to Union Bank Plc, No. 8 Abak Road, Uyo with a total population of 100. After employing the fardformular postulated by Yaro Yamani, (1964), a sample size of 80 was carefully drawn. However, when the questionnaire was administered 70 were correctly filled and revenue which is the based for analysis in chapter four. The sampling technique in a strict sense was stratified sampling method. Primary and secondary sources of data were the major sources of data collection, and chi-square (x2) tool was used in validating the research hypothesis formulated since marketing research is a dynamic process that involve a complex pattern of actions and reactions, without it, organization are incapacitated, lack focus, new direction and vision to be in consonance with changing global business environment. In view of this, I hereby recommend that since marketing research is that crucial, organization should consider it a do or die affair and more emphatically the issue of implementation of marketing research should not be over emphasized.
TABLE OF CONTENTS
Pages
Title page – – – – – – – – i
Declaration – – – – – – – – ii
Certification – – – – – – – iii
Dedication – – – – – – – – iv
Acknowledgements – – – – – – v
Table of Contents – – – – – – vi
List of Tables – – – – – – – ix
Abstract – – – – – – – – xi
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study – – – – 1
1.2 Statement of the Problem – – – – 4
1.3 Objectives of the Study – – – – – 5
1.4 Research Questions – – – – – 6
1.5 Statement of Hypothesis – – – – 6
1.6 Significance of the Study – – – – 7
1.7 Scope/Limitation of the Study- – – – 8
1.9 Definition of Terms – – – – – 11
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Marketing Research Effectiveness – – – – 16
2.2 Nature and Characteristic of Marketing Research -17
2.3 Purpose and Need for Marketing Research – – 20
2.4 Historical Development of Marketing Research – – 22
2.5 Types of Marketing Research – – – – – 24
2.6 Marketing Research and its Relationship with
Product Development – – – – – – 27
2.7 Marketing Research Management – – – – 32
2.8 Marketing Research Process – – – – – 36
2.9 Marketing Research Objective – – – – 38
CHAPTER THREE: RESEARCH/METHODOLOGY
INTRODUCTION
3.1 Research Design and Procedures – – – – 42
3.2Characteristics of the Study Population – – – 43
3.3 Sample, Sampling Method and Sample Size – – 43
3.4 Test of Validity and Reliability – – – – 44
3.5 Data Collection Instrument (Tools) – – – – 45
3.5.1 Data Collection – – – – – – – 45
3.5.2 Data Collection Methods – – – – – 45
3.6 Administration of Instrument – – – – 46
3.6.1 Collection and Collation of Instrument – – – 46
3.7 Procedure for Data Analysis – – – – – 47
CHAPTER FOUR: DATA REPRESENTATION ANALYSIS
ANDINTERPRETATION
4.0 Introduction – – – – – – 49
4.1.1 Percentage Representing and Analysis of Data – 49
4.1.2 Test of Hypothesis – – – – – 55
4.2 Interpretation of Findings – – – – 61
CHAPTER FIVE: SUMMARY, CONCLUSIONS
AND RECOMMENDATIONS
5.1 Summary – – – – – – – – 63
5.2 Conclusion – – – – – – – – 64
5.3 Recommendations – – – – – – 65
References
Appendices
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Marketing research is usually conducted internally by the firm’s marketing department or performed externally by a marketing research firm. There is an irrefutable connection between market research and developing successful customer-facing products. Businesses need to develop products that can meet demand while providing customers with a solution to their problems or give them something that they need. Marketing research information can be used by all levels of management to make decisions that impact other aspects of a firm’s operation. The information obtained is then used to make decisions related to the marketing mix or other marketing functions. It can guide top management in making strategic decisions about acquisitions, divestitures, and expansion. The period of marketing orientation has made firms to consider customer’s needs and wants in developing their products and services.
Research is defined by (Emory, 2010), as an organized enquiry designed and carried out to provide information for solving a problem. According to (Bummer & Bella, 2009), research is the manipulation of ideas, concepts, variables, situations, symbols, empirical evidence and other phenomena in order to arrive at a generalizable conclusion that might constitute theory in future. The terms market research and marketing research are usually interchanged by marketing practitioners. While market research is concerned specifically with markets, marketing research is all about marketing process (McDonald, 2007). Some marketing scholars are of the opinion that the impact of marketing research on the practice of business management is not much. Market research should be regarded as an experiment which may fail if it is not conducted in the right conditions. According to Curry (2007), marketers who fail to conduct a thorough and comprehensive marketing research run the risk of not achieving their marketing objectives. Today’s market is oversaturated with consumer products, yet the pursuit of developing and releasing new product innovations remains a widespread business objective for both startups and established companies. Product development provides a competitive advantage for businesses and helps determine how to successfully price products, how to produce them in a cost-efficient way, identifies gaps in the market, and offers a means to achieve these goals through an effective product lifecycle. Service industries need to use marketing research for product development to visualize market opportunities and reduce associated risks in releasing a product. Marketing research fulfills the indispensable function of providing reliable and substantial information which assists marketing managers in making decisions. Such decision includes product development (Kinsley, 2008).
The idea of product development is to have a competitive advantage over competitors, it is a strategy to out play business competitors or opponents. On the other hand, product acceptance is viewed in the light of communication means put in place to ensure that the products modified are acceptable. The advertising strategy and theme based on careful qualitative and quantitative research are carried through, in other forms of communication and all of the promotional activities that can play vital role in accepting the product. Product development starts with idea generations, which are the result of innovative ideas. The process starts with searching for ideas. Since all idea cannot be adopted, there is need to solve idea through idea screening, in screening, the organization must avoid the error of dismissing a good idea; organization can use different rating devices to ensure that right idea is adopted. Through the provision of relevant information, marketing research eliminates uncertainties and links the marketing variables with the environment and consumers (Abugu, 2014).
Marketing research provides information on controllable and uncontrollable factors and enhances the effectiveness of decisions made by marketing managers (Twedt, 2003). Marketing decisions depend on research information to succeed, withstand competitions and other external pressures. However, in a developing business environment like Nigeria, total reliance on marketing research to make decisions is rather risky because research results are not hundred percent correct (field survey). Being cautious on how marketing research findings are used, however, should not undermine their relevance and diminish the need to conduct marketing research. While making business decisions without research findings may work in the short-run, failure is inevitable in the long-term without continuous efforts at assembling accurate information. This study looks into the evaluation of marketing research and its impact on product development and acceptance in the service industry.
USE THIS MATERIALS AS A GUIDE FOR YOUR PERSONAL RESEARCH WORK (IF PROPERLY CITED)
PAY ₦4,000 HERE TO DOWNLOAD MATERIALS
DISCLAIMER
WE ASSIST OUR CLIENTS BY PROVIDING QUALITY RESEARCH MATERIALS FOR ACADEMIC PURPOSES.
THIS MATERIAL IS FOR RESEARCH PURPOSES ONLY AND SHOULD BE USED AS GUIDELINE.
DO NOT COPY THE ABOVE MATERIALS VERBATIM (WORD FOR WORD)