EVALUATION OF MARKETING RESEARCH AND ITS IMPACT ON PRODUCT DEVELOPMENT AND ACCEPTANCE IN THE SERVICE INDUSTRY
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ABSTRACT
This research work is aimed at finding out the Impact of Marketing Research in the Service Industry, using Union Bank Plc, No. 8 Abak Road, 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 fard formular 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.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Marketing research performs a unique role of coordinating the interaction among the various functional areas of business. Perhaps, marketing research is at the core of a company’s approach to the market place and a determining factor in its overall business strategy. If a company is to be responsive to the market place, its marketing research strategy must sterm from a good understanding of it.
Marketing research fulfills the indispensable function of providing reliable and substantial information which assists marketing managers in making decisions. Such decision includes product development. The increased use of marketing research in product development is easily understood when we consider the important of this decision in connection with the conventional marketing concept.
According to Kinsey (2008), conventional marketing concept suggests that needs and wants of consumers should be determined before an appropriate product can be developed. This consumer orientation implies two activities: Identifying consumer’s group (individuals or organizations) most likely to purchase the product (the target market) and producing the goods or providing service that will meet the needs of the target most effectively. Identifying consumers group and exploring needs and wants become a crucial activity for marketing professionals. Why marketing research can help in this activity is the understanding of human behavior in the context of buying and consuming that translates the marketing research data into an effective marketing plan.
It is an acknowledged fact that marketing is coming competitive and sophisticated and the search for marketing research has intensified and different approaches have been used by marketing executives to achieve their companies objectives. In spite of this assertion, most organizations ignore the fact that marketing research unlike other managerial functions is as important as planning itself because if it is not properly managed, it could distort or cause unnecessary operational inefficiency in the organization’s setting.
Kinnear and Taylor (1983) notes that the importance of marketing research has grown rapidly during the last three decades servicing firms vary substantially as to the role and responsibility assigned to marketing research as mainly an ad hoc data gathering an analysis function. Others broadly define the role and responsibility of research and view the marketing research department as an information centre for decision making.
Marketing research implies a deeply involved role for research in the marketing management process. This includes the marketing man.
Active participation of research in the decision making process with particular emphasis on the provision of meaningful information for the planning and control function. Thus, the purpose of this information input is to narrow decision making error and broadens decision making perspective.
However, UdeaguOkeke (1993) explain that a proper appreciation of the role of marketing research would require making a precise distinction between it and other related concepts. These concepts are market research and marketing information system. They argued that market research is an element of marketing and marketing research is a component of marketing information system.
1.2 STATEMENT OF PROBLEM
It is unequivocal that most manufacturing firms in Nigeria have been facing numerous problems in the management of their operations. One of these problems have been their inability to develop appropriate product through the proper utilization of marketing research. This has resulted to product failure in terms of company’s profits.
To every company’s management, the necessity and value of marketing research are often gloomy issues. The problem is partly that marketing research is expensive and hazardous, compounding this difficulty is that the goals of marketing research are sometimes unclear and the information once gathered is often improperly used.
In addition, the importance of marketing research function has been underestimated in most service industry either deliberately or ignorantly. The problem is getting marketing research result attentively transferred into their operations. An investigation into cause and factors responsible for this attitude has shown that most of these firms do not employ competent marketing research personnel and there is absence of an independent marketing research department required to manage the research results. In addition, lack of management commitment to the marketing research concept, this forms the basis of this research work
1.3 OBJECTIVES OF THE STUDY
The general objective of the study is to investigate the role of marketing research in product development in Union Bank Plc.
However, the specific objectives of the research work include.
1) To explore the concept of marketing research as applicable to the service industry.
2) To investigate how marketing research is being approved by Union bank plc.
3) To determine the changes marketing research has brought to the company’s operator.
4) To find out marketing research objectives adopted by the company.
5) To find out marketing research problems faced by the firm.
1.4 RESEARCH QUESTIONS USED
In this study, the following research question were formulated;
- How is marketing research being practice by Union Bank Plc.
- What are the changes marketing research has brought into the company’s operations?
- Does marketing research assist the company’s operation with the effective provision of the needed information concerning consumers?
- What are the marketing research objectives adopted by the firm?
- What are the marketing research problems faced by the company?
1.5 STATEMENT OF HYPOTHESIS
H0: There is no relationship between Evaluation of marketing research development and service industries.
H1: There is a relationship between evaluating of marketing research development and service industries.
H0: There is no relationship between marketing and service industries.
H1: There is a relationship between marketing and service industries.
H0: There is no relationship between the effect of marketing research and service industries.
H1: There is a relationship between the effect of marketing research and service industries.
1.6 SIGNIFICANCE OF THE STUDY
This study is significance in the sense that it findings will aid management and decision makers to know the importance of marketing research with initiating product policy.
The results of this research work will help in solving the socio-economic problems in Nigeria arising from underutilization of marketing research concept. Moreover it will serve as a panacea and depressed service industries.
This study will assist to clarify some of the questions pertinent to the effect of an independent marketing research department. Thus, service industries are not well informed or familiar with the importance of marketing research. The marketing will find some of the recommendations beneficial in solving problems related to production failure.
Finally, the result of this study will consolidate the findings of earlier research work related to this and stir up further studies. In addition, the research work will serve as a reference to research students in the department of marketing and other research students in related fields.
1.7 SCOPE/LIMITATION OF THE STUDY
The research work is confined to Union Bank Plc, No. 8 Abak Road, Uyo Akwa Ibom State.
LIMITATION
The researcher encountered some constraints in the course of carrying out the study such as;
- Lack of adequate cooperation from the respondent to fill and return the questionnaire on time.
- Lack of adequate secondary data for literature review.
1.8 HISTORICAL BACKGROUND OF UNION BANK PLC, UYO
Union Bank of Nigeria PLC is a large Nigerian commercial banking concern. Its history dates back to January 1917 when the bank started operations in Nigeria as colonial Bank. Today, it is one of Nigeria’s largest agricultural credit financial institutions and has a low deposit amount for opening an account.
In a recapitalization process announced in 2004, the bank absorbed Universal Trust Bank and Broad Bank of Nigeria. The company is located at stallion plaza, marina, Lagos and the firm has over 7,844 employees and up to 498,000 shareholders.
Union Bank of Nigeria was originally known as Colonial Bank of Nigeria. The then Colonial Bank of Britain was already in operation in the west indies but needed an act of parliament granting it the right to operate in other British colonies before commencing operations in Nigeria and challenging the near monopoly. The act was granted in 1916 and immediately thereafter, Colonial Bank decided to open branches in Lagos, Kano, Jos Port Harcourt.
The company was founded in 1917 and is headquartered in Lagos Nigeria.
Union Bank of Nigeria Plc is a subsidiary of Union Global Partners Limited.
Union Bank of Nigeria plc provides investment, corporate, commercial, and retail banking product and services. The company offers personal, business, co-operate and time deposit accounts and corporate banking products comprising loans and overdrafts guaranteed bonds, bankers acceptances, commercial papers, project finance syndication, equipment leasing and stallion tenor bills.
It also provides sales and exchange of travellers cheque and foreign money, letters of credit, foreign domiciliary accounts, bills discounting, off-shore accounts, international money transfer, and bureau de change services; e- banking products comprising telephone and mobile banking, corporate treasures windows automated teller machines value card, staff salary/contractor payments and revenue collection systems; and customized product.
The company also offers trusteeship services comprising the trust consortium finance and employees shares, endowment fund management, property management and family trust, retirement benefit trust, and nominee services; and life and general insurance products such as personal pension plans, high yield assurance plans, mortgage protection assurance products, educational endowment assurance, group life assurance, oil and gas insurance, bonds insurance, burglary instance consequential loss, professional indemnity, contractors/ erection all risk, etc.
In addition, it provides investment and financial advisory services, including stock broking, port folio management, and nominee account services; and equity and debt private issue; underwriting funds management, bonds insurance, guarantees, indemnities, etc. The company operates 400 branches in Nigeria.
1.9 DEFINITION OF TERMS
MARKET RESEARCH: This is concerned exclusively with inquiries into the size, nature, structure and geographical location of customers and potential customers of a given product. (Udeagu and Okeke, (1993).
MARKETING DATA BASE: Is an organized collection of comprehensive data about individual customers prospects, or suspects that is current, accessible and actionable for marketing purpose such as lead generation, lead qualification, sale of a product or service or maintenance of customer relationship, Kotter, (1998).
MARKETING INFORMATION SYSTEM: It consist of people, equipment and producers to gather, analyzed and distribute needed timely and accurate information to marketing decision makers, Kotter and Armstrong, (1996).
PRODUCT DEVELOPMENT: A strategy for company’s growth by offering modified or new products to current marketing segment, Kotter and Armstrong, (1996).
REPORT: It is a document submitted to management that summarizes the research result and conclusions, Churchill, (1987).
RESEARCH LIFE CYCLE: Research activities in distinct stages matched to the unique needs of the product during each stage of its life cycle, Dillon et al, (1987).
RESEARCH PROGRAM STRATEGY: It refers to time overall plan to utilize marketing research, Zikmuunal, (1989).
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