THE IMPACT OF MARKETING RESEARCH ON DECISION MAKING
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ABSTRACT
The purpose of this study was to examine the impact of marketing research on decision making, marketing research is one of important factors that affect the decision making of any establishment. Some literature, effects of various marketing research activities on business or export performance were analyzed. However, there is a lack of studies in literature explaining the effects of marketing research activities on marketing performance in textile companies. The objective of this study is to determine the marketing research activities that affect decision making and the degree of these effects. On this account various statistical analysis were applied to data collected from the Nigerian bottling company. The empirical results indicate that marketing information collection vehicles and marketing research information types have different effects on decision making. Furthermore, the research also clearly indicates that marketing research budget has a positive effect on marketing performance and decision making.
CHAPTER ONE
1.1 BACKGROUND OF THE OF STUDY
Every marketing manager as a task of managing all marketing activities in his organization by taking important decision that can ensure successful marketing of the product or service. He requires timely, adequate, reliable and precise information to make his marketing – oriented decisions. That part of his professional field responsible for providing information about what is going on; weakness and strength of his marketing effort, what he has to do to exploit marketing effort, what he has to do to exploit marketing opportunities and avoid threats.
Research can be defined as 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. (Bummer and Bella 2009). Furthermore, research was defined by Emory (2010) as an organized enquiry designed and carried out to provide information for solving a problem. Alternatively, it can be defined as a means of making enquiry for the purpose of finding out what the real situation is before designing a project offering to meet customer’s refinement or the need of people. (Oladapo, Ekakite, Akpo, Robber and Omoyele 2004).
In Nigeria today, many social and business problem and puzzles exist thereby raising a lot of unexplainable and unanswered questions. Most of the answer of these questions perhaps lies in the ability of the educated Nigerian to recognize the management research. This form of research is most correctively done through the applying of scientific methodology. Although since people first inhabited the earth, there have been information system today tend to lay more emphasis on a computer based information system that on is almost certain of computers.
In fact, evidence of the critical role of marketing research has been stated in the research work with respect to some organizations in the advanced world. One of the most significant roles of marketing research is that it aids appropriate executive in making sound and effective decisions.
The information provided by a well-articulated and designed research is thought to be that which is relevant, accurate and timely. Thus, the researcher ought to collect information internally from the company, from outsiders and through desk research in order to present factual and objective report to the management. The information gotten from the research has the potential to improve the capacity of business organization to survive in the new competitive and changing environment. Its adoption is observed to be very low in Nigeria within the organization, in that much has not been envisage or known with regard to the impact or benefit those marketing research officers within the Nigerian context.
Therefore, most organizations would want to venture into what appears to be risky and uncertain. Thus, there is need to research into practical situation to find out what impact marketing research has on managerial decision making in order to provide a base necessary for consideration for the adaption or avoidance of marketing research.
But to what extent has Nigerian organization recognized the impact of marketing research?
Quite number texts have indicated the benefits that can be derived with respect to decision making by the design, installation and operation of the marketing research.
But in summary, it is still argued that coping with or avoiding such problem and achieving significant benefit is possible from a well-designed marketing research process and strategy. Yet if the assumption that an effective marketing research system has a lot to offer for effective decision making by the manager of existing organization and such manifestation can only be linked to business in the developed world.
Perhaps the reason for thus may be attributed to the fact that research emanated from or belong to a group of marketers in the developed countries, or that application and adaptation of marketing research system to aid decision making also started with businesses in these developed countries. And the reason possibly could be that lessons about lessons about success and profitability, failures and losses in implementing a marketing research system were first learnt, reaped or paid for by business in the advanced world. It is not worth, however, that subsequent development of a successful marketing research were carried out of the experience of the businesses.
1.2 STATEMENT OF PROBLEM
In today’s high competitive, dynamic and challenging marketing environment, the level cum quality of information gathered through marketing research are very critical to the growth and survival of the organization. Also, the unpredictable and transient nature of consumers which studies have shown is more complex, because customer’s needs and buying motives are often anything but obvious. Consumers themselves cannot tell you exactly what they need and why they buy. To gain good customer’s insight, marketers must effectively manage marketing information from a wide range of sources.
A rapid turnover is a mean to an end, but not an end itself, only an effective marketing research can achieve this, but the question is, if marketing managers are quite aware that an effective marketing research system can help to facilitate this?
Furthermore, it is important to state that marketing research is a potential tool for effective decision making. Marketing managers are therefore perturbed on how to get it right in the face of changes in the ever evolving marketing environment, consumer thirst, demand for product and services, competitors’ product and service. Is marketing research capable of providing better or best solution?
Thus, a company’s marketing research and information system must do more than simply generate lots of information. The real value of marketing research and marketing lies on how it is used in the customers and competitors insight that it provides.
Therefore, this study seeks to assess the impact of marketing research on decision making at the Nigerian Bottling Company Onitsha.
1.3 OBJECTIVE OF THE STUDY
The main aim of this research study is the impact of marketing research on decision making and to bring to the awareness of the Nigerian Bottling Company (NBC) management the impact of marketing research on decision making. The researcher intend to outline the following Sub-objectives;
- To ascertain the application or use of marketing research system in marketing decision making process.
- To establish whether information supplied from marketers profitably impact the decision made by the marketing managers to aid decision making.
- To find out the relevance of information contained in the marketing research in decision making.
- To determine the existence (if any) of the adverse or negative impact of marketing research on marketing decision making.
1.4 RESEARCH HYPOTHESES
In the course of this research work, the researcher deemed it fit to formulate some null and alternate hypotheses that would enable her to analyze the data or information collected from respondent. In line with this, the researcher tends to formulate the following hypothesis to verify whether a hypothesis is true or false.
Ho: There is no significant relationship between marketing research and decision making.
H1: There is a significant relationship between marketing research and decision making
Ho: An effective marketing research does not enhance better customer’s service.
H2: An effective marketing research does enhance better customer’s service.
Ho: Marketing research does not affect the capacity of business organization to survive.
H3: Marketing research does affect the capacity of business organization to survive
1.5 SCOPE AND LIMITATION OF THE STUDY
The research is on the impact of marketing research on decision making and thus is based on the effective process of decision making by management which tend to improve productivity and increase sales margin in Nigerian Bottling Company, Onitsha. This research is to determine how effective marketing research will assist marketing manager in decision making. In the course of carrying out this project work, the research encountered a lot of problems. Such problems that was encountered includes lack of adequate materials, financial constraint, logistic problem, time limit for the completion of work was not enough to encourage a most preferred research project.
1.6 SIGNIFICANT OF THE STUDY
The essence of this research topic is to analyze and bring to the awareness of the awareness of the organization and also to make organization whether complex in nature or not to really know the usefulness of marketing research on decision making in order to ensure that the marketing objectives are attained. And also to enlighten the management and to appraise the role of the marketing manager in the organization.
This study is expected to benefits a whole range of institutions and people at it completion. To companies that do not have a marketing research strategies in place, this study is expected to satisfy stimulate, inspire, and redirect their thinking towards actually installing a workable strategies. Secondly, and in the same vein, for companies that have a passive marketing system, this study is expected to serve as a tool to guide and refurbish their marketing personnel in order to make it function. Thirdly, this study shall form an addition to the pool of knowledge and materials on marketing research from where scholars draw. Finally, this study shall engender among students, a mentality and cultures of marketing research strategies to enable them become better manager in the future.
1.7 DEFINITION OF TERMS
Marketing: A social and managerial process by which individual and groups obtain what they need and want through creating and exchanging product and values with other. Marketing is an exciting dynamic and contemporary field of human endeavour. It affects us each day in our roles as providers of goods and service (i.e producer) and as consumers.
Marketing is embracing all of the activities involved in anticipating. Managing and satisfying demand through the exchange process. Such activities include environmental (Situation) analysis and marketing research, consumer analysis, product planning, marketing programming, and marketing management.
Marketing Research: We can say marketing research is a systematic method of collecting, recording and analyzing of data, which is used to solve marketing problems. American Marketing Association (AMA) Defines Marketing research as a systematic gathering, recording and analyzing of data about problems relating to the marketing of good and services.
David Luck, Donald Taylor and Hugh Wales Defines Marketing Research as the application of scientific methods in the solution of marketing problems.
Decision making: Decision-making can be regarded as a problem-solving activity terminated by a solution deemed to be satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge.
Marketer: a marketer could be defined as one that sells goods or services in or to a market, especially one that markets a specified commodity.
PRICE: is the amount of money which is needed to acquire and exchange some combined assortment of product and its accompanied services. DISTRIBUTION: is concerned with the activities involved in transferring the goods from the producer to the final buyers and users. These activities could be classified as physical, legal, promotional, and financial, all performed in the course of transferring ownership.
PACKAGING: is the general group of activities in product planning which involves designing and producing container paper for a product?
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study.
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