THE IMPACT OF MARKETING RESEARCH ON NEW PRODUCT DEVELOPMENT (A CASE STUDY OF NIGERIA BOTTLING COMPANY, ILORIN)
TABLE OF CONTENTS
1.2 Statement of the Problem
1.3 Aims and objectives of the Study
1.4 Significance of the Study
1.5 Scope of the Study
1.6 Limitation of the Study
2.1 Concept of New Product
2.2 Process of New Product Development
2.3 Rationale for New Product Development
2.4 Concept of Marketing Research
2.5 The Rationale for Marketing Research
3.1 Research Population and Sample
3.2 Research Design
3.3 Instrument of Data Collection
3.4 Administration of Instruments
3.5 Method of Data Analysis
DATA PRESENTATION AND ANALYSIS
4.1 Brief History Of New Product Development
In Nigeria Bottling Company Plc
4.2 The Company’s Products
4.3 Reason for Embarking on New Product
Development in Nigeria Bottling Company
4.4 Effect of Marketing Research on New Product Development in Nigeria Bottling Company
4.5 importance of Marketing Research On
New Product Development in Nigeria
4.6 Constraints to Effective Use of Marketing
Research in new product development
in the company
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of Findings
Marketing research is a systematic design, collection, analysis and reporting of data finding relevant to a specific marketing situation facing the company. It is also the activity of presenting, advertising and selling a company product in the best possible way.
Marketing research is also a systematic approach to the development and provision of information for marketing decision making.
The collection and provision of information by market research is systematic. It is planned and well organized progress. The method of obtaining information is objective or by interview process.
Since data are pieces of information it is through the research process that the data collected take on meaning and become information until it is being process into a meaningful information before it become an information;. Information is gathered through marketing research for purpose, it is used by marketer’s to make accurate decisions.
Marketing research is an encompassing term covering research in virtually all aspects of marketing activities including business, economic, corporate research, advertising research product research, sales and marketing research. “To manage a business well is to manage its future and to manage its future is to manage its information”. Therefore marketing executive must be future oriented. That is they must be
a. Anticipate change
b. Forecast the direction and intensity of the changes
c. And adjust their strategic marketing planning in line with these changes.
To do these marketing manager need a lot of information’s about potential markets and environment force. It is essential that marketing manager understand the research process. They research face in order to evaluate the research effectively. Marketers used a very large amount of research information and in using it they must be it is “as error free” as is humanly possible. As matter of fact obtaining accurate information is a major goal of the research process. Marketing researcher try very hard to eliminate error that can creep research is to reach conclusion and to make recommendation that the marketing manager can use in solving a particular problems. Obviously, if the researcher are collecting information and in drawing conclusion, the market is likely to be given incomplete and accurate. Information a result he or she may make decision. To avoid this situation, marketing researchers attempt to apply the scientific method by concluding their assignment. That is they emphasis objectively and accuracy in collecting information to solve a problem.
The essence of marketing is that, a firm will produce what it can sell rather than what it can produce.
Marketing therefore, require an assessment of consumers needs through research and the orientation of all firms activities toward the satisfaction of those needs.
According to David Hughe and Donald. Donald competently managed enterprise today attempt to realized the marketing concept or orientation if its total efforts to the satisfaction of the market. That attempt can succeed only when they has accurate and up to date knowledge of the ultimate buyer whose decision and motivation should be its guiding star. Peter M. Donald, supports the above ascertains by staling that marketing research is a fact finding process, logical and essential for successful marketing and adoptable to the requirement of the firm operating in market of all kinds.
1.2 STATEMENT OF THE PROBLEM
The study wants to find out an answer to series of question and problems. These research also to give the appropriate answers to the following question. Do these organizations? Take up marketing research? What form of marketing research is practiced in your industry or organization? Is marketing research so important to the company in new product development? And lastly to what extent the marketing research can be of help to the industry and organization (Nigeria Bottling Company Plc, Ilorin)
1.3 AIMS AND OBJECTIVES OF THE STUDY
The primary motive behind this research work is to fulfil the requirement as a pre-requisite for the award of higher National Diploma in Marketing Department of Kwara State Polytechnic Ilorin.
Secondly, the study intends to carryout the empirical study of the roles which the marketing research functions actually play in the operational activities of the industry in (Nigeria Bottling Company). The study also intends to find out the justification for marketing research in (Nigeria Bottling Company Ilorin).
1.4 SIGNIFICANCE OF THE STUDY
The motive behind this was to find out how the organization in question can make use of marketing research to get move information about the consumers and competitors of it’s product.
The study will all also enable the organization or industry to know the attitude of consumer. Through this study the organization know the development of marketing research and why marketing research is very important, lastly the study will also help the organization to know the development of new product and why new product fail.
1.5 SCOPE OF THE STUDY
The research study which centers on impact of marketing research on new product development with particular reference to Nigeria Bottling Company plc, Ilorin.
The number of marketing research department has grown steadily since the end of the 2nd world war. Marketing research is gaining more status in the corporate management hierarchy with 40% of the marketing research directors accountable to management. However, the scope of the study will cover the role of marketing research on Nigeria Bottling Company Plc, limited and how to reduce the uncertainty in decision making.
1.6 LIMITATION OF THE STUDY
Some problem which might be responsible for the limitation of this research work includes.
1. A. Attitude of the interview: during the process of interviewing some of the respondent were not ready to give out information to researchers.
B. Lack of adequate and statistical data in almost all the departments in Nigeria Bottling Company plc.
2. Although the case study is not quite distance. The cost of transportation to it’s location, as well as time which has to be shared with other academic obligations cannot be over emphasized.
The following are the main objectives of this research:
A. The need to identify problems and solving the problem through collection, analyzing and implementing the data collected.
B. Finding the conditions under a certain phenomenon occurs and the conditions under which it does not occur in what might appear to be similar circumstances
C. The need to make rational choices based on valid criteria among alternatives resources. Practices and procedures.
D. To be able to meet wish, and cope with the fast changing social and technical changes in the economy.
E. The use of modern innovations such as computer and the like calls for constant research because it requires qualifiable information, logically defied concepts, verifiable and valid objective for the educational, scientific and educational system.
F. Research occasionally re-orientate our thinking and conceptualization about happening and general problems of the society.
G. Research seeks answer and solution to problems and also desire to guide future action or activity.
H. Research seeks to build upon existing knowledge, Connecting, extending, modifying and refining the older knowledge..