IMPACT OF MARKETING RESEARCH IN A SMALL SCALE COMPANY
INTRODUCTION
BACKGROUND OF THE STUDY
Goal attainment is the watchword of every business organization. They exist to accomplish something in the large environment. Its special purpose or mission is usually clear at the beginning over the time, however, on or more things happen, its mission may become unclear as the organization grows and develops new product and market from time to time the company must undertake and understand a critical review and preview of their overall effectiveness through marketing research.
Marketing research can be defined as the systematic gathering, recording, processing and analyzing of marketing data, which when interpreted will help the marketing executive to uncover opportunities and to reduce risks in decision making see Dillon, Madden and Firtte. The unwesal application of marketing research data by various marketing organization and other fields of human endeavour cannot be over emphasized. Marketing research identifies potential market and evaluates the market for purposes of designing an effective strategy to exploiting the market, achieving goals and objective by management.
Because of the rapid change in the organization marketing and marketing environment, marketing research help companies to periodically reassess or research on its overall approach to the market place in which strategic planning is developed as the major areas where rapid obsolesce of objective, polices, strategies and programmes are constantly possible. It is a tool for achieving goals and objectives of an organization for efficiency and effectiveness in attaining the internal and external task, objectives and other marketing programme within the marketing environment.
Marketing concepts and process are understood as competition between businesses geared up, it becomes imperative to turn attention to identify the consumer behaviour as regards to their needs and wants which are naturally insatiable with marketing research. It holds the key in achieving organizational goals through identifying the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.
It is based on market focus, customer orientation and behaviour, co-ordinated marketing and effective communication system for effective and efficient decision marketing; implementation and control. It also deals with the controllable and uncontrollable variables, that regulates the affairs of an organization as a means of organization in the market environment.
Companies shall be conversant of marketing research to continuously monitor the changing scene in the market which will help in identifying and highlighting on the SWOT analysis (strength, weakness, opportunity and strategies in time to meet new challenges as an opportunity in the environment. This helps in improving the management decision making, company’s mission, growth, strategy and portfolio plan that helps in long, middle and short term plan as a means of enhancing towards new market challenges and exploit the opportunities exposed to them, controlling the organizational weakness as a means of enhancing toward new market challenges and exploit the opportunities exposed of them, controlling the organizational weakness as a means of influencing some environmental threat facing marketing in the market environment.
STATEMENT OF PROBLEMS
Marketing research is an important tool in any marketing activity of a company which has to be properly integrated in order to achieve its desired goals and objectives, through all is aimed to identify the needs and wants of consumers as a means of attaining adequate satisfaction of consumers needs and wants to achieve the organizational set objectives
With the marketing research, the socio-cultural economical, legal, political, technological and competitive conditions are checked to consumers with products of consistently high quality made readily available at price which has the value for the money spent it facilitate the companies marketing activities to ensure unwiring commitment to pursue excellence as the basis for current success and future growth. The problem uncounted by the company include the inadequate source of data which has affected their research decision and activities. This is a process by which the company has little source of data, which indues bias o’ dishonesty on the part of the fieldwork.
Juhel Pharmaceutical just like most of the small and medium scale companies are facing competition and the consumers are not satisfied with the quality of the products. This research intends to find out how market research can help in improving marketing performance of Juhel pharmaceutical company in Enugu State.
OBJECTIVE OF THE STUDY
This study was aimed a the following:-
1) To understand the whole marketing research process.
2) To know how research can help in strategic development with the environmental changes in mind.
3) To know weather Juhel Pharmaceutical conducts marketing research.
4) To find out how the type of marketing research activities the company conducts.
5) To find how the company conducts its marketing research.
6) To know how research can help in identifying the opportunities and threats facing the company or its products in the marketing environment.
7) To know hoe it can improve the competitive strength of their product and company.
8) To find out if marketing research has an impact in increase of sales volume.
9) To determine the impact of marketing research on the company’s profitability.
10) To determine if marketing research actually identify solution to the needs and wants of their consumers.
RESEARCH QUESTION
· Does marketing research help Juhel Pharmaceutical Company in serving their customers better?
· Does marketing research help Juhel Pharmaceutical Company to know the needs and wants of their customers?
· Has the product quality increased as a result of marketing research by the company?
· Does marketing research carried out by the company improve the quality of the products?
· Does adoption of marketing research help Juhel Pharmaceutical Company in fighting competitor?
SIGNIFICANCE OF THE STUDY
This study will help company most especially its management to ensure effective planning, organizing personal standard, implementation of policies and control, help them attain the organization product post folio, market position and profitability margin.
It will help also the research in carrying out a related study in enlarging the scope of the study research work.
It will help the company and other related company to fashion out product and marketing strategies that will be very beneficial to the customers.
Finally, the study would help the company to take cognizance of the environment factors both internal and external environment to be able to develop more strength to claim more market opportunity, control the identified weakness to help convert some of the threats to benefits, which helps to attain the set objectives.
SCOPE OF THE STUDY
This study is designed to give an insight into ways of solving a nation problem, the problem of poor marketing research application, budgeting and implementation. Consumer goods companies abound in Nigeria.
Therefore, it will be extremely difficult and impossible for the researcher to study all of them considering time constrain.
The research however, decided to use Juhel Pharmaceutical Ltd. to enable her carry out an in-depth study on the organization.
DEFINITION OF TERMS
MARKETING: The human behaviour at satisfying needs and wants through exchange process (Edoga and Ani).
CUSTOMERS: The people that actually buy but may not be users of the product.
MARKETING RESEARCH: it is the systematic design collection, analysis and reporting of data and finding relevant to a specific marketing situation facing the company: Ozo and Odo 2001.
NOT THE TOPIC YOU ARE LOOKING FOR?
Once payment is made, kindly send us your project topic, email address and payment name to +234 810 144 4147
Once payment is confirmed, Project materials will be sent to your email
food shoppers suffered different challenges during the coronavirus pandemic, such as limited public transportation, food stock-outs (i.e. exhausted inventories), and reduced hours at supermarkets and grocery stores.
The production and supply of goods were at the minimum level as staff observed the stay-at-home policy, and businesses were also shut down due to safety measures enacted to contain the spread of the virus
The findings of this study will be of immense usefulness to governments, organizations, and private business owners as it reveals the huge role and importance of the Internet to their various lines of operation.
The findings of this study will be beneficial to SME operators as it examines the impact of social media on small and medium businesses.
The study will be significant to service providers and the general public. This study will also serve as reference material to researchers and students.
This research will assist marketers in implementing their ads in a manner that promotes a constructive outlook about their company's product and service.
The findings of this research work will undoubtedly provide the much needed information to government organizations, ministry communication, brand influencers , individuals and academia.
This research work focused on the impact of COVID 19 on traders’ sales volume.
This study will educate small business owners and young entrepreneurs on the massive benefits of e-marketing.
This study will be helpful to the Nigerian service sector in fully understanding the marketing communication mix and how it can be effective in reaching out to their various customers or clients.
Message Us on WhatsApp »
