A CRITICAL SURVEY ON THE USE OF MARKETING RESEARCH IN A MARKETING ORGANIZATION
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND OF THE STUDY
The whole business environment is undergoing huge worldwide changes that have a direct influence on businesses and their customers. Competition is increasing, resulting in changes in how customers make purchasing decisions. Marketing research is now a vital activity in both large and small businesses, allowing them to avoid making decisions without it (Sultan 2012).
Marketing research is a continuous process of acquiring data about product qualities, supplier capabilities, and surrounding business practices, as well as analyzing that data to make purchase decisions (Walter, 1997). Marketing decisions are among the most critical made by managers in today's businesses. The choice to serve which customer categories with what products or services, at what price, through which channels, and with what type and degree of advertising not only determines a company's marketing posture, but also influences other decisions. For example, emphasizing quality goods has an impact on procurement, production employees, quality control, and so on.
Customers' wants and habits are studied by successful new product marketers to discover how to delight them. That knowledge may be found through marketing research, and it's an investment well worth making to help you overcome the odds and succeed in product creation (Kristin, 2000).
Effective decision-making requires a thorough grasp of consumer needs, wants, and perceptions. Many businesses are realizing that the decisions they make when designing and marketing goods and services for certain customer categories have long-term consequences.
Marketing research is a specialized marketing function that is used to gather data for marketing choices.
However, it should be noted right away that simply conducting marketing research does not ensure superior decision-making. The quality of each step of a marketing research study will either help you make better decisions or make it an impossible objective to achieve.
According to marketing research, there is a link between research and company decision-making. To put it another way, marketing research generates the data needed to make marketing decisions.
Marketing research identifies the data needed to solve these challenges, develops a data gathering technique, analyzes the results, and presents the findings and their consequences. There are just a few stages to conducting effective marketing research, and there is a protocol to follow. Market researchers utilize various approaches for their study in the phases depending on the type of challenge (Sultan 2012).
Although conducting marketing research activities necessitates the use of a number of research methodologies, the focus of the study should be on the decisions to be made rather than the data gathering techniques used to aid decision making. This focus is essential for grasping the marketing research role in terms of what it should be, as well as the effective and efficient use of research as a decision-making tool.
Many internal and external environmental variables influence marketing decisions, so the marketing decision maker requires a great deal of information about these variables in order to predict their directions and expected effects on the organization's internal activities and the market, and to make rational marketing decisions in an uncertain environment. The organization's marketing performance is largely dependent on the availability and accuracy of marketing data from its many sources (Sultan 2012).
All marketing companies are attempting to ascertain the nature of the markets, as well as the trends, demands, and changes that occur in these markets, as well as rivals, pricing, alternatives, and other marketing information, which is the key to any marketing decision's success.
1.2 PROBLEM OF THE STUDY
Today's business climate is really global, necessitating rapid product creation to preserve and improve an organization's competitiveness. Product and service development is possibly the most important activity within a company (Sultan 2012). It's also one of the high risky moves to ever make. Millions of dollars have been spent over many years producing products and services that, on average, fail more often than they succeed. Failure to recognize the importance of marketing research in marketing decision-making leads to corporate failure.
1.3 OBJECTIVE OF THE STUDY
This study examine the use of marketing research in a marketing organization with the specific intention to;
- Ascertain the uses of marketing research by marketing organizations
- Determine the whether marketing research helps organizations in decisions making.
- Investigate whether inadequate marketing research result in poor organizational performance.
1.4 RESEARCH QUESTION
The study will be guided by the following questions;
1.What are the uses of marketing research by marketing organizations?
2. Does marketing research help organizations in decisions making?
3. Does inadequate marketing research negatively affects the performance of organization.
1.5 SIGNIFICANCE OF THE STUDY
A study of this kind is significant in many ways. The study centres on the use of marketing research by marketing organisation in Nigeria. This study well be relevant to marketing practitioners and scholars, business organisations, manufacturers, owners and managers of small and medium enterprises as it gives insight on the profound role of marketing research in the growth of a businesses organization. It will assist business organizations in the application of marketing research. Similarly, this study will add to the existing literature on marketing research. The identification of the roles and benefit of practical application of marketing research among other things will surely enrich existing literature especially for business organizations.
1.6 SCOPE OF THE STUDY
This study will be limited to ascertaining the uses of marketing research by marketing organizations, determining the whether marketing research helps organizations in decisions making and investigating whether inadequate marketing research result in poor organizational performance. The study will therefore be delimited to Backdesk digital marketing agency, Nigeria.
1.7 LIMITATION OF THE STUDY
In an undertaking of this nature it demands that a lot of resources, time, energy; intellectual ability and carefulness should be expanded. There is no doubt that there should be limitation and obstacle looming largely ahead trying to prove insurmountable of all the limitation is time factor which tends to the most crucial in spite of the lengthy period allowed. The researcher lots of problem came in between to consume most of the time that would have been useful to the researcher. This ranges from time to financial resources limitations.
1. DEFINITION OF TERMS
ORGANIZATION: An organization is a combination of people or individual effort, working together in order to achieve an organizational goal.
MARKETING: is the identification and satisfaction of consumers needs and wants through exchange process.
Marketing Research - It is the systematic and objective design, collection, presentation, analysis and interpretation of data (information) to enable managers deal with specific problems facing any organization. It is also the systematic and objective search for, and analysis of, information to guide managers in marketing planning and problem solving.
Service Marketing - The marketing process involving organization that buy in order to provide services.
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