MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
This study examines marketing research as a tool for increased profitability in service industry taking NICON Insurance Company Enugu State as a case study. Marketing research can be seen as the application of the scientific method of inquiry in helping marketers to better understand and define their problems and find appropriate solution to them. some of the objectives of the study include:
- To examine critically the level of marketing research applied by NICON Insurance in their service delivery.
- To find the medium through which the research was created.
- To ascertain customer’s perception of the research message, and whether the claims in the message actually satisfies the needs and wants of the customers.
4. To find the different research tools used by the organization.
5. To find if the research conducted have actually increased the growth and profitability of the corporation.
In the course of solving the research problems, both primary and secondary data were collected with much emphasis on primary data which helped the researcher to get first hand information from the customers and staff of NICON Insurance from which comprises of the staff and management, the customers (policy holders) and the agents. The research instruments used for this study were the questionnaire surveys and personal or face-to-face interview. The questionnaire was the major research instrument used in the study, which was administered to the staff of NICON Insurance Company, policyholders and agencies. In determining the sample size, the researcher conveniently fixed the sample size at 160 for the customer (policy holders) of NICON insurance 20 for the agents and 40 staff of the company. This brings the total number of questionnaire distributed to 220.
In organizing and presenting data collected, tables and percentages were. The level of significance used is 5%. The various hypotheses were tested using the chi-square.
After a successful research, the researcher came out with the following findings:
1. That NICON Insurance company at one time or the other engaged in marketing research activities.
2. That the company does not have a marketing research department because of the cost involved
3. That NICON cannot do without marketing research as it help them to identify the needs of this prospect.
4. The establishment of marketing research department will increase the profit level in the organization.
It is against these entire background that the researcher believes that the study of this nature is necessary since it will help the company, the customers and the agents. Therefore, NICON Insurance Company, Enugu state should engage in marketing research activities since the market is very competitive and will also help them to remain competitive in the industry. It will also help them to increase the profit level in the organization.
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