MARKETING COMMUNICATION'S IMPACT ON PRODUCT DEVELOPMENT
- Project Research
- 1-5 Chapters
- Quantitative
- Mean and Standard Deviation
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND STUDY
In any commercial organization, as well as other sorts of groups, communication is a critical tool. It is an element that may help any company stay afloat. Communication also aids in comprehending the concepts and factors that cross an informed person's or group's mind (Haghshenas et al, 2013).
Communication may be defined as the process through which information is given and comprehended cooperatively by two or more individuals typically with the purpose to inspire or affect conduct (Hawkins et al, 2010). (Hawkins et al, 2010).
Communication may also be defined as the flow of information from the sender to the recipient while taking into account a mutual understanding.
According to Sannie (2006), communication is "the imparting, sharing, or exchanging of ideas, knowledge, skills, or other information, whether by voice, writing, or signs." He also described communication as the exchange of messages, instructions, and directions.
'The process of conveying and exchanging thoughts, sentiments, and information through realization, symbol, writing, and silence, to build mutual understanding between the communicator and the receiver,' Sannie (2006) added.
Communication may be defined as the process by which one individual or a group conveys and transmits knowledge to another in such a way that both parties understand each other completely. It may also be characterized as two or more active things exchanging data, ideas, views, feelings, or emotions (Hawkins et al, 2010). Communication may also be defined as any method of transferring or transmitting a notion from one person to another.
All business interactions require effective communication. Inter-firm communication is proven to have mostly beneficial impacts on the relationship across research and circumstances, since communication modulates numerous crucial relationship outcomes (Duncan and Moriarty, 1998). Communication has an impact on satisfaction (Cannon and Perreault, 1999; Mohr and Sohi, 1995), trust (Morgan and Hunt, 1994), and loyalty (Cannon and Perreault, 1999; Mohr and Sohi, 1995). (Scheer et al., 2009) Communication may also be used to create affective engagement to a corporate partnership through relational governance (Mohr et al., 1996). Suppliers' investments in long-term relationships are often regarded to pay off in the form of higher value for the customer, which enhances consumers' intentions to purchase from the same supplier in the future (Hutchinsonet al., 2011). In order to achieve customer retention goals (loyalty and future purchase intents), the provider must understand the customer's perception of value as the ultimate relationship outcome (Sirdeshmukh et al., 2002). Future purchases will only be made if the consumer believes the supplier's offering is the best in the market. Despite the current body of research on interfirm communication, little is known about the function of marketing communications in business relationships (Andersen, 2001), despite the fact that communication is a critical component of a value-based relationship strategy (Sharma et al., 2001). It is proposed that marketing communications have a mediating function in the transition of perceived value into loyalty in its different manifestations, ranging from attitudinal to behavioral factors (Gilliland and Johnston, 1997; Keller, 2009).
Given that communication is the lifeblood of every firm and is also an integral aspect of marketing management, it is critical that this instrument (marketing communication) be successfully led in order to meet marketing objectives.
The promotional techniques that favorably transmit information about the business and its goods to the target market are referred to as marketing communication (Kacaniova, 2013).
Marketing communication also refers to the promotional instruments that are utilized to communicate positively with the target market. After knowing and understanding the target market in the environment, it is vital to pick appropriate marketing tools for interacting with the target market in order to fulfill the organization's marketing objectives (Mihart, 2012).
The totality of the numerous communicational instruments used in conveying an organization's image and goods with the target market is characterized as integrated marketing communication. It is the sum of all promotional techniques utilized to successfully communicate with the target audience.
Integrated marketing communication, according to Belch and Belch (2004), entails synchronizing multiple promotional aspects and other marketing operations that rely on media advertising. As a result, it adds value to a comprehensive plan by assessing the strategic roles of various communication disciplines.
1.2 STATEMENT OF THE PROBLEM
The main focus of shareholders and management in a typical company organization is how to maximize returns on investment and profit. A corporation must gain desired customer patronage of its goods and services in order to be profitable. This ideal patronage is defined as the capacity to increase a company's sales to the point where revenue exceeds costs by a significant margin (Haghshenas et al, 2013).
It will not be simple to do this since the firm faces several problems, including competition, a lack of suitable finance, the consumer's income, perception, and disposition, the quality of goods and services, and the lack of basic business facilities, to name a few (Kacaniova, 2013).
However, in the face of these obstacles, a company's capacity to grow past these obstacles and enhance profitability is largely dependent on its marketing operations. This is because marketing has the ability to establish a positive relationship with the customer, understand what he wants and how he wants it, inform and educate him about the company's goods and services and how they can benefit him, and deliver the product to him at the location, time, and price he desires (Mihart, 2012).
However, if a marketing campaign is to be effective and fulfill these goals, it must be carefully packaged. It is not sufficient for a corporation to sit in one spot and bundle marketing programs in the hopes of achieving these goals. Among the many things a marketing programmes has to be effective is communication (Hawkins et al, 2010). (Hawkins et al, 2010).
The corporation can effectively relate to the consumer, comprehend, educate, and enlighten him through excellent communication. The consumer will also relate to, understand, and believe the firm if it communicates well. If a marketing campaign is not correctly conveyed for whatever reason, the result will be a customer misunderstanding or ignorance of the company's marketing objectives (Mihart, 2012).
The waste of money and failure of the marketing activity will result from packaging a marketing campaign without effective communication. It will also provide competitors an edge over the firm, resulting in lower profits and returns.
1.3 OBJECTIVES OF THE STUDY
The main the objective of this study is to examine the impact of marketing communication on product development. The outlines of the objective are:
1. To assess the most popular marketing communication tool
2. To assess the most effective marketing communication tool
3. To ascertain if marketing communication helps to promote product awareness.
4. To find out if marketing communication influences customers’ patronage’
5. To examine the impact of marketing communication on the level of sales of a product.
6. To ascertain if marketing communication influences customers’ preference for a product.
1.4 RESEARCH QUESTIONS
The relevant research question associated with this study are:
1. What is the most popular marketing communication tool?
2. What is the most effective marketing communication tool?
3. Does marketing communication helps to promote product awareness?
4. Does marketing communication influences customers’ patronage?
5. What is the impact of marketing communication on the level of sales of a product?
6. Does marketing communication influences customers’ preference for a product?
1.5 SIGNIFICANCE OF THE STUDY
The study of “The Impact of marketing communication of product development” will be of significant importance to companies, their management, marketing departments, educational and research institutions.
Through this study, it can be established whether or not marketing activities carried out by companies are really useful to their product sales and whether marketing programmes need to be extensively communicated to make the right impact on consumers and the audience. This way it will be possible to know whether the money spent on marketing and marketing communications by companies are worth it.
1.6 SCOPE OF THE STUDY
This study will focus on assessing the impact of marketing communication on product development. It will also assess the most popular marketing communication tool, assess the most effective marketing communication tool, ascertain if marketing communication helps to promote product awareness, find out if marketing communication influences customers’ patronage’, examine the impact of marketing communication on the level of sales of a product and ascertain if marketing communication influences customers’ preference for a product.
This study will be focused on NAFDAC group of companies, Jos in Plateau State and as such the management and staff of the aforementioned company in the mentioned location will serve as enrolled participants for this study.
1.7 LIMITATIONS OF THE STUDY
In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents.
In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed.
1.8 DEFINITIONS OF THE STUDY
Impact: a marked effect or influence
Marketing communication: Marketing Communications refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on any way a business communicates a message to its desired market, or the market in general.
Product development: In business and engineering, new product development covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations.
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