Description
ABSTRACT
Due to the economic condition of Nigerian society, firms undertaking new product development are faced with an environment which is characterised by long lead times from basic research to industrial application, a commercialisation phase with short lead times and an increasingly accelerated rate of obsolescence under the global competition of the new product development process. Marketing problems are numerous and inevitable as most products are not doing well to satisfy the consumers, as a result of poor marketing research to improve the quality of the product. The basic objective is to address the importance of marketing research on new product development and also examine the circumstances under which marketing research can likely be used in the stage of new product development and its impact on profitability. The questionnaire and interview methods were used to collect data for presentation and analysis. The simple percentage justified the entire findings and the statistical techniques of chi-square explicitly show that market research is pivotal tool for new product development and management decision. The entire findings of the study shows that in an attempt to evaluate the use of marketing assessment on new product, the entire area of the study needs a proficient market research development, more budgetary allocation is needed to propel marketing research to boost new product. And the finding of this study is that company organizational structures of market reveal lack of marketing research department of its own and budgetary allocation to marketing research is inadequate. The recommendation clearly stated that companies should take note of the type of research approach to use at the stage which is concerned with comparing the concepts with or against existing market of the competitor. Companies believe that NPD is their life blood; it can be the better way to survive firmly and be more competitive. In addition, the strategy of how to manage NPD process effectively and efficiently is becoming a powerful way of achieving a competitive edge.
TABLE OF CONTENT
COVER PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
TABLE OF CONTENT
- INTRODUCTION
- BACKGROUND TO THE STUDY
- STATEMENT OF THE PROBLEMS
- RESEARCH QUESTIONS
- OBJECTIVES OF THE STUDY
- HYPOTHESIS OF THE STUDY
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE OF THE STUDY
1.8 OPERATIONAL DEFINITION OF TERMS
1.9 LIMITATION OF THE STUDY
CHAPTER TWO
- LITERATURE REVIEW
2.1 CONCEPT OF NEW PRODUCT
2.1.1 PROCESS OF NEW PRODUCT DEVELOPMENT
2.1.2 CONCEPT OF NEW PRODUCT DEVELOPMENT
2.1.3 RATIONALE FOR NEW PRODUCT DEVELOPMENT
2.2 CONCEPT OF MARKETING RESEARCH
2.2.1 THE RATIONALE FOR MARKETING RESEARCH
2.3 CHARACTERSITICS OF MARKETING RESEARCH
2.3.1 FORMULATION OF HYPOTHESIS
2.4 THEORETICAL REVIEW
2.5 HIERARCHY OF EFFECTS THEORY
2.5.1 EMPIRICAL REVIEW
CHAPTER THREE
3.0 RESEARCH METHODOLOGY
3.1 RESEARCH POPULATION AND SAMPLE
3.2 RESEARCH DESIGN
3.3 INSTRUMENT USED IN DATA COLLECTION
3.4 ADMINISTRATION OF INSTRUMENT S
3.5 METHOD OF DATA ANALYSIS
CHAPTER FOUR
4.0 DATA PRESENTATION AND ANALYSIS
4.1 BRIEF HISTORY OF NEW PRODUCT DEVELOPMENT
4.2 PRESENTATION AND DATA ANALYSIS
4.3 TEST OF HYPOTHESIS
4.4 RESULT OF FINDINGS
CHAPTER FIVE
5.1 SUMMARY OF FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATION
CHAPTER ONE
- INTRODUCTION
1.1 BACKGROUND TO THE STUDY
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 marketers 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 it manage its future and to manage its information”. Therefore marketing executive must be future oriented. That is they must be;
- Anticipate change
- Forecast the direction and intensity of the change.
- 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. The 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 research 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 researchers are collecting information and in drawing conclusion, the market is likely to be given incomplete accurate information as a result, he or she may make decision. To avoid the 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 towards the satisfaction of their needs.
According to David Hughe and Donald Donald competently managed enterprise today attempt to revealed the marketing concept or orientation if its total efforts to the satisfaction of the market. That attempt can succeed only when they have accurate and up to date knowledge of the ultimate buyer where decision and motivation should be its guiding star. Peter M. Donald, supports the above ascertains by stating that marketing research is a fact finding process, ;logical and essential for successful marketing adoptable to the requirement of the firm operating in market of all kinds.
- STATEMENT OF THE PROBLEMS
The study wants to find out an answer to series of question and problems. This research is also to give the appropriate answer to the following question. Do this organization? Take up marketing research? What form of marketing research is practiced in your industry or organization? And lastly to what extent the marketing research can be of help to the industry and organization (Nigeria Bottling Company, Plc).
- RESEARCH QUESTIONS
In view of the impact of marketing research and new product development, the following research questions are raised.
- What is the impact of marketing research on new product development?
- What are the problems facing marketing research on new product development?
- What are the significance of marketing research on new product development?
- OBJECTIVES OF THE STUDY
The general objective of the study is to observe the impact of marketing research on new product development.
- To examine the empirical study of the role which the marketing research functions equally play in the operational activities of the industry (Nigeria Bottling Company).
- To investigate the justification for marketing research in (Nigeria Bottling Company).
- To examine the impact of marketing research
- HYPOTHESIS OF THE STUDY
The hypothesis of the study is the null hypotheses which are;
Hypothesis 1
Ho: Marketing research is not significant in product modification.
Hypothesis 2
Ho: The Company’s product quality or benefit does not strength its competitive stand in the market.
If the calculated value which is X2 is less than table value. It means that the null hypothesis (H0) will be accepted and reject alternative hypothesis (Hi) and vice versa.
1.6 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 more information about the consumers and competitors of its product.
The study will 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 fails.
1.7 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.
The number of marketing research department has grown steadily snce the end of the 2nd world war. Marketing research is gaining with 40% of the marketing research directors accountable to management. However, the scope of the study will cover the role of marketing research in Nigeria Bottling Company Plc, Limited and how to reduce the uncertainty in decision making.
1.8 OPERATIONAL DEFINITION OF TERMS
Marketing: According to Kotler (2006) marketing is a social and managerial process by which individual and organization obtain what they need and want through creating and exchanging value with others.
Marketing Research: Philip (2005) defines marketing research as the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.
Product Development: Adedo and Abdulraheem (2005) defined product development as a more limited term which encompasses the technical activities of product research engineering and design.
Distribution System: Wongelu (2000) defined distribution system as the channel which product or services passes through from producer to the final consumers.
Product: CBN (2004) in a publication titled financial market in Nigeria defined product as the services rendered by banks to meet customer’s satisfaction.
Product Modification: Philip (2008) defined product modification as addition of new features that would expand the usefulness, safety and convenience with tends to make product unique.
Product Acceptability: Philip (2008) defined product acceptability as the communication means put in place to ensure that the products modified are acceptable.
1.9 LIMITATION OF THE STUDY
Some problem which might be responsible for the limitation of this research work includes the;
- Attitude of the interview: During the process of interviewing some of the respondents were not ready to give out information to researcher.
- Lack of adequate and statistical data in almost all the departments in Nigeria Bottling Company Plc.
- Although the case study is not quite distance. The cost of transpiration to its location, as well as time which has to be shared with other academic obligations cannot be over emphasized
CHAPTER TWO
- LITERATURE REVIEW
2.1 CONCEPT OF NEW PRODUCT
A new product is the product that is perceivably le different from bundle of benefits currently available in the market place. According to Kotler, several question were raise o what is new product?
The model that can manufactures introduce each year or if a term adds a wrinkle-remover cream to its assortment of woman cosmetic is this new product? Several possible categories of product can be recognized as new product that is the important product can be recognized as new product that is the important. However, is the need each separate categories may require different marketing program to suit it desire need.
The fact that no product maintains its position in the market indefinitely brings about of new product decisions and innovations. Also taste and fashion change arbitrarily as a result of complex human native as well as dynamic and competitive human
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