Marketing research has become very important in every business organization; in the recent years marketing research involves all organized effort to gather information about target market or customers. It is a very important component of business strategy. Also it is a key factor in staying above the competitors, it provides important information to identify and analyze the market need, market size and competition.
Marketing research which includes social and opinion research is the systematic gathering and interpretation about individuals or organizations using substantial statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
However, marketing research is a way of getting an overview of consumers wants needs and beliefs.It can also involve discovering how they act; the research can as well be used to determine how a product can be marketed.
Moreover marketing research when based on accurate information, it helps the management in taking a reliable decision, because it gives the opportunity to understand the needs and desires of consumers in different market segment.
It entails the process of collecting valuable information to help you find out if there is a market for a product or services the information gathered from market research helps building entrepreneurs make wise and profitable business decision
The key to any successful business is to understand what your customers want and offering their desire in a way that is profitable to the marketers. Many Entrepreneurs make the mistake by assuming they know what their customer desires without thoroughly conducting an effective research based on what the consumer desires, which might later have an adverse effect. Nonetheless, marketing research has become very pertinent that all economy sector because:
1. Marketing research can guarantee the success of your marketing campaigns; marketing research not only helps in identifying raw business opportunities but also helps in designing marketing campaigns that will directly target the interest of the potential customers and help in increasing sales.
Marketing research provide valuable information about the potentials customer of a particular market segment, during a specific time and within a particular age group.
2. Marketing research can as well help to keep a tab on the competitors; marketing research is a good evaluation that can be of great use in cooperative studies.
However a company progress can be track as well as a growth of the competitors. Which would help in devising a business strategy that would help in keeping the product and of that of the competitor?
In a nutshell, marketing research is irrevocable in any business organization
1:2 STATEMENT OF THE PROBLEM
Series of issue have upsurge in spite of contemplating whether marketing research is on appropriate tool for the basis of marketing decision, on the acceptability of products.
However, these are the promulgation which necessitated this project, which shall be highlighted subsequently:
THE STUDY IS DESIGNED TO PROVIDE ANSWERS TO THE FOLLOWING QUESTION
I. Can the marketing research of nestle food result into the acceptance of the product?
II. What risk are the users of marketing research exposed to?
III. How can the effectiveness of marketing research be measured?
IV. Which type of marketing research will suit nestle Nigeria plc.
V. Can the marketing research conducted by most organization generate the required information?
VI. How can an effective marketing research be carried out?
1:3 STATEMENT OF THE HYPOTHESIS
H0. Marketing research is a good tool in the hands of a marketing manager to know whether a business is lucrative
H1. Marketing research is not a good tool in the hands of a marketing manager in assessing the business opportunities
H0. Marketing research helps to make reliable decisions
H1. Marketing research does not help in making reliable decisions
H0. Marketing research helps to understand what the consumers’ needs and what their wants are.
H1. Marketing research does not help to understand what the consumers’ needs and wants are.
1:4 OBJECTIVES OF THE STUDY
The objective of the study will stipulate what this research is about to achieve, the objective of the study will be highlighted below:
A. To access the effectiveness and the efficiency of marketing research
B. To determine whether marketing research is a good basis for making decisions
C. To suggest improved ways of marketing research that will match up with the present economy reality
D. To investigate how representative the result from marketing research are.
E. To have prior knowledge of how marketing research can be involved, so as to form an opinion whether to retain the product planning process.
1:5 SCOPE OF THE STUDY
Marketing research is an essential factor that should be considered before the production of goods and services and still persists until production is completed. It involves identifying the consumer needs, and then satisfying them based on the information collected from the marketing research. The main scope of this study will be limited to Nestle food Nig. Plc.as a study of the product and market will be in this category.
a) THE PRODUCT: This implies making a genuine research on what product can be offered to the potential customers, for attention, use and consumption. Which will meet the requirement of the target market?
b) THE MARKET: This encompasses the study of the consumer behavior which will help to determine the needs and wants of the target market. However these are the two basic things this research is dealing with, in spite of this, some of the things this study entails will be listed below:
1) How should marketing research be conducted in nestle food Nigeria plc.?
2) How should marketing research be chosen?
3) What kind of information were needed in marketing research of nestle food Nigeria plc.
4) How should the information from marketing research is analyzed.
5) What actions should be taken based on analyzed information.
1:6 DEFINITIONS OF TERMS
MARKETING: marketing is the activity set of institution and process for creating communication, delivering and exchange offerings that have value for customers, clients, partners and the society at large.in other words marketing is the process of planning and executing the conception ,pricing, promotion and distribution of ideas goods and services to create exchange and satisfy individual and organizational objectives
In a simple sense it involves all those activities involved all those activities involved in the transfer of goods and services from the producer to the consumer.
MANAGEMENT: management can be defined as the process of planning, organizing, coordinating, controlling, staffing both human and material resources through and with others.
PRODUCT: These can be defined as anything that can be offered to the market for attention, acquisition, and use or consumption so as to create customer value.
CONSUMER: These are the people that buy the goods and services produced for personal use or ownership.
RESEARCH: This is a systematic effort at gathering and analyzing data which will aid man in understanding the world in which he lives and solve some problems around it.in other words it is an investigation or experimentation aimed at the discovery and interpretation of facts, revision of accepted theories or laws in light of new facts and partial application of new theories
MARKET: it is a place where buyers and sellers come in close contact to exchange goods and services for monetary value. It is also defined as a place where buyers and sellers exchange goods in which the seller gets money for the product that has been sold to the buyer. Furthermore, it is a place where trading activities which include buying and selling takes place.
PACKAGING: It includes all activities that are related to designing and producing the container or wrapper of a product. More so,packaging is concerned with every activity focused towards ensuring that a product gets the best and quality branding ideology which makes the product distinct from other brands of similar product in the market. Its main purpose is to protect a particular product from external hazards
MARKETING RESEARCH: It is used to analyze a particular market and also to determine the performance of buyers and assess their demands either actual or potential before decision are taken.