MARKET RESEARCH AS A PANACEA FOR BUSINESS SURVIVAL

ABSTRACT

This research work is carried out to determine the necessity of market research for business survival. The researcher highlighted some objectives to ascertain the frequency organization conduct market research, to find out the most appropriate and effective method in acquiring information during market research, to ascertain the impact of market research result for effective management decision. To achieve the above objectives, the researcher used the survey design to obtained empirical information from the field by administering questionnaire to 45 Staff of marketing Department of Nasco food Nigeria Limited, Jos South Local Government of Plateau State. Two hypotheses were formulated; the analysis was done using simple percentage and chi-square to give a clear understanding in order to arrive at an explicit conclusion. The result of hypotheses one (1) shows that there is a significant relationship between market research and business survival, the second hypotheses indicated that there is a significant relationship between market research result and effective management decision. The researcher therefore concluded that market research is a solution for business survival and that market research result assist managers in making management decision. The findings prompted a key recommendation that organization whether new or existing should conduct market businesses. Market research result should not be ignored by managers as it will enable organization to take decision based on facts rather than assumption.

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Market change constantly and business need to have a clear understanding of both the supply and demand.  Market research is very crucial to the survival and flourishing of every business as several businesses ends up with a big loss or collapse due to their inability to carry out a market research or on account of a poor market research.

Every business planning must be based on the analysis of a sound market research.  One of the other reasons for poor business might be the absence of good demand for the service or product concerned.  However, in most cases, the demand factor does not result in a heavy loss or collapse of business.  Under poor demand either brings down their manpower or the rate of production to sustain the fall in income.  Therefore, all types of business scenarios reveal that lack of market research will heavily affect the desired output.  A good market research should be able to predict the market trend for the next 5-7 years.

There are numbers of ways in which market research can be carried out.  The two most popular methods are either to appoint a market research analyst for the company or to hire the service of a market research firm that can carry out market surveys and research periodically. Several companies prefer taking the will not assistance of a research firm than appointing a market analyst.  This is because the service of a market research analyst is required on a regular basis and it is rather going to add up to the overhead expenses. In choosing the market research firm, you need to take into account how long recommendation they have been in the field in addition to achievement of the team.  Every good market research report must also contain a market analysis report and a prediction of the market trend for the next five (5) years.