MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY(A CASE STUDY OF NICON INSURANCE COMPANY PLC)

MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY(A CASE STUDY OF NICON INSURANCE COMPANY PLC)

TABLE OF CONTENT

Title Page                                                                i

Certification Page                                                     ii

Dedication                                                               iii

Acknowledgement                                                     iv  ABSTRACT                                                                                     v

Table of Content                                                       vi

CHAPTER ONE

• Background Of The Study         1
• Statement Of The Problem         3
• Objective Of The Study         4
• Research Hypothesis         5
• Significance Of The Study         5
• Scope Of The Study         6
• Definition of Terms         7

CHAPTER TWO

2.0   Literature Review                                                      10

• What is Marketing         14
• What is Marketing research         15
  • Types of Marketing Research 20

2.2.2Classification of Marketing Research                         21

2.2.3Functions of Marketing Research                              22

2.2.4Objective of Marketing Research                                23

2.2.5Importance of Marketing Research                            23

2.2.6The Marketing Mix in Marketing Research                 24

2.2.7Threats to Marketing Research                                  26

2.2.8 Roles of Marketing Research                                     27

2.2.9The promotional Mix in Marketing Research             29

2.2.10Limitations of Marketing Research                          31

• Insurance Marketing         31
• The Marketing Methods         35
• Marketing Research Efficiencies in Insurance

Company                                                                  36

• Role of Marketing Research Department in

Insurance firm                                                                  37

• Company Profile         39

CHAPTER THREE

• Introduction                 42

3.1           Sources of Data                                                42

3.1.1        Primary Data                                                    42

• Secondary Data         43

• Population of the Study         43
• Determination Sample Size         44
• Research Instruments         46
  • Questionnaire Design         46
  • Personal Interview         47
• Method of Data Treatment and Analysis         47

CHAPTER FOUR

4.0   Introduction                                                             49

• Presentation And analysis Of The

Management    Questionnaire                                   49

• Questionnaire for policy Holders         57
• Questionnaire for Agencies         65
• Statistical Test Of Hypothesis         72

CHAPTER FIVE

5.0   Summary of Findings, Recommendation

and Conclusion                                                                79

• Summary of Findings         79
• Recommendation         80
• Conclusion
• Limitations of the Study                 81

Bibliography                                                      83

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:

1. To examine critically the level of marketing research applied by NICON Insurance in their service delivery.
2. To find the medium through which the research was created.
3. 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 the comprises 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 covienenrently fixed the sample size at 160 for the customer (policy holders) of NICON insurance and 20 for the agents. This brings the total number of questionnaire distributed to 220.

In organizing and presenting data collected, tables and percentages were. The level of significances 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 on 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. That the establishment of marketing research department will increase the profit level in the organization.

It is against these entire background hat 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.

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

The basic reason for this study is to examine Marketing Research as a tool for increased profitability in service industry taking NICON Insurance Company Limited Enugu as a Case Study.

The term 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 solutions to them.  It is also the systematic and objective, collection, recording, analysis, interpretation, and reporting of data needed for solving specific market problems.  It involves collecting and analyzing environmental information systematically that market opportunities would be recognized and marketing problem solved.

Marketing research can also be views as the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.  Companies use marketing research in a wide variety of situations.  For example, marketing research is helpful when it comes to ascertaining the state of demand among consumer’s in the market.  It can equally help marketers to understand customers satisfaction and purchase behaviour, provides variable information to management for problem solving, help in assessing market potential and market share, help in measuring the effectiveness of pricing, distribution and promotion activities.  Some large companies have their own research departments that work with market managers on marketing research projects.

Good Marketing research does not only involved ordinary technical tools.  It requires cooperation between researchers and marketing managers.  Good Marketing researchers must focus attention towards marketing management and marketing research, and be sure that their researches focus on real problems.  Broad principles or laws” putting it another way, research is a planned process of conducting investigations in order to achieve a pre-determined objectives.  The objective is usually a solution to one or more specific problems or an addition to current knowledge in a particular field.

It is against this background that the researcher believes the study of this nature is necessary.   The outcome of this study will provide an adequate understanding on the application of the various marketing research to service business like NICON Insurance.

Also, this research work will help to ensure an improvement in the quality of services rendered to the customers and publics by NICON Insurance cooperation and could as well help the management draw strategy and programme which will enable them to remain competitive.

The research work will also help service organizations to understand more correctly the basic principles of marketing research and its place in service business so as to influence future marketing operations.

1.2 STATEMENT OF THE PROBLEM

Inadequate marketing research affects NICON insurance corporation in the following ways:-

1. The inadequate marketing research have denied customers information about insurance corporation PLC.
2. The inadequate marketing researches in NICON have prevent potential customers valuable information regarding NICON PLC’s new ways of rendering services.
3. The inadequate use of marketing research in NICON have prevented customers from the knowledge of services rendered by NICON and have prevented them from taking advantage of it.
4. The inadequate use of marketing research have affected NICON in their quest for patronage.
5. The inadequate use of marketing research had created problems to NICON on the mode of operation of services available at the service industry for customers benefit and utilization.

1.3  OBJECTIVE OF THE STUDY

1. To examine critically he level of research that that been generated by the corporation.
2. To find out the medium through which the research was created.
3. To find out the different research tools compare in adequate research.
4. To ascertain customers perception of the research message, that is whether the target audience believe in the statements claims and promises contained in the result form the research.
5. To find out if the research conducted have increased the growth and profitability of the corporation.
6. To alerts customers on the services and mode of services rendered by the service industry especially the NICON insurance corporation PLC, Enugu.

MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY(A CASE STUDY OF NICON INSURANCE COMPANY PLC)