THE EFFECT OF MARKETING RESEARCH IN PRODUCT PLANNING PROCESS
ABSTRACT
Business decisions especially marketing decisions are decision about the future. Marketing has been described as making the future happen. Since the future cannot be known totally, the uncertainly cannot be completely removed or the risks precisely calculated. However, it is asking for trouble not use whatever information that is available. Therefore, this work, the effects of marketing research in product planning and development is designed to unveil the benefits of applying marketing research in product planning and development, so as to be making informed decisions, because product matters are central and quite vital to the success of any firm and could not be play second fiddles. The very existence of any firm lies on the nature of the product it offers to the public. If the product is poor it will be crushed by competition and the firm will seize to be. That is why marketing research in the product planning development is of utmost importance to the firm. This project work Is designed to enlighten firms who have not yet understand this very well and those who are still ignorant of this fact that marketing research is inevitable in product planning development if a firm succeed, survive and grow in this competitive environment and in this era of marketing concept. This entire project is logically arranged in five chapters, chapter one contains the introduction of the company, statement of problem, objective of the study, research questions, research hypothesis, significance of the study, scope of the study, limitation of the study, and definition of terms. Chapter two, contains the literature review of selected authors and researcher’s works. Chapter three, contains the research methodology, which are the research design, the sources of data collected the area of study, population of study, the sample size determines sampling techniques, instrument or method of data analysis, and tools used for hypothesis testing. Chapter four contains the presentation and analysis of primary data collected, the discussion of findings, and test of hypotheses. Then the chapter five has the summary of findings, conclusion and recommendation. The bibliography and appendices are also included. This work will be beneficial not only to firms in manufacturing industries but also to possible entrepreneurs and lecturers in the higher institutions of learning for lecturing students.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This era of marketing orientation or concept has made firms to look at customers needs in designing their offer (product). By marketing concept, we mean the marketing philosophy which holds that the key to achieving organizational goals consist of being more effective and efficient than competitors in integrating marketing activities towards determining and satisfying needs and wants of markets.
This is in contrast with product concept which holds that consumers will favour those products that offer the most quality, performance or innovation features. The emphasis is on superior product quality and improvement overtime. Because the consumers have become the central focus in the marketing concept, it becomes pertinent that firms should produce in light of the consumers needs, which is the tenet of the embark on marketing research in the development of product planning to offer the consumers. Thus, marketing research is inevitable in product planning and development in its effect is highly a positive one. This is because it is by the use of marketing research a firm will know the exact needs of the market she intends to serve and the characteristics of the target consumers. Marketing research is one of the tools used by firms or marketers in improving the quantity and quality of decision making and better understanding of the market place of dynamic environment.
A marketing research model studies who are my customers, where they are what did they want, and how I get there, with what effects. A marketing that builds a product or creates a service and then sits back and waits for things to happen usually discovers that not much happen. The fact remains that after you’ve produced the best product, packaged it brilliantly. Priced it rightly distributed it magnificently, and positioned it to best meet the needs of the customers, you would have wasted all these marketing efforts, if nobody knows you have done all these things such is the consence of marketing research. This finding will enable the firm to appropriately plan the right price, deliver the products to the right place to reach the consumers and communicate them through the appropriate means as well.
Marketing research is seen as a systematic gathering, recoding and analyzing of data about problems relating to the marketing of goods and services, which includes investigation of market, segments, product differentiation, channel relationships, effectiveness of salesmen and advertising, pricing practices etc. This means that market potentials and market shares studies to assessments of customers satisfaction, and purchase behaviours, to studies of pricing, product, promotion and distribution.
This justifies how the view about marketing, as the process of researching into and identifying customers needs and wants for the purpose of creating goods and services and facilitating their transfer into the hands of customers through the specialized functions of pricing, promotion, and distribution. In view of this product planning refers to all activities involves in setting product goals and means or strategies to realize them within the firm’s framework or product policy. It is a careful predetermination of future states of nature (or the environment) and the arrangement of programmes to take advantage of them from this. It means that marketing research is one of the major activities that enables firms determine what product to offer to the market. One can say in this era of marketing concept and as revealed in the above statement that marketing research is a part of product planning developed, and such a relevant part played that if ignored, will render the whole organization effort useless, hence her (the forms) objectives will not be realized or achieved.
