- EVALUATION OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)
- ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)
- THE EFFECT OF GOVERNMENT EXPORT PROMOTION POLICIES ON THE DEVELOPMENT OF EXPORT BUSINESS IN NIGERIA (A STUDY OF THE NIGERIAN EXPORT PROMOTION COUNCIL [NEPC])
- ROLE OF BANKING SYSTEM IN THE DEVELOPMENT OF NIGERIAN ECONOMY (A Case Study of Nigerian Breweries Plc)
- IMPACT OF PRIVATIZATION ON BUSINESS DEVELOPMENT IN NIGERIA CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA
- IMPACT OF TRAINING AND DEVELOPMENT ON ORGANISATIONAL GROWTH (A CASE OF POWER HOLDING COMPANY OF NIGERIA)
- IMPACT OF MARKETING ORIENTATION ON SMALL SCALE INDUSTRY IN NIGERIA (A STUDY OF NIGERIAN ECONOMY)
- AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)
- WOMEN IN NIGERIAN POLITICS (A CASE STUDY OF THEIR CONTRIBUTION AND IMPACT TO NATIONAL DEVELOPMENT)
- COLLECTIVE BARGAINING AS A TOOL FOR INDUSTRIAL HARMONY IN 7UP BOTTLING COMPANY PLC
THE CONTRIBUTION OF MARKETING RESEARCH FOR NEW PRODUCT DEVELOPMENT (A CASE STUDY OF NIGERIAN BOTTLING COMPANY PLC)
The research work focused on "the contribution of marketing research for new product development". Discussing fully marketing research and new product development, its definition, importance, different types of marketing research and stages of new product development.
The research topic is concerned with the persistent increase of new product failure which faced many organizations of business and left many business in a serious financial loss. The relationship between marketing research and new product development. The effect of marketing research on new product development. The influence of marketing research on brand name of a new product.
In sorting the sample area, 60 questionnaire was administered by the staff of Nigerian Bottling company Plc using random sampling method. Data collection method were primary and secondary and was analysed using Spearman Ranking to drive home points and findings. Reliability and validity was tested through the distribution of questionnaires to the staff of Nigerian Bottling Company Plc. for conclusion, the respondents claimed that there is no relationship between marketing research and new product development.
TABLE OF CONTENTS
Title page i
Table of contents vi
CHAPTER ONE: INTRODUCTION
1.1 An Overview of Marketing 1 1.2 Background of the Study 2
1.3 Statement of the Problems 2
1.4 Objectives of the Study 3
1.5 Research Questions 3
1.6 Research Hypothesis 3
1.7 Scope and Limitation of the Study 4
1.8 Significance of the Study 5
1.9 Definition of Terms 5
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction 8
2.2 Historical Background 8
2.3 Models and Theories Relevant to the Study 10
2.4 Current Literature Based on such of the Relevant Variables of
the Model/Theory. 25
2.5 Summary of the Chapter 34
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction 35
3.2 Restatement of the Research Questions and Hypotheses 35
3.3 Research Design 36
3.4 Description/Characteristics of the Study Population 37
3.5 Sampling Design and Procedure 37
3.6 Data Collection Methods 37
3.7 Data Analysis Methods 38
3.8 Scoring and Administration of the Research Instruments 39
3.9 Reliability and Validity of the Data/Study Instruments 40
3.10 Scope of the Study 40
3.11 Limitation of Methodology 40
CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION
4.1 Introduction 41
4.2 Analysis of Respondents Bio-Data 41
4.3 Analysis of Research Questions 44
4.4 Analysis of Research Hypothesis 54
4.5 Test of Hypotheses 55
4.6 Discussion of findings 59
CHAPTER FIVE: SUWMARY CONCLUSION(S) AND RECOMMENDATION(S)
5.1 Summary of Findings 60
5.2 Conclusion(s) Drawn From the Findings 62
5.3 Recommendations Based on the Conclusion(s) 62
5.4 Limitation and Suggestions for Further Studies 63
Appendix I – Covering Letter 67
Appendix II – Questionnaire 68
1.1 AN OVERVIEW OF MARKETING
Marketing as defined by the chartered institute of marketing United Kingdom is the management process for identifying, anticipating and satisfying customer requirements profitably. Marketing focuses on customers needs, identifies this needs through marketing research and goes ahead to produce goods and services that satisfies the needs of the consumers more effectively and efficiently than that of the competitors.
Marketing research according to Kottler (2006), can be defined as the systematic design, collection, analysis and reporting of data and findings relevant to the specific marketing situation facing an organisation. It requires the business information to determine the right techniques to use in order to carryout the activities of the organisation and achieve its objectives. Marketing research includes product, price, place and promotion research and provides managers with information that would assist them to take decision relating to marketing mix variables.
1.2 BACKGROUND TO THE STUDY
New product development, though considered to be costly and risky must be undertaken by every firm, so that the firm can maintain or improve its position in the market place.
New product development can be actualized in the following ways;
a. Acquisition: The organization can buy other firms or buy a license or franchise or buy patents
b. Internal new product development: It can be achieved in two ways i.e. through the development of new product by an in-house research and development (R & D) team, or use of outside agencies to develop products.
Because new product development goes through a continuous process, it is crucial that companies stand back after each step to evaluate whether the new product is worth investing on.
1.3 STATEMENT OF THE PROBLEM
This study is concerned with the persistent increase of new product failure, which has forced many organizations out of business and left many business in a serious financial loss, while so many business/organization have lost competitive advantage due to inability to fully satisfy the growing customers expectations.
1.4 OBJECTIVE OF THE STUDY
The purpose of this research work is to determine whether marketing research can be used to:
· Provide customer satisfaction
· Design optimum package for a new product
· Prevent product failure
· Increase market share and profit turnover.
1.5 RESEARCH QUESTIONS
· Does marketing research have any effect on new product development?
· Does lack of marketing research affect new product acceptance in the market?
· Is there any relationship between marketing research and new product development?
· Does marketing research influence the brand name of a new product?
1.6 RESEARCH HYPOTHESES
Ho: Marketing research does not have any effect on new product development
Hi: Marketing research has effect on new product development
Ho: There is no relationship between marketing research and new product development
Hi: There is relationship between marketing research and new product development
Ho: Marketing research does not influence the brand name of a new product
Hi: Marketing research has influence on the brand name of a new product.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
This study deals with the contribution of marketing research for new product development using Nigerian Bottling Company Plc. as a case study.
The study will focus on the following;
i. Marketing research
ii. Stages of new product development.
There is nothing in life that has its advantages that does not have its limitations and restraining factors. The major limitations to this work is time, fund and people can be bias, gathering of information requires movement from one place to another, requires availability of funds.
1.8 SIGNIFICANCE OF THE STUDY
The significance of this study cuts across individual, organisation and the government.
To the individual, it helps avoid sub-standard products in the market, while to the organisation, they have the ability to cope with environmental changes and challenges.
To the government, it helps reduce the burden of monitoring sub-standard products.
1.9 DEFINITION OF TERMS
1. Product: This is anything that is offered for acquisition, use and disposal and that satisfies the needs of the target market. The term product is broad and covers both tangible goods and intangible goods. Tangible goods have physical presence that can be seen, felt, smelt and touched e.g. mobile handsets, toothpaste, textbooks, television sets, while intangible goods include hair cut, financial service, accounting service and tourism.
2. Consumer: This is an individual or organizational unit that uses or consumes a product.
3. Customer: This is an individual or organisation that actually makes purchase decision or a person buying goods or services for a purpose etc.
4. Innovation: This is a new product that has recently been offered to the market. It is any idea, practice or product perceived to be new by the relevant individual or group.
5. Innovators: These are set of consumers that are the first to adopt or purchase an innovation. They represent approximately 2.5% of all the buyers who will eventually adopt the new product. They are active information seekers
6. Market: Consists of individual and organisation who are interested and willing to buy a product and has the resources to engage in such transaction. A market may be defined as a place where buyers or sellers meet, goods and services are offered for sale and transfer of ownership occur.
7.Marketing: Stanton W. J. (1981), defines marketing as "A total system of business activities designed to plan price, promote and distribute want satisfying goods and services to a present and potential customers, MIN London defines marketing as "The management process responsible for identifying, anticipating and satisfying customers requirement profitably".
8.Research: Research means to search for knowledge, information etc. Marketing research concerns investigation of the size, composition and characteristics of the market as well as distribution channels and market shares. It seeks to find out how many people buys, what they buy, why and where they buy
9.Strategy: Indicates specific target market and the types of competitive advantage that are to be developed and exploited
10.Target Market: This is the segment of the market that the company aims to serve with its marketing programmes and efforts.
11.Need: Is e state of felt depreciation. A lack that is necessary for our physical and psychological well being. It includes psychological, safety, social, ego and actualization needs.
12.Peak Period: This is the period at which a product has reached its highest level, it is also known as the maturity stage.