Full Project – Effect of marketing research on the survival of small scale enterprises
1.1 Background to the Study
Marketing is generally interpreted today as including all those business activities concerned with the development, production and distribution of product to identifiable market, where they will provide satisfaction to those who buy them. Marketing research therefore, covers product development, identifying the market and suitable method of selling, distribution, promotion, pricing and sales service facilities. Marketing research has an advisory role in marketing management. It is used to acquire and analyze information and to make recommendations to management as to how marketing problems should be resolved. Bradley (2017). All modem organizations engages in marketing so as to be able to please and win the loyal support of their customers. Saloons engage in marketing to find out about the needs and requirement of shavers, banks engage in marketing research to find out about its customers financial services requirement and Inland Revenue engages in market research to find out about the needs and requirements of tax payers and other clients. Eboh (2019).
Some organizations are very close to their customers. Through the provision of relevant information, marketing research eliminates uncertainties and links the marketing variables with the environment and consumers. Marketing research develops, interprets and communicates decision-oriented information to marketing practitioner (Abugu, 2019).Through the provision of relevant information, marketing research eliminates uncertainties- and links the marketing variables with the environment and consumers. Marketing decisions depend on research information to succeed, withstand competitions and other external pressures. Mason (2018).Through the provision of relevant information, marketing research eliminates uncertainties and links the marketing variables with the environment and consumers. Marketing research provides information on controllable and uncontrollable factors and enhances the effectiveness of decisions made by marketing managers. Onah & Thomas, (2019).
Marketing decisions depend on research information to succeed, withstand competitions and other external pressures. However, in a developing business environment like Nigeria, total reliance on marketing research to make decisions is rather risky because research results are not hundred percent correct (field survey). Being cautious on how marketing research findings are used, however, should not undermine their relevance and diminish the need to conduct marketing research. While making business decisions without research findings may work in the short-run, failure is inevitable in the long-term without continuous efforts at assembling accurate information.
However, in a developing business environment like Nigeria, total reliance on marketing research to make decisions is rather risky because research results are not hundred percent correct. Being cautious on how marketing research findings are used, however, should not undermine their relevance and diminish the need to conduct marketing research.
Despite the apparent consensus that marketing information is central to business success, there has been surprisingly little research specifically examining the link between market research and survival of small and medium scale enterprises.
1.2 Statement of the Problem
The success or failure of any business depends on so many factors. In some cases, the reasons for the failure of a business are not critically analyzed to determine the real factor behind the failure. In the same vein the success factor of business that have experience tremendous growth over three years are sometimes ignore. Most organization does not conduct market research before going into a business, before producing a new product into the market. Organization ignores the fact that market research when conducted regularly will unravel the complexity that might occur at the course of doing the business. In line with this, organizations do not use the most appropriate market research method appropriate to guarantee–business success. Most organization due to lack of fund find it difficult to invite/employ expert to conduct their market research.
Some organization neglect market research result and take decision based on assumption. Some marketing scholars are of the opinion that the impact of marketing research on the practice of business management is not much. The marketing researchers often focus on problem formulations whereas marketing practitioners (managers) are concerned with problem solving. Managers are confused with the research findings they find difficult to interpret. Sound decisions are not based on management feeling, intuition or even pure judgment but on well-articulated research findings. The extent to which marketing research has affected business decision making in Nigerian organizations especially small and medium scale enterprises constitutes the core of this study.
- 3 Objective of the Study
The broad objective of the study was to assess marketing research on the performance of small scale enterprises with special reference to some selected small scale enterprises in Lokoja. The specific objectives are to;
- To evaluate whether marketing research have positive effect on business decisions in small and medium scale enterprise.
- To examine if marketing research is necessary for the performance of small scale business enterprises in Kogi State.
- To examine whether marketing research can enhance the profit of small scale enterprises in Kogi State.
- To determine whether there is significant relationship between marketing research and the survival of small scale enterprises in Kogi State
1.4 Research Hypotheses
Hypothesis is an idea of explanation which is based on a few known facts that has not yet been proved to be true. It is an intelligent or educated guess concerning some variables. It is divided into null and alternative. Based on this, the following hypothesis will be tested for the purpose of this study.
A null hypothesis (Ho) is a stated assumption that there is no difference in parameters for two or more populations. According to the null hypothesis, any observed difference in samples is due to chance or sampling error. The null connection or conclusion suggested by the experiment is false while the alternative hypothesis (Hi) is always the assertion that there is a meaningful connection to be investigated.
Ho. Marketing research does not have positive effect on business decisions in small and medium scale enterprise.
Hi. Marketing research does has positive effect on business decisions in small and medium scale enterprise.
Ho: Marketing research is not necessary for the performance of small scale business enterprises in Kogi State.
Hi: Marketing research is necessary for the performance of small scale business enterprises in Kogi State.
Ho: Marketing research cannot enhance the profit of small scale enterprises in Kogi State.
Hi: Marketing research enhances the profit of small scale enterprises in Kogi State.
Ho: There is no significant relationship between marketing research and the survival of small scale enterprises in Kogi State.
Hi: There is no significant relationship between marketing research and the survival of small scale enterprises in Kogi State .
1.5 Significance of the Study
The study is aimed at showing the impact of marketing research on the survival of small scale enterprises.. The study would help the management of such organization to effectively plan a research budget in order to wipe out under or over estimation as it would also help them to know when and how to embark on marketing research.
The study provides marketing managers with more sustainable and firm basics for more objective and hard headed decision in the course of their work. The effective use of marketing research usually enhances prosperity of the firm’s products and gives the industry a good image in the market. To this end, that it plays critical roles in the survival and performance of consumer’s goods
1.6 Scope of the Study
The research work cover the effect of marketing research on the survival of small and medium scale enterprises in Kogi State with particular reference on Chuks Supermarket and Ostrich Bakery in Lokoja.
1.7 Limitations of the Study
The following limitations were encountered in the process of carrying out this research work:
- Time Factor: The semester is in a way short and both academics and project were time demanding. So, the available time had to be divided between them which often more than `
- is not enough.
- Financial Difficulty: Money serves as the life wire of every project work. More areas would have been covered were it not for financial constraint.
- Lack of Cooperation from the Respondents: Some of the respondents were scared that their response could be used against them. So, they were not so willing to give appropriate answers.
- Unavailability of Materials: some of the materials needed for this work were not easily accessible and this poses a serious challenge to this work.
- Definition of Key Terms
This section attempt to explain the key concepts in this work to enable readers have a better understanding.
- Business: This is any organization or entity established with the aim of producing goods or services with sole aim of maximizing profit.
- Enterprises: This refers to an organization, the purpose which is to perform certain commercial activities aimed at producing, processing and providing something to the market for profit.
- Market: This is an aggregate of people who as individual, organization have the need for product in a product class and who has the ability, willingness and authority to purchase such product. Also, it refers to a customer for a product or services.
- Market Research: This is any organize effort to gather information about the market or customer in order to identify problems and proffer solutions for accurate management decisions.
- Management: It has to do with coordination of all resources through the process of planning, organizing, directing and controlling the activities of an organization in other to attain stated objectives.
- Performance: This is the continuous existence of a business entity or an organization.
- Small Scale Business: A business that is independently owned and not dominated in its field of operations is called small scale business. Java (2013) defined small scale as those that have small-share of the market, managed by the owners or part owners in a personalized ways and independent of large enterprises.
- Strategic Marketing Management: Can be viewed as the art of formulating, implementing, and evaluating cross-functional decisions that will enable an organization to achieve its desired objectives.
- Survival: The act or fact of living or continuing longer than another person or things. The continuation of life or existence problems of survival in arctic conditions.
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Full Project – Effect of marketing research on the survival of small scale enterprises