Full Project – THE IMPACT OF MARKETING RESEARCH AS AN AVENUE FOR PROFITABILITY
The study reviews the need for marketing research in a business organization set to make profit. The company under study Coca-Cola Nigeria Plc do state, prove to be one that have imbibe the culture of the marketing research. The general statistics from data gathered indicated that the staffs of the company are aware of the benefit derivable from marketing research. The data also shows that the company presently embarks on research effort, not depending on government assistance. The strategies are steam from findings got from marketing research made. The various types of research were also rewarded in the study. The fact that marketing research may be disadvantageous under some situation was also considered.
1.1 BACKGROUND TO THE STUDY
Over the years, the field of marketing had proven to be a dynamic one. Its transformation from the simple act of buying and selling to a complex system which is regarded as the success of an organization word… is evident to that effect. Marketing is very important to any organization since its success would depend largely on the scale of product of service. Marketing research is of immense importance in the management of business enterprise for centuries.
Although, its development was accelerated by the industrial revolution, marketing research remained crude, minor over the centuries. It did not become common a significant part of a firms marketing strategy, until the advent of the technological revolution after World War II, which included a proliferation of new and more complex consumers and product, increased economic of scale, new markets and encouraged the geographical expansion of business operations. One result of this post war development has been an increase in the number of business failure and the cost of bad divisions.
The management of marketing resources has become far more complex. Marketing decisions have become more numerous and more risky, while the penalties for errors have become more greater. In an effort to increase the quality of marketing decisions and particularly to reduce the risk connected with them. Markets have increasingly turned to research fortunately, the same technological revolutions that created the great need for market information has also advanced the science of marketing research, proving powerful tools for data management and analysis like the computer.
With the advent of the communication age (the 1990’s) the advent of marketing was forever changed. It witnesses the birth of a new complex consumers who is very familiar with all the markets forces around him, and the new marketing tends which states that he consumer are kind and they are demanded to be treated as one. This marketing today markets more competitive than ever before. The competitive nature of today’s markets makes the states even greater decisions have to be made effectively in order to eliminate or minimize the risk. Therefore, before decisions are formulated the right marketing strategies for his organization.
Information which in his case is basically marketing data will show the marketing managers all he needs to know about the markets, in order to make the most effective decision. The American Marketing Association defined marketing research as the systematic gathering recording and analyzing of data about the problems relating to the marketing of goods and services. The key words that distinguished research from accidental gathering of information based on observation are systematic. The systematic conduct of research requires two particular qualities. Orderliness in which case the measurement is accurate and the cross-section in fair.
Imparting is analysis and interpretations of the data required. Marketing research is all about assisting the manager in marking well information decision by providing him with accurate marketing information’s through a highly organized process of data collected analysis and interpretation. The coca-cola company is an American multinational beverage corporation and manufacturers, retailer and marketer of non-alcoholic beverages which is headquarters in Atlanta, Georgia the company is best known for its flagship product coca-cola, invented in 1886 by pharmacist John Stith Pemberton in Columbus Georgia it brand was brought in 1889 by Asa Giggs Candler (December 30 1851-march 12, 1929) who incorporated the coca-cola company in 1892.
Coca-cola currently offers more than 500 brands in over 200 countries or tritons. In terms of acquisition. Coca-cola has acquired so much in terms of its different branch. Since 1919 coca-cola has been a publicly traded company its stock is available from a direct purchase program through computer share trust company. In 2009, total lobbying expenses jumped to 4.5 million or nearly doubled the previous year most of these increase are due to the industry’s fight against increased taxes on drinks and other sweeten beverages. Coca-cola company have different brands of soft drinks including Fanta, introduced in 1941, Sprite, different brands of juice. Coca-cola is the best selling soft drinks in most countries and they also sponsored sporting activities.
Finally, coca-cola is also a leading company when it comes to marketing research and it has helped in improving its profitability. This research was initiated to create awareness campaign and to enlighten marketing as a result of overcoming the ignorance’s on marketing in the field of marketing in Nigeria.
1.2 STATEMENT OF THE PROBLEMS
Every company or commercial irrespective of its size must in one way or the other undertake a research or development effort in every aspect of its operations in order to secure a successful profit. Many organization in Nigeria face problems with their marketing activities due to prevalent marketing environment which needs to be carefully studied ad understand it and make sound-long-term as well as short-term decisions. Marketing strategies can only be formulated and implemented when the marketing manager is well informed about the current marketing situations and to some certain degrees anticipate future changes in the markets hence the significant of marketing situation analysis.
1.3 OBJECTIVE OF THE STUDY
The days of accidental profit have passed marketing managers must have foresight of the market they operates. To be successful in today’s highly competitive markets, business must base its long term policies on modern marketing inventions or innovations. Tomorrows profit depends upon today’s research and development efforts. The work aims at exploring the role and importance of marketing research in modern marketing.
The project hopes to show the relationship between its suitable forms is to assist the marketing manager in decision, making. Thus, the researcher believes can only be achieved through marketing research, hence the need for the study. Finally, it is our hope that this project will be or serve as assistance to both small and large scale retail and won-retail business establishment.
1.4 RESEARCH QUESTIONS
The following related questions are formulated for the study.
1. Does poor knowledge about the reward derivable in marketing research affects the effectiveness in profitability?
2. Does lack of adequate financial support by government and financial institutions towards the conduct of intensive marketing research affect profitability in business organization?
3. Can the effort of research and development affect the success of an organization?
4. Does time factor in marketing research affect its profitability?
5. Can human factor in marketing research contribute to the problem of profitability in business organization?
1.5 DEFINITION OF TERMS
Larry Kessinbeng (1974) defined marketing as a marketing process based on goals and capacities by which a producer produces, provides a marketing mix (product, service, promotion, distributing, pricing etc) that meets consumers needs within the limits of the society.
Mazur (1969) sees marketing as a delivery of standard of living, Christopher (1971) defines marketing as; the way in which an organization market its own human, financial and physical resources with the want of consumers.
Green and Tun (1978) see marketing as the systematic and objective search for, and analysis information relevant to the identification and solution of any problem in the field of marketing.
Luck and Robin (1989) define marketing research as; the systematic gathering, recording and analysis data about a problem relating to marketing of goods and services. (1988) define marketing research as, planned and organized effort together new facts and new knowledge to help make better market decision.
Profit defines as the excess of sales (revenue over production) (expenditure).
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Full Project – THE IMPACT OF MARKETING RESEARCH AS AN AVENUE FOR PROFITABILITY