ENEMS MICROSYSTEMS RESEARCH SPOT: THE IMPACT OF MARKETING RESEARCH ON SALES AND PROFIT IN A MARKETING FIRM

THE IMPACT OF MARKETING RESEARCH ON SALES AND PROFIT IN A MARKETING FIRM

(A case study of Nigeria Bottling Company Plc Lagos)

ABSTRACT

This research work examined the impact of marketing research on sales and profit in a marketing firm as applied to the Nigerian bottling company plc. lagos. The work is primarily concerned with how firms can use marketing research in achieving a better level of sales and profit and also revealing the main causes of marketing problems with a view to proffer solutions to them. Relevant data were collected from both primary and secondary sources. Presented in a tabular form and been analyzed that if firms want to maintain high level of sales and profitability, marketing research should be given adequate consideration and recognition in any firm or organization(NBC). The researcher therefore recommends that field staff should be adequately motivated, the firm( NBC) should engage in product differentiation in order to exploit a larger market for its product, staff of Nigerian bottling company plc. Lagos (NBC) should be trained on the use of computer in order to improve their skills in analyzing data to ease their research activities. (NBC) should also have a separate department whose sole function is to conduct marketing research for the company. Product produced should be tested in the laboratory to determine their success as regards to performance in order to increase sales turn over and profit of the firm (Nigerian Bottling company).

CHAPTER ONE

INTRODUCTION

INTRODUCTION

One of the importance of having a successful business is that you must know your market, your industry and your target market. The best way to know your market, your industry and your target customer is by conducting a research on each one. This done under the concept of ‘’ marketing research’’ which is recording, gathering, analyzing of data and information about market, the industry and target market or customers you plan to offer your product and services to. Marketing research helps one to determine who is the ideal customer and the best method to use to meet the needs of your customers.

Marketing research ‘’ encompasses many other aspects of marketing which includes, new product introduction, pricing, advertising and customer behavior

HISTORICAL BACKGROUND OF CASE STUDY

The historical of Nigeria bottling company Plc. (NBC) which is part of Coca-Cola was incorporated as a private company in Nigeria, 1957 by chiefLeventis of blessed memory. The Nigeria bottling company PLC incorporated in 1951 to bottle and sell carbonated and non-alcohol beverages. The company was given the sole power to bottle Coca-Cola products in Nigeria including carbonated drinks (CSD) and non-carbonated (non-CSD) soft drinks, juices watersport and energy drinks and ready-to-drink beverages such as tea and coffee. The production of Coca-Cola began operation in 1953 at the bottling facilities in Lagos and now plants in Kano, Porthacourt and Ibadan were opened shortly afterwards, in 1952 the Nigeria bottling company Plc. (NBC) became a public company with its shares listed on the floor of the Nigeria stock exchange (NSE) Nigeria bottling company Plc. (NBC) head office in Nigeria is located at mainland Ebuta Metta, Lagos. The current chief executive chairman of the Nigerian bottling company Plc. Is Mr Basgorun Ali Adebisi Adesanya, he took over the chairmanship of the bottling company long ago when they had just five factories.

Reasons for the success of the Nigerian bottling company are

The company has clear objectives
Sincerity of the purpose and genie intention to succeed in the business
Retaining much of their profit every year to expand their business

According to the Nigeria Bottling Company Plc annual report 2009, the company has over 50 billion naira as their working capital which is one of the reasons behind their success. The Nigerian bottling company is made up of many departments some of them are, administrative department, security department, personnel department, human resource department, production department, quality assurance department, marketing department etc. According to the Nigeria bottling company employs over 7,000 Nigerians in their field of operation. The historical background will not be complete without trying to list some of its products, coke, Fanta ginger Fanta, tonic, Juice etc. Their product are sold in more than 150 countries including Nigeria.

STATEMENT OF THE PROBLEM

In anticipating the needs of the consumer, marketing managers face a lot of problems such as the following

General economic situation of the market beyond the control of the marketing managers, they cannot therefore manipulate it to their own advantage. The problem does not give marketing research a total chance of operation in the manipulating. Industry ignore the use of marketing research is one of the most important toll ion marketing activities
The budgetary expenditures in research activities is gross in adequate. In some firm a limited amount of capital is usually given to undertake research activity, will definitely have negative effect on them. Analysis and report also of the research activities are not provided. The more the personnel involved the more of time necessary and resources of research activities will also increase in the number of personnel Involved. This make some firm to avoid marketing exercise.
Bureaucracy involved in the collecting secondary data from government agencies is rather cumbersome and in most cases, the data is outdated, the high illiteracy rate in the country is part and parcel of respondent to answer questions correctly.
Wrong design of questionnaire and lack of facilities for conducting scientific marketing research is also a major problem being encountered by researcher during research exercise

OBJECTIVE OF THE STUDY

The man objective of research work is as follows

To study the impact and the validity of the application of market research on level of sales and profit in a marketing firs as applicable to the Nigerian bottling company PLC Lagos
To examine the need of the consumer and determine the impact of the marketing research on the consumers
The research work is undertaken to fulfill one of the academic requirement of the award of National Diploma in marketing

STATEMENT OF HYPOTHESIS

In order to achieve the above mentioned objective, this research work can be tested based on the following assumption using null and alternative hypothesis

H_O: Marketing research does not assist organization in achieving a better level l of sales and profit.

H_I: Marketing can assist organization in achieving a better level of sales and profit.

1.5 SIGNIFICANCE OF THE STUDY

The topic sees to be of relevance to the marketers, firms as individuals who stand to benefit from the research work.

This research work would benefit prospective readers and future who may wish use this as reference point in understanding marketing research on sales and profit and how individuals make their decision.

The research work also has immense benefits on an organization because understanding the marketing research contribute to the entire process. Thus it becomes imperative therefore that we study marketing research on sale and profit on a marketing firm for the following reasons

It allows for the understanding of the consumers need and want and would be satisfied
It allows for the establishment of marketing objectives
It is crucial in analyzing and understanding of marketing segment.

LIMITATION OF THE STUDY

In the case of making this research work, the researcher experiences the following constraints.

Time: Was the most constraints that affects the researcher because of the conflict of time between when the researcher is free and when the respondent were free to attendant to the researcher
Constant fuel scarcity and shortage in the country: Is another limitation to this research work and the resultant increase in transport fair in most part of the country especially in Lagos and in Nasarawa makes it difficult for effective and efficient research work. Most respondents were uncooperative with the researcher as they believe that the study will not be of any benefit to them due to their previous experience
Uncompromising attitude of some management staff: The Nigeria bottling company staff fail to present the researcher with relevant information which according to them is official secrete.

SCOPE OF THE STUDY

The study covers areas in which respondents are drawn despite the fact that the researcher is not familiar with those areas. Again the scope of any study is dependent on the resource needed to carry out the research work. That was why Nigeria Bottling Company PLC was used to examine extensively to find out how effective marketing research is used in overall strategic planning of the firm of the organization, how much the research management know and how it has improved status of the company or firm.

DEFINITION OF TERMS

This section explains some of the words or items which the researcher has come across in the course of this research work.

Data: These are raw facts about a phenomenon of a situation. Data can be primary or secondary
Marketing research: This is the systematic gathering recording, recording and analyzing of data about a problem relating to the marketing of goods and services. sources AMA (reporting definition committees (1961)
Bureaucracy: According to Nwankwo (1999) define bureaucracy as a form of formal organization characterized by a complex administration hierarchy specialization of skills and tasks, prescribed limits on description set forth in a system of role impersonal behavior with regard to customers on clients separation of ownership and control
Questionnaire: a questionnaire is a printed form that contain questions as well as instructions for answers
Budgetary expenditure: budgetary expenditure is a quantitative expression of plan of action prepared in advance of the period to which it relates. It may be prepared for the business as a whole for the department, for functions such as sales and productions or for financial and resources items such as cash purchase etc.

from WordPress https://ift.tt/z4oaKRv
via IFTTT

ENEMS MICROSYSTEMS RESEARCH SPOT

Friday 17 March 2023

THE IMPACT OF MARKETING RESEARCH ON SALES AND PROFIT IN A MARKETING FIRM

THE IMPACT OF MARKETING RESEARCH ON SALES AND PROFIT IN A MARKETING FIRM

No comments:

Post a Comment