The Role of Marketing Research in the Planning and Development of a New Product
Abstract of The Role of Marketing Research in the Planning and Development of a New Product
This research work is on role of marketing research, planning and development of a new product, a case study of Nigeria Bottling Company Plc, Benin City. Marketing research is not a substitute for management decision. It is a tool for making better decision. This work starts with the introduction of the subject matter, research questions, objectives, relevance of study, research problems and scope of study. Secondly, interactive review of the subject matter was looked into. Here, relevant textbooks, journals, magazines etc. were consulted. This was to ensure that various options and knowledge of the experts and scholars were examined to broaden the scope of the researchers’ knowledge on the use of questionnaires and personal interview with customers and employers of the organization under study. Finally, there were limitations that were encountered and recommendation, suggestions were stated and this represents the view and opinions of the researcher. If the recommendations made are consistently implemented, it will go a long way to enhance the overall objectives of the organization and academic exercise.
Chapter One of The Role of Marketing Research in the Planning and Development of a New Product
INTRODUCTION
Background to the study
One of the basic function of management is decision making, marketing are particularly difficult to make and effect are fact through the business with growing complexities on supplyingindividual needs for particular kinds of customers, it is however, necessary that some kinds of organized study should be undertaken to identify threats and opportunities.
As a result when the transition from seller market to buyers make it become so necessary that producers would have to study their market and make sure that their product satisfies the specific needs of customers. Producers turn to formal research because they find it harder to predict how buyers perception would be about certain characteristics of the product, package, colouring, style and other features attributes.
Identification of customers entrails some systematic investigation into the markets. These include current market or new market area of potential interest.
This is the role of marketing research which is the foundation of a sound marketing policy.
Without reliable data, management cannot be expected production and distribution of range of products involving a long period of expensive development. It should be noted that most of these researchers are done by wholesalers and retailers which involve forecasting measurement of market potential and determination of other market characteristics, market store analysis, sales analysis and product mix studies.
Marketing research is therefore not a substitute for management decision; it is a building tool for better marketing decision. But how impact is the marketing research process?
Statement of the Problem
Fact alone achieves nothing; they need to be used imaginatively and correctly to produce good management decision which must then be well implemented. In most cases, managers need to make decisions, specific situations and get enough information.
Various schools of thought for example are of the view that research play no reasonable role in the existence of any organization. It is also believed that marketing research is a little better than an office activity.
This research was carried out to identify possible solutions to the problem of planning and development of new product and the application of marketing mix, management, marketing research as it relates to identifying new market opportunities, market research as used to attending corporate objectives and the nature and problem affecting marketing research in the country.
Objectives of the Study
The research aim is to examine the role of marketing research in the planning and development of a new product in organization with special emphasis on Nigeria Bottling Plc. The research also aims at identifying likely problems and making recommendations.
The specific objectives of the study are:
i. To examine the role of marketing research in the planning and development of a new product and the application of marketing mix management.
ii. To find out if marketing research is useful at identifying new market opportunities in relation to planning and development of a new product before introduction into the market.
iii. The extent to which marketing research is used at attending corporate objectives.
iv. To examine people in terms of their roles or buyer, seller and consumer.