CONTRIBUTION OF MARKETING RESEARCH FOR NEW PRODUCT DEVELOPMENT
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CONTRIBUTION OF MARKETING RESEARCH FOR NEW PRODUCT DEVELOPMENT
ABSTRACT
“The contribution of marketing research for new product development” was the topic of the research. Marketing research and new product development will be thoroughly discussed, including their definitions, importance, many types of marketing research, and stages of new product development.
The research issue is concerned with the continual growth in new product failure, which has affected numerous businesses and resulted in significant financial losses. The link between market research and new product development.
The impact of market research on new product development. The impact of marketing research on the brand name of a new product.
The personnel of Nigerian Bottling Company Plc used random sampling to sort the sample area, administering 60 questionnaires. The data gathering methods were primary and secondary, and the results were examined using Spearman Ranking to highlight key points and discoveries.
Questionnaires were distributed to Nigerian Bottling Company Plc employees to test reliability and validity. In conclusion, respondents stated that there is no association between marketing research and new product creation.Chapter one
INTRODUCTION
1.1 An Overview of Marketing
Marketing, as defined by the Chartered Institute of Marketing in the United Kingdom, is the management process of discovering, predicting, and satisfying client needs profitably.
Marketing focuses on customers’ needs, discovers them through marketing research, and then produces goods and services that meet those needs more effectively and efficiently than competitors.
According to Kottler (2006), marketing research is the systematic planning, gathering, analysis, and reporting of data and findings relevant to a specific marketing problem faced by a company.
It requires business information to decide the best procedures to apply in order to carry out the organisation’s activities and achieve its goals. Marketing research encompasses product, pricing, place, and promotion research, which provides managers with information to help them make decisions on marketing mix elements.
1.2 Background of the Study
New product development, while costly and dangerous, must be conducted by all firms in order for them to maintain or strengthen their market position.
New product development can be implemented in the following ways:
a. Acquisition: The organisation can purchase other enterprises, licences, franchises, or patents.
b. Internal new product development: This can be accomplished in two ways: by developing a new product by an in-house research and development (R & D) team or by hiring outside organisations to produce products.
Because new product development is an ongoing process, it is critical that organisations step back after each step to assess if the new product is worth investing in.
1.3 Statement of the Problem
This study is concerned with the persistent increase in new product failures, which has forced many organisations out of business and resulted in significant financial losses, while many businesses/organizations have lost competitive advantage due to their inability to fully meet growing customer expectations.
1.4 Object of the Study
The goal of this study is to determine whether marketing research can be utilised to:
· Ensure customer happiness.
· Create an optimal package for a new product.
• Prevent product failure.
• Grow market share and profit turnover.
1.5 RESEARCH QUESTIONS.
· Does marketing research affect new product development?
· How does a lack of marketing research impact new product acceptability in the market?
· Is there any correlation between marketing research and new product development?
· Does marketing research affect the brand name of a new product?
1.6 Research Hypotheses
Hypothesis one.
Ho: Marketing research has no impact on new product creation.
Hello: Marketing research has an impact on new product creation.
Hypothesis two
Ho: Marketing research has no association with new product creation.
Hi: There is a link between marketing research and new product development
Hypothesis three.
Ho: Marketing research has little influence on the brand name of a new product.
Hi: Marketing research influences the brand name of a new product.
1.7 Scope and Limitations of the Study
This study examines the contribution of marketing research to new product creation, utilising Nigerian Bottling Company Plc. as a case study.
The study will focus on the following:
i. Market research.
ii. Phases of new product development.
There are no perks in life that do not come with limitations and constraints. The main constraints to this task are time, cash, and persons who may be biassed; obtaining information necessitates travel from one location to another; and monies must be available.
1.8 Significance of the Study
This study’s significance extends to individuals, organisations, and governments.
Individuals benefit from it because it helps them avoid inferior products on the market, whereas organisations benefit from it because it allows them to adapt to environmental changes and obstacles.
To the government, it alleviates the responsibility of monitoring substandard items.
1.9 Definition of Terms
1. Product: Anything that is available for acquisition, use, or disposal and meets the needs of the target market. The term product is broad, encompassing both tangible and immaterial things.
Tangible commodities have a physical presence that can be seen, felt, smelt, and touched, such as mobile phones, toothpaste, textbooks, and television sets, whereas intangible goods include haircuts, financial services, accounting services, and tourism.
2. Consumer: A person or organisation that utilises or consumes a product.
3. Customer: This is an individual or organisation that makes a purchasing choice, or a person who buys goods or services for a specific purpose.
4. Innovation: This is a new product that was recently introduced to the market. It refers to any concept, behaviour, or product that the relevant individual or group perceives as new.
5. Innovators: These are the consumers who are the first to accept or buy an invention. They account for around 2.5% of all buyers who will eventually use the new product. They are active information seekers.
6. Market: Individuals and organisations who are interested in and willing to purchase a product and have the financial resources to do so. A market is a place where buyers and sellers meet, commodities and services are for sale, and ownership is transferred.
7.Marketing: According to Stanton W. J. (1981), marketing is “a total system of business activities designed to plan price, promote, and distribute want satisfying goods and services to a present and potential customers,”
while MIN London defines marketing as “the management process responsible for identifying, anticipating, and satisfying customers’ requirements profitably.”
8.Research: “Research” refers to the search for knowledge, information, etc. Marketing research focuses on the size, composition, and characteristics of the market, as well as distribution methods and market shares. It aims to determine how many people buy, what they buy, why they buy, and where they buy.
9. Strategy: Indicates the precise target market and the types of competitive advantages that will be established and exploited.
10.Target Market: This is the section of the market that the company intends to serve through marketing programmes and initiatives.
11.Need: Is a state of sensed degradation. A deficit that is essential for our bodily and psychological well-being. It encompasses psychological, safety, social, ego, and actualization requirements.
12.Peak Period: This is the period during which a product has attained its peak performance; it is also known as the maturity stage.
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