EFFECT OF PRODUCT FEEDBACK ON MARKETING STRATEGIES
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EFFECT OF PRODUCT FEEDBACK ON MARKETING STRATEGIES
Chapter one
Introduction
1.1 Background of the Study
Companies develop, plan, and implement diverse strategies to meet certain organisational goals and objectives. These strategies may be corporate, business, or functional. Marketing strategies are one type of functional strategy that modern businesses can use to improve their performance.
Marketing has been described and conceptualised in a variety of ways, based on the author’s background, interests, and education. For example, marketing can be defined as a set of commercial operations that are organised to plan, create, price, promote, distribute, and sell goods, services, and ideas in order to satisfy relevant customers and clients.
Marketing strategy is critical to the success of any organisation, whether service or product-oriented. A marketing strategy is a method used by a company aiming to reach its target market to attract customers.
Marketing strategy begins with market research, in which demands, attitudes, and competitor products are evaluated, and the firm focuses its limited resources on the most promising prospects to boost sales and gain a lasting competitive advantage (Nymous, 2006).
Marketing strategy must focus on providing more value to customers and the company at a reduced cost; yet, measuring the return on investment from marketing expenditure on activities such as advertising, promotion, and distribution is one of the most difficult issues for decision makers.
Feedback marketing is the marketing department’s technique of allowing customers to provide open and honest feedback about their experiences with a product or service. Companies that use feedback programmes are in sync with their customers.
They help their customers become invested in their products and companies. Customers who believe they have a voice are more inclined to be loyal.
Not utilising client feedback can paralyse a business. Paralysed businesses are oblivious of client attitudes and future trends. This is why organisations must develop techniques for receiving input from their customers.
Customer feedback is crucial for small firms. It informs you about what your consumers think of your products and services and offers a foundation for taking action to remedy any shortcomings in your business that effect customer happiness.
A customer feedback plan consists of two primary components: obtaining input and taking action on that feedback. (https://smallbusiness.chron.com)
Create a plan that demonstrates customers you value their comments. Provide an easy-to-use feedback system, such as a simple form on your website or a card that customers can send for free.
Encourage feedback by providing clients with an incentive, such as free entry into a prize draw. Add feedback to a product or service review page on your website.
It is no secret that showing testimonials from satisfied customers on your website may be quite beneficial to your business. According to a Nielsen report, 70% of respondents trust suggestions from strangers online. This brings them closer to engaging more with your brand and becoming a possible customer. Nielsen, 2011.
Customers who are already planning to buy are 90% more likely to purchase a product after reading feedback from past buyers. If you don’t incorporate consumer feedback into your marketing approach, you’re missing out on the important psychological factor of social proof. Based on this, the researcher would like to explore the impact of product feedback on marketing strategy.
Statement of the Problem
Customer feedback is critical for guiding and informing decision-making, as well as influencing product and service developments and adjustments. It is also necessary for determining customer satisfaction among your existing consumers. Understanding how customers perceive your product, support, and organisation is crucial.
A customer feedback strategy is the process of getting input from people who use your products and then acting on it. There are numerous ways to collect input. You can just question them in surveys or observe their behaviour. The study aims to explore the effect of product feedback on marketing strategy.
The objectives Of the study
The study’s aims are:
To determine the effect of survey strategy on product feedback.
To determine the importance of monitoring strategy on product feedback.
Research Hypotheses
The following research hypotheses will be formed.
Ho: The survey approach has no effect on product feedback.
H1: The survey strategy has an impact on product feedback.
HO: monitoring approach has no significant impact on product feedback.
H2: Monitoring method is critical for product feedback.
Significance of the Study
The report will be extremely valuable to students, businesses, and marketing firms. The study will provide clear insight into the impact of product feedback on marketing strategy.
The study’s findings will help us understand the importance of feedback in marketing and for businesses. The study will also act as a reference for other researchers who would engage on the similar issue.
Scope and limitations of the study
The scope of the study includes the impact of product feedback on marketing strategy. The study would be limited to chosen manufacturing companies in Nigeria.
The researcher faces various constraints that limit the scope of the investigation;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, which limits the investigation.
b) TIME: The time period allotted to the investigation does not increase broader coverage because the researcher must mix other academic activities and examinations with the study.
Definition of the Terms
Product feedback refers to any information supplied by your users regarding their experience and satisfaction with the product. You can collect product feedback using a range of research approaches, such as user interviews, consumer surveys, reviewing customer support problems, and more.
Marketing is the process of investigating, generating, and providing value to suit the demands of a target market in terms of goods and services, which may include selecting a target audience.
Marketing strategy is a method that enables an organisation to focus its limited resources on the most promising possibilities for increasing sales and gaining a sustained competitive advantage.
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