MARKETING RESEARCH AS A INSTRUMENT FOR INCREASED PROFITABILITY IN SERVICE COMPANY
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MARKETING RESEARCH AS A INSTRUMENT FOR INCREASED PROFITABILITY IN SERVICE COMPANY
ABSTRACT
This paper investigates marketing research as a tool for increasing profitability in service companies, using the Ogechikammer Company in Ebonyi State as a case study.
Marketing research may be considered as the application of the scientific process of inquiry to help marketers better understand and describe their challenges and find acceptable solutions to them.
Some of the study’s aims include:. To critically evaluate the level of marketing research used by Ogechikammer in their service delivery. To determine the medium via which the study was created. To determine the customer’s perception of the research message and whether the claims in the message genuinely meet the needs and desires of the customers.
To identify the various research instruments employed by the organisation. To determine whether the study conducted resulted in greater corporate growth and profitability. In the process of solving the research problems,
both primary and secondary data were collected, with a strong emphasis on primary data, which allowed the researcher to obtain firsthand information from Ogechikammer’s customers and staff, which included staff and management, customers (policy holders), and agents.
This study’s research instruments included questionnaire surveys and personal or in-person interviews. The questionnaire was the primary research instrument utilised in the study, which was distributed to Ogechikammer Company employees, policyholders, and agencies.
The researcher previously determined the sample size as 160 for Ogechikammer customers (policy holders) and 20 for agents. This increases the total number of questionnaires distributed to 220.
Data was organised and presented using tables and percentages. The degree of significance used was 5%. The chi-square test was used to evaluate the various hypotheses.
Chapter one
INTRODUCTION
Background of the study
Marketing research can be defined as the use of scientific investigation to assist marketers in better understanding and defining their challenges, as well as finding acceptable answers to them.
It also involves the systematic and objective collecting, recording, analysis, interpretation, and reporting of data required to solve specific market challenges.
It entails systematic collection and analysis of environmental data in order to identify market possibilities and address marketing problems.
Marketing research can also be defined as the systematic planning, collecting, analysis, and reporting of data relevant to a particular marketing scenario faced by an organisation. Companies utilise marketing research in a wide range of settings. Marketing research, for example, can help determine the status of demand among consumers in a market.
It can also assist marketers in understanding customer satisfaction and purchasing behaviour, providing variable information to management for issue resolution, analysing market potential and market share, and determining the efficiency of pricing, distribution,
and promotion operations. Some large corporations have their own research departments, which collaborate with market managers on marketing research projects.
Good marketing research does not merely use standard technical instruments. It demands collaboration between researchers and marketing managers. Good marketing researchers must pay close attention to marketing management and marketing research,
as well as ensure that their studies address real-world challenges. Broad principles or laws” Put another way, research is a deliberate process of conducting studies to attain predetermined goals. The goal is usually to solve one or more specific problems or to add to existing knowledge in a particular sector.
Given this context, the researcher believes that this type of research is necessary. The findings of this study will provide an appropriate understanding of the use of various marketing research methods to service businesses such as NICON Insurance.
Furthermore, this research will serve to ensure an improvement in the quality of services offered to clients and the public by the Ogechikammer Cooperation, as well as assist management in developing strategies and programmes that will allow them to remain competitive.
The research will also assist service organisations in better understanding the fundamental principles of marketing research and its role in the service industry, allowing them to influence future marketing activities.
Statement of the Problem
Inadequate marketing research impacts Ogechikammercorporation in the following ways:
Inadequate marketing research has denied customers information about Insurance Corporation PLC.
Inadequate marketing research in NICON has prevented potential clients from receiving crucial information about NICON PLC’s new ways of providing services.
Inadequate utilisation of marketing research in NICON has stopped clients from being aware of and taking use of the services provided by NICON.
The poor utilisation of marketing research has hampered NICON’s desire for patronage.
Inadequate usage of marketing research had caused challenges for NICON in terms of the mode of operation of services available at the service firm for the benefit and utilisation of clients.
1.3 PURPOSE OF THE STUDY
Examine seriously the degree of research generated by the firm.
To determine the medium via which the study was created.
To determine how different research instruments compare in adequate research.
To determine customers’ perceptions of the research message, that is, if the target audience believes the statements, claims, and promises contained in the research results.
To determine whether the study conducted resulted in greater corporate growth and profitability.
To notify clients about the services and modes of service provided by the service company, particularly Ogechikammercorporation PLC, Ebonyi.
1.4 Research Hypotheses
Ho: Marketing research does not increase awareness of the Ogechikammer Corporation.
H12: Marketing research raises awareness of Ogechikammer Company.
H02: Marketing research doesn’t raise the number of policyholders.
H12: Marketing research improves the number of policyholders.
H03: Marketing research does not enhance profits at OgechikammerCorporation.
H13: Marketing study increases earnings for Ogechikammer Company.
1.5 Significance of the Study
The study’s benefits can be discussed as follows.
– To the NICON, for research. The general public and potential future researchers.
OgechikammerPLC, like any other researcher, conducts research in order to determine profitability. As a result, this study will be extremely beneficial to the insurance company because it will provide them with more information about their target market’s reaction to their research operations, resulting in a profitable return for management to continue to enhance it.
The more the research agency understands how the research has made work for the targeted audience, the better its future planning and decisions will be. Similarly to the corporation (the service provider in this case),
which is accountable for spending more than N1 billion per year on behalf of researchers, there is an individual and collective obligation to enhance the degree of prediction for recommendations.
Finally, this study will assist the researcher and readers in properly appreciating the use and necessity of proper research in introducing and expanding profit from any service supplied.
1.6 Scope of the Study
The study examines the marketing research operations of NICON enterprises in the service industry. Due to time constraints and other considerations, the investigation was limited to a single insurance company, OgechikammerCorporation PLC, Ebonyi. It investigates how the organisation does marketing research.
1.7 Definition of Terms
MARKETING – The process of planning and carrying out the conception, pricing, promotion, and distribution of ideas, goods, and services in order to produce an exchange that meets the goals of individuals and organisations.
MARKETING RESEARCH is the systematic and objective design, collection, presentation, analysis, and interpretation of data (information) to help managers deal with specific problems that arise in any organisation.
It is also the systematic and objective gathering and analysis of information to assist managers in marketing strategy and problem resolution.
SERVICE MARKETING – The marketing process in which organisations purchase in order to provide services: SERVICE – Activities or benefits that one party might order for another that are intangible and do not result in ownership of the production, which may or may not be linked to a physical product.
INSURANCE – Is one of the social sciences developed primarily for risk-taking, which involves the uncertainty of loss. It is also an agreement with a corporation in which one pays them on a monthly basis and they commit to cover the costs.
MARKET portion – A percentage measure of an individual company’s portion of the accessible market.
MARKET POTENTIALS – This is the circumstance in which market demand approaches a limit as a company’s marketing investment reaches infinity within a certain environment. It is also the maximum predicted sale of a product for clients in a specified geographical area during a given period of time under perfect conditions.
An ideal condition occurs when there are no environmental changes, indicating that all production resources are available and that all firms in the company are efficient in their distribution, sales promotion, advertising, public relations, publicity, pricing, and product improvement efforts (Ani J.O, Anyionu S.C, 2007).
BUYING MOTIVE – All of the components within a single organisation that combine to generate a desire to buy.
FIELD RESEARCH – This is the physical collecting of data through face-to-face contact with the customer.
FORECASTING – This is the predicted level of company sales based on the chosen marketing strategy and the assumed marketing environment.
RISK refers to the variability that is anticipated to occur in a project’s future return.
MARKET – A potential buyer of a goods or service.
CUSTOMER – A customer is someone who makes regular purchases from a specific store, corporation, or organisation. Adetao (1999).
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