MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY
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MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY
Chapter one
INTRODUCTION
1.1 Background of the Study
The primary purpose of this study is to investigate Marketing Research as a technique for greater profitability in the service business, using NICON Insurance Company Limited Enugu as a case 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 assure an improvement in the quality of services offered to clients and the public by the NICON Insurance 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.
1.2 Statement of the Problem
Inadequate marketing research impacts NICON insurance corporation in the following ways:
1. Inadequate marketing research has denied customers information about Insurance Corporation PLC.
2. Inadequate marketing research at NICON has prevented potential customers from receiving crucial information about NICON PLC’s new ways of providing services.
3. Inadequate utilisation of marketing research in NICON has stopped clients from being aware of and utilising the services provided by NICON.
4. The ineffective utilisation of marketing research has hampered NICON’s drive for patronage.
5. Inadequate use of marketing research caused challenges for NICON in terms of the mode of operation of services accessible in the service industry for customer advantage and utilisation.
1.3 PURPOSE OF THE STUDY
1. Critically analyse the level of research generated by the firm.
2. To determine the medium through which the research was created.
3. Determine how different research tools compare in adequate research.
4. Determine the target audience’s impression of the research message, i.e., if they trust the statements, claims, and promises contained in the study results.
5. Determine whether the study undertaken resulted in enhanced corporate growth and profitability.
6. To notify clients about the services and modes of service provided by the service industry, particularly NICON Insurance Corporation PLC, Enugu.
1.4 Research Hypotheses
Ho: Marketing research does not raise awareness for the NICON Insurance Corporation.
H12: Marketing research raises awareness of NICON Insurance Company.
H02: Marketing research doesn’t raise the number of policyholders.
H12: Marketing research improves the number of policyholders.
H03: Marketing research does not boost profits at NICON Insurance Corporation.
H13: Marketing research increases earnings for NICON Insurance 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.
NICON Insurance PLC, like every other researcher, invests in research in order to maximise revenues. 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 sector (the service industry in this case),
which spends more than N1 billion per year on behalf of researchers, there is an individual and community obligation to increase the degree of prediction for suggestions.
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 circumstances,
the investigation was limited to a single insurance company, NICON Insurance Corporation PLC, Enugu. It investigates the conduct of marketing research activities in the industry.
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 its limit when industry marketing spend reaches infinity inside a particular 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 industry 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 the future return from a project.
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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