MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY
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MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY
ABSTRACT
This study aims to investigate marketing research as a technique for increasing profitability.
A case study of the Nigerian Bottling Company Enugu.
The primary aims of this study include:
– Determine to what extent marketing research can increase product quality.
– To discover how marketing research might improve profitability.
– Determine the extent to which marketing research affects customer satisfaction.
The researcher employed a structured questionnaire and personal interviews to obtain responses from WBC members.The acquired data was analysed and interpreted using the T-test, percentage, mean cluster mean, and standard deviation.
The interpretations and results of hypothesis testing comprised the project’s primary findings.
1. NBC enhanced the quality of its product through marketing research.
2. Marketing research boosted their profits.
3. NBC does not have a separate research department from the main one.
4. They conduct more field research than any other sort of research.Chapter one
1.0 Introduction
1.1 Background of the Study
The mineral water sector is gradually transitioning from a buyers market to a sellers market, as it has been for a long time. This draft could be ascribed to various new arrivals into the business. This predicament has caused various industries to battle for survival, so what?
Every company organisation recognises the need of good marketing techniques for survival or success, thus organisations work tirelessly to achieve their goals. In order to accomplish this, the organisation must use some of the established scientific or modern procedures.
Today’s business should demand the development and implementation of planned and defined systems and instruments to satisfy the needs of the company, one of which is marketing research.
According to Philip Kottler in the Journal of Marketing, marketing research is the systematic planning, collection, analysis, and reporting of data and conclusions relevant to the company’s specific marketing situation.
According to the American Marketing Association (2004:4), a marketing researcher is a group that connects the consumer, customer, and public to the marketer using information to find and define marketing opportunities. Research is defined as “the use of scientific method to collect information relevant to the marketing of goods and services.”
Marketing research is concerned with co-coordinating tasks, comparing actual sales volume to anticipated sales volume, and acting on the results to maximise profit. The importance of marketing organisations in all aspects of human activity cannot be overstated, and the Nigerian Bottling Company is no exception.
As previously indicated, in the Nigerian setting, the sellers market rather than the purchasers market was available; this is a condition in which any sellers of goods and services given to the market must be sold.
This predicament arose as a result of the country’s ongoing production issues, which have resulted in shortages and failure to fully satisfy its consumers.
This situation has been exacerbated by the lack of consumerist activities in Nigeria, which has made it impossible for Nigerian consumers to influence government legislation to protect their rights.
The few attempts made by the government to protect consumers have been recklessly ignored by the business sector. Consumerism benefits both consumers and manufacturers because such associations provide a “go ahead” to manufacturers who have what the consumers require and approve, which can only be accomplished through marketing research.
The Nigerian Bottling Company originally arrived in Nigeria in 1953 and opened its first bottling factory in Lagos. This marked the start of expansion and development in 1956, when two further plants were created in Kano and Jos, respectively. The Ibadan facility opened in 1961, and the next was in 1970.
The Enugu factory, located at 9th Mile Corner, Ngwo, was established in 1975. Overall, there are around 21 bottling plants located throughout the country. In other states where bottling plants do not exist, big depots are always kept open to meet the growing demand for products among consumers in those areas.
The Nigerian Bottling Company plc is the exclusive manufacturer of various soft drink brands in Nigeria. Cocoa-Cola, Fanta Orange, Fanta Tonic Water, Fanta Ginger Ale, Fanta Chapman, Fanta Lemon, Five Alive, Fanta Soda, Eva Water Sprite, and Kresta Bitter Lemon are among their goods.
Nigerian bottling resulted in the creation of a number of allied establishments, all of which contributed to the nation’s progress. Some of the establishments include the Delta Glass Company in Ugheli, Delta State,
which supplies the Nigerian bottling company with the millions of bottles it uses, the Crown Products Factory in Ijebu-Ode, Ogun State and Kano State,
respectively, which manufactures the metal cork used in sealing the bottles, and the Benin Plastic Company, which manufactures the containers for the products.
The Nigeria Bottling Company, Nigeria’s leader in soft drink production, employs over 60,000 Nigerians across all of its operations. The corporation has contributed significantly to the development of sports and sporting activities, primarily through sponsorships and promotions.
1.2 Statement of the Problem
A company may have good innovation, well-equipped plant and office facilities strategically located, and good promotion activities, but if it lacks a place for effective marketing research that will result in customer satisfaction, the entire effort spent on putting the other factors in place is wasted. Some of these areas will be investigated in order to improve the study.
1. The necessity to increase the quality of the products available to customers.
2. The Impact of Production and Supply Crises.
3. Low profitability for the producer.
4. Lack of interest in client pleasure.
1.3 PURPOSE OF THE STUDY
1. Determine the extent to which marketing research might enhance product quality.
2. To address production and supply difficulties using a marketing research programme.
3. To determine the extent to which marketing research can improve profitability.
4. To determine the extent to which marketing research influences consumer satisfaction.
1.5 RESEARCH QUESTION.
Three research questions were developed to guide the project’s activity and ensure charity.
1. To what extent has marketing research increased product quality?
2. To what extent have marketing research findings been used to mitigate production and supply crises?
3. To what extent has marketing research influenced customer satisfaction?
1.6 Null Hypothesis
H0:1 indicates that there will be no substantial difference at the
There was a significant difference (P<0.05) in the perceptions of senior and junior workers at Nigerian Bottling Company Enugu about the impact of marketing research on product quality.
Ho2: There will be no significant change (p < 0.05).
(at the 5% level) between a mean perception of senior and junior workers of Nigerian Bottling Company Enugu on how marketing research results are used to mitigate production and supply difficulties.
Ho3: There will be no significant difference (p<05).
(at the 5% level) in the mean perceptions of senior and junior staff at Nigerian Bottling Company Enugu about how marketing research increased profitability.
Ho4 – There will be no significance between (p<0.05).
(at the 5% level) in the mean perceptions of senior and junior workers at Nigerian Bottling Company Enugu on how marketing research affected customer satisfaction.
1.7 Significance of the Study
The benefits of this study are accelerated for everyone involved, including the company, rivals, readers, and myself with the customers. The significance of this study should not be overlooked because without marketing research, organisations like the one indicated in our introduction would not be able to move forward.
The company will benefit through the means of knowing where they are lacking and where they are to improve when we talk about the competitors, of course, they gain by knowing to challenge or compete, with the competitors, and also about the readers of this particular project,
the research will benefit the readers in the aspect of selecting or knowing the best mineral company they should go for, and this will include the customers as well because some times readers may So the significance of this research to the researcher is enormous;
although I went through a lot of stress, I eventually got what I wanted, so I benefited from knowing how they produce their products, how they communicate with their competitors, and having a better understanding of the above company.
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