PRODUCT FEEDBACK’S IMPACT ON MARKETING STRATEGIES
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Abstract
This study examined how product feedback influences marketing tactics. Two objectives were established: to determine the impact of the survey approach on product feedback and the significance of the monitoring strategy on product feedback. Seventy-seven responses were collected and authenticated from the registered participants, all of whom were Dangote flour consumers. Chi-Square statistical method was used to test the hypothesis (SPSS).
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Chapter one
Introduction
1.1Background of the study
Companies create, design, and implement diverse strategies to achieve a set of organizational goals and objectives. These may be corporate, business, or functional strategies. Marketing strategies are one of the functional strategies that modern businesses can employ to boost performance. Marketing has been described and imagined differently depending on the background, interest, and education of the author. For instance, marketing can be viewed as a matrix of business activities organized to plan, create, price, promote, distribute, and sell goods, services, and ideas in order to satisfy relevant customers and clients. Marketing strategy is essential to the success of any business, whether service- or product-based. A marketing strategy is a method used to attract customers by a company aiming to reach its target market. The corporation concentrates its limited resources on the largest prospects to expand sales and build a sustained competitive advantage based on market research (Nymous, 2006). Quantifying the return on investment from marketing expenditure on activities such as advertising, promotion, and distribution is one of the most complex issues facing decision makers. However, the marketing strategy must concentrate on delivering greater value to customers and the company at a lower cost.
Feedback marketing is the marketing department’s practice of allowing customers to provide honest information about their experiences with a product or service. Companies that adopt customer feedback programs are attuned to their customers’ needs. They establish customer loyalty to their products and companies. And when customers believe they have a voice, they are more loyal.
A corporation might become paralyzed by ignoring client input. Companies that are paralyzed are oblivious of client sentiments and upcoming developments. Therefore, it is vital that businesses develop ways for receiving customer feedback. Small businesses rely heavily on customer feedback. It informs you of what your consumers think of your products and services and gives a framework for improving any company flaws that effect customer happiness. A customer feedback plan consists of two primary components: collecting customer input and acting on that feedback. (https://smallbusiness.chron.com)
Create a plan that demonstrates to customers that you value their input. Provide an easy-to-use feedback system, such as a simple form on your website or a card that customers can mail for free. Offer clients an incentive, such as free entry into a prize draw, to provide feedback. Publish customer input on a product or service review page.
It is no secret that publishing customer testimonials on your website may be a tremendous asset to your organization. According to a Nielsen report, 70% of respondents trust online suggestions from complete strangers. This increases their likelihood of engaging with your brand further and becoming a potential customer. (Nielsen, 2011)
Customers who are already in the market are 90% more inclined to purchase a product after reading evaluations from past purchasers. If your marketing approach does not include any sort of consumer feedback, you are missing out on the powerful psychological factor of social proof. In light of this, the researcher wishes to explore how product feedback affects marketing strategy.
Statement of the problem
Customer input is vital for guiding and informing decision making and influencing product innovations and modifications. It is also vital for gauging consumer satisfaction among your existing clientele. Understanding how customers perceive your product, customer service, and company is crucial. A customer feedback strategy is a method for collecting and acting on input from individuals who use your products. There are numerous methods to collect feedback. You can simply inspect them or observe their conduct. The purpose of the study is to examine the impact of product feedback on marketing strategy.
Objective of the study
The study’s aims are as follows:
To determine how survey method affects product feedback
To determine the importance of product feedback monitoring approach
Research hypotheses
The subsequent research hypotheses will be developed.
False: survey approach has no effect on product feedback
H1: survey approach has an effect on product feedback
There is little value in a monitoring strategy for product feedback, according to the HO.
H2: it is crucial to assess strategy for product feedback
Significance of the study
Students, businesses, and marketing firms will find the study to be extremely useful. The study will shed light on how product feedback influences marketing efforts. The findings of the study will aid in understanding the significance of feedback in marketing and for businesses. The paper will also serve as a resource for future researchers who investigate relevant topics.
Scope and limitation of the study
The study examines the influence of product feedback on marketing strategy. The research will be limited to a sample of manufacturing firms in Nigeria.
The researcher faces a constraint that restricts the study’s scope;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, consequently limiting the scope of the investigation.
b) TIME: The time allotted for the study does not allow for a broader scope because the researcher must mix it with other academic activities and examinations.
Definition of the terms
Product feedback is any information supplied by users regarding their experience with and satisfaction with the product. You can obtain product feedback via a range of research approaches, such as user interviews, consumer surveys, and the evaluation of customer support tickets, among others.
Marketing is the process of investigating, producing, and delivering value to meet the demands of a target market in terms of goods and services; potentially involving selection of a target audience; selection of a target market; and selection of a marketing mix.
Marketing strategy is a method that enables a company to concentrate its limited resources on the best chances to boost sales and build a lasting competitive advantage.
PRODUCT FEEDBACK’S IMPACT ON MARKETING STRATEGIES
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