ROLE OF MARKETING RESEARCH IN GAINING MARKET SHARE
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ROLE OF MARKETING RESEARCH IN GAINING MARKET SHARE
ABSTRACT
The research tries to integrate the organization’s activities while focusing on market needs. However, it is primarily concerned with forecasting product sales, among other things. As long as problems persist inside the marketing system, the importance of research in marketing cannot be overstated.
Before meeting consumers’ needs and wants, organisations must first determine who these customers are. What are their wants or needs? How do they want them? This naturally leads to the study of the topic: The Role of Marketing Research in Gaining Market Share.
However, market share is an extremely important factor in organisational growth. It indicates the success of a company’s marketing strategy.
The fundamental problem that organisations face is the challenge and difficulty of market penetration, as well as the difficulty of organisations gaining market share due to a lack of useful information; thus, the goal of this research is to identify the purpose and effectiveness of marketing research in gaining market share in an organisation.
The research makes use of both primary and secondary data. The primary data is mostly obtained through a well-prepared closed-ended questionnaire completed by 40 Globacom employees at Globalcom headquarters in Lagos and 60 Globalcom subscribers in Ojodu, Lagos.
The secondary data used are sufficient to establish a good value judgement for the task. Materials obtained from the Globalcom library, internet and website browsing, periodicals, magazines, and literature reviews gleaned from newspapers and textbooks are among them.
According to the report, marketing managers should make it a point of responsibility to ensure that their products are accepted; else, their chances of survival are small. As a result, marketing research is both a useful tool for solving marketing challenges and a critical tool for increasing market share.
Finally, it was concluded that organisations can achieve and attain their objectives while also increasing their market share through the appropriate use of marketing research.Chapter One
INTRODUCTION
1.1 Background of the Study
Marketing managers frequently commission formal marketing research on specific challenges and prospects. They may request a market survey, a product preference test, a region-specific sales prediction, or an advertising review. The marketing researcher’s job is to get insight into customers’ sentiments and purchasing habits. Kotler and Keller (2006)
The marketing research department plays an important role within the organisation, particularly in terms of acquiring and disseminating key information that would be extremely beneficial to the organization’s marketing goals and objectives.
According to Abu Zekeri (2008), marketing encompasses a variety of activities such as determining what consumers’ needs and wants are, planning and developing appropriate products or services to satisfy those needs and wants,
determining the best way to price, promote, and distribute the want and satisfying product or service without harming the organisation.Marketing research is critical for us to carry out these actions.
The marketing mix elements encompass a variety of activities or decisions that must be undertaken. These decisions include product decisions, pricing decisions, distribution decisions, and promotion decisions, all of which may be made more efficiently with the help of real information obtained exclusively through marketing research.
One key aspect of marketing research is determining the efficiency and efficacy of marketing efforts. According to Kotler and Keller (2006), there are two complementary techniques to measuring marketing productivity:
marketing metrics for accessing marketing effect and marketing mix modelling for estimating causal relationships and how marketing activity affects outcomes.
Further talks throughout this project will provide us with a thorough understanding of the techniques of measuring marketing productivity. Marketers constantly ask questions, necessitating the use of good marketing research to address these issues. Questions like:
(1) How can we identify and select the appropriate market segments?
(2) How can we distinguish our offering?
(3) How should we deal with clients who buy based on price?
(4) How can we compete with low-cost, low-price competitors?
(5) How should we expand our business?
(6) How can we strengthen brands?
(7) How do we keep our clients loyal?
(8) How can we quantify the payback of advertising, sales, promotion, and public relations?
All of the questions above are taken from Kotler and Keller (2006).
Market share is an indicator of the success of a firm’s marketing strategy; the company with the biggest share in a geographical market is said to be the market leader in that area; the value corporations place on market share varies according to their business culture.
Companies in the United States (USA), Canada, and many European countries tend to focus on profit, despite the fact that market share is a crucial indicator of profitability. In contrast, in Japan, market share may be more essential than profit. Encarta ® 2009.
According to Kotler and Keller (2006), company sales do not indicate how well the company is functioning in comparison to competitors. To accomplish this, marketing management must monitor its market share.
However, market share refers to a company’s percentage of overall sales of a product or type of product in a certain market.It can be calculated in terms of value or quantity sold. Encarta ® 2009.
Additional conversations during the course of this project will explain in detail the relationship between marketing research and market share, as well as the function of marketing research in achieving market share.
1.2 Statement of the problem
The research is conducted to objectively evaluate how organisations have used marketing strategies and activities to obtain market share.
The study attempts to answer a frequently asked topic for organisations: how they have leveraged their existing and new products to impact the ever-changing business landscape.
One of the key issues that piqued my interest in researching this project topic is the obstacle of market penetration, or why do new organisations with the same offering struggle to enter the market? What are the causes for the difficulty in market penetration?
Another basic issue that piqued my attention in researching this project topic was the question of why some organisations have a larger market share than others in an established market.
However, the purpose of this research study is to provide solutions to common issues posed to marketing managers in organisations. Answers to queries such as how true it is that marketing research accounts for a large market share.
1.3 PURPOSE OF THE STUDY
The research endeavour is intended to achieve the following objectives:
1. Determine the aim and efficacy of marketing research in an organisation.
2. Determine the influence of information on the organization’s marketing decision-making.
3. Determine the various types of marketing information available to an organisation.
4. Investigate the influence of marketing research on sales volume.
5. To look at the relationship between marketing research and acquiring market share.
6. Determine the costs and benefits of marketing research.
1.4 Research Questions
Some of the questions that lead to this research endeavour are noted below:
1. What is the requirement for good marketing research in an organisation?
2. How does marketing research affect a company’s sales and profitability?
3. How can an organisation increase the efficacy of its marketing research?
4. How justifiable are the costs of marketing research in an organisation?
5. How reliable is marketing research for acquiring market share?
As a result, in order to stay in business and increase profits, organisations must be more active in their marketing promotional mix plans.
1.5 Research hypotheses
The following tentative statement may be connected to the work study and will be tested later.
1. Ho = Marketing research doesn’t enhance sales volume.
H1 = Marketing research results in increased sales volume.
2. Ho: Marketing research does not result in a gain in market share.
H1 = Marketing research leads to a rise in market share.
3. Ho = The expense incurred by most organisations in marketing research does
It does not justify its aim.
H1 = Most organisations justify the costs paid in marketing research.
its function.
1.6 The significance of the study
Effective marketing research is critical for both a marketing manager and an organisation since it allows for proper decision-making in order to meet the organization’s goals and objectives.
The following are some of the main benefits of conducting excellent marketing research:
Marketing research is to provide facts to help management make informed decisions about their responsibilities.
· Marketing managers can expand their understanding by supplying crucial information for investigations.
The purpose of this research study is to provide meaningful information on the relationship between marketing research and market share.
This research study will provide insight into client attitudes and purchase behaviour, enabling marketing managers to maximise market potential.
This research contributes to the progress of academic knowledge by laying the groundwork for future research studies into the relationship between marketing, marketing research, and market share. This research study will also be useful to future scholars who want to use the material gained during this research for future studies.
1.7 SCOPE OF THE STUDY
This project work is intended to encompass a wide variety of tasks linked to marketing research in an organisation. It will provide insight into how well Globalcoms Ltd’s marketers conduct marketing research.
The project work area for this research study is located at Globalcom’s corporate headquarters, Mike Adenuga’s Tower, Victoria Island, Lagos, Nigeria.
The scope will also include the motivations for studying marketing research, the application of marketing research, and the marketing research process.
Finally, the focus of this study project is on how effective marketing research may be used to produce profitable consumer responses. This study will look at relevant tactics and the potential influence of effective marketing research on consumer response. Information will be sought via previous literature (such as textbooks and related topic projects) and fieldwork (such as questionnaires, personal interviews, etc.).
1.8 Limitations of the study
Some challenges were experienced while conducting this research effort, which are stated below.
(a) Globalcom Ltd Nigeria’s unwillingness. Management will disclose
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