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 also addressing market needs. However, it is primarily focused with the prediction of product sales, among other things. As long as problems persist within the marketing system, the importance of research cannot be overstated in marketing.
Before organisations can meet the requirements and wants of their consumers, they must first determine who they are. What do they want and need? How do they want them, etc. This clearly leads to the study of the topic: The Role of Marketing Research in Gaining Market Share.
However, market share is an extremely important part of organisational growth. It is a measure of the effectiveness of a company’s marketing strategy.
The fundamental problem faced by organisations 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 determine the purpose and effectiveness of marketing research in gaining market share in an organisation.
The research uses both primary and secondary data. The primary data is primarily in the form of 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 generate an accurate value judgement of the job. Among these are materials obtained from the Globalcom library, internet and website browsing, journals, magazines, and literature reviews obtained from newspapers and textbooks.
According to the report, marketing managers should make it their mission to ensure that their products are approved, else their chances of survival are poor. Thus, marketing research is both a useful tool for solving marketing problems and a critical one for obtaining market share.
Finally, it was concluded that organisations can fulfil their goals and expand their market share by effectively using marketing research.Chapter one
INTRODUCTION
1.1 Background of Study
Marketing managers frequently commission formal marketing studies on specific challenges and prospects. They may ask for a market survey, a product preference test, a sales prediction by region, or an advertising appraisal. It is the marketing researcher’s responsibility to generate insight into customer sentiments and purchasing behaviour. Kotler & Keller (2006)
Marketing research departments serve critical responsibilities inside organisations, particularly in 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 meet 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 quite important for us to carry out these operations.
The marketing mix elements encompass a variety of activities or decisions. These decisions include product decisions, pricing decisions, distribution decisions, and promotion decisions. These decisions can be made more successfully using accurate information obtained exclusively through marketing research.
An essential aspect of marketing research is determining the efficiency and effectiveness of marketing initiatives. According to Kotler and Keller (2006), there are two complementary techniques to measuring marketing productivity: marketing metrics for determining marketing effect and marketing mix modelling for estimating causal relationships and how marketing activity affects outcome.
Further conversations during the course of this project will provide us with a thorough understanding of the techniques to measuring marketing productivity. Marketers constantly ask questions, highlighting the importance of conducting successful marketing research to answer these inquiries. Questions like this:
(1) How can we identify and determine the appropriate market segments?
(2) How can we differentiate our offering?
(3) How should we handle customers that buy based on price?
(4) How can we compete with lower-cost, lower-price competitors?
(5) How can we expand our business?
(6) How can we create stronger brands?
(7) How can we maintain our clients’ loyalty?
(8) How can we quantify the return on advertising, sales, marketing, and public relations?
All of the preceding questions 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 highest share of a geographical market is said to be the market leader in that area; the value corporations place on market share varies according to business culture.
Companies in the United States (USA), Canada, and many European countries prefer to prioritise profit, despite the fact that market share is an important determinant of profit. In Japan, however, market share may be more essential than profit. Encarta® 2009.
According to Kotler and Keller (2006), firm sales do not show how well the company performs in comparison to its competitors. For this reason, marketing management must monitor its market share.
Market share, on the other hand, is a company’s percentage of overall sales of a product or kind of product in a specific market.It can be calculated in terms of either value or number of units sold.
Encarta® 2009.Further talks during the course of this project will elucidate the relationship between marketing research and market share, as well as the function of marketing research in acquiring market share.
1.2 Statement of the Problem
The research is conducted to objectively examine 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 used their existing and new products to impact the ever-changing business environment.One of the key issues that piqued my interest in researching this project topic is the challenge of market penetration,
or why do new organisations with the same offering struggle to get into the market? What are the reasons behind the challenges in market penetration?
Another basic challenge 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, this research study will also provide solutions to queries commonly posed to marketing managers in organisations. Answers to queries such as: How true is it that marketing research accounts for a large market share?
1.3 Object of the Study
The research work aims to achieve the following objectives:
1. Determine the aim and efficacy of marketing research in an organisation.
2. Determine the impact of information on the organization’s marketing decisions.
3. Identify the many types of marketing information available to an organisation.
4. Determine the impact of marketing research on sales volume.
5. Investigate the link between marketing research and obtaining market share.
6. Determine the cost and benefits of marketing research.
1.4 RESEARCH QUESTIONS.
Some of the questions that lead to this research endeavour include the following:
1. Why is it necessary for an organisation to conduct good marketing research?
2. In what ways does marketing research influence a company’s sales and profitability?
3. How can an organisation enhance the efficiency of its marketing research?
4. How justifiable is the cost of marketing research within an organisation?
5. To what extent is marketing research effective in increasing market share?
As a result, in order to stay in business and become more successful, organisations must use more aggressive marketing promotional mix techniques.
1. 5 Research Hypotheses
The following tentative assertion is relevant to the work study and will be tested later.
1. Ho: Marketing research does not enhance sales volume.
H1: Marketing research increases sales volume.
2. Ho = Marketing research does not result in a rise in market share.
H1: Marketing research leads to a rise in market share.
3. Ho = The cost expended by most organisations for marketing research does
Not justifying its aim.
H1 = Most organisations justify their marketing research costs.
Its purpose.
1.6 Significance of the Study
Effective marketing research is essential for both marketing managers and organisations since it allows for proper decision-making in order to meet the organization’s goals and objectives.
Among the key benefits received from efficient marketing research are the following:
Marketing research is to help managers make informed decisions within their duties.
· Marketing managers can expand their understanding by supplying necessary information for investigations.
This research study aims to provide important information about the relationship between marketing research and market share.
This research study will provide insight into customer attitudes and purchase behaviour, and how marketing managers may leverage it to maximise market potential.
This study contributes to the progress of academic knowledge by laying the groundwork for future research on the relationship between marketing, marketing research, and market share. This research study will also be useful to future scholars who wish to use the material gained during this investigation for further research.
1.7 Scope of the Study
This project work is intended to cover a broad variety of tasks linked to marketing research in an organisation. It will provide insight into how effectively marketers at Globalcoms Ltd do marketing research.
The project work coverage 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, as well as its application and process.
Finally, the goal of this research project is to determine how effective marketing research may be used to create profitable consumer responses. This study will look at applicable 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, and so on).
1.8 Limitations of the Study
The following challenges were faced while doing this research:
(a) The unwillingness of Globalcom Ltd Nigeria. Management to disclose.
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