ABSTRACT
The research work focused on "the
contribution of marketing research for new product development".
Discussing fully marketing research and new product development, its
definition, importance, different types of marketing research and stages of new
product development.
The research topic is concerned with
the persistent increase of new product failure which faced many organizations
of business and left many business in a serious financial loss. The
relationship between marketing research and new product development. The effect
of marketing research on new product development. The influence of marketing
research on brand name of a new product.
In sorting the sample area, 60
questionnaire was administered by the staff of Nigerian Bottling company Plc
using random sampling method. Data collection method were primary and secondary
and was analysed using Spearman Ranking to drive home points and findings.
Reliability and validity was tested through the distribution of questionnaires
to the staff of Nigerian Bottling Company Plc. for conclusion, the respondents
claimed that there is no relationship between marketing research and new
product development.
TABLE OF CONTENTS
Title page i
Certificate
ii
Dedication
iii
Acknowledgement iv
Abstract
v
Table of contents
vi
CHAPTER
ONE: INTRODUCTION
1.1 An
Overview of Marketing 1
1.2 Background of the Study
2
1.3 Statement
of the Problems 2
1.4 Objectives
of the Study 3
1.5 Research
Questions 3
1.6 Research
Hypothesis 3
1.7 Scope
and Limitation of the Study 4
1.8 Significance
of the Study 5
1.9 Definition
of Terms 5
CHAPTER
TWO: LITERATURE REVIEW
2.1 Introduction 8
2.2 Historical
Background 8
2.3 Models
and Theories Relevant to the Study 10
2.4 Current
Literature Based on such of the Relevant Variables of
the Model/Theory. 25
2.5 Summary
of the Chapter 34
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Introduction
35
3.2 Restatement
of the Research Questions and Hypotheses 35
3.3
Research Design 36
3.4 Description/Characteristics
of the Study Population 37
3.5 Sampling
Design and Procedure 37
3.6 Data
Collection Methods 37
3.7 Data
Analysis Methods 38
3.8 Scoring
and Administration of the Research Instruments 39
3.9 Reliability
and Validity of the Data/Study Instruments 40
3.10 Scope
of the Study 40
3.11 Limitation
of Methodology 40
CHAPTER
FOUR: DATA ANALYSIS AND PRESENTATION
4.1
Introduction 41
4.2 Analysis
of Respondents Bio-Data 41
4.3 Analysis
of Research Questions 44
4.4 Analysis
of Research Hypothesis 54
4.5 Test
of Hypotheses 55
4.6 Discussion
of findings 59
CHAPTER
FIVE: SUWMARY CONCLUSION(S) AND RECOMMENDATION(S)
5.1 Summary
of Findings 60
5.2 Conclusion(s)
Drawn From the Findings 62
5.3 Recommendations
Based on the Conclusion(s) 62
5.4 Limitation
and Suggestions for Further Studies 63
Bibliography 64
Appendix
I – Covering Letter 67
Appendix
II – Questionnaire 68
CHAPTER
ONE
INTRODUCTION
1.1 AN OVERVIEW OF MARKETING
Marketing as defined by the chartered
institute of marketing United
Kingdom is the management process for
identifying, anticipating and satisfying customer requirements profitably.
Marketing focuses on customers needs, identifies this needs through marketing
research and goes ahead to produce goods and services that satisfies the needs
of the consumers more effectively and efficiently than that of the competitors.
Marketing research according to Kottler
(2006), can be defined as the systematic design, collection, analysis and
reporting of data and findings relevant to the specific marketing situation
facing an organisation. It requires the business information to determine the
right techniques to use in order to carryout the activities of the organisation
and achieve its objectives. Marketing research includes product, price, place
and promotion research and provides managers with information that would assist
them to take decision relating to marketing mix variables.
1.2 BACKGROUND TO THE STUDY
New product development, though
considered to be costly and risky must be undertaken by every firm, so that the
firm can maintain or improve its position in the market place.
New product development can be
actualized in the following ways;
a. Acquisition: The organization can buy other firms
or buy a license or franchise or buy
patents
b. Internal
new product development:
It can be achieved in two ways i.e. through the development of new product by
an in-house research and development (R & D) team, or use of outside
agencies to develop products.
Because new product development goes
through a continuous process, it is crucial that companies stand back after
each step to evaluate whether the new product is worth investing on.
1.3 STATEMENT OF THE PROBLEM
This study is concerned with the
persistent increase of new product failure, which has forced many organizations
out of business and left many business in a serious financial loss, while so
many business/organization have lost competitive advantage due to inability to
fully satisfy the growing customers expectations.
1.4 OBJECTIVE OF THE STUDY
The purpose of this research work is to
determine whether marketing research can be used to:
·
Provide
customer satisfaction
·
Design
optimum package for a new product
·
Prevent
product failure
·
Increase
market share and profit turnover.
1.5 RESEARCH QUESTIONS
·
Does
marketing research have any effect on new product development?
·
Does
lack of marketing research affect new product acceptance in the market?
·
Is
there any relationship between marketing research and new product development?
·
Does
marketing research influence the brand name of a new product?
1.6 RESEARCH HYPOTHESES
HYPOTHESIS
ONE
Ho:
Marketing research does not have any effect on new product development
Hi: Marketing
research has effect on new product development
HYPOTHESIS
TWO
Ho: There is no relationship between marketing
research and new product development
Hi: There is
relationship between marketing research and new product development
HYPOTHESIS
THREE
Ho: Marketing
research does not influence the brand name of a new product
Hi: Marketing
research has influence on the brand name of a new product.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
This study deals with the contribution
of marketing research for new product development using Nigerian Bottling Company
Plc. as a case study.
The study will focus on the following;
i. Marketing
research
ii. Stages
of new product development.
There is nothing in life that has its
advantages that does not have its limitations and restraining factors. The
major limitations to this work is time, fund and people can be bias, gathering
of information requires movement from one place to another, requires
availability of funds.
1.8 SIGNIFICANCE OF THE STUDY
The significance of this study cuts
across individual, organisation and the government.
To the individual, it helps avoid
sub-standard products in the market, while to the organisation, they have the
ability to cope with environmental changes and challenges.
To the government, it helps reduce the
burden of monitoring sub-standard products.
1.9 DEFINITION OF TERMS
1. Product: This is
anything that is offered for acquisition, use and disposal and that satisfies
the needs of the target market. The term product is broad and covers both
tangible goods and intangible goods. Tangible goods have physical presence that
can be seen, felt, smelt and touched e.g. mobile handsets, toothpaste,
textbooks, television sets, while intangible goods include hair cut, financial
service, accounting service and tourism.
2. Consumer: This
is an individual or organizational unit that uses or consumes a product.
3. Customer: This
is an individual or organisation that actually makes purchase decision or a
person buying goods or services for a purpose etc.
4. Innovation: This
is a new product that has recently been offered to the market. It is any idea,
practice or product perceived to be new by the relevant individual or group.
5. Innovators: These are set
of consumers that are the first to adopt or purchase an innovation. They
represent approximately 2.5% of all the buyers who will eventually adopt the
new product. They are active information seekers
6. Market: Consists of individual and organisation
who are interested and willing to buy a product and has the resources to engage
in such transaction. A market may be defined as a place where buyers or sellers
meet, goods and services are offered for sale and transfer of ownership occur.
7.Marketing: Stanton W. J. (1981),
defines marketing as "A total system
of business activities designed to plan price, promote and distribute want
satisfying goods and services to a present and potential customers, MIN London
defines marketing as "The management process responsible for identifying,
anticipating and satisfying customers requirement profitably".
8.Research: Research
means to search for knowledge, information etc. Marketing research concerns
investigation of the size, composition and characteristics of the market as
well as distribution channels and market shares. It seeks to find out how many
people buys, what they buy, why and where they buy
9.Strategy: Indicates
specific target market and the types of competitive advantage that are to be
developed and exploited
10.Target Market: This is the segment of the market that the company aims to
serve with its marketing programmes and efforts.
11.Need: Is
e state of felt depreciation. A lack that is necessary for our physical and
psychological well being. It includes psychological, safety, social, ego and
actualization needs.
12.Peak
Period: This is the period at which a product has
reached its highest level, it is also known as the maturity stage.
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