Abstract
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1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The basic reason for this study is to examine Marketing Research on a
new product acceptability taking ACE ROOT Company Limited as a
Case Study.
The term Marketing Research can be seen as the application of the
scientific method of inquiry in helping Marketers to better understand
and define their problems and find appropriate solutions to them. It is
also the systematic and objective, collection, recording, analysis,
interpretation, and reporting of data needed for solving specific market
problems. It involves collecting and analyzing environmental
information systematically that market opportunities would be
recognized and marketing problem solved.
Marketing research can also be views as the systematic design,
collection, analysis and reporting of data relevant to a specific marketing
situation facing an organization. Companies use marketing research in a
wide variety of situations. For example, marketing research is helpful
when it comes to ascertaining the state of demand among consumer’s in
the market. It can equally help marketers to understand customers
satisfaction and purchase behaviour, provides variable information to
management for problem solving, help in assessing market potential and
market share, help in measuring the effectiveness of pricing, distribution
MARKETING RESEARCH ACTIVITIES OF ACE ROOT FIRMS IN THE SERVICE INDUSTRY
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and promotion activities. Some large companies have their own research
departments that work with market managers on marketing research
projects.
The research work will also help service organizations to understand
more correctly the basic principles of marketing research and its place in
service business so as to influence future marketing operations.
1.2 STATEMENT OF THE PROBLEM
Inadequate marketing research affects ACE ROOT in the following
ways:-
1. The inadequate marketing research have denied Customers
information about Ace Root.
2. The inadequate marketing researches in ACE ROOT have prevent
potential customers valuable information regarding ACE ROOT PLC’s
new ways of rendering services.
3. The inadequate use of marketing research in ACE ROOT have
prevented customers from the knowledge of services rendered by ACE
ROOT and have prevented them from taking advantage of it.
4. The inadequate use of marketing research have affected ACE
ROOT in their quest for patronage.
1.3 OBJECTIVE OF THE STUDY
1. To examine critically the level of research that has been generated.
2. To find out the different research tool compare in adequate
research.
3. To find out the medium through which the research was created.
4. To ascertain customers perception of the research message.
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5. To find out if the research conducted have increased the growth
and profitability of the corporation.
1.4 RESEARCH QUESTION
1. How can we ascertain customers perception to the research message ?
2. How can the research conducted have increase the growth and
profitability of the co-operation?
3. Is there any medium through which the research was created ?
1.4 RESEARCH HYPOTHESES
Ho: Research conducted cannot increase the growth and profitability of
the cooperation.
H1: Research conducted has increase the growth and profitability of the
co-operation.
H0: Customer perception cannot be ascertain to the research message.
H1: Customer perception can be ascertain to the research message .
H0: Marketing research does not increase profit in ACE ROOT New
product Development.
Ho There is no medium through which research is created.
H1 There was medium through which research is created.
1.5 SIGNIFICANCE OF THE STUDY
The benefits of the study can be discussed under the following To the Ace
Root , the research. The general publics and intending future researcher.
Ace Root Insurance PLC, like every other researcher spends on
researching in order to rate profits. Therefore, this study will be of great
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benefit to the insurance company, in that it would inform them more
about the reaction of their target market towards their research activities
and in turn bring a profitable return formanagement to continue to
improve of it. The research agency, the more it can understand how the
research has created work on the tagged audience, the better will its
planning and decisions be in future. Similarly to the industry (the service
industry in this case) which is responsible for spending over N1 billion
annually on behalf of researchers, has an individual and collective
responsibility to improve the level of prediction for its recommendations.
1.6 SCOPE OF THE STUDY
The study takes a look into the marketing research activities of ACE
ROOT firms in the service industry. Because of time and other factors
involved, the research was limited to the study of a particular insurance
firm known as ACE ROOT Nig Plc, Enugu. It examines the conduct of
marketing research activities in the industry.
1.8 LIMITATION OF THE STUDY
A work of this nature is not easy to accomplish as a result of time
constraints, apathy on the part of the respondent and bureaucratic
procedure involved in releasing data seriously affected the study.
1.7 DEFINITION OF TERMS
MARKETING – This is a process of planning and executing the
conception, pricing, promotion, distribution, ideas, goods and services to
create exchange that will satisfy individual and organization objectives.
MARKETING RESEARCH -It is the systematic and objective design,
collection, presentation, analysis and interpretation of data (information)
to enable managers deal with specific problems facing any organization.
It is also the systematic and objective search for, and analysis of,
information to guide managers in marketing planning and problem
solving.
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SERVICE MARKETING -The marketing process involving
organization that buy in order to provide services:
SERVICE -Are activities or benefit that one party can order to another
that is intangible and does not result in the ownership of its production
may or may not be tied to physical product.
INSURANCE-Is one of the social sciences designed essentially for the
social science designed essentially for taking risk and risk taking involves
the uncertainty of loss. It is also an arrangement with a company in
which one pays them regular amounts of money and they agree to pay the
cost.
MARKET SHARE-Percentage measure of the share obtained by an
individual company from the total market available.
MARKET POTENTIALS-This is them situation whereby the market
demand approaches to a limit as the industry marketing expenditure gets
to infinity within a given environment. It is also the highest expected
sale of a product for a customers in a specific geographical area during a
stated of time under ideal conditions. Ideal condition takes place when
there is no environmental changes, showing that all resources for
production are available and all the firms in the industry are efficient in
their distribution, sales promotion, advertising, public relations, public
relations, publicity, pricing and product improvement efforts – Ani J.O,
Anyionu S.C (2007).
BUYING MOTIVE-All those factors within a person organization
which combine to create a desire to purchase.
FIELD RESEARCH-This is the physical collection of data involving
face to face contact with the customer.
FORECASTING -This is the expected level of company sales based on
chosen marketing plan and an assumed marketing environment