Marketing Research As A Instrument For Increased Profitability In Service Company
ABSTRACT
This study examines marketing research as a Instrument for increased profitability in service company taking Ogechikammer Company Ebonyi State as a case study. 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 solution to them some of the objectives of the study include:. To examine critically the level of marketing research applied by Ogechikammerin their service delivery. To find the medium through which the research was created. To ascertain customer’s perception of the research message, and whether the claims in the message actually satisfies the needs and wants of the customers. To find the different research Instruments used by the organization. To find if the research conducted have actually increased the growth and profitability of the corporation. In the course of solving the research problems, both primary and secondary data were collected with much emphasis on primary data which helped the researcher to get first hand information from the customers and staff of Ogechikammer from the comprises the staff and management, the customers (policy holders) and the agents. The research instruments used for this study were the questionnaire surveys and personal or face-to-face interview. The questionnaire was the major research instrument used in the study, which was administered to the staff of Ogechikammer Company, policyholders and agencies. In determining the sample size, the researcher covienenrently fixed the sample size at 160 for the customer (policy holders) of Ogechikammerand 20 for the agents. This brings the total number of questionnaire distributed to 220. In organizing and presenting data collected, tables and percentages were. The level of significances used is 5%. The various hypotheses were tested using the chi-square.
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE 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 and promotion activities. Some large companies have their own research departments that work with market managers on marketing research projects.
Good Marketing research does not only involved ordinary technical Instruments. It requires cooperation between researchers and marketing managers. Good Marketing researchers must focus attention towards marketing management and marketing research, and be sure that their researches focus on real problems. Broad principles or laws” putting it another way, research is a planned process of conducting investigations in order to achieve a pre-determined objectives. The objective is usually a solution to one or more specific problems or an addition to current knowledge in a particular field.
It is against this background that the researcher believes the study of this nature is necessary. The outcome of this study will provide an adequate understanding on the application of the various marketing research to service business like NICON Insurance.
Also, this research work will help to ensure an improvement in the quality of services rendered to the customers and publics by Ogechikammercooperation and could as well help the management draw strategy and programme which will enable them to remain competitive.
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.
STATEMENT OF THE PROBLEM
Inadequate marketing research affects Ogechikammercorporation in the following ways:-
The inadequate marketing research have denied customers information about insurance corporation PLC.
The inadequate marketing researches in NICON have prevent potential customers valuable information regarding NICON PLC’s new ways of rendering services.
The inadequate use of marketing research in NICON have prevented customers from the knowledge of services rendered by NICON and have prevented them from taking advantage of it.
The inadequate use of marketing research have affected NICON in their quest for patronage.
The inadequate use of marketing research had created problems to NICON on the mode of operation of services available at the service company for customers benefit and utilization.
1.3 OBJECTIVE OF THE STUDY
To examine critically he level of research that that been generated by the corporation.
To find out the medium through which the research was created.
To find out the different research Instruments compare in adequate research.
To ascertain customers perception of the research message, that is whether the target audience believe in the statements claims and promises contained in the result form the research.
To find out if the research conducted have increased the growth and profitability of the corporation.
To alerts customers on the services and mode of services rendered by the service company especially the Ogechikammercorporation PLC, Ebonyi.
1.4 RESEARCH HYPOTHESES
Ho: Marketing research does not create awareness of the Ogechikammercorporation.
H12: Marketing research creates awareness of Ogechikammercompany
H02: Marketing research does not increase the number of policy holders.
H12: Marketing research increases the number of policy holder.
H03: Marketing research does not increase profit in OgechikammerCorporation.
H13: Marketing research increase profit on OgechikammerCompany.
1.5 SIGNIFICANCE OF THE STUDY
The benefits of the study can be discussed under the following.
– To the NICON, the research. The general publics and intending future researcher.
OgechikammerPLC, like every other researcher spends on researching in order to rate profits. Therefore, this study will be of great 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 for management 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 company (the service company 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.
Finally, this study would help the researcher and the readers to appropriately appreciate the use and importance of proper research in introducing and increasing profit on any service rendered.
1.6 SCOPE OF THE STUDY
The study takes a look into the marketing research activities of NICON firms in the service company. Because of time and other factors involved, the research was limited to the study of a particular insurance firm known as OgechikammerCorporation PLC, Ebonyi. It examines the conduct of marketing research activities in the company.
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.
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 company 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 company 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.
RISK – Is the variability that is likely to occur in the future return from a project.
MARKET – Is a potential buyer of a product or services
CUSTOMER – A customer can be referred to, as someone who regularly do purchase from a particular store, company or organization. Adetao (1999).
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