Marketing Research project Topic Chapter 1-5 Marketing Research on New Project.
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 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.
- STATEMENT OF THE PROBLEM
Inadequate marketing research affects ACE ROOT in the following ways:-
- The inadequate marketing research have denied Customers information about Ace Root.
- The inadequate marketing researches in ACE ROOT have prevent potential customers valuable information regarding ACE ROOT PLC’s new ways of rendering services.
- 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.
- The inadequate use of marketing research have affected ACE ROOT in their quest for patronage.