Impact Of Marketing Research In A Small Scale Company
(A Case Study Of Juhel Pharmaceutical Enugu)
Marketing research plays a crucial role in small-scale companies by providing valuable insights that inform strategic decisions and drive business growth. Through methods such as surveys, interviews, and data analysis, marketing research helps small businesses understand their target market’s needs, preferences, and behaviors, enabling them to tailor their products or services accordingly. This targeted approach enhances customer satisfaction and loyalty, ultimately leading to increased sales and profitability. Moreover, marketing research helps small businesses identify emerging trends, assess competitor strategies, and uncover untapped market segments, enabling them to stay competitive in dynamic market environments. By optimizing marketing efforts based on research findings, small-scale companies can effectively allocate resources, maximize ROI, and establish a strong market presence, thereby fostering sustainable success and expansion.
The research on the role of marketing in improving a company’s performance.
In order to carryout the work effectively some of the following objective ere formulated.
– To know whether Juhel pharmaceuticals conducts marketing research
– To determine the impact of marketing research on the company’s profitability primary and secondary data were colleted to solve the research problem.
Questionnaires were used as research instrument the population of study comprised the customers distributors and relevant staff and management of Juhel pharmaceuticals in Enugu metropolis.
The following findings were recorded:
– Marketing research activities of pharmaceuticals industry have not yet received adequate attention this is due to lack of financial support.
– Also the seller market economy that use operate on total absence of consumer activities in Enugu state makes it impossible for manufacturer not to pay adequate attention to marketing research activities.
The management should ensure adequate budgeting allocation to research as a means of attaining it’s overall objective
– The company it unable have a full fledged market research department should explore alternative ways of obtained market research data like patronizing external research agencies or marketing.
– It is the researcher candid opinion the if the company implements the recommendation it will not service their customers effectively but will also sustained growth and make more profit.
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE –
1.0 INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Definition of terms
CHAPTER TWO
2.0 Literature review
CHAPTER THREE
3.0 Research methodology
3.1 Source of data
3.2 Method of data collection
3.3 Population of study
3.4 Determination of sample size
3.5 Research instrument used
3.6 Method of data analysis and treatment
3.7 Distribution return of questionnaires for customers.
CHAPTER FOUR
4.0 Presentation analysis and interpretation of data
CHAPTER FIVE
5.0 Summary of findings
5.1 Recommendation
5.2 Conclusion
5.3 Bibliography
BACKGROUND TO THE STUDY
Goal attainment is the watch word of every business organization. They exist to accomplish something in the large environment. Its special purpose or mission is usually clear at the beginning over the time however on or more things happen it mission may become unclear as the organization grows develops new product and market from time to time the company must undertake and understand a critical review and preview of their overall effectiveness through marketing research.
Marketing research can be defined as the systematic gathering recording processing and analyzing of marketing data which when interpreted will help the marketing executive to uncover opportunities and to reduce risks in decision marketing see Dillon Madden and Firtte. The universal application of marketing research data by various marketing organization and other fields of human endeavour can not be over emphasized. Marketing research identifies potential market and evaluates the market for purpose of designing an effective strategy to exploiting the market achieving goals and objective by management.
Because of the rapid change in the organization marketing and marketing environment marketing research help companies to periodically reassess or research on its overall approach to the market place in which strategic planning is developed as the major areas where rapid obsolesce of objective policies strategies and programmes are constantly possible. It is a tool for achieving goals and objectives of an organization for efficiency and effectiveness in attaining the internal and external task objectives and other marketing programme within the marketing environment.
Marketing concepts and progress are understood as competition between business geared up, it becomes imperative to turn attention to identify the consumer behaviour as regards to their needs and wants which are naturally insatiable with marketing research. It holds the key in achieving organizational goal through identifying the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors it is based on market focus customers orientation and behaviour co-ordinate marketing and effective communication system for effective and efficient decision making implementation and control. It also deals with the controllable and uncontrollable variable that regulates the affairs of an organization as a means of organization in market environment
Companies shall be conversant of marketing research to continuously monitor the changing scene in the market which will help in identifying and highlighting on the SWOT analysis strength weakness, opportunity and strategies in the to meet new challenges as an opportunity in the environment. This helps in improving the management decision making company’s mission growth strategy and portfolio plan that helps in long middle and short term plan as a means of enhancing towards new market challenges and exploit the opportunities exposed to them controlling the organizational weakness as a mean of enhancing towards new market challenges and exploit the opportunities exposed of them controlling the organizational environmental threat facing marketing in the market environment.
STATEMENT OF PROBLEM
Marketing research is an important tool in any marketing activity of a company which has to be properly integrated in order to achieve its desired goals and objectives through all is aimed to identify the need and want of consumers as a means of attaining adequate satisfaction of consumers needs and wants to achieve the organizational set objectives.
With the marketing research the socio-cultural economical legal political technological and competitive conditions are checked to consumers with products of consistently high quality made readily available at price which has the value for the money spent it facilitate the companies marketing activities to ensure unwiring commitment to pursue excellence as the basis for current success and future growth. The problem uncounted by the company include the inadequate sources of data which has affected their research decision and activities. This is a process by which the company has little sources of data which includes bias o’ dishonesty on the part of the filed works.
Juhel pharmaceutical just like most of the small and medium scale companies are facing competition and the consumers are not satisfied with the quality of the product. This research intends to find out how market research can help in improving marketing performance of Juhel pharmaceutical company in Enugu state.
OBJECTIVE OF THE STYUDY
This study was aimed at the following:
1. To understand the whole marketing research process.
2. To know has research can help in strategic development with the environmental changes in mind.
3. To know weather Juhel pharmaceutical conducts marketing research.
4. To find out how the type of marketing research activities the company conducts.
5. To find how the company conducts its marketing research.
6. To know how research can help in identifying the opportunities and threats facing the company or its products in the marketing environment.
7. To know how it can improve the competitive strength of their product and company
8. To find out if marketing research has an impact in increase of sales volume
9. To determine the impact of marketing research on the company’s profitability.
10. To determine if marketing research actually identify solution to the needs and wants of their consumers.
RESEARCH QUESTION
Does marketing research helps Juhel pharmaceutical company in serving their customers better?
Does marketing research help Juhel pharmaceutical company to know the needs and wants of their customers?
Has the product quality increased as a result of marketing research by company?
Does marketing research carried out by the company improve the qualify of the product?
Does adoption of marketing research help Juhel pharmaceutical company in fighting competition.
SIGNIFICANCE OF THE STUDY
This study will help company most especially its management to ensure effective planning organizing personal standard implementation of policies an control help them attain the organization product portfolio market position and profitability margin.
It will help also the researcher in carrying out a related study in enlarging the scope of the study research work.
It will help the company and other related company to fashion out product and marketing strategies that will be very beneficial to the customers.
Finally, the study would help that company to take cognizance and environment factors both internal and external environment to be able to develop more strength to claim more marked opportunity control the identified weakness to help convent some of the threat to benefits which helps to attain the set objectives.
SCOPE OF THE STUDY
This study is designed to give an insight into ways of solving a nation problem the problem of poor marketing research application budgeting and implementation consumer good companies abound in Nigeria.
Therefore it will be extremely difficult and impossible for the researcher to study all of them considering time constrain the research however, decided to use Juhel pharmaceutical ltd to enable her carry out an indepth study on the organization.
DEFINITION OF TERMS
Marketing: The human behaviour at satisfying needs and wants through exchange process (Edoga and Ani)
Customers: The people that actually buy but may not be user of the product.
Marketing research: It is the systematic design collection analysis and reporting of data and finding relevant to a specific marketing situation facing the company Ozo and Odo 2001.
Impact Of Marketing Research In A Small Scale Company:
Marketing research can have a significant impact on small-scale companies by helping them make informed decisions, understand their target market better, and allocate resources effectively. Here are some key ways in which marketing research can benefit small businesses:
- Market Understanding: Marketing research allows small-scale companies to gain a deeper understanding of their target market. It helps them identify customer needs, preferences, and behaviors. This knowledge can be used to tailor products or services to better meet customer demands.
- Competitive Advantage: Research helps businesses assess their competitors’ strengths and weaknesses. Small companies can use this information to position themselves more effectively in the market, differentiating their products or services from competitors.
- Product Development: Small-scale companies can use research to gather feedback from potential customers about product ideas or prototypes. This feedback can be invaluable in refining product offerings to better match market needs.
- Marketing Strategy: Research can inform the development of marketing strategies that are more likely to resonate with the target audience. Small companies can use research to identify the most effective marketing channels and messaging.
- Cost Efficiency: By understanding where their target audience spends time and money, small businesses can allocate their marketing budget more efficiently. This prevents wasted resources on ineffective marketing channels.
- Risk Mitigation: Research can help small companies identify potential market challenges or threats early on. By anticipating market trends and shifts, businesses can adapt and mitigate risks.
- Customer Satisfaction: Research allows businesses to gather feedback from existing customers, helping them identify areas for improvement and enhance customer satisfaction. Satisfied customers are more likely to become repeat buyers and brand advocates.
- Expansion Opportunities: Small-scale companies considering expansion into new markets can use research to assess the viability of such moves. It can help identify new target demographics, assess market saturation, and gauge potential demand.
- Budget Planning: Marketing research can assist in setting realistic marketing budgets based on the size of the target market, competition, and the company’s financial resources. This prevents overspending or underinvestment.
- Measuring ROI: Research provides a basis for measuring the return on investment (ROI) of marketing activities. Small companies can evaluate the effectiveness of their marketing efforts and make adjustments as needed.
- Feedback Loop: Continuous research creates a feedback loop that allows small companies to adapt and evolve in response to changing market conditions, customer preferences, and competitive dynamics.
In summary, marketing research plays a crucial role in the success of small-scale companies. It helps them make informed decisions, reduce risks, optimize marketing strategies, and ultimately grow their business by better understanding their market and customers. While small businesses may have limited resources, investing in targeted research can yield significant benefits and contribute to long-term sustainability and profitability.