Market Research as The Architect of Informed Marketing Planning and Decision Making in Business Organization: A Literature Review (Published)
This study is focused on market research as the architect of informed marketing planning and decision making in business organizations. The objectives of the study are to critically and contextually examine the development of a company or business through proper planning, organization and control of both human and material resources to satisfy all specific needs within the market at the right time, ascertain the satisfaction of customer’s specific needs through required product or service which should comply with a customer’s requirements and preferences when consumed, determine the economical degree of success or failure a company can have while being new to the market or otherwise introducing new products or services , thus providing certainty to all actions to be implemented, and determine the orientation or disposition of small-scale business owners/operators in terms of customer orientation versus company/profit orientation. The study identifies and exploits market research and its components, business needs for market research, business failure, marketing planning and marketing decision-making; highlights methods / techniques of conducting market research, examples of market research and the best practices for market research to deliver value to organizations that help shape strategy, uncover opportunities, reducing uncertainty and make data-driven decisions and a razor-sharp focus on efficient growth. The findings of the study are that new product development and launch needs adequate market research, the final design of a product and its positioning needs market research, market research only works when subjects are honest and open to participating and the viability of a new product and how it might perform in the real world is dependent on market research, and that the small business owners claim to be alert to customer complaints and are market-driven, among others. The study concluded that market research is vital in today’s business landscape as it is the compass that guides product development, marketing campaigns and expansion efforts, ensuring resources are invested wisely. We, therefore, recommended that management of organizations should use the result of market research to inform the final design of the product and determine how it will be positioned in the market place, and management of organizations should also take note that the whole business activities must be preceded with market research, and sales forecasting to provide a sound, factual, consumer-oriented basis for planning business processes, and marketing practitioners must play the leading role in this direction, among others.
Keywords: Marketing Research, business failure, market research, marketing planning and marketing decision-making.
The Influence of Marketing Orientation on the Formation of Unique Value Propositions of Food Processing Companies in Southwest, Nigeria (Published)
The purpose of the study was to investigate the extent to which marketing orientation influences the formation of unique value propositions of food processing companies in Southwest, Nigeria. The descriptive research design of the survey type was adopted in the study. Purposive sampling technique was adopted to select two hundred and four (204) operation and marketing managers of food processing companies in selected states in Southwest, Nigeria. The study adopted the interview method of data gathering. The data collected for the study was analyzed using both descriptive and inferential statistics. Based on the findings of the study, it was concluded that the key components of marketing orientation that influence the formation of unique value propositions of food processing companies in Southwest, Nigeria are customer orientation, competitors’ orientation, innovation and market segmentation; there is a significant relationship between the key components of marketing orientation and the identification & understanding of customers’ needs & preferences of food processing companies in Southwest, Nigeria, also, marketing-oriented food processing companies in Southwest, Nigeria utilize customer feedback and market data to continuously enhance their value propositions at a high extent. Based on the findings, it was recommended that food processing companies in Southwest, Nigeria should always conduct thorough market research to gain a deep understanding of the local consumer preferences, cultural nuances, and emerging trends and implement robust customer engagement strategies, such as surveys, focus groups, and social media interactions to gather continuous feedback from consumers.
Keywords: Marketing Orientation, competitors’ orientation, customers’ orientation, market research, unique value proposition