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.
Impact of Marketing Research on Business Management in Nigeria (Published)
The study assessed the extent of the effects of marketing research on the practice of business management in Nigerian organizations. Survey method was used. The target population was 15,600 registered members of the National Institute of Marketing of Nigeria (NIMN), comprising academic marketers, AM (2200), marketing practitioners, MP (9350) and marketing students MS (4050).Stratified, simple random, convenience and judgmental sampling procedures were adopted. The sample size of 390 was determined using Yamane (1967) formula. Applying Bowley’s proportional allocation formula, the sample size for each category of the respondents was estimated; AM (55), MP (234) and MS (101).One hypothesis and a research question guided the study. Primary and secondary sources were accessed for data. In-depth interviews were held with marketing practitioners and students, academic marketers, coordinators of marketing research firms and secretary of Nigerian Marketing Research Association (NIMRA). The questionnaire adopted the five point Likert scale format, viz, strong agree (5points), agree (4points), undecided (3points), disagree (2points) and strongly disagree (1point). The opinions of marketing experts validated the research instrument. Pilot study was conducted. The reliability coefficient of the research instrument, 0.973 was estimated, using Cronbach’s Alpha technique. With one-way ANOVA and Minitab software techniques, the hypothesis of the study was formulated and tested at 0.05 level of significance and 15degrees of freedom. The study revealed the extent of the effects of marketing research at 18.08 percent had non-significant positive impact on business management practice in Nigerian organizations. Recommendations were made.
Keywords: Academic Marketers., Business Management, Impact, Marketing Practitioners, Marketing Research