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ABSTRACT
This study examines marketing research as a tool for increased profitability in service industry taking NICON Insurance Company Enugu 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: 1. To examine critically the level of marketing research applied by NICON Insurance in their service delivery. 2. To find the medium through which the research was created. 3. 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. 4. To find the different research tools used by the organization. 5. 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 NICON Insurance 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 NICON Insurance Company, policyholders and agencies. In determining the sample size, the researcher covienenrently fixed the sample size at 160 for the customer (policy holders) of NICON insurance and 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. After a successful research, the researcher came out with the following findings: 1. That NICON Insurance company at one time on the other engaged in marketing research activities. 2.That the company does not have a marketing research department because of the cost involved 3. That NICON cannot do without marketing research as it help them to identify the needs of this prospect. 4. That the establishment of marketing research department will increase the profit level in the organization. It is against these entire background hat the researcher believes that the study of this nature is necessary since it will help the company, the customers and the agents. Therefore, NICON Insurance Company, Enugu state should engage in marketing research activities since the market is very competitive and will also help them to remain competitive in the industry. It will also help them to increase the profit level in the organization.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The basic reason for this study is to examine Marketing Research as a tool for increased profitability in service industry taking NICON Insurance Company Limited Enugu 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.
Good Marketing research does not only involved ordinary technical tools. 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 NICON Insurance cooperation 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.
1.2 STATEMENT OF THE PROBLEM
Inadequate marketing research affects NICON insurance corporation in the following ways:-
1. The inadequate marketing research have denied customers information about insurance corporation PLC.
2. The inadequate marketing researches in NICON have prevent potential customers valuable information regarding NICON PLC’s new ways of rendering services.
3. 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.
4. The inadequate use of marketing research have affected NICON in their quest for patronage.
5. The inadequate use of marketing research had created problems to NICON on the mode of operation of services available at the service industry for customers benefit and utilization.
1.3 OBJECTIVE OF THE STUDY
1. To examine critically he level of research that that been generated by the corporation.
2. To find out the medium through which the research was created.
3. To find out the different research tools compare in adequate research.
4. 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.
5. To find out if the research conducted have increased the growth and profitability of the corporation.
6. To alerts customers on the services and mode of services rendered by the service industry especially the NICON insurance corporation PLC, Enugu.
1.4 RESEARCH HYPOTHESES
Ho: Marketing research does not create awareness of the NICON insurance corporation.
H12: Marketing research creates awareness of NICON insurance company
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 NICON Insurance Corporation.
H13: Marketing research increase profit on NICON Insurance Company.
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.
NICON Insurance PLC, 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 industry (the service industry 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 industry. Because of time and other factors involved, the research was limited to the study of a particular insurance firm known as NICON Insurance Corporation PLC, Enugu. It examines the conduct of marketing research activities in the industry.
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 industry 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 industry 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).
CHAPTER TWO
LITERATURE REVIEW
Marketing research is the tool used by management in solving problems and making decisions in the field of marketing. It is an end to a sound judgment, as the aim is to furnish an organization with necessary facts of which to base their decision. It provide managers with hypothesis or principles which can be carried over from one marketing situation to another and this can be useful in making predictions. It supplies analytical tools based on logic mathematical used in decision making.
Stanton (1988,p.48) stated that “By broadening the perspective of marketing research we are on effect, embracing the marketing concept.” He however criticized marketing research on the basis of certain difficulties which can be traced to the fact that the field depends on human judgment and feelings of the people.
Marketing research uses statistical tools, in formulating new policy for future markets and help to answer question on what quantity, at what price, to which customers the products are meant for. It involves gathering, recording and analysis of all facts and data concerned with the transfer of goods from the producers to the consumers. It also reduce the area of uncertainty surrounding business decisions by improving the supply of market information to the decision makers.
Nwokoye (1985, p88) stated that marketing research provides valuable information for the planning of the marketing mix. He further stated that research reveal the product features that are popular, reveal price ranges that are acceptable to buyers, reveal, retail outlets that can favour the buyers and what media the buyers are likely to be reached. When the marketing plan is launched, marketing research is needed to monitor results and to investigate various kinds of problems relating to the marketing effort. He emphasized that if a market has developed research tradition as an integral way to planning and problem solving, he is likely to reap full benefits from it. He also stated that “Marketing research does not only produce benefit, it curs cost as well.
Tomcannon (2003, p. 108) has three views on marketing research. Firstly, it is a means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy use those goods and services. Secondly, it is the systematic collection and objective recording, classification, analysis and presentation of data concerning the behaviour, needs, attitudes, opinions, motivation; of individuals and organizations (Commercial enterprises, public bodies etc) within the contact of their economic, social, political and everyday activities. Lastly, it is the systematic and objective search for analysis of information relevant to the identification of any problem in the field of marketing. This goes beyond the confines of market research, with its emphasis on the measurement and analysis of markets, to solve a particular company’s marketing problem in an attempt to encompass the broad field of marketing.
In the view expressed by Green and Tull (1976, P.3) marketing research is a restless, changing dynamic field. Concomitant with these changes have been the gradual but pronounced shift in orientation of firms from production to marketing. The marketing manager assumed a wider range of responsibility that have increased in complexity hence an ever increasing premium has been place on making sound marketing decision. In response to this requirement a formalize means of acquiring information to assist in the making of marketing decision has emerged. This means is called marketing research. They defined marketing research as “a systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the filed of marketing”. They believe that marketing research underline and permit the management decision making under the four classes or conditions viz certainly with respect to each course of action leading to a specific outcome; Risk with respect to each action leading to a set of possible outcomes and each outcome, given a particular course of action.
Green and Tull are of the opinion that, we have problem whenever we have goals or objective to attain. When the problem contains significant unknown or risks or when the right course of action is unclear, we must conduct marketing research if we are to keep the risk within tolerable limits. In the risk of modern technology and human behaviour, and in the face of complexity of marketing issues, the decision maker has a difficult role. He must deal with the inter play of values, factors and non-factors amidst the struggle of human and social values against machines and “fair profit” demands. All these can be clarified sufficiently with the help of marketing research.
2.1 WHAT IS MARKETING
The term marketing has different definitions from different authors but all these definitions is aimed at finding out the needs of the customers and a way of satisfying them either collectively or individual. Some of this definition will be adopted in the course of this study.
According to Kotler and Armstrong (2008, p.29) defines marketing as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
Marketing is also the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives (IMA, 1985).
The process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return.
It is also the management process responsible for identifying, anticipating, and satisfying customer requirements profitably (CIM, 2001).
Etzel, Walker, Stanton (2007, P.6) viewed marketing as a total system of business activities designed to plan, price, promote and distribute want – satisfying products to target markers in order to achieve organizational objectives.
2.2 WHAT IS MARKETING RESEARCH
Marketing research also has different definitions from various authors and groups.
The American Marketing Association (AMA) has define marketing research as the function that links the consumer, customer, and public to the marketer through information – information used to identify ad define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performances; and improve understanding of market as a process.
Marketing research specifies the information required to address these issues; designs the method for collecting information; manages and implements the data collection process; analyses the results; and communicates the findings and their implications.
Marketing research is the systematic and objective study of problems pertaining to the marketing of goods and services. It may be emphasized that it is not restricted to any particular area of marketing, but is applicable to all its phases and aspects.
According to Malhotra (2008, p.7) defines marketing research as the systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.
In the view expressed by Ezeudu (2005, p.1) sees marketing research as a systematic, objective approach to the development and provision of information for decision – making regarding a specific marketing problem. This definition has five key elements:-
i. Marketing research is systematic; it is a planned, well-organized process.
ii. The method of obtaining information is objective; the researcher does not bics the information.
iii. The focus of marketing research is on helping markets make sound decision.
iv. The information gathered through marketing research is intended to help solve a specific problem generally, each research project is conducted only once.
v. The marketing research process focuses on transmitting information that can be used by managers in decision making.
According to Osuala (1988, p. 174) marketing research is the systematic gather, recording and analysis of data about problems relating to the marketing of goods and services. It may be undertaken by impartial agencies or by business firms or their agents for solution of marketing problems. Generally, marketing research consists of a formal procedure for collecting and analyzing information, which is normally used to help, solve one – of – a kind problems of special situations (AMA, 1961).
Kramer (1961, p.39) has this explanation to give about marketing research and service industry. “ The factors other than competition have been affecting the service industry. The important question is not what percentage of service has been lost to competitors compared to some arbitrary base year but rather why and how such losses can be prevented in the future. He believes that the success or failure of the firm in the industry depends upon its ability to forecast the nature of their demand and to adjust to meet it. The planning of service firms should state with marketing research so as to determine the effect of influence at work to change in the nature and dimension of demand for service. If there is insufficient demand for the services of a firm marketing research studies should be made to improve demand. He alleged that slack in the use of marketing research in the service industry is because,” The concept of marketing management which recognizes the user or buyer of service as the judge of its value and which emphasizes the necessity for knowledge and understanding of the factors that determines or influence his concept of value is known to them”. With the help of marketing research, the service industries are able to identify exactly what the customers wants and needs. Following this therefore, the service firms trailer their product (Services) in such a way that it will enable it increase in business size and profits.
Ejiofor (1985, p.53) postulated that marketing research is a tool “commonly used for collecting and analyzing an up-to-date information capable of reducing the uncertainties inherent in management decision making. It help to substantiate or refute the axioms and assumption of theory. He also opined that certain hurdles often see in the way of the business, scientist attempting to apply the scientific method to find solutions to specific business problem.
According to him, these hurdles are:-
a. Lack of theoretical base or hypothesis to support the research investigation with the result that the researcher is forced to approximate every specification of his empirical indication which may be detective.
b. Poor administrative and research climate which sterms from factors or attitude that would more way or another prevent a researcher from actually accomplishing the goals of his research.
c. Due to inadequate or lack of comprehensive and up-to-date statistical document, business books, bibliographies in business, there is always the problem of duplication of effort and in most cases the research does not know where to begin and where to end.
d. There exist also the problem of analysis and difficulty on obtaining accurate measurement instruments.
According Bearden, Ingram and Laforge (2001, P,121 believes that marketing research is used in planning to identify the needs of product users and in problem solving to evaluate the types of product to offer. They opine that the overall objective of marketing research is to reduce risk in decision making by helping management understand its uncertain and changing market place and the consumers and competitors that make up its markets. The marketing research process involves the collection, interpretation, and use of data to make decision. Such understanding makes a firm better able to provide products and services that meet customer expectation and needs. Marketing research enhances communication between a firm and its markets with the aim of improving managerial decision-making. The aim of research is not to confirm that decisions already made are correct, but to identify alternative choice and to support the decision-making process.
2.2.1 TYPES OF MARKETING RESEARCH
i. EXPLORATORY RESEARCH
This is a types of research in which the major emphasis on gaining ideas and insights; it is particularly helpful in breaking broad, vague problem statements into smaller, more precise sub problem statements.
ii. DESCRIPTIVE RESEARCH
A research in which the major emphasis is on determining the frequency with which something occurs or the extent to which two variable covary.
iii. CASUAL RESEARCH
A type of research in which the major emphasis is one determining cause – and effect relationships.
2.2.2 CLASSIFICATION OF MARKETING RESEARCH
Marketing research is classified into the following:-
I. PROBLEM IDENTIFICATION RESEARCH
Research that is undertaken to help identify problems that are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future. Examples of problem identification research include market potential, market share, brand or company image, market characteristics, sales analysis, short – range forecasting, long-range forecasting, and business trends research.
II. PROBLEM – SOLVING RESEARCH
Once a problem or opportunity has been identified, problem – solving research is undertaken to arrive at a solution. The findings of problem – solving research are used in making decisions that will solve specific marketing problems. Most companies conduct problem – solving research. Issues addressed to problem – solving research include segmentation, product, pricing, promotion and distribution research.
2.2.3 FUNCTIONS OF MARKETING RESEARCH
Marketing research has the prime function of reducing risks, the greater the risk, the more justification exists for investing in objective and reliable information about specific aspects of marketing. As it can be rightly observe, research in marketing is committed to the fundamental principle of utility, and as two American researcher have emphasized, there is no point in doing research if the information gathered is defective and could not lead to doing anything differently – where the information is defective, the resultant finding is not in the position to fulfill its purpose; if the research is not going to fulfill its purpose probably because of certain inadequacies, biases in sampling, non-sampling errors and data collection etc, the effort could be regarded as an exercise in futility.
However, the American Marketing Association in their definition emphasis that the function of marketing research is to provide information to management so that it can identify and react to marketing opportunities and problem.
Marketing research has the function of assessing the information needs provide management with relevant, accurate, reliable, valid, current and actionable information.
2.2.4. OBJECTIVE OF MARKETING RESEARCH
Every company needs marketing research both profit and non-profit organization. Therefore, they must have an objective while conducting research.
The Objectives will be geared towards the following:.
i. To identify target customers.
Ii To alter the public on the service rendered by the company.
iii. To win competitors, remain on top and gain more prospects for patronage.
iv. To sale off the company’s products and services.
v. To provide regular information on uncontrollable external variables such as the general state of the economy, government polices, broad socio-cultural trends.
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