THE IMPACT OF MARKETING RESEARCH AS A PROFITABLE TOOL IN RETAIL ORGANIZATION

THE IMPACT OF MARKETING RESEARCH AS A PROFITABLE TOOL IN RETAIL ORGANIZATION

(A CASE STUDY OF MR. BIGG’S ABUJA)

CHAPTER ONE

1.0 INTRODUCTION

The reality of the marketing research in the organization derives from this perspective since its responsibility includes but not limited to the anticipation. Identification and satisfaction of consumer needs and wants.

Marketing research, this involves carrying out market and marketing research designed to determine customers/clients’ need and wants and gather data and information relevant for marketing management decisions and theories.

Marketing research is the function linking the consumer, customer and public to identify and define marketing opportunities and problem to generate, refine and evaluate marketing actions, to monitor marketing performance and to improve understanding of the marketing process. Marketing researchers specify the information needed to address marketing issues design the method for collecting information, manage and implement the data collection process, analyze the results and communicate the findings and their implications.

Marketing research engage in a wide variety of activities ranging from analysis of market potentials and market shares to studies of customer satisfaction and purchase intention. Every market needs research. A company can conduct marketing research in its research department or have some or all of it done outside. Although most large companies have their own marketing research department, they often use outside firms to do special research tasks or special studies. A company with no research department will have to buy the services of research firms.

Many people think of marketing research as a lengthy, formal process carried out by large marketing companies, but many small business and non-profit organization can find informal, low-cost alternative to the formal and complex marketing research techniques used by research experts in large firms.

The marketing environment is changing at an accelerating rate. Given the following changes, the need for real-time market information is greater than any time in the past.

In today’s information based – society, companies with superior information enjoy a competitive advantage. The company can choose its market better, develop better offerings and execute better marketing planning. The universal application of marketing research data by various marketing organizations and other field of human endeavour of various marketing cannot be overemphasized.

This makes retail business therefore, not an exception in this direction.

1.1 HISTORICAL BACKGROUND OF THE STUDY

Mr. Bigg’s first started operation in the 1960’s as Kingsway mall and cost sales to local markets, is a Nigerian chain of fast food restaurant owned by conglomerate U.A.C of Nigeria Plc.

United African company has been actively involved in the economic growth and development of Nigeria. U.A.C, company initially acted as a distribution in Nigeria products for a number of important international manufacturers and suppliers. Subsequently, it expanded and diversified into wide range of other areas including manufacturing technical sales and services, merchandising and marketing.

Traditional equipment tractor and equipment Nigeria Limited subsidiary of UAC Plc.

Mr. Bigg’s a division of UAC of Nigeria Plc is the leader in the front seat of quick services restaurant. Mr. Bigg’s was established on 23^rd April 1986 with its first Mr. Bigg’s outlet and King’s way building Marina Lagos.

There are currently thousands location in Nigeria and Ghana. The restaurant is styled after Mc Donald’s and is known for its red and white coloured restaurant and meet pies. The chain changed it name from King way” to Mr. Bigg’s in 1986 and expanded quickly after becoming one of the firsts Nigeria companies to sell franchises to investors.

Its quick services restaurant experience is anchored on the core values of quality fast food which include, meat pie and cakes, ice cream, fried rice/grilled chicken, hamburger, etc and friendly service and value of money. As the market leader and the restaurant chain that has defined the quick service restaurant standards in the industry they have led the industry in menu innovations, people practices, fast and friendly services, value for money and availability of restaurant that are strategically network.

Presently, there are over 5000 outlets across the country with a large number of workforce. Mr. Bigg’s is headed by the Divisional Managing Director (DMD) and it is further sub-divided into four regions: North, South, West and Eastern region where each region is headed by the retail operations manager which form the core decision making body.

1.2 STATEMENT OF THE PROBLEM

The importance of marketing research especially to an organization can not be over emphasized. But most organization are yet to implement as a result of numerous problem, however it is not easy as one may think in conducting marketing research.

• Most executive look upon research as a mere clerical activity.
• Research has some level of bias
• Time taken to execute one
• Scanty data

In addressing marketing research in order to give and results, there are some issues that has to be critically examined and analyzed they are:

1. Is marketing research a substitute for management decision making
2. Is marketing research information helpful in arriving at valuable decision inspite of the depressed economic situations.
3. Should marketing research be a continuous exercise of an ad-hoc practice?

1.3 OBJECTIVES OF THE STUDY

The objectives of the study are:

1. To review and appraise the relevance of marketing research in retail business.
2. To find out the implications for the use of marketing research.
3. To suggest a more appropriate strategy for effective of implementation of marketing research result.
4. To determine the extent to which marketing research can be used as profitable tool in retail business.
5. To expose the problem of marketing research and finally to make recommendations besides findings.

1.4 SIGNIFICANCE OF THE STUDY

The significance of the study is to examine critically the impact of marketing research as a profitable tool in retail business which will be significance to students of marketing and marketing practitioners who have direct contact with the business world.

The study will help to bring out how marketing research could be used effectively and efficiently in accomplishing the objectives and solving management problems.

The significance of the study is also to collect relevant and enough information that could be used both in institutions and in the business world. It is equally usefully to enlighten and broaden people’s knowledge about the subject matter and especially the techniques in marketing research.

It is intended to help or serve as a guide to people who may want to employ marketing research in the sales of their products.

1.5 STATEMENT OF HYPOTHESIS

The researcher in carrying out this write up must be able to valuate or relate the following hypothesis question, using the two types of hypothesis (a) Alternative hypothesis (b) Null hypothesis.

Ho –        Marketing research do not contribute to the development of companies

 Hi –        Marketing research contributes to the development of companies.

Ho -Marketing research does not have great impact on retail business

Hi –  Marketing research has a great impact on retail business.

1.6 LIMITATION OF THE STUDY

The scope of this study will be limited to the impact of marketing research as a profitable tool in retail business of Mr. Bigg’s Abuja the scope of this research is limited due to the following:

1. Most company documents are kept in top secret and as such very vital portion of information may not be disclosed. There agree information may only prove inadequate for a project of this kind.
2. Finance: Due to non availability of funds to undertake research to the fullest satisfaction of the questionnaire administered are few the respondents.
3. Time: The time allocated for this research work was not enough. This has an effect on the scope of the research work.

Moreover, the uncooperative attitude of some of the respondents hindered greatly the smooth gathering of relevant data. Some of the respondents doubted the sincerely and usefulness of the study.

Furthermore, the company’s official were not ready to release some information as they are restricted to certain limit.

1.7 SCOPES OF THE STUDY

The scope of this study will be limited to the impact of marketing research as a profitable tool in retail organization of Mrs. Bigg’s as the case study.

The research work covers areas such as scope and procedures of marketing research as well as the analysis of the impact of marketing research activities on marketing a product by defining the roles of marketing research as well as the problem inherent in the marketing research activities.

It also emphasize on proffer solution through well articulated recommendation on the ways and manner marketing research practice can improve upon for the overall interest and development economy in general through predictable marketing product and development phenomenal.

1.8 DEFINITION OF TERMS

Marketing: Marketing is a societal and managerial process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.

Research: Research is simply the process of arriving at dependable solutions to problems through planned and systematic collection analysis and interpretation of data.

Market: This is defined as all the potential customers sharing a particular needs and wants who might be willing and able to exchange in order to satisfy that need or want.

Market Research: This is the systematic and objective identification, collection, analysis and dissemination of information for the purpose of improving decision making related to the identification and solution.

Consumer: A consumer is referred to as the user of a product or services.

Product: Is anything that can be offered to the marketing for acquisition, utilization.

Product Research: This aspect deals with the design development, testing of new products modification of existing one, forecasting of like friends in consumers preferences in such areas as styling, branding, packaging, quality etc.

Promotion Research: Researcher in this area is concerned with testing and evaluating the effectiveness of the various methods used in promoting a company’s products or services.

Explanation Research: This concerned with discovering the general form of decision of problems situations.

Media Research: This cover the mass media survey such as press, radio, television etc.

Market Share: Positive occupied by a company in terms of percentage e.g 56% market share.

Retailing: Retailing includes all the activities involved in selling food or services directly to final consumers for personal, non business use.

Business: The activity of making, buying, selling or supplying goods or services for money at a profit.

Sample: A sample is a group of respondents who are representative of the population being surveyed.

Information: Information is an aid mechanically, manually or both to decision making for organization as a whole, projecting the past data for an information to be useful, it must have an entity context.

Sampling: Is one of the main tools of marketing research which is concerned with collections, analyzing and interpretation of market data it. Involves the study in considerable detail of relative small numbers of information taken from a large group.

 ENDNOTE

J.C, Ghandhi (1985) Marketing: A managerial Introduction (New Delji: MCGraw

– Hill Inc. ) Pg. 10-13.

Philip Kotler (2000) Marketing Management 10^th Edition, (New Delhi; Prentice

Hall Inc.) Pg. 105-107.

1. N. Marlhota (1996) Marketing Research 2^nd Edition (New Jersey; Prentice Hall

Inc). Pg. 6-22