IMPORTANCE OF MARKTING RESEARCH IN ENHANCING THE SERVICE LEVEL OF MANUFACTURING COMPANY

 IMPORTANCE OF MARKTING RESEARCH IN ENHANCING THE SERVICE LEVEL OF MANUFACTURING COMPANY

ABSTRACT       

The research work examines the IMPORTANCE of marketing research in enhancing the service level of manufacturing firm and to achieve the purpose. Past contributions and the opinions at experts were reviewed. The research design adopted in carrying out this research work is quas – experimental design and the primary data was collected with the aid of questionnaire from ten (10) respondents draw from three small scale firm in Owerri. The data was subsequently analyzed using frequency table and percentages via analysis of variance solution software package (SPSS). After critically analyzing the data, the following were the findings that there is a significant relationship between marketing research and the service level of manufacturing firm and secondly moderating factors do interfere in the relationship between marketing COMPANY and recommendations were made, that firm should be enlightened on the IMPORTANCE of marketing research and how it attest marketing performance positively, adapt in order to have an edge over technological tools to suit current market situation. The IMPORTANCE of marketing research in enhancing the service level of manufacturing firm (A case study of some selected manufacturing firm in Owerri Metropolis).

CHAPTER ONE/INTRODUCTION

BACKGROUND OF THE STUDY

The Nigerian economy for long has been characterized with little wonder, Nigeria is often known as a reseller market. The few manufacturing firm still operating are either muiti-national cooperation or government establishment. This scenario has adversely affected the Nigeria economy to an extend. It has become dumping ground for other countries.

Although a lot of economics reform programms were initiated in Nigeria to make the manufacturing industry vibrant and allow infant industries to grow, such programms were never sustained to the later due to political instability and mismanagement of funds by stakeholders. Nevertheless, the recent programmes of the federal government has given hope to the manufacturing COMPANY or industry as small and medium scale manufacturing firm are gradually emerging everywhere.

However, due to mildness and inexperience of the infant manufacturing firm, there has been a continuous cry of out consumers of low quality products and service. The major reason for this poor performance has been attributed to the lack of marketing research by large cooperation in Nigeria.

Marketing research plays a vital role in the success of every business entity. Expect believe that marketing research is the main pilot of commercialization.

Kotler (200) defined marketing research as the systematic and objective identification, collection and analysis and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. Armstrong (2004) defined marketing research as the function that links the marketer to the consumer and the public through information. He further said that marketing research is used to define and identify marketing opportunities and problems to generate, refine, and evaluate marketing actions; to monitor marketing performance and to improve understanding of the marketing process from the above definition of marketing research, it is assumed that marketing research is a discipline approach to problem and prospect of ensuring efficiency and portability in any firm.

STATEMENT OF PROBLEM

With the recent proliferation of small and medium scale enterprises in major cities Nigeria is sure to become an industrialized economy in the next decades. If these enterprise are given the necessary support (security, fund, expertise, conducive environment and industry protection) by the government.

Nevertheless, the manufacturing industry just as the financial sector has suffered enough economic crisis and the result is evident in the quality of service provided by COMPANY in this sector. In spite of the presence of  regulatory such as Nigeria standard organization (NSO), National agency for food and drug administration and control (NAFDAC) and consumerist the quality of products and service rendered by manufacturers is on the decline. This decline is on the evidence of the negligence of COMPANY to properly determine and fill in the need and wants of consumers.

This shows that marketing research has not this been properly embraced in this industry or by manufactures despite valuable studies and write up of experts, all shows that the contribution/benefits of marketing research to the success of business organization is immense.

In fact, most managers and elite nurse are of the note that marketing research have no value in developing nation like Nigeria, and that has been one major reason for this negligence.

As a result, this study was embarked upon to investigate the extend of relationship between  marketing research and the service level delivered by small and medium scale manufacturing firm in Imo State.

PURPOSE OF THE STUDY

This study has its major purpose of investigating the extend of investigating the extend of relationship between marketing research and the service level of manufacturing firm. The study also examines the following specific objectives.

  1. Whether marketing research is conducting in the manufacturing industry.
  2. The extend to which marketing research is conducted.
  3. The extend of qualification of the personnel.
  4. The extend to which marketing research tools (Research plan, data collection, and analysis instrument) are validated.
  5. How frequently is marketing research conducted by manufactures?
  6. The extend to which manufactures (management) implement their research findings.
  7. Whether marketing research contributes significantly to the performance / growth of the manufacturing industry.
  8. How frequently are the marketing research personnel exposed to exposed to training and motivation.
  9. Whether moderating variables interfere in the relationship between marketing research and service level desired by manufacturers

RESEARCH QUESTION

  1. What is the extend of relationship between marketing research and the service level of manufacturing COMPANY in Imo State?
  2. Do small scales firm carry out marketing research?
  3. How frequently is marketing research carried out by manufacturers?
  4. To what extend do manufacturers validate their marketing research tools before conducting a research
  5. To what extend do manufacturers execute the findings of a research study?
  6. Does marketing research contribute significantly to the performance of the manufacturing industry in Imo State?
  7. Do moderating variables interfere in the relationship between marketing research and the service level of manufacturing firm?

SIGNIFICANCE OF THE STUDY

The study has it’s main significance to enhancing the service level of manufacturing firm among which are the benefit derived by the sponsoring companies and it’s customers when marketing research is properly used.

Secondly, it helps the firm to make better marketing decisions, which inturns results in product and services that better meets the need of the consumers. Marketing research also provides the information that links marketer with their customers, and the background needed to make effective decision on a wide range of issues.

Also marketing research is very vital in the aspect of employment opportunities. That is it service as a means of employment opportunities there by improving or enhancing the economic stand of the country.

Finally, through marketing research, companies learn more about consumers; need result in more resulting products and services.

SCOPE AND LIMITATION OF STUDY

The research works covers the goal, strategies and implementation of marketing research in enhancing the service level of manufacturing firm.

The research work encountered some short coming in trying to get some necessary information and materials for successful completion some of which are.

  • Time Constraint: the time that was given for the research work was not sufficient enough for a through work to be carried out.
  • Financial Constraint: the short of funds limited the researcher to only three small manufacturing COMPANY in Owerri metropolis and also restriction to printing and administrating questions to selected few among which are the wholesaler and customers of the firm ORANISATIONAL BUREAUCRACY

OPERATIONAL DEFINITION OF TERMS

  • Marketing Research: This is a systematic and formal process of obtaining, collating, analyzing, interpreting, and reporting the findings relevant to specific marketing problems.
  • Marketing: It is the human activity which involves identifying and satisfying human wants and needs through the exchange process.
  • Research: This is a systematic orderly service for solution to a problem. It is finding out about something so as to sort out   solution.
  • Marketing Research: It is the study on itself in a particular service advertisement to determine it’s effectiveness on a target audience.
  • SMALL SCALE ORGANISATION
  • It is an organist or acting on it’s belief on a particular business that can be started with less that 100 employee and the minimum of N750,000 and the maximum of N500,000
  • Service: it is anything of benefit that one party can offer to another, it is essentially intangible and does not involve in the ownership of anything.
  • Product: A product is anything that can be offered to a marketing for attention, acquisition, use or consumption that can satisfy a need or want.
  • Price: It is one of the marketing mix (4p’s) this is the value agreed upon by the members in the exchange  process. It is the means that allow product or service to get value in the eyes of both the buyers and the sellers.
  • Satisfaction: Generic belief or pleasures someone derives from consuming a given product or service.
  • Manufacturing Sector: These are segments of the economy that engages in the production and distribution of goods for human consumption.
  • Conceptual Framework: A conceptual framework is a moderation techniques in which participant are asked to place the names of product or services on a grid. It also means how item are ground on diagram to stimulate discussion or use
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MARKETING OF BANKING SERVICES IN NIGERIA A STUDY OF FIRST BANK PLC

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Banks no longer restricted themselves to traditional banking activities, but explored newer avenues to increase business and capture new market. Grönroos., (1990)

  • In the 1990s, greater emphasis being placed on technology and innovation.
  • New concept like personal banking, retail banking, total branch automation, etc were introduced

 

Banks’ activities can be divided into retail banking, dealing directly with individuals and small businesses: business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high network individuals and families: and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.

 

Marketing approach in banking sector had taken significance after 1950 in western countries and then after 1980 in Turkey. New banking perceptiveness oriented toward market had influenced banks to create new market. Banks had started to perform marketing and planning techniques in banking in order to be able to offer their new services efficiently. Marketing scope in banking sector should be considered under the service marketing framework, Performed marketing strategy is the case which is determination of the place of financial institutions on customers’ mind. Bank marketing does not only include service selling of the bank but also is the function which gets personality and image for bank on its customers’ mind. On the other hand, financial marketing is the function which relates uncongenitalies, differences and non similar applications between financial institutions and judgement standards of their customers.

 

The reasons for marketing scope to have importance in banking and for banks to interest in marketing subject can be arranged as:

Change in demographic structure: Differentiation of population in the number and composition affect quality and attribute of customer who benefits from banking services. Intense competition in financial service sector: The competition became intense due to the growing international banking perceptiveness and recently being non limiting for new enterprises in the sector. Increase in liberalization of interest rates has intensified the competition.

 

Bank’s wish for increasing profit: Banks have to increase their profits to create new markets, to protect and develop their market shares and to survive on the basis of intense competition and demographic chance levels.

 

1.2     HISTORICAL BACKGROUND OF FIRST BANK NIG. PLC.

First Bank is one of the oldest financial institutions in Nigeria and was the first bank to be established in West Africa. The bank was incorporated as a limited liability company in March 1894 and was listed on The Nigerian Stock Exchange in March 1971. Following the Central Bank of Nigeria’s (“CBN”). induced industry-wide consolidation in 2005, the bank acquired its merchant banking subsidiary. FBN (Merchant Bankers) Limited and MBC International Bank Plc. The bank offers a wide array of financial services to a diverse customer base through its local and offshore offices, including 465 branch offices country wide and 532 ATM’s. In addition to growing organically through new products and branch development, other viable domestic acquisitions are being explored. The intention is to extend the branch network to 600 by the end of 2008.

 

1.3     STATEMENT OF THE PROBLEM

Primarily, Banks are regarded as only interested in loan and saving and other related transaction but it is quite certain that beyond that, banks do engages themselves in marketing activities. To this effect, the problem of this research work is to know the extents and ways in which the banks carry out their marketing serving such as making use of E-banking, Core – Banking, corporate banking, Mobile banking, Plastic money. NRI banking etc in carrying out their marketing services.

 

1.4     OBJECTIVES OF THE STUDY

The aim of this research work is to analyze the marketing of banking services and the means in which the services are rendered by the banks. It will go a long way to unveil the new innovative method of marketing services used by banking sector such as E-banking, Core – Banking, corporate banking, Mobile banking. Plastic money. NRI banking etc, it will also investigate into the use of Marketing mix of banking sector in marketing services which involve the analysis of the Banks Products, Price, Pricing, Place, Promotion, Process, Physical evidence. To examine the level of market service delivery in First Bank Plc Owerri in relation to Information Technology (IT) innovations To examine the employees’ perception of the effects of IT innovations on market service delivery in First Bank Plc Owerri

 

1.5     SIGNIFICANCE OF THE STUDY

This work though will be carried out in reference First Bank PLC, the findings can be significantly applied to the banking industries at large. The essence of investigating into the role of marketing of banking services is to objectively unveil to improvement it has made in the banking industries in regard to the banking services delivery.

 

1.6     RESEARCH QUESTION

In order to achieve it aims, these project will try to offer answers to the following questions:

  1. Has the marketing of banking services in the banking industries improved the banking Industries?
  2. To what extent have the E-banking helped in marketing of banking services
  3. Is the use of Core – Banking still in existence?
  4. Is corporate banking necessary in service delivery’?

These and more are the questions this research work has set out to solve.

 

1.7     RESEARCH HYPOTHESES

For a clearer understanding of the research work and validation of information gotten for the purpose of this research, some hypothetical statement was formulated which will be tested later in chapter four (4). The hypotheses comprise of two: Null hypothesis (H) and Alternate hypothesis (Hi). the null hypothesis is bound for rejection if the calculated value is greater than the observed value.

Hypothesis I

Ho: The use of New innovative method of marketing services in the marketing of banking has not contributed to the improvement of the services delivery in first bank plc.

Hi:     The use of New innovative method of marketing services in the marketing of banking has contributed to the improvement of the services delivery in first bank plc.

Hypothesis II

H0:     The application of marketing Mix strategies has not enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc.

Hi:     The application of marketing Mix strategies has enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc.

 

1.8     SCOPE OF THE STUDY

This study concentrated on First Bank PLC and it does not in totality analyzed the functionality of the bank but limits it self on the marketing of banking services. This study therefore examines the role the marketing of banking services ,a enhancing the marketing of banking services. Considering these factor the data and response to the questionnaire were limited to staff and customers of First Bank PLC Owerri.

 

 

1.9     DEFINITION OF TERMS MARKETING

According to the Oxford Advanced Learner’s dictionary, marketing is the activity of presenting, advertising and selling an organizational products or services in the best possible way.

BANKING SERVICES

Banking services can be seen as those business transactions and services the banks carries out among them and their customers to generate income for the banks and to serve the bank’s need.

E-BANKING

The remote deliver of new and traditional banking products and services through electronic delivery channels. (FFIECJ).

E-banking is an abbreviation for electronic banking. E-banking allows you to conduct bank transactions online, instead of finding a bank and interacting with a teller. Most U.S. banks offer E-banking, though the extent of the services may vary. For instance, some banks may offer unlimited bill pay options while others restrict online activity.

CORE BANKING

Core Banking is normally defined as the business conducted by a banking institution with its retail and small business customers. Many banks treat the retail customers as their core banking customers, and have a separate line of business to manage small businesses. Larger businesses are managed via the corporate banking division of the institution. Core banking basically is depositing and lending of money.

COOPERATE AND INVESTMENT BANKING

Corporate & Investment banking is a term used to describe a range of banking and investment products and services delivered to corporate clients, financial institutions, governments, agencies and, in some cases, to wealthy or ‘high-net-worth’ individuals and families,

MOBILE BANKING

Mobile banking (also known as M-Banking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone or Personal Digital Assistant (PDA).

PLASTIC MONEY

Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc.

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TOURIST DESTINATION: IMPACT OF MARKETING COMMUNICATION IN TOURISM PROMOTION IN NIGERIA

CHAPTER ONE/INTRODUCTION 

Marketing communications forms a key aspect of the delivery of tourism services. This sector is heavily dependent on marketing because of the industries special characteristics as services. However, marketing communications is a great deal more than simply about advertising. Getting the right messages to the right people is perhaps one of the most important factors in determining the success of this sector. Indeed, marketing communications forms its own sub-field of study within the discipline of marketing. And yet there are few textbooks that focus specifically on marketing communications for services, and none of them that look in detail into the communications issues, theories and strategies facing the contemporary tourism and tourism sector. This is despite the fact that this sector is an experiential services sector which relies so heavily on representations.  Representations can be described as impressions, images and depictions about the experiences or about what might be expected from service providers. Although there has been a great deal of academic attention given to the various dimensions of marketing communication in tourism and tourism services within the business and management literature, and within sociology on the semiotics of representations of tourist brochures, there has been remarkably little attention given to the broad dimensions of marketing communications, the concepts, strategies, issues and challenges underpinning this important function in a dynamic service sector environment. This project aims to at least partially address this omission. It is important, therefore, that the project begins by attempting to define and limit its scope given the broad nature of the topic and the wide variety of concepts that fall within the remit of marketing communications.

According to Smith (1988), an author of a specialist dictionary on tourism, the word ‘tourist’ was reportedly introduced in 1800 and the word ‘tourism’ in 1811. However, what exactly is tourism? Who are tourists? Regardless of the fact that both terms have now been part of the English language for over two centuries, there is still no universally acknowledged effective definition for either. For over many decades, researchers and practitioners have produced many precise definitions for both ‘tourist’ and ‘tourism’ but no definition of either term has become widely recognised. According to Smith (1988), he suggests that there “probably never will be a single definition of tourism” as economists, psychologists and geographers perceive certain things about tourism in their field (Smith 1988 as cited in Leiper 1995:3). However, any approach to defining tourism can be useful for the persons proposing it and for those who perceive the world in the subjective way. In this essay, academic authors such as Krapf and Hunziker (1942), Stear (2005) and McIntosh and Goeldner (1977) each defines ‘tourism’ in different methodical approaches.

After discussing ‘tourism’, the focus then shifts to ‘tourists’ where again, Stear (2005), Leiper (1979) and Weaver and Lawton (2006), defines ‘tourists’ and its heuristic concepts.  One of the first attempts to define tourism was that of two Swiss academics, Professors Hunziker and Krapf of Berne University. They defined tourism in a 1942 study as a complex of environmental impacts: “the sum of the phenomena and relationships arising from the travel and stay of non-residents, in so far as they do not lead to permanent residence and are not connected to any earning activity.” This definition has been acknowledged by many international associations including the International Association of Scientific Experts on Tourism (AIEST).

The advantages of this definition are is acknowledgements of wide-ranging impacts; it bases a very large number of issues that is studied under the name ‘tourism’. Additionally, Krapf and Hunziker’s definition is highly intellectual as they manage to distinguish tourism from migration however; its theory is based on “travel and stay” making an assumption that this is necessary for tourism, thus preventing day tours. While the definition’s approach is reasonable, the definition is noticeably “too vague” (Leiper, 1995: 17) as it includes a huge amount of human activity that few thinking individuals would regard as coming within the scope of tourism. Because of their broad definition on tourism, prisoners, hospital patients, boarding students and soldiers at war can easily fit in the definition, thus exposing a major defect. Furthermore, the phrase “sum of phenomena and relationships” does not specify any ‘methodical applications of extensions’ nor does it include business travel which is highly important as it is connected with earnings (Leiper, 1979: 349).

While the Hunziker and Krapf definition excludes business travels, one economic definition by McIntosh and Goeldner (1977) recognises that tourism involves the business components entirely: “Tourism can be defined as the science, art and business of attracting and transporting visitors, accommodating them and graciously catering to their needs and wants.” This economic approach to a definition can be easily criticised. It is a supply-side definition emphasising tourism as an industry and career choice. This definition states nothing unequivocally about the tourist and the human element, which is debatably the main aspect of the subject matter. Nor does it recognise any spatial or temporal elements, which are equally significant in the tourism industry. It only contains a purposive element which is merely to gain profit from their stay through transportation, accommodation and hospitality.  However, as stated by King and Hyde (1989), they suggest that ‘a tourist may spend a night away from home at the house of a friend or relative, using a private car, and engage in no commercial transaction during the visit’ (as cited in Leiper 1995:18). Therefore, defining tourism as an economic industry misses a basic point, that expenditure is not necessary even though it is generally an unlikely condition, although it is possible. Beyond these exceptions, virtually anyone making a temporary trip away from her or his usual place of residence may be considered to be engaged in tourism.  Given examples of McIntosh and Goeldner’s economic and Hunziker and Krapf’s holistic definition of tourism, Stear (2005) expands their definitions as he particularly focuses on a set of specific activities: “Tourism is travel and temporary stay involving at least one night away from the region of a person’s usual home that is undertaken with the major expectation of satisfying leisure needs that are perceived as being at places outside of, and qualitatively different to, the home region.” This definition specifies tourism as a particular set of specific activities, and it focuses attention on some of the key features of those specific activities, including the relationship between the traveller and what is commonly known as a tourist “attraction”. It distinguishes tourism from other forms of travel, such as commuting, to work or university each day, which it clearly does not resemble.

Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a country’s balance of payments. Today, tourism is a major source of income for many countries, and affects the economy of both the source and host countries, in some cases being of vital importance. Tourism suffered as a result of a strong economic slowdown of the late-2000s recession, between the second half of 2008 and the end of 2009, and the outbreak of the H1N1 influenza virus, but slowly recovered. International tourism receipts (the travel item in the balance of payments) grew to US$1.03 trillion (€740 billion) in 2011, corresponding to an increase in real terms of 3.8% from 2010. International tourist arrivals surpassed the milestone of 1 billion tourists globally for the first time in 2012, emerging markets such as Russia and Brazilhad significantly increased their spending over the previous decade.

Tourism in Nigeria centres largely on events, due to the country’s ample amount of ethnic groups, but also includes rain forests, savannah, waterfalls, and other natural attractions. The industry suffers from the country’s poor electricity, roads, and water quality.

The tourism industry is regulated by the Ministry of Culture, Tourism and National Orientation, a Nigerian government ministry. In an attempt to raise the profile of the country’s tourism sector, a beauty pageant, the Miss Tourism Nigeria Pageant, was created in 2004. The winners in 2004, 2005, and 2006 have been, respectively, Shirley Aghotse, Abigail Longe, and Gloria Zirigbe.

In recent years, carnivals have become a major attraction to visitors, particularly in Port Harcourt and Calabar in December of each year.

Tourism is an important, even vital, source of income for many regions and countries. Its importance was recognized in the Manila Declaration on World Tourism of 1980 as “an activity essential to the life of nations because of its direct effects on the social, cultural, educational, and economic sectors of national societies and on their international relations.”

Tourism brings in large amounts of income into a local economy in the form of payment for goods and services needed by tourists, accounting for 30% of the world’s trade of services, and 6% of overall exports of goods and services. It also creates opportunities for employment in the service sector of the economy associated with tourism.

The service industries which benefit from tourism include transportation services, such as airlines, cruise ships, and taxicabs; hospitality services, such as accommodations, including hotels and resorts; and entertainment venues, such as amusement parks, casinos, shopping malls, music venues, and theatres. This is in addition to goods bought by tourists, including souvenirs, clothing and other supplies.

However, that is not to suggest that tourists are not aware of the tourism treasures of Plateau, as sharp-eyed tourists have been visiting the state in their leisure time. This project work therefore will attempt to enumerate the implications of introducing marketing communication in the tourism industry of Jos Museum.

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Strategic environmental scanning and organization performance in a competitive business environment.

Strategic environmental scanning and organization performance in a competitive business environment

Abstract

This work justified “the impacts of Strategic Environmental Scanning on Organization performance in a competitive business environment” by studying Nestle Nigeria Plc and Cadbury Nigeria Plc. The opinions of the selected respondents were sought by the use of structured questionnaire; the collected data were analyzed and interpreted with regression and coefficient of correlation method of analysis. Hypothesis one revealed that there is significant relationship between strategic environmental scanning and organization performance, the coefficient of determination (R2) is 0.297. It shows that 30% of the variation or change in effective organization performance is caused by variation in strategic environmental scanning. Hypothesis two also shows that the coefficient of determination (R2) is 0.301. It means that 30% of the variation or change in organization productivity is caused by variation in external environmental factors, which connotes that the external environmental forces have positive impact on organization performance. And as such, the use of strategic environmental scanning in evaluating the external environmental forces (opportunities and threats) helps in seizing the opportunities and avoiding threats and it leads to organization profitability. Hence, since the findings shows positive signal, the researcher recommends that, organization should strategically, periodically, and continuously involve in strategic environmental scanning and pay strong attention to the threats (so as to avoid) and opportunities (so as to seize) in the environment

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