CHAPTER ONE

INTRODUCTION

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.

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