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PROJECT TOPIC: THE ROLE OF MARKETING RESEARCH IN THE PLANNING AND DEVELOPMENT OF A NEW PRODUCT

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CHAPTER ONE

INTRODUCTION

1.1Background to the study

One of the basic function of management is decision making, marketing are particularly difficult to make and effect are fact through the business with growing complexities on supplyingindividual needs for particular kinds of customers, it is however, necessary that some kinds of organized study should be undertaken to identify threats and opportunities.

As a result when the transition from seller market to buyers make it become so necessary that producers would have to study their market and make sure that their product satisfies the specific needs of customers. Producers turn to formal research because they find it harder to predict how buyers perception would be about certain characteristics of the product, package, colouring, style and other features attributes.

          Identification of customers entrails some systematic investigation into the markets. These include current market or new market area of potential interest.

This is the role of marketing research which is the foundation of a sound marketing policy.

          Without reliable data, management cannot be expected production and distribution of range of products involving a long period of expensive development. It should be noted that most of these researchers are done by wholesalers and retailers which involve forecasting measurement of market potential and determination of other market characteristics, market store analysis, sales analysis and product mix studies.

          Marketing research is therefore not a substitute for management decision; it is a building tool for better marketing decision. But how impact is the marketing research process?

1.2Statement of the Problem

Fact alone achieves nothing; they need to be used imaginatively and correctly to produce good management decision which must then be well implemented. In most cases, managers need to make decisions, specific situations and get enough information.

          Various schools of thought for example are of the view that research play no reasonable role in the existence of any organization. It is also believed that marketing research is a little better than an office activity.

          This research was carried out to identify possible solutions to the problem of planning and development of new product and the application of marketing mix, management, marketing research as it relates to identifying new market opportunities, market research as used to attending corporate objectives and the nature and problem affecting marketing research in the country.


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