THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY: A CASE STUDY OF BANK PHB

THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY: A CASE STUDY OF BANK PHB   

REVIEW OF LITERATURE  

It’s necessary to review the need for marketing research in an industry. However, it does not have to be that way, but because many companies and even industries have failed to take marketing research important in product development. Marketing managers and other professionals are now relying more on marketing research in product development to make better decision clearly, marketing research is vital to marketing decision making. Robert Ferber asserted that “before the product is produced, market survey must be conducted in other to ascertain the acceptance of the product in marketing sphere”. He went further to buttress his fact by sating that just as the efficiency of production is dependent on product research, so also the efficiency of marketing depends on marketing research. Marketing research he notes refers broadly to the development of the most efficient means of marketing, that is the discovering of new and better methods of marketing, more economical means of distribution, new market, better means of selling and other marketing aids. Marketing concept has become firmly established in many organizations. Marketing research focus on understanding consumers buying habit in relation to development in product research. A research of this nature will be incomplete without insight into existing related literature on the subject under study. Literature survey therefore, is described as “A research of strategies trade journals, Articles, Magazines, Newspapers and boos for data or for insight into the problem at hand”. For the purpose of this study, the researcher has relied more on the contribution of authors from Britain and United State of America who have published articles on marketing research, also those of Nigeria contributions in this field of study.

THEORETICAL FRAMEWORK  

Marketing is generally interpreted today as including all those business activities concerned with the development, production and distribution of product to identifiable market, where they will provide satisfaction to those who buy them. project topics   project topics and materials 

Marketing research therefore, covers product development, identifying the market and suitable method of selling, distribution, promotion, pricing and sales service facilities. Marketing research has an advisory role in marketing management. It is used to acquire and analyze information and to make recommendations to management as to how marketing problems should be resolved. Tall and Hawken’s (1980:1)

DEFINITION: MARKETING  

Different association, group and organizations tried to solve the problem which the question “what is marketing” has created, but seems they looked at marketing from different perspective. In this study the following definitions by marketing scholars are considered. William J. Stanton, (1975) in his book, foundamentals of marketing, defines marketing as “ the total system of interacting business activities, designed to plan, price, promote, and distribute want-satisfying product and services to present and potential consumers ”. The American Marketing Association (AMA) in its own definition says that “marketing is the performance of business activities that direct the flow of goods and services from the producers to the consumers” The institution of marketing (London) defines marketing as the “management process which is responsible for identifying anticipating and satisfying consumer’s requirement profitably”. Marketing is about identifying and meeting human and social needs. The above definitions receive credit because they have considered marketing from identification of needs, wants, users, and effective communication to the level of satisfying them through effective promotion and distribution of these wants.

RESEARCH  

The oxford advance learners dictionary defines research as careful investigation carried out in order to discover new facts, ideas and information’s about subject matter. Research is a process of finding out. It is a scientific method of controlling enquiry. It identifies problems and attempts to find solution to these problems. In doing this, research ask question, tells why is important, describes how it answered and interprets it briefly to the users.

MARKETING RESEARCH  

Philips R. Cateora and John L. Graham (2005) defines marketing research as the systematic gathering, recording and analyzing of data to provide information useful in marketing decision making. British institute of management (1962) as “the objective gathering, recordings and analyzing of all fact about problems relating to the transfer and sales of goods and services from producer to consumer”. Geen and Tull (1970) define marketing research as consisting of a systematic and objective collection as well as appropriate analysis of information that will provide solution to all marketing problems. According to Philip Kotler 13th edition, marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing company. From the above definitions, on can say clear that marketing research as an essential management tool that executive can use in inducting the risk in the environment of operation by obtaining potential information and putting the resources at the disposed of the manager in order to move the organization forward.

THE MARKETING RESEARCH PROCESS  

Effective marketing research follows six steps which is shown in the figure below

.

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper


    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)

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