MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY (A CASE STUDY OF NICON INSURANCE COMPANY PLC)
TABLE OF CONTENT
Title Page i
Certification Page ii
Acknowledgement iv ABSTRACT v
Table of Content vi
- Background Of The Study 1
- Statement Of The Problem 3
- Objective Of The Study 4
- Research Hypothesis 5
- Significance Of The Study 5
- Scope Of The Study 6
- Definition of Terms 7
2.0 Literature Review 10
- What is Marketing 14
- What is Marketing research 15
- Types of Marketing Research 20
2.2.2Classification of Marketing Research 21
2.2.3Functions of Marketing Research 22
2.2.4Objective of Marketing Research 23
2.2.5Importance of Marketing Research 23
2.2.6The Marketing Mix in Marketing Research 24
2.2.7Threats to Marketing Research 26
2.2.8 Roles of Marketing Research 27
2.2.9The promotional Mix in Marketing Research 29
2.2.10Limitations of Marketing Research 31
- Insurance Marketing 31
- The Marketing Methods 35
- Marketing Research Efficiencies in Insurance
- Role of Marketing Research Department in
Insurance firm 37
- Company Profile 39
- Introduction 42
3.1 Sources of Data 42
3.1.1 Primary Data 42
- Secondary Data 43
- Population of the Study 43
- Determination Sample Size 44
- Research Instruments 46
- Questionnaire Design 46
- Personal Interview 47
- Method of Data Treatment and Analysis 47
4.0 Introduction 49
- Presentation And analysis Of The
Management Questionnaire 49
- Questionnaire for policy Holders 57
- Questionnaire for Agencies 65
- Statistical Test Of Hypothesis 72
5.0 Summary of Findings, Recommendation
and Conclusion 79
- Summary of Findings 79
- Recommendation 80
- Limitations of the Study 81
This study examines marketing research as a tool for increased profitability in service industry taking NICON Insurance Company Enugu State as a case study.
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 solution to them some of the objectives of the study include:
- To examine critically the level of marketing research applied by NICON Insurance in their service delivery.
- To find the medium through which the research was created.
- To ascertain customer’s perception of the research message, and whether the claims in the message actually satisfies the needs and wants of the customers.
- To find the different research tools used by the organization.
- To find if the research conducted have actually increased the growth and profitability of the corporation.
In the course of solving the research problems, both primary and secondary data were collected with much emphasis on primary data which helped the researcher to get first hand information from the customers and staff of NICON Insurance from the comprises the staff and management, the customers (policy holders) and the agents. The research instruments used for this study were the questionnaire surveys and personal or face-to-face interview. The questionnaire was the major research instrument used in the study, which was administered to the staff of NICON Insurance Company, policyholders and agencies. In determining the sample size, the researcher covienenrently fixed the sample size at 160 for the customer (policy holders) of NICON insurance and 20 for the agents. This brings the total number of questionnaire distributed to 220.
In organizing and presenting data collected, tables and percentages were. The level of significances used is 5%. The various hypotheses were tested using the chi-square.
After a successful research, the researcher came out with the following findings:
- That NICON Insurance company at one time on the other engaged in marketing research activities.
- That the company does not have a marketing research department because of the cost involved
- That NICON cannot do without marketing research as it help them to identify the needs of this prospect.
- That the establishment of marketing research department will increase the profit level in the organization.
It is against these entire background hat the researcher believes that the study of this nature is necessary since it will help the company, the customers and the agents. Therefore, NICON Insurance Company, Enugu state should engage in marketing research activities since the market is very competitive and will also help them to remain competitive in the industry. It will also help them to increase the profit level in the organization.
- 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.