MARKETING RESEARCH ON NEW PROJECT
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MARKETING RESEARCH ON NEW PROJECT
Chapter One: Introduction
Background of the study
The primary goal of this study is to investigate Marketing Research on new product acceptability using ACE ROOT Company Limited as a case study.
Marketing research can be defined as the use of scientific investigation to assist marketers in better understanding and defining their challenges, as well as finding acceptable answers to them.
It also involves the systematic and objective collecting, recording, analysis, interpretation, and reporting of data required to solve specific market challenges. It entails systematic collection and analysis of environmental data in order to identify market possibilities and address marketing problems.
Marketing research can also be defined as the systematic planning, collecting, analysis, and reporting of data relevant to a particular marketing scenario faced by an organisation. Companies utilise marketing research in a wide range of settings.
Marketing research, for example, can help determine the status of demand among consumers in a market. It can also assist marketers in understanding customer satisfaction and purchasing behaviour, providing variable information to management for issue resolution,
analysing market potential and market share, and determining the efficiency of pricing, distribution, and promotion operations. Some large corporations have their own research departments, which collaborate with market managers on marketing research projects.
The research will also assist service organisations in better understanding the fundamental principles of marketing research and its role in the service industry, allowing them to influence future marketing activities.
Statement of the Problem
Inadequate marketing research impacts ACE ROOT in the following ways:
Inadequate marketing research has denied customers information about Ace Root.
Inadequate marketing research at ACE ROOT has prevented potential clients from receiving crucial information about ACE ROOT PLC’s new ways of providing services.
Inadequate utilisation of marketing research in ACE ROOT has stopped customers from being aware of and taking use of ACE ROOT’s services.
The ineffective use of marketing research has hampered ACE ROOT’s drive for patronage.
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