TABLE OF CONTENT
Title Page i
Certification Page ii
Dedication iii
Acknowledgement iv ABSTRACT v
Table of Content vi
CHAPTER ONE
1.1 Background Of The Study 1
1.2 Statement Of The
Problem 3
1.3 Objective Of The Study 4
1.4 Research Hypothesis 5
1.5 Significance Of The
Study 5
1.6 Scope Of The Study 6
1.7 Definition of Terms 7
CHAPTER TWO
2.0 Literature Review 10
2.1 What is Marketing 14
2.2 What is Marketing
research 15
2.2.1Types 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
2.3 Insurance Marketing 31
2.4 The Marketing Methods 35
2.5 Marketing Research
Efficiencies in Insurance
Company 36
2.6 Role of Marketing
Research Department in
Insurance firm 37
2.7 Company Profile 39
CHAPTER THREE
3.0
Introduction 42
3.1 Sources of Data 42
3.1.1 Primary Data 42
3.1.2
Secondary Data 43
3.2
Population of the Study 43
3.3
Determination Sample Size 44
3.4
Research Instruments 46
3.4.1
Questionnaire Design 46
3.4.2
Personal Interview 47
3.5
Method of Data Treatment and Analysis 47
CHAPTER FOUR
4.0 Introduction 49
4.1 Presentation And
analysis Of The
Management Questionnaire 49
4.2 Questionnaire for
policy Holders 57
4.3 Questionnaire for
Agencies 65
4.4 Statistical Test Of
Hypothesis 72
CHAPTER
FIVE
5.0 Summary of Findings, Recommendation
and Conclusion 79
5.1 Summary of Findings 79
5.2 Recommendation 80
5.3 Conclusion
5.4 Limitations of the
Study 81
Bibliography 83
ABSTRACT
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:
1. To
examine critically the level of marketing research applied by NICON Insurance
in their service delivery.
2. To
find the medium through which the research was created.
3. 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.
4. To
find the different research tools used by the organization.
5. 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:
1. That
NICON Insurance company at one time on the other engaged in marketing research
activities.
2. That
the company does not have a marketing research department because of the cost
involved
3. That
NICON cannot do without marketing research as it help them to identify the
needs of this prospect.
4. 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.
CHAPTER ONE
INTRODUCTION
1.1 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.
Also,
this research work will help to ensure an improvement in the quality of
services rendered to the customers and publics by NICON Insurance cooperation
and could as well help the management draw strategy and programme which will
enable them to remain competitive.
The
research work will also help service organizations to understand more correctly
the basic principles of marketing research and its place in service business so
as to influence future marketing operations.
1.2
STATEMENT
OF THE PROBLEM
Inadequate marketing
research affects NICON insurance corporation in the following ways:-
1. The
inadequate marketing research have denied customers information about insurance
corporation PLC.
2. The
inadequate marketing researches in NICON have prevent potential customers
valuable information regarding NICON PLC’s new ways of rendering services.
3. The
inadequate use of marketing research in NICON have prevented customers from the
knowledge of services rendered by NICON and have prevented them from taking
advantage of it.
4. The
inadequate use of marketing research have affected NICON in their quest for
patronage.
5. The
inadequate use of marketing research had created problems to NICON on the mode
of operation of services available at the service industry for customers
benefit and utilization.
1.3 OBJECTIVE
OF THE STUDY
1. To
examine critically he level of research that that been generated by the
corporation.
2. To
find out the medium through which the research was created.
3. To
find out the different research tools compare in adequate research.
4. To
ascertain customers perception of the research message, that is whether the
target audience believe in the statements claims and promises contained in the
result form the research.
5. To
find out if the research conducted have increased the growth and profitability
of the corporation.
6. To
alerts customers on the services and mode of services rendered by the service
industry especially the NICON insurance corporation PLC, Enugu.
1.4 RESEARCH
HYPOTHESES
Ho: Marketing
research does not create awareness of the NICON insurance corporation.
H12: Marketing
research creates awareness of NICON insurance company
H02: Marketing research
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