1.1 INTRODUCTION
The fact that changes is inevitable in taste; style and desire for new
things bring out the underlying factor of the need of continuous research in a
product the result of product research is now being used in developing new
products and modifying existing ones to ensure that the overall objectives of
the organization are achieved.
The idea of product modification is to have a competitive advantage over competitors. Here product is modified to add
new features that would expand the, usefulness, safety and convenience which tend to make product unique. It
is a strategy to out play your opponent. In the American financial firm,
product is constantly subjected to
modification having discovered that human beings prefer a convenience banking operation and their wants are unstable. That is
why they came out with credit card, debit cared, on-line banking, money transfer, automated teller machine e.t.c.
The
idea of products modification theory must be complemented by the theory of the market dynamic that provide guidelines as to the structure of
the total market and the kind of new attributed to which the market is ready to
respond. Organizations that are innovative always have something new for the
market to complete for, before competitors
start entering the market with similar of different products. They would have
considered their investment.
On
the other hand, product acceptability can be seen in the light of communication means put in place to ensure
that the products modified are acceptable The advertising strategy and theme based on careful qualitative and
quantitative research are
carried through, in other forms of communication and all of the promotional activities that can play vital role in
accepting the product.
Product
modification like new product starts idea generations, which are the result of innovative idea. The process starts
with searching for ideas. Since all idea cannot be adopted, there is need to solve idea through idea screening,
in screening, the company must avoid the error of dismissing a good idea;
organization can use different rating
devices to ensure that right idea is adopted.
The
stage of the concept development involves surveying idea to be developed into product. A product concept is an idea of
a product an organization sees itself offering to the market. A product concept is an elaborated version of
the idea expressed in
meaningful customer's terms
Concept
positioning is determined on how the product modified would be acceptable. That is what is the rating of
such product modified would be acceptable. The new product has to be tested in term of quality, convenience and
how the benefit which
customers derived.
Concept testing calls
for testing the concept with appropriate customer group. The idea of product testing determines how
successful that products is the rate ate which product would be
acceptable would be measured in product testing and test marketing; it enables the organization to have
ideas of whether the product has met the condition acceptable to customers.
1.2 STATEMENT OF THE PROBLEM
The Nigeria economy is basically a seller market where the problem is
not selling but producing and
innovating product. Banks are not exempted from this. These necessities that the banks came out with innovative products that
will set them a part form sales orientation which had characterized the market
of financial service of the expenses of the
consumers. The focus of this research will be to identify the effect of
marketing research on product modification and acceptability in the banking industry.
1.3 RESEARCH QUESTIONS
In
the case of the research work answers will be provide to the following research
questions.
i.
Is
market research inevitable for product modification?
ii.
Does
product modification enhance sale or cash flows?
iii.
To what
extent does the Company product qualify or benefit strength is competitive stand in the market?
iv.
Does
product modification guarantee acceptability?
v.
Is
marketing research on important toll in measuring acceptability of product modified?
1.4 SIGNIFICANCE OF THE STUDY
The
study would be of immense assistance to the stake holder in the banking industry as the research will throw more
light on the issue that dynamic and progressive bank must seen the environment to identify requirement
at a profit.
It will serve as
relevant guide for future researchers in the area of marketing research on product modification and
acceptability in the banking industry. It will also enable the financial institution to know that
Nigeria economy is a smaller market and the bank that continuously innovate and after a better product will out
play its competitors.
1.5 OBJETIVES OF THE STUDY
The
objectives of marketing vary from the organization to organization however,
however the following are the objective that are commonly to the purpose of
marketing research. Objectives
are;
i.
To have position al and reliable information
about competitors...
ii.
To develop information
files, on consumer.
iii.
To find collective and
sources information about future prospect and activities.
iv.
Identification of market
opportunities customer need and want
v.
To assists management in
making decision about market strategy.
vi.
To collect information about
sales activities cash flow
vii.
To measure product
acceptability .
In
making reference to relevant bank journals, magazines and other relevant materials.
1.6 HYPOTHESIS OF THE STUDY
The hypothesis of the study in the null hypothesis which are HYPOTHESIS 1:
HO: Marketing research is not significant in product modification HYPOTHESIS 2:
H1: The Company's
product quality or benefits does not strength the competitive stand in the
market. If the calculated value which is x2 is less than tale value,
it means that the null hypothesis (Ho) will be
accepted and reject alternative hypothesis (H1) and vice versa.
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