Marketing research: Pathway to optimal market oriented products
The development of new products is vital to the growth and success of any manufacturing firm. The decision concerning product design, development and management of new products is highly crucial when one considers the rate of failure of many new products introduced locally and globally. This paper examines the role of marketing research as pathway to developing optimal market oriented products. The objectives of this paper among others are to (i) Establish whether the use of marketing research has effect on new product adoption process by consumers (ii) Find out if there is any relationship between the use of marketing research and the development of consumer oriented products and (iii) proffer policy recommendations which company executives will find useful if faithfully implemented. The paper adopts survey research with two hypotheses stated in null form. Data obtained from the questionnaires distributed were analyzed and these were tested with the aid of Regression and correlation test statistics based on the nature of the set hypotheses. Findings show that marketing research has significant effect on new products been easily adopted by consumers. Findings also revealed that there is a significant relationship between the use of marketing research and the development of consumers oriented products by the organisation. The study makes useful policy recommendations which companies will find beneficial if faithfully implemented.
Keywords: Marketing, research, development, optimal, consumer oriented, products