MARKETING RESEARCH AND DEVELOPMENT OF NEW PRODUCTS BY MANUFACTURING COMPANIES IN NIGERIA (A STUDY OF SELECTED BUSINESS ORGANISATIONS IN ENUGU STATE)

MARKETING RESEARCH AND DEVELOPMENT OF NEW PRODUCTS BY MANUFACTURING COMPANIES IN NIGERIA (A STUDY OF SELECTED BUSINESS ORGANISATIONS IN ENUGU STATE)

ABSTRACT

The purpose of this research work is to determine and highlight the role of marketing research and development of new products by manufacturers companies in Nigeria. The outcome of this research work will be beneficial to members of the public, the government, students, and manufacturers. The data used were obtained from company workers in selected business organizations in Enugu State. A sample of 300 workers was administered with structured questionnaire designed to explore information regarding their reasons for undertaking marketing research and what they consider as areas of desired improvements. Three hypotheses generated in this study were tested with the use of chi-square (X2). The study revealed that marketing research plays a significant role for the development of new products by ensuring that the production of new products is successful and there is adequate demand existing in the market. Majority of the manufacturing companies used different research instruments to conduct marketing research. The results of marketing research have made the production of goods services to be cheaper, thereby making them affordable to consumers. Also, the quality of that product will be better, and can be able to meet consumer needs and taste. This can also increases the volume of sales of the newly developed products. In view of this finding the researcher recommended among others that manufacturers should adequately research before Developing new products and that research centers should be built where information regarding the development of new products will be obtained easily.