MARKETING RESEARCH AS A TOOL FOR INCREASED

PROFITABILITY IN SERVICE INDUSTRY

(A CASE STUDY OF NICON INSURANCE COMPANY PLC)

BY

www.projects.page4.me

(08034883821 08188988835)

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 customers 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.




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
2.2.1 Types 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













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 consumers 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.



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