Impact of Marketing Research on Business Performance

A Case Study of Firms in Eket Metropolis, Akwa Ibom State

Abstract

This study examined the implications of marketing research on the management of business performance. Marketing research is one of the major bases for the formulation of marketing strategy, which aids in better decision making by providing additional information that is relative to a particular marketing problem. Business organizations must therefore be based on fact and not intuition, to put in appropriate strategies to avert such marketing problems. Five marketing firms in Eket metropolis, Akwa Ibom State were chosen for this study, comprising 20 respondents from each of the firms totaling 100 respondents. The major research instruments were questionnaires, relevant textbooks, and journals. The data collected were analyzed using simple percentages and chi-square (x²) statistics to test the hypotheses. The results indicated, among others, that effective marketing research has a significant relationship with the performance and success of the firms under study. To this end, the study recommended among others: frequent conduct of articulate and well-organized marketing research, employment of professional marketing researchers, or training up staff purely on marketing research from time to time and motivating them so as to bridge the gap between the producer and the consumer.

(Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0009, pod licencom CC BY-NC-ND 4.0)