Impact of Effective Marketing Research on Product Performance: A Case Study of Ranona Limited

Abstract

The increasingly competitive nature of the business environment necessitates evaluating the effectiveness of marketing research in influencing sales, cost management, and overall product success. This study examined the impact of effective marketing research on product performance using Ranona Nigeria Limited as a case study. The study aimed to determine the relationship between the marketing research variable (independent variable) and Product Performance (dependent variable). The persistent competitive nature of the business environment necessitates evaluating the influence of effective Marketing Research on sales achievement and product costs, considering its benefits. The researchers collected both primary and secondary data. They thought a total population of approximately 300 employees and selected 120 respondents, but they successfully retrieved only 100 responses. They analysed the collected data using the chi-square statistical method at a 0.05 significance level. The questionnaires were structured using a three-point scale, indicating 'Yes', 'No', and 'Undecided'.The study shows a positive relationship between effective marketing research and product performance. The survey results indicated that companies relying on marketing research experience high product demand, increase their market share, and improve company performance. The study recommends that the organisation focus more on marketing research to enhance its competitive advantage and boost sustainable growth.