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MARKETING SEGMENTATION AND NEW BUSINESS SURVIVAL IN MANUFACTURING INDUSTRY

Format: MS WORD  |  Chapter: 1-5  |  Pages: 75  |  1125 Users found this project useful  |  Price NGN5,000

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MARKETING SEGMENTATION AND NEW BUSINESS SURVIVAL IN MANUFACTURING INDUSTRY

 

 

CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

Today’s world of business is characterized by the wave of information technology. Seeking information about your environment and competitors is vital for business survival. No one single variable can guarantee success, but rather will contribute to overall organization performance. Information leads to better decision making especially in this era of fast changing consumer preference, for this reason management need to do a lot to acquired, process and transmit accurate and timely marketing information for better decision making which will make them gain distinctive advantage, thereby contributing to their organizational performance (Adeyemi, 2005).

Harmon (2003) defined marketing information system as a computerized system that is designed to provide an organized flow of information to enable and support the marketing activities of an organization. Marketing information system prepares data and makes them available when the need for such data arises for better decision (making better alternative course of action). Companies employ professional who handles their information need and reports the available data to help managers make better decision that is tailored toward business growth (Perreault & McCarthy, 2013). Marketing information system harnesses data from a set method and procedures designed by organization in looking at critical information need of the organization like: information on market trend and sizes, information on the changing need of customers, information from competitors and the information on government policies that affect business operations. These information is basic in identifying , measuring, forecasting and analyzing various market segment as regard to any economic state be it boom or recession.

Industries have realized that high quality, low cost and differentiation strategies are not enough to lead them to business success (Kaplan and Norton, 2011). They posited that innovation should be focused on customers, while its success depends on how much innovation conceptualizes consumers needs and requirement. According to Calantone (2010) there is no one right strategy for a company, rather for new product development, the different stages are allowed to overlap, and to accelerate the product development process right from the idea generation to commercialization. The product development process should focus on the following strategies, time to market, low product cost, low development cost, innovation and technology, quality, reliability and robustness services and customer  responsiveness (Calatone, 2010) techniques to speed cycle time while maintaining product quality, and customer satisfaction.

Adeyemi (2015) states that marketing information system plays an important role in new product development in manufacturing industry to maintain product quality, and customer satisfaction. It is considered a basic activity to purchase of products and services and to achieve a best feature at dynamic and complicated environment. To achieve the two aims, the organizations must have an information system in general and marketing system in

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ATTITUDE KNOWLEDGE AND PRACTICE OF CONTRACEPTIVE USE AMONG FEMALE

 

CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

Today’s world of business is characterized by the wave of information technology. Seeking information about your environment and competitors is vital for business survival. No one single variable can guarantee success, but rather will contribute to overall organization performance. Information leads to better decision making especially in this era of fast changing consumer preference, for this reason management need to do a lot to acquired, process and transmit accurate and timely marketing information for better decision making which will make them gain distinctive advantage, thereby contributing to their organizational performance (Adeyemi, 2005).

Harmon (2003) defined marketing information system as a computerized system that is designed to provide an organized flow of information to enable and support the marketing activities of an organization. Marketing information system prepares data and makes them available when the need for such data arises for better decision (making better alternative course of action). Companies employ professional who handles their information need and reports the available data to help managers make better decision that is tailored toward business growth (Perreault & McCarthy, 2013). Marketing information system harnesses data from a set method and procedures designed by organization in looking at critical information need of the organization like: information on market trend and sizes, information on the changing need of customers, information from competitors and the information on government policies that affect business operations. These information is basic in identifying , measuring, forecasting and analyzing various market segment as regard to any economic state be it boom or recession.

Industries have realized that high quality, low cost and differentiation strategies are not enough to lead them to business success (Kaplan and Norton, 2011). They posited that innovation should be focused on customers, while its success depends on how much innovation conceptualizes consumers needs and requirement. According to Calantone (2010) there is no one right strategy for a company, rather for new product development, the different stages are allowed to overlap, and to accelerate the product development process right from the idea generation to commercialization. The product development process should focus on the following strategies, time to market, low product cost, low development cost, innovation and technology, quality, reliability and robustness services and customer  responsiveness (Calatone, 2010) techniques to speed cycle time while maintaining product quality, and customer satisfaction.

Adeyemi (2015) states that marketing information system plays an important role in new product development in manufacturing industry to maintain product quality, and customer satisfaction. It is considered a basic activity to purchase of products and services and to achieve a best feature at dynamic and complicated environment. To achieve the two aims, the organizations must have an information system in general and marketing system in

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MARKETING SEGMENTATION AND NEW BUSINESS SURVIVAL IN MANUFACTURING INDUSTRY

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