CHAPTER ONE

INTRODUCTION
1.1 ​Background to the study
The fact that changes is inevitable in taste; style and desire for new things bring out the
underlying factor of the need of continuous research in a product the result of product research
is now being used in developing new products and modifying existing ones to ensure that the
overall objectives of the organization are achieved. The idea of product modification is to have a
competitive advantage over competitors. Here product is modified to add new features that
would expand theusefulness, safety and convenience which tend to make product unique. It is a
strategy to out play your opponent. In the American financial firm, product is constantly
subjected to modification having discovered that human beings prefer a convenience banking
operation and their wants are unstable. That is why they came out with credit card, debit card,
on-line banking, money transfer, automated teller machine e.t.c.
The idea of products modification theory must be complemented by the theory of the
market dynamic that provide guidelines as to the structure of the total market and the kind of
new attributed to which the market is ready to respond. Organizations that are innovative always
have something new for the market to compete for, before competitors start entering the market
with similar of different products. On the other hand, product acceptability can be seen in the
light of communication means put in place to ensure that the products modified are acceptable
The advertising strategy and theme based on careful qualitative and quantitative research are
carried through, in other forms of communication and all of the promotional activities that can
play vital role in accepting the product. Product modification like new product starts idea
generations, which are the result of innovative idea. The process starts with searching for ideas.
Since all idea cannot be adopted, there is need to solve idea through idea screening, in screening,
the company must avoid the error of dismissing a good idea; organization can use different
rating devices to ensure that right idea is adopted.
The stage of the concept development involves surveying idea to be developed into product.
A product concept is an idea of a product an organization sees itself offering to the market. A
product concept is an elaborated version of the idea expressed in meaningful customer's terms.
Concept positioning is determined on how the product modified would be acceptable. That is
what is the rating of such product modified would be acceptable. The new product has to be
tested in term of quality, convenience and how the benefit which customers derived. Concept
testing calls for testing the concept with appropriate customer group. The idea of product testing
determines how successful that products is the rate at which product would be acceptable would
be measured in product testing and test marketing; it enables the organization to have ideas of
whether the product has met the condition acceptable to customers.
1.2 Statement of the problem
The Nigeria economy is basically a seller market where the problem is not selling but
producing and innovating product. Banks are not exempted from this. These necessities that the
banks came out with innovative products that will set them apartfrom sales orientation which
had characterized the market of financial service of the expenses of the consumers. The focus of
this research will be to identify the effect of marketing research on product modification and
acceptability in the manufacturing industry.
1.3 ​Objectives of the study
The objectives of marketing vary from the organization to organization however, however
the following are the objective that are commonly to the purpose of marketing research.
Objectives are;
1. To examine the effect of survey research on new product modification and acceptabilityfor
theselected manufacturing industry.
2. To investigate the effect of focus-group research and observational research on new
product modification and acceptability for the selected manufacturing industry
3. To determine the effect of customer informationon new product modification and
acceptability for the selected manufacturing industry
1.4 ​Research questions
In the case of the research work answers will be provide to the following research
questions.
1. What are the effect of survey research on new product modification and acceptability for
the selected manufacturing industry?
2. What are the effect of focus-group research and observational research on new product
modification and acceptability for the selected manufacturing industry?
3. What are the effect of customer information on new product modification and acceptability
for the selected manufacturing industry?
1.5 ​Research Hypotheses
There is no significant relationship between survey research on new product modification
and acceptability for the selected manufacturing industry.
There is no significant relationship between focus-group research and observational research
on new product modification and acceptability for the selected manufacturing industry
There is no signiicant relationship between customer information on new product
modification and acceptability for the selected manufacturing industry
1.6 ​ ​Significance of the study
The study would be of immense assistance to the stake holder in the banking industry as the
research will throw more light on the issue that dynamic and progressive bank must seen the
environment to identify requirement at a profit.
It will serve as relevant guide for future researchers in the area of marketing research on
product modification and acceptability in the banking industry. It will also enable the financial
institution to know that Nigeria economy is a smaller market and the bank that continuously
innovate and after a better product will out play its competitors.
1.7 ​ ​Scope of the study
The study focused on the effects of marketing research on product modification and
acceptability in the banking industry, using access bank plc as a case study. The study will cover
the period of 2010-2022 fiscal years.
1.8 ​ ​Definition of terms
Marketing: according to Kotler (2018) marketing is a social and managerial process by which
individuals and organization obtain what they need and want through crating and exchanging
value with others.
Marketing Research: Philip (2019) defined marketing research as the systematic design,
collection, analysis and reporting of data and findings relevant to a specific marketing situation
facing the company.
Product development: Adedo and Abdulraheem (2021) defined product development as a more
limited term which encompasses the technical activities of product research, engineering and
design.
Distribution system: Wongelu (2019) defined distribution system as the channel which product
or services passes through from producer to the final consumer in Nigeria defined products as the
service rendered by banks to meet customer's satisfaction.
Product modification: Philip (2018) defines product modification as addition of new features
that would expand the usefulness, safety and convenience which tends to make product unique.
Product Acceptability: Philip (2019) defined product acceptability as the communication
means put in place to ensure that the products modified are acceptable.

CHAPTER TWO
LITERATURE REVIEW
2.1 ​CONCEPTUAL FRAMEWORK
Manufacturing business in Nigeria has witnessed an enormous growth over the years which lead
to coat-threat of competition in terms of services and products provided by the banks. Thus
through marketing information relating to marketing operation and process are provided. Philip
(2021) defined marketing research as the systematic design, collection, analysis and reporting of
data and finding relevant to a specific marketing situation facing the company.
Also, Adedo and Abdulraheem (2020) defined marketing research as the system and
methodical search for, collection and analysis of the information relevant to the problem being
considering. In other word, it is imperative for marketing research to find a solution to numerous
problem be deviling marketing activities, these might be consumer market, product distribution
servicing. Social-cultural, pricing, political and economic change in an environment. Through
marketing research information is provided for the planning of marketing variables, more so
important question like which product features are popular? What interest rate are acceptability
to customers. Through what medium or means the customers are likely to be reached? In recent
times marketing research has steadily expanded its terms of activities and techniques. According
to Rother , the most marketing activities are:
i. ​Determination of market activities: number of people, the disposable income in the
market s​ egment, numerical figure of the market ​potentials.
ii. ​ easurement of marketing potentials: economics factors disposable incomePrice
M
acceptability. In the market, interest rate to consumer serviced provided.
iii. Market shares analysis: the percentage of a firm's control in a marker
​Maintaining its market share,
iv. ​Sales on cash inflow analysis: consider the report of your marketing officers which
area they are facing competition.
v. ​Studies of business trend: consider the seasonal factors that affect business,
vi. ​Short-range forecasting
vii. ​Long-range forecasting
viii. Competitive product study
​ix. ​Pricing studies
​v. ​Testing of existing product performance of the product in the market.
Generally, marketing research activities are applicable and adopted in all marketing activities
irrespectively of the product involved. For instance, in tourism the important of marketing
organization and cannot be ruled out. In fact the need to accurately, effectively and efficiently
meet the demand of the above mentioned common marketing activities make research
paramount in marketing.
2.1.2 ​ ​PROJECT PROCESSES AND SERVICES OFFERED BY
MANUFACTURINGS IN NIGERIA CBN (2004)
In a publication titled financial market in Nigeria defined product as services rendered by
bank to meet customer's satisfaction. Like the conventional products in the goods market, in
order to enhance their acceptability to consumer's banking products must be well designed,
packaged, timely and competitive with similar products in the industry with technological
development and the globalization of financial markets the need to provide efficient banking
products especially in a competitive banking environment, has engaged the minds of financial
managers. Owning to the risks associated with banking business, most central banks oftentimes,
scrutinize new banking production to the market.
In Nigeria, there are several banking products designed to meet consumer need. Most of the
products are common among the banks. While others are restricted and can only be used by the
monetary authorities for specific purpose. The products traded in this markets, including the
processes and services which include: current account, savings, money deposit, inter-
bank/placement transactions, money at all commercial paper, repurchase agreement marketing
board bills trade bills, leasing, smart card, value cards electronic funds transfer and so on.
2.1.3 ​PRODUCT MODIFICATION AND ACCEPTABILITIES
Kotler (2019) defines product modification as changing or adding uniqueness characteristic
that would expand the usefulness, safety and convenience in order to outplay the competitors in
the market. Modification is aimed at adding incremental benefits so as to act as reinforcement to
the area of durability, reliability of the product.
Product modification is another scope of product research for the life of a product to be
strengthened; there is the need for a modification. Modification can come at every stage of a
product life. The introductory life cycle is characterized by slow or low cash inflow, minimal
profit.
The growth stage is also characterized by improved sales or cash inflow and profit;
modification could come in response to competitive activities. For instances, when seven-up
came out with big blue (50cl), coca-cola also came out with 1 liter. This occurs in response to
competitors activities. Similarly, the maturing stage also characterized by growth slow downand
profit stability.
The company can seek innovation strategies through modification.
At the decline stage, sales and deteriorate. The company task at this stage to see ways of
improving the product through modification rather than phasing out. However, if this strategy
fairly, rather than wasting the company's resources the product could be phase out or replace by
new ones.
Since modification seem to be a stately commonly used by management to reinforce the
sales, it is basically involves changing product characteristic such as its uses serve as competitive
advantages by adding uniqueness to the product. In short, it is a competitive strategy used to beat
opponent in their own game. Product modification is effective when the quality of a product can
be improved, when users benefit more in using the product. On the other hand, product
acceptability can be seen in the light of communicating means put in place to ensure that the
products modified are acceptable.
According to CBN (2021) in a publication titled financial market in Nigeria, banking
services like conventional products in the goods market in order to enhance their acceptability to
consumers, banking products must be well designed, packaged, timely and competitive with
similar products in the market.
In today complicated marketing world, the marketing manager plans. Strategy and tactics in
such a way that all the communicating tools are put to work in a concocted campaign that uses
the strength of each to compliment the other in the marketing mix. The advertising strategy and
theme based on careful qualitative and quantitative research is carried through, in other forms of
communication and all of the promotional activities that can play vital role in accepting the
product are employed.
Four main channels of promoting banking" services or products may be considered. A
bank must realize that before choosing one or more of the methods of communications. It must
be clear as to the type of customer short and the nature of a product to be promoted. The four
channels are:
• Branch network
• Advertisement
• Direct mail
• Personal selling
Branch networks: the branch networks are the retail business outlets to promote bank services.
It is part of the everyday task of the manager to offer the ever growing products of his bank to
the customers and strive to capture the market. This he will do in conversation and in
correspondence with both the existing customers and potential ones.
Advertisement: a customer may be unaware of the product a bank can offer and one of the
biggest obstacles to the development of banks product being offered. Another way of
promoting bank products or services us through advertisement and this may include the use of
television, national dailies, bill boards and radio network.
Direct mail: since not all customers visit the branch, another method of promoting services is
through this method. The branch would occasionally send their customers leaf- let with their
statement of account; the leaf lots will pin-point some appropriate products and invite +
further enquiries. The bank will also circulate newsletter or magazine designs to promote its
products. The newsletter or magazine will also be displayed in the bank halls.
Personal selling: occasionally, the branch managers and other officers will go out to meet the
customers at their premises or a local hostel where they can chat or be chatted about the
array of products and every things also that the bank has to offer.
2.1.4 ​EFFECT OF PRODUCT MODIFICATION ON SALES OR CASH INFLOW
Product modification is strategy commonly used by the management to have a competitive
edge over their competitors it involves changing product characteristic such as features quality or
style so as to stimulate demand. Product modification is aimed at increasing sales or cash
inflows of the organization.
Philip (2018) Describes the importance of sales or cash inflow to a company on a measure of
success or failure of the enterprise concerned, change no doubt has become a wild master, which
no man can stop. However, the strategy to combat change as a factor is making adjustment. In
the light to complex matter of modern economy and increase in the uncertainties, the strategy to
combat change as a factors in product modification 'sales is central to the success of any business
such as at the level of specific firm or industry change is inevitable
Basically, any firm that wants to increase its sales or cash inflow must be ready to satisfy
customers need through product modification. Whenever market grows or change complexion,
economic condition fluctuate, competition intensifies or technology evolve rapidly, the pay off of
doing effective product modification can be substantial.
However, many years back, many firms or industries did not see the need for any
research talk less of product modification, so also in the banking industry, bank staff sits in office
to wait for customers. What firm believes is just make the product and with aggressive
promotion they would self. However, in recent time, these have been probed wrong.
In the light of today severe competition and the dynamism of change has forced companies
device strategy to services the forces of change and one of the strategies id product modification.
In essence, every organization that want to win the game, must consider the following factors: A
company that want to maintain its market share, leadership position, expand its profit margin
through sale volume or cash inflow as it call in the banking industry must constantly modify their
product in response to market needs. A change in the economic tends means a lot on sales.
2.1.5 ​EFFECTS OF FAILURE OF RESEARCH
Research is a methodical and systematic investigation into an event or phenomenon in order
to arrive at dependable solution, in other word, research is the process of arriving at dependable
solution through the systematic investigation into a subject of the problem or event or
phenomenon. This involves systematic collection, analysis and interpretation of data.
It is often designed to seek knowledge or more information on specific problems or issue for the
purpose of predicting future occurrences for advancing knowledge and for enabling an
organization to relate more effectively to its environment. However, the effects of failure to
research on any organization are as follows;
1. There will be low and profit slow down. Economically speaking, a business that want it
 survive must embrace research and development.
​Loss of markets opportunities one major reason of undertaking market research is to
discover market opportunities. Any company that fails to research will lose his market
opportunities.
ii. ​Failure to research leads to wrongful decision making about market strategy.
If an organization fails to research, it also leads to low market share and give competitors
iii.
more advantage over that particular firm-Inflation in the economy will affect per capital
income the disposable income of the people and will eventually determine their
purchasing power In the light of changes in the economy tend, a swift response can result
to product modification so as to be in line with what the economy dictates.
2. A change brought about by technology that have improved the life style of the people, affect
the taste and social setting of the product also necessities product modification.
3. At times the need to improve the corporate image which plays vital role in branch loyal, might
call for product modification.
4. Besides that, a change in the organization objectives in terms of sales target might requires on
overhauling of the existing product.
5. The ideas of strengthening users of product a stimulated non-user to use existing product
which are mean of improving sales might require firm to enhance performance of their
product by adding incremental benefit.
6. More often, to capture competitions customers demand, to give them this, a firm can
successful modify their product through improvement in the quality of their product.
No doubt that the complex nature in the world we live and the attendance change brought
by evolving technology and information which have caused change in the social life and taste of
individual, also the force of severe competition has mandated every firm that want to improve
sales need to adhere by giving to the customer what they want by modifying their product and
improver services.
2.2 ​THEORETICAL FRAMEWORK
This study was anchored on attribution theory. The bulk of the attribution theory research may
be traced back to work of Heider's (2018) on causal inference in which he addressed the issue of
how people attribute causes to the events or occurrences in their environment. This work was
extended by Jones and Davis' (2019) theory of correspondent inferences and Kelley's (2016)
presentation of attribution theory. Both of the latter contributions sought to further specify the
conditions under which observers are able to infer unobservable dispositions or attributes in the
organisms or objects they encounter. Attribution theory is concerned with how ordinary people
explain the causes of behavior and events. Attribution theory deals with how the social
perceiver uses information to arrive at causal explanations for events. It examines what
information is gathered and how it is combined to form a causal judgment. Heider (2019)
believed that people are naive psychologists trying to make sense of the social world. People
tend to see cause and effect relationships, even where there is none. Heider didn’t so much
develop a theory himself as emphasize certain themes that others took up. There were two main
ideas that he put forward that became influential: dispositional (internal cause) vs situational
(external cause) attributions. Dispositional attribution assigns the cause of behavior to some
internal characteristic of a person, rather than to outside forces. When we explain the behavior
of others we look for enduring internal attributions, such as personality traits. This is known as
the fundamental attribution error. On the other hand, situational attribution assigns the cause of
behavior to some situation or event outside a person's control rather than to some internal
characteristic. When we try to explain our own behavior we tend to make external attributions,
such as situational or environment features. This theory is relevant to the study in that it
provides a logical model for judging whether a particular action should be attributed to some
characteristic (dispositional) of the person or the environment (situational). In this case, whether
the success or failure of new product development activities is attributes to marketing research.
Marketing research centers on effective information gathering to understand the needs and
wants of the target market in order to aid in the effective development of new product.
2.3 ​EMPIRICAL REVIEW
In this section, the existing empirical studies on the relationship between marketing research
and new product development were discussed. Witell, Gustafsson and Johnson (2021)
investigated the effect of customer information during new product development on profits from
goods and services. Descriptive statistics and partial least square was employed in analyzing the
data. The results show that obtaining customer information during NPD influences the profits
from new offerings, which vary depending on the phase of the NPD process. The financial
rewards from obtaining customer information for goods are highest in the early phases of the
NPD process and decline in later phases. The financial rewards for services, on the other hand,
are high in the early and late phases of the NPD process. Opara and Adiele (2019) investigated
the impact of marketing research on consumer product planning and development in Nigeria
manufacturing firms. The study adopted survey research design and primary data were sourced
from one hundred and ten respondents drawn from the Manufacturers Association of Nigeriain
Port Harcourt. Pearson correlation was employed in analyzing the data. The study revealed that
a significant relationship exist between marketing research and new product planning and
development. The study also found a significant relation between marketing research and
consumer behaviour. It was also found that marketing research enhances product development.
Oladele and Olaleke (2021) examined the role of marketing research as pathway to developing
optimal market oriented products. Survey research design was adopted. The study covered
workers of companies at Agbara industrial estate in Ogun state. Regression and correlation test
statistics were employed in analyzing the data. Findings show that marketing research has
significant effect on new products been easily adopted by consumers. Findings also revealed
that there is a significant relationship between the use of marketing research and the
development of consumers oriented products by the organisation. Onwubiko (2020)
investigated the impact of marketing research on business management in Nigeria. Survey
method was used. 15,600 registered members of the National Institute of Marketing of Nigeria
(NIMN), comprising academic marketers (2200), marketing practitioners (9350) and marketing
students were studied. The sample size of 390 was determined using Yamane (1967) formula.
One-way ANOVA was employed in analyzing the data with Minitab software techniques. The
study found that marketing research had nonsignificant positive impact on business
management practice in Nigerian organizations. Bello and Aina (2015) investigated the role of
marketing research on the performance of business organizations. Using the data, the
researchers empirically test and substantiate innovations mediating role in the market research
performance relationship of an organization. The study was conducted in federal capital
territory, Abuja, Nigeria through the use of questionnaire and interview. Two hundred and fifty
respondents were sampled for the study. Regression analysis and correlation analysis were
employed in analyzing the data. The result of the study showed that marketing research process
plays a significant role in the performance of business organizations which means that there is a
positive relationship between marketing research and the performance of business
organizations.

CHAPTER THREE
METHODOLOGY
3.1 ​Introduction
Research methodology state that sequence which the research will take, the procedure for
collecting data i.e. primary or secondary data or both the presentation and analysis of the data.
3.2 Sources and method of data collection
The data for this research work is obtained from both primary and secondary sources. Primary
source of data is collected by the researcher from interviews and questionnaire distributed to the
respondents. Secondary sources of data are also collected by making references to relevant bank
journals, magazines and other relevant materials.
3.3 ​Research Design
There are various research methods that can be used but in this research work, case study
approach to research is adopted. This is because it is the research trial focused exclusively on a
single individual, establishment or a group. It enables us to avoid unnecessary complication in
logistic or in analysis that are involved in another methods.
3.4 ​ ​Population and sample of the study
The Manufacturing industry is the population for the studythe population that was considered in
this research was 50 from. Lubcon plc While Lubcon will be taken as a sample from the entire
banking industry. Also, stratified sampling method is used to determine the sample size, and the
sample size will be 50 respondents.
3.5 ​Validity and Reliability of Instrument
For the qualitative study, as an alternative to reliability, the researchers will consider about the
dependability as recommended by Guba and Lincoln (1994), which refers the degree to which
the qualitative research results can be generalized or transferred to other contexts or settings. To
enhance that we will do a thorough job of describing the research context and the assumptions
that were central to the research, we will attempt to keep complete records of all phases of the
research process; problem formulation, selection of the research participants, fieldwork notes,
interview transcripts, and data analysis decisions in an accessible manner as recommended in
Bryman and Bell (2017:414).
3.6 ​ ​Method of data analysis
The data collected in this study will be analyzed by the use of percentage and chi -square for
2
hypothesis testing. The chi-square denoted by the Greek letter X is used Intesting a hypothesis
concerning the differences between a set of observed ".Frequency of a sample and a
correspondence set of expected or theoretical of a sample and a correspondence set of expected
or theoretical frequencies.
 CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS

4.1 ​Introduction
This chapter presents the data collected through survey together with the analysis of the data.
Each of these is shown below;
4.2 ​Response Rate
This refers to the number of people who complete the questionnaire administered, a total of 50
questionnaires were administered, all 50 questionnaires were completely filled and returned by
the respondents, i.e the response rate of the questionnaires is 100%
4.3 ​Demographic Information of the Respondents
In this section, the results obtained from respondents about their personal information are
presented. Personal information obtained includes; gender, marital status, age, academic
qualification and years of experienced.
Table 4.1: Gender of Respondents ​
Gender of Respondents Frequency Percentage (%)

Male 31 62

Female 19 38

Total 50 100

Source: Field survey, (2023)

Figure 4.1: Gender of the respondent

Table and figure 4.1 show the response on the gender of respondent of the data. The result shows
that there are 31(62%) male respondents and 19(38%) female respondents. This implies that
majority of the respondents are female.
Table 4.2: Age of the respondent
Age of the respondent Frequency Percentage (%)

18-25years 4 8

26-33years 22 44

34- 41years 20 40

42 years and above 4 8

Total 50 100

Source: Field survey, (2023)

Figure 4.2: Age of the respondent
Table and figure 4.2 show the age of respondents and the result shows that 4(8%) are within the
age of 18-25 years, 22(44%) are within the age of 26-33 years, 20(40%) are within the age of 34-
41years, 4(8%) are within 42and above years above.

Table 4.3: Marital Status ​

Marital Status Frequency Percentage (%)

Single 8 16

Married 35 70

Widower 4 8

Divorced 3 6

Total 50 100

Source: Field survey, (2023)

Figure 4.3: Marital Status of the respondent

Table and Figure 4.3 show the response of respondent on marital status. The result shows that 8
(16%) of the respondents are single, 35(70%) of the respondents are married, 4(8%) of the
respondents are widower and 3(6%) of the respondents are divorced. This implies that majority
of the respondents are married.
Table 4.4: Educational Qualification ​
Educational Qualification Frequency Percentage (%)

SSCE 7 14

OND/NCE 18 36

HND/BS.c 19 38

MS.c/Ph.D 6 12

Total 50 100

Source: Field survey, (2023)

Figure 4.4: Educational Qualification of the respondent

Table and figure 4.4 indicate the level of education qualification. Based on the analysis, those
who had attained secondary education were 7 at 14%, 18 of them at 36% had only attained
ND/NCE , 19 at 38% attained HND/BSc education while 6 of them at 12% had attained
MSc/PhD education.
Table 4.5: Working experience ​
Working experience Frequency Percentage (%)
0-5 years 14 28
6-10 years 18 36
11-15 years 10 20
16 years and above 8 16
Total 50 100
Source: Field survey, (2023)

Figure 4.5: Working Experience of the respondent

Table and figure 4.5 show the years of experience of respondent, the result shows that 14(28%)
has 0-5 years of working experience, 18(36%) have 6-10 years of working experience, and
 10(20%) have 11-15years and 8(16%) have 16 years and above of working experience.

4.4 ​Data Analysis

Table 4.6: Does product modification enhance sales or cash flow?
Response Frequency Percentage (%)

Yes 35 70

No 10 20

I don’t know 5 10

Total 50 100

Source: Field survey, (2023)

The result from the above table shows that 35(70%) of the respondent agreed that product
modification enhance sale while only 10(20%) disagree. Based on the above analysis banks
should modify their product to enhance sales or cash flow.
Table 4.7: Does product modification guarantee acceptability?
Response ​ Frequency Percentage (%)

Yes 40 80

No 5 10

I don't know 5 10

Total 50 100

Source: Field survey, (2023)

The above table shows that 40(80%) of respondents said product mod guarantee acceptability,
5(10%) agreed that it does not, while 5(10%) said they were neither the product modification
guarantee or not.
Table 4.8: Does marketing research is an important tool in measuring
acceptability of product modified?
Response Frequency Percentage (%)

Yes 47 94

No 3 6

I don't know - -

Total 50 100

Source: Field survey, (2023)

The response from the above table show that 47(94%) of the respondents said that marketing
research is an important tool in measuring acceptability of product mo while 3(6%) were of the
contrary opinion.
Table 4.9: Does marketing research provides vital information for decision
Response Frequency Percentage (%)

Yes 32 64

No 10 20

I don't know 8 16

Total 50 100

Source: Field survey, (2023)

From the analysis of the above table 32(64%) of the respondents were of the opinion that
marketing research provide information for decision making, while 10(20%) were of the contrary
opinion, 8(16%) were not certain.

Table 4.10: Can product b modified without conducting market research?

Response Frequency Percentage (%)
Yes 13 26

No 35 70

I don't know 2 4

Total 50 100

Source: Field survey, (2023)

From the analysis of the above table, 35(70%) of the respondents were of the opinion that
product cannot be modified without conducting marketing research, only 13(26%) said product
can be modified by conducting market research, while 2(4%) were not certain whether product
can or cannot be modified without conducting marketing research.
Table 4.11: Customers’ compliant can require product modification?

Response Frequency Percentage (%)

Yes 50 100

No - -

1 don't know - -

Total 50 100%

Source: Field survey, (2023)

The analysis above shows that 50(100%) of the respondents agreed that custom complain can
require product modification

Table 4.12: Marketing research is a waste of organization resources as far as product

modification is concerned?
Response Frequency Percentage (%)

Yes - -

No 45 90

I don't know 5 10

Total 50 100

Source: Field survey, (2023)

From the analysis in the above table 45(90%) of the respondents said that marketer research is
not a waste or organization resources as far as product modification concerned, while 5(10%) of
the respondents were indifferent about the economy impact marketing research on organization
resources.

Table 4.13: ​Marketing research should be a regular exercise?

Response Frequency Percentage (%)

Yes 25 50

No 15 30

1 don't know 10 20

Total 50 100

Source: Field survey, (2023)

The responses above shows that 25(50%) of the respondents were of the opinion that marketing
research should be a regular exercise. 15(30%) were of the opinion that marketing should not be
regularly conducted, while 10(20%) not sure whether marketing research should be a regular
exercise or not.
Summary of the Regression Result
The result of the multiple regressions formulated in section three is presented in the tables below

a. Predictors: (Constant), Survey Research, Focus Group Research, Observational Research,

Customer Information
b. Dependent Variable: New Product Development
Table 2 shows that R2 value of 0.690 indicates that 69% of the variation in new product
development is explained by variations in survey research, focus group research, observational
research and customer information. The result of R2 was supported by adjusted R2 value of
0.504. The Durbin-Watson statistics value of 1.879 in table 2 indicates that the variables used in
the study were not auto correlated; this implies that result is reliable for future predications.
ANOVA Result

a. Dependent Variable: Customer Purchase Intent

b. Predictors: (Constant), Coupon, Premium, Free Sample
The f-statistics value of 4.272 in table 3 with f-statistics probability of 0.002 shows that the
independent variables has significant effect on dependent. This shows that survey research, focus
group research, observational research and customer information can collectively explain the
variations in new product modification and acceptability for the selected manufacturing industry
in Nigeria.

Coefficients of the Model

Table 4 shows the coefficient of the individual variables and their probability values. Survey
research has a regression coefficient of 0.159 with a probability value of 0.001 implying that
survey research has significant effect on new product modification and acceptability for the
selected manufacturing industry. Furthermore, focus group research has a regression coefficient
of 0.091 with a probability value of 0.000. This implies that focus group research has significant
effect on new product modification and acceptability for the selected manufacturing industry. On
a similar note, observational research has a coefficient value of 0.110 and a probability value of
0.000. This shows that observational research has significant effect on new product modification
and acceptability for the selected manufacturing industry.
Furthermore, customer information recorded regression coefficient value of 0.136 with a
probability value of 0.002. This implies that customer information has significant effect on new
product modification and acceptability for the selected manufacturing industry.
T-Statistics and Probability Value from the Regression Result

Hypothesis Testing
Hypothesis 1
Ho: There is no significant relationship between survey research on new product modification
and acceptability for the selected manufacturing industry.
Hi: Survey research has significant effect on new product modification and acceptability for the
selected manufacturing industry.
In testing this hypothesis, the t-statistics and probability value in table 5 is used. Survey research
has a t-statistics of 3.014 and a probability value of 0.001 which is statistically significant. This
implies survey research has significant effect on new product modification and acceptability for
the selected manufacturing industry.
Hypothesis 2
Ho: There is no significant relationship between focus-group research and observational research
and new product modification and acceptability for the selected manufacturing industry
Hi: There is a significant relationship between focus-group research new product modification
and acceptability for the selected manufacturing industry
Focus group research has a t-statistics of 2.112 and a probability value of 0.000 which is
statistically significant. This implies that there is a significant relationship between focus-group
research and new product modification and acceptability for the selected manufacturing industry
Observational research has a t-statistics of 2.674 and a probability value of 0.000 which is
statistically significant. This implies that there is a significant relationship between observational
research and new product modification and acceptability for the selected manufacturing industry
Hypothesis 3
Ho: There is no significant relationship between customer information on new product
modification and acceptability for the selected manufacturing industry
Hi: There is a significant relationship between customer information and new product
modification and acceptability for the selected manufacturing industry
Customer information has a t-statistics of 2.674 and a probability value of 0.000 which is
statistically significant. This implies that there is a significant relationship between customer
information and new product modification and acceptability for the selected manufacturing
industry.
4.5 ​Discussion of findings
Based on the result on the analysis, the result on the gender of respondent of the data shows that
there are 31(62%) male respondents and 19(38%) female respondents. This implies that majority
of the respondents are female. The result on the age of respondents shows that 4(8%) are within
the age of 18-25 years, 22(44%) are within the age of 26-33 years, 20(40%) are within the age of
34-41years, 4(8%) are within 42and above years above. The response of respondent on marital
status shows that 8 (16%) of the respondents are single, 35(70%) of the respondents are married,
4(8%) of the respondents are widower and 3(6%) of the respondents are divorced. This implies
that majority of the respondents are married. The result on the level of education qualification
indicate that those who had attained secondary education were 7 at 14%, 18 of them at 36% had
only attained ND/NCE , 19 at 38% attained HND/BSc education while 6 of them at 12% had
attained MSc/PhD education. The result on the years of experience of respondents shows that
14(28%) has 0-5 years of working experience, 18(36%) have 6-10 years of working experience,
and 10(20%) have 11-15years and 8(16%) have 16 years and above of working experience.
The result on the analysis revealed that survey research has a regression coefficient of 0.159 with
a probability value of 0.001 implying that survey research has significant effect on new product
modification and acceptability for the selected manufacturing industry. Furthermore, focus group
research has a regression coefficient of 0.091 with a probability value of 0.000. This implies that
focus group research has significant effect on new product modification and acceptability for the
selected manufacturing industry. On a similar note, observational research has a coefficient value
of 0.110 and a probability value of 0.000. This shows that observational research has significant
effect on new product modification and acceptability for the selected manufacturing industry.
Furthermore, customer information recorded regression coefficient value of 0.136 with a
probability value of 0.002. This implies that customer information has significant effect on new
product modification and acceptability for the selected manufacturing industry.

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 ​Introduction
This chapter looks into the summary, conclusion and recommendations, limitation as well as
suggestion for further study.
5.1 ​Summary
The overall aim of this study is examine the effect of marketing research on product modification
and acceptability in the manufacturing industry. The method of data collection adopted for the
study is questionnaire and personal interviews. Based on the data collected through these
sources, a detailed analysis is given to the research questions, and hypotheses earlier formulated
were tested to facilitate the outcome of the study. The analysis was based on fifty (50)
questionnaires that are completely filled and valid. For the purpose of this research work, simple
statistical tools such as frequency and percentage were used to analyze data obtained so as to
reveal the finding of statistical tools adopted include.
5.2 ​Conclusions
Based on the findings, the study concluded that marketing research has effect on product
modification and acceptability in the manufacturing industry. Hence, marketing research
becomes necessary to give the right quality product to consumer's decision. Also it's a sure way
of bearing competitors. Above all, the study has further prove that the survival of every
organization have a direct limit to the organization can only respond to consumer need through
research. It also concluded that the significance of marketing research on product modification
and that of company's product quality benefit strengthen its competitive stand in the market. Also
revealed that the product modification is important to enhance cash inflow on sales especially in
changing world and also any organization which intend to survive in this competitive market
must also embark on marketing research.
5.3 ​Recommendations
Based on the findings of the research, the following recommendations are therefore suggested:-
1. Producers should ensure that adequate survey is carried out to determine the consumer’s
wants, needs and taste in order to design products that best meet these demands.
2. Adequate fund should be budgeted by players in the bakery industry on market research.
Such finances when adequately employed would go along why to improve market
research and placed the business environment in a vintage disposition to achieved optimal
result and performance.

3. Development strategies should be placed to enhance staff performance and increase their
contribution to the industry. This should come in form of seminars, workshops,
symposium syndicate and implement training performances. Furthermore, existing staff
should be retained and continuously given orientation and refresher courses in order to
cope with the increasing demand for marketing activities vis-à-vis market research in all
its form.
4. The nature of implementation of marketing research in most business organization should
be properly done and carried out in such a way that it will meet the company targeted
outcomes and also meet the target consumers needs and wants.

5.4 ​Limitation of the study

This study fully concentrated on the effect of marketing research on product modification and
acceptability in Nigeria manufacturing industries. There are many other factors that affect
modification and acceptability of new product but this study is limited to marketing research.
5.5 ​Suggestion for Further Research
Since this present study is limited to marketing research, future researchers should research on
other factors that affect modification and acceptability of manufacturing industries new product
such as customer satisfaction, cost management, market segmentation etc.

BIBLIOGRAPHY ​
Abimaje, N. Y.(2021): Essentials of Small Scale Business Management, Olowo Printers, Lokoja.
Bearden E’tal (2018): Marketing Principles and Perspectives. McGraw-Hill, New York.
Hamza G. Ibrahim (2020): Introduction to Marketing Volume 2.Haward Printers, Lokoja.
Lois Farese (2018): Marketing Essentials. McGraw-Hill, New York.
Micheal, J.E (2019): Marketing. McGraw-Hill, New York.
Perreault, W.D and McCarthy, E.J (2020): Essentials of Marketing: AGlobal- Managerial
Approach, McGraw-Hill, New York.
Philip Kotler (2019): Marketing Management: Analysis, Planning,Implementation and Control,
th
9 ED, Prentice Hall In’t Inc., NewJersey.
Thomas Kinnear (2021): Principles of Marketing. Mark Aderson and U.S Sprint Comm. Corp.,
New Jersey.
Thomson Learner (2019): Encyclopedia of Marketing.Hodgson Williams Associates, Cambridge.
 rd
Ulrich E’tal (2022):Product Design and Development, 3 Ed. McGraw-Hill, New York.
Tony Procter (2019): Essentials of Marketing Research. Pearson Education ltd,U.K.
http://www.unilever.com/history http://en.wikipedia.org/wiki/new-product-development.com

APPENDIX
​ ​ ​ ​ ​ ​School of Business and Management Studies,
​ ​ ​ ​ ​ ​Department of Business Administration,
​ ​ ​ ​ ​ ​Lens Polytechnic Offa,
​ ​ ​ ​ ​ ​Kwara State.
Dear respondent, ​
I am ALAGBON SHERIF OLUWAFEMI with matriculation number 21/ND/BAM/000, from
the Department of Business Administration Lens Polytechnic Offa Kwara state. The attached
questionnaire is designed to seek information on EFFECT OF MARKETING RESEARCH
ON PRODUCT MODIFICATION AND ACCEPTABILITY IN NIGERIA
MANUFACTURING INDUSTRIES Information required is intended solely for academic
research. I will be highly appreciative for supplying the information with utmost clarity and
sincerity.
Thanks for your anticipated kind assistance.

SECTION A: BACKGROUND INFORMATION OF RESPONDENT

Please tick appropriate box as indicate [ ] Section A (Bio-Data)
1. ​Gender of Respondents ​
​(a) Male [ ] ​ ​(b) Female [ ]
2. ​ arital Status
M
​(a) Single [ ] ​ (​ b) Married [ ] ​(c) Widower [ ] ​(d) divorced [
]
3. ​Age of Respondents ​
​(a) 18-25 years [ ] ​(b) 26-33years [ ] ​(c) 34-41years [ ] (d) 42 and above [
]
4. ​Educational Qualification ​
​(a) SSCE ( ) (​ b) OND/NCE ( ) ​(c) HND/BS.c ( ) ​(d) MS.c/Ph.D ( )
5. ​ orking experience
W ​
​(a) 0-5 years [ ]​ (b) 6-10 years [ ] ​ (c) 11-15 years [ ] ​ (d) 16 years
and above [ ]

SECTION B: EFFECT OF MARKETING RESEARCH ON PRODUCT MODIFICATION

AND ACCEPTABILITY IN NIGERIA MANUFACTURING INDUSTRIES
1. Does product modification enhance sales or cash flow?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

2. Does product modification guarantee acceptability?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

3. Does
marketing research is an important tool in measuring acceptability of product
modified?

a) Yes ( ) ​b) No ( ) c) I don’t Know ( )

4. Does Marketing Research provide vital information for decision?

 a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

5. Can product be modified without conducting market research?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

6. Customers’ compliant can require product modification?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

7. Marketing Research is a waste of Organization Resources as far as product

modification is concerned?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

8. Marketing research should be a regular exercise?

a) Yes ( ) ​b) No ( ) ​c) I don’t Know ( )

37