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1 TITLE PAGE MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN SERVICE INDUSTRY (A CASE STUDY OF NICON INSURANCE COMPANY PLC) BY OGBUNANKWA PIUS .O. MKT/2006/040 A RESEARCH REPORT SUBMITTEDTO DEPARTMENT OF MARKETING FACULTY OF MANAGEMENT AND SOCIAL SCIENCE, CARITAS UNIVERSITY, AMOJI – NIKE EMENE ENUGU IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCE (B.SC) DEGREE IN MARKETING AUGUST, 2010 2 CERTIFICATION This research work written by OGBUNANKWO, PIUS .O., MKT/2006/040 is hereby certified as meeting the partial requirement for the Award of Bachelor of Science (B.SC) Degree in Marketing Department of Caritas University, Amoji – Nike Emene, Enugu. ………………………… MR. ANYIONU .C. SAMUEL …………………….. DATE Project Supervisor ………………………. MR.OKAFOR JONES ………………………. DATE Head of Department ……………………….. EXTERNAL EXAMINER ……………………… DATE 3 DEDICATION This research work is mostly dedicated to the Glory of Almighty God for His knowledge, love, grace wisdom, understanding, protection etc. To the Bless Virgin Mary, Mother of Perpetual help. To my worthy parents, Mr. And (Chief) Mrs. Michael Ogbunankwo, my sister Oge and Lindy Ogbunankwo. To my beloved Late brother, Obinna Chukwuzurum Ogbunankwo, who died few weeks after birth, may his gentle infant soul lest in perfect peace in the realm of bless. Amen. 4 ACKNOWLEDGEMENT This study marks the climax of my four years in the university. It would have been an impossible task if I were left alone to tackle the whole work. Therefore, I deemed it necessary to shoe my appreciation to as many as possible that had in one way or the other contributed to the success of my stay in this institution. First and foremost, I thank the Almighty God, the Alpha and Omega, without Him I am nothing. His love, protection, guidance and inestimable mercers has always abided with me in all my endeavours. Also to my worthy parents. Mr. and Chief Mrs. Michael Ogbunankwo, my sisters Oge and Lindy who have laboured tirelessly without any complaint at the alter of my education. My thanks also goes in a special way to my supervisor, Mr. Anyionu .C. Samuel. You have been an inspiration to me and your careful guidance and constructive criticisms have spurred me on to do my best in this project. You have brought out the best in me and it is my prayer that you also bring out the best in this department as you continue to lecture. May God bless you and reward you. I can’t stop saying thank you. 5 I would like to thank my lecturers who have contributed positively to my academic growth and prepared the foundation on which I now stand, Mr. Eddy A.C. Okenwa, Mr. Kajan Joshua and my honourable head of department, Mr. Okafor Jones, whose academic excellence has continued to be a great source of inspiration to me. My gratitude also goes to people like Rev. Fr. Peter Amanoh, my cousin, Mr. and Mrs. Napoleon Attamah, Mr. and Mrs. Innocent Onu, Mr. and Mrs. Onyekachi, Mr. and Mrs. Bartholomew Chigbo, Mr. and Mrs. Damian Eke, Mr. and mrs. Ezieke, Mr. and Mrs. Patrick Offor, Mr. Joseph Eke, Mr. Remy Onuoha, Mr. and Mrs. Remy chigbo, Mr. and Mrs. Raphael Amanoh, Engr. And Mrs. Kenneth Eze, Mr. Agbo Melletus etc. I will ever be grateful for all you have done for me. May God bless you all and reward you all abundantly. I also show appreciation to my wonderful Uncle Mr. Ifeanyi Chigbo, my son through baptism Master Kenechukwu Joseph Onu. To my course –mates and to Mr. Chukwuka Ordunze who have been sustaining me with good things of life throughout our stay in the university, he is like a brother to me because I found 6 love, peace of mind, protection, understanding, help etc. in him, I owe him everything. And finally, thank you, my lovely friends whose an eagle, Onyinye, Isaac, Obiageli, Chiamaka, Ndubuisi, Chinedu, Abdul, chinyere, chibuike, Emeka Alum, Chima etc. 7 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 8 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 2.6 36 Role of Marketing Research Department in Insurance firm 37 2.7 39 Company Profile 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 9 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 4.1 Presentation And analysis Of The Management 49 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 Bibliography 81 83 10 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 customer’s 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. 11 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. 12 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 consumer’s in the 13 market. It can equally help marketers to understand customers satisfaction and information to purchase management behaviour, provides for problem solving, variable 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. attention towards Good Marketing researchers must focus 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 14 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. 1.2 STATEMENT OF THE PROBLEM Inadequate marketing research affects NICON insurance corporation in the following ways:1. The inadequate marketing research have denied customers information about insurance corporation PLC. 2. The inadequate marketing researches in NICON have prevent potential customers valuable information regarding NICON PLC’s new ways of rendering services. 15 3. The inadequate use of marketing research in NICON have prevented customers from the knowledge of services rendered by NICON and have prevented them from taking advantage of it. 4. The inadequate use of marketing research have affected NICON in their quest for patronage. 5. The inadequate use of marketing research had created problems to NICON on the mode of operation of services available at the service industry for customers benefit and utilization. 1.3 OBJECTIVE OF THE STUDY 1. To examine critically he level of research that that been generated by the corporation. 2. To find out the medium through which the research was created. 3. To find out the different research tools compare in adequate research. 4. To ascertain customers perception of the research message, that is whether the target audience believe in the statements claims and promises contained in the result form the research. 5. To find out if the research conducted have increased the growth and profitability of the corporation. 16 6. To alerts customers on the services and mode of services rendered by the service industry especially the NICON insurance corporation PLC, Enugu. 1.4 RESEARCH HYPOTHESES Ho: Marketing research does not create awareness of the NICON insurance corporation. H12: Marketing research creates awareness of NICON insurance company H02: Marketing research does not increase the number of policy holders. H12: Marketing research increases the number of policy holder. H03: Marketing research does not increase profit in NICON Insurance Corporation. H13: Marketing research increase profit on NICON Insurance Company. 1.5 SIGNIFICANCE OF THE STUDY The benefits of the study can be discussed under the following. - To the NICON, the research. intending future researcher. The general publics and 17 NICON Insurance PLC, like every other researcher spends on researching in order to rate profits. Therefore, this study will be of great benefit to the insurance company, in that it would inform them more about the reaction of their target market towards their research activities and in turn bring a profitable return for management to continue to improve of it. The research agency, the more it can understand how the research has created work on the tagged audience, the better will its planning and decisions be in future. Similarly to the industry (the service industry in this case) which is responsible for spending over N1 billion annually on behalf of researchers, has an individual and collective responsibility to improve the level of prediction for its recommendations. Finally, this study would help the researcher and the readers to appropriately appreciate the use and importance of proper research in introducing and increasing profit on any service rendered. 1.6 SCOPE OF THE STUDY The study takes a look into the marketing research activities of NICON firms in the service industry. Because of time and other factors involved, the research was limited to the study 18 of a particular insurance firm known as NICON Insurance Corporation PLC, Enugu. It examines the conduct of marketing research activities in the industry. 1.7 DEFINITION OF TERMS MARKETING - This is a process of planning and executing the conception, pricing, promotion, distribution, ideas, goods and services to create exchange that will satisfy individual and organization objectives. MARKETING RESEARCH objective design, - collection, It is the systematic and presentation, analysis and interpretation of data (information) to enable managers deal with specific problems facing any organization. It is also the systematic and objective search for, and analysis of, information to guide managers in marketing planning and problem solving. SERVICE MARKETING - The marketing process involving organization that buy in order to provide services: SERVICE - Are activities or benefit that one party can order to another that is intangible and does not result in the ownership of its production may or may not be tied to physical product. INSURANCE - Is one of the social sciences designed essentially for the social science designed essentially for taking 19 risk and risk taking involves the uncertainty of loss. It is also an arrangement with a company in which one pays them regular amounts of money and they agree to pay the cost. MARKET SHARE - Percentage measure of the share obtained by an individual company from the total market available. MARKET POTENTIALS - This is them situation whereby the market demand approaches to a limit as the industry marketing expenditure gets to infinity within a given environment. It is also the highest expected sale of a product for a customers in a specific geographical area during a stated of time under ideal conditions. Ideal condition takes place when there is no environmental changes, showing that all resources for production are available and all the firms in the industry are efficient in their distribution, sales promotion, advertising, public relations, public relations, publicity, pricing and product improvement efforts – Ani J.O, Anyionu S.C (2007). BUYING MOTIVE - All those factors within a person organization which combine to create a desire to purchase. FIELD RESEARCH - This is the physical collection of data involving face to face contact with the customer. 20 FORECASTING - This is the expected level of company sales based on chosen marketing plan and an assumed marketing environment. RISK - Is the variability that is likely to occur in the future return from a project. MARKET - Is a potential buyer of a product or services CUSTOMER - A customer can be referred to, as someone who regularly do purchase from a particular store, company or organization. Adetao (1999). 21 CHAPTER TWO LITERATURE REVIEW Marketing research is the tool used by management in solving problems and making decisions in the field of marketing. It is an end to a sound judgment, as the aim is to furnish an organization with necessary facts of which to base their decision. It provide managers with hypothesis or principles which can be carried over from one marketing situation to another and this can be useful in making predictions. It supplies analytical tools based on logic mathematical used in decision making. Stanton (1988,p.48) stated that “By broadening the perspective of marketing research we are on effect, embracing the marketing concept.” He however criticized marketing research on the basis of certain difficulties which can be traced to the fact that the field depends on human judgment and feelings of the people. Marketing research uses statistical tools, in formulating new policy for future markets and help to answer question on what quantity, at what price, to which customers the products are meant for. It involves gathering, recording and analysis of all facts and data concerned with the transfer of goods from the 22 producers to the consumers. It also reduce the area of uncertainty surrounding business decisions by improving the supply of market information to the decision makers. Nwokoye (1985, p88) stated that marketing research provides valuable information for the planning of the marketing mix. He further stated that research reveal the product features that are popular, reveal price ranges that are acceptable to buyers, reveal, retail outlets that can favour the buyers and what media the buyers are likely to be reached. When the marketing plan is launched, marketing research is needed to monitor results and to investigate various kinds of problems relating to the marketing effort. He emphasized that if a market has developed research tradition as an integral way to planning and problem solving, he is likely to reap full benefits from it. He also stated that “Marketing research does not only produce benefit, it curs cost as well. Tomcannon (2003, p. 108) has three views on marketing research. Firstly, it is a means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy use those goods and services. Secondly, it is the systematic collection and objective recording, 23 classification, analysis and presentation of data concerning the behaviour, needs, attitudes, opinions, motivation; of individuals and organizations (Commercial enterprises, public bodies etc) within the contact of their economic, social, political and everyday activities. Lastly, it is the systematic and objective search for analysis of information relevant to the identification of any problem in the field of marketing. confines of market research, with This goes beyond the its emphasis on the measurement and analysis of markets, to solve a particular company’s marketing problem in an attempt to encompass the broad field of marketing. In the view expressed by Green and Tull (1976, P.3) marketing research is a restless, changing dynamic field. Concomitant with these changes have been the gradual but pronounced shift in orientation of firms from production to marketing. The marketing manager assumed a wider range of responsibility that have increased in complexity hence an ever increasing premium has been place on making sound marketing decision. In response to this requirement a formalize means of acquiring information to assist in the making of marketing decision has emerged. This means is called marketing research. 24 They defined marketing research as “a systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the filed of marketing”. They believe that marketing research underline and permit the management decision making under the four classes or conditions viz certainly with respect to each course of action leading to a specific outcome; Risk with respect to each action leading to a set of possible outcomes and each outcome, given a particular course of action. Green and Tull are of the opinion that, we have problem whenever we have goals or objective to attain. When the problem contains significant unknown or risks or when the right course of action is unclear, we must conduct marketing research if we are to keep the risk within tolerable limits. In the risk of modern technology and human behaviour, and in the face of complexity of marketing issues, the decision maker has a difficult role. He must deal with the inter play of values, factors and non-factors amidst the struggle of human and social values against machines and “fair profit” demands. All these can be clarified sufficiently with the help of marketing research. 25 2.1 WHAT IS MARKETING The term marketing has different definitions from different authors but all these definitions is aimed at finding out the needs of the customers and a way of satisfying them either collectively or individual. Some of this definition will be adopted in the course of this study. According to Kotler and Armstrong (2008, p.29) defines marketing as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Marketing is also the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives (IMA, 1985). The process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return. It is also the management process responsible for identifying, anticipating, and satisfying customer requirements profitably (CIM, 2001). 26 Etzel, Walker, Stanton (2007, P.6) viewed marketing as a total system of business activities designed to plan, price, promote and distribute want – satisfying products to target markers in order to achieve organizational objectives. 2.2 WHAT IS MARKETING RESEARCH Marketing research also has different definitions from various authors and groups. The American Marketing Association (AMA) has define marketing research as the function that links the consumer, customer, and public to the marketer through information – information used to identify ad define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performances; and improve understanding of market as a process. Marketing research specifies the information required to address these issues; designs the method for collecting information; manages and implements the data collection process; analyses the results; and communicates the findings and their implications. Marketing research is the systematic and objective study of problems pertaining to the marketing of goods and services. It 27 may be emphasized that it is not restricted to any particular area of marketing, but is applicable to all its phases and aspects. According to Malhotra (2008, p.7) defines marketing research as the systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing. In the view expressed by Ezeudu (2005, p.1) sees marketing research as a systematic, objective approach to the development and provision of information for decision – making regarding a specific marketing problem. This definition has five key elements:i. Marketing research is systematic; it is a planned, well- organized process. ii. The method of obtaining information is objective; the researcher does not bics the information. iii. The focus of marketing research is on helping markets make sound decision. 28 iv. The information gathered through marketing research is intended to help solve a specific problem generally, each research project is conducted only once. v. The marketing research process focuses on transmitting information that can be used by managers in decision making. According to Osuala (1988, p. 174) marketing research is the systematic gather, recording and analysis of data about problems relating to the marketing of goods and services. It may be undertaken by impartial agencies or by business firms or their agents for solution of marketing problems. Generally, marketing research consists of a formal procedure for collecting and analyzing information, which is normally used to help, solve one – of – a kind problems of special situations (AMA, 1961). Kramer (1961, p.39) has this explanation to give about marketing research and service industry. “ The factors other than competition have been affecting the service industry. The important question is not what percentage of service has been lost to competitors compared to some arbitrary base year but rather why and how such losses can be prevented in the future. He believes that the success or failure of the firm in the industry depends upon its ability to forecast the nature of their demand 29 and to adjust to meet it. The planning of service firms should state with marketing research so as to determine the effect of influence at work to change in the nature and dimension of demand for service. If there is insufficient demand for the services of a firm marketing research studies should be made to improve demand. He alleged that slack in the use of marketing research in the service industry is because,” The concept of marketing management which recognizes the user or buyer of service as the judge of its value and which emphasizes the necessity for knowledge and understanding of the factors that determines or influence his concept of value is known to them”. With the help of marketing research, the service industries are able to identify exactly what the customers wants and needs. Following this therefore, the service firms trailer their product (Services) in such a way that it will enable it increase in business size and profits. Ejiofor (1985, p.53) postulated that marketing research is a tool “commonly used for collecting and analyzing an up-to-date information capable of reducing the uncertainties inherent in management decision making. It help to substantiate or refute the axioms and assumption of theory. He also opined that 30 certain hurdles often see in the way of the business, scientist attempting to apply the scientific method to find solutions to specific business problem. According to him, these hurdles are:a. Lack of theoretical base or hypothesis to support the research investigation with the result that the researcher is forced to approximate every specification of his empirical indication which may be detective. b. Poor administrative and research climate which sterms from factors or attitude that would more way or another prevent a researcher from actually accomplishing the goals of his research. c. Due to inadequate or lack of comprehensive and up-to-date statistical document, business books, bibliographies in business, there is always the problem of duplication of effort and in most cases the research does not know where to begin and where to end. d. There exist also the problem of analysis and difficulty on obtaining accurate measurement instruments. According Bearden, Ingram and Laforge (2001, P,121 believes that marketing research is used in planning to identify the needs of product users and in problem solving to evaluate the 31 types of product to offer. They opine that the overall objective of marketing research is to reduce risk in decision making by helping management understand its uncertain and changing market place and the consumers and competitors that make up its markets. The marketing research process involves the collection, interpretation, and use of data to make decision. Such understanding makes a firm better able to provide products and services that meet customer expectation and needs. Marketing research enhances communication between a firm and its markets with the aim of improving managerial decisionmaking. The aim of research is not to confirm that decisions already made are correct, but to identify alternative choice and to support the decision-making process. 2.2.1 i. TYPES OF MARKETING RESEARCH EXPLORATORY RESEARCH This is a types of research in which the major emphasis on gaining ideas and insights; it is particularly helpful in breaking broad, vague problem statements into smaller, more precise sub problem statements. 32 ii. DESCRIPTIVE RESEARCH A research in which the major emphasis is on determining the frequency with which something occurs or the extent to which two variable covary. iii. CASUAL RESEARCH A type of research in which the major emphasis is one determining cause – and effect relationships. 2.2.2 CLASSIFICATION OF MARKETING RESEARCH Marketing research is classified into the following:I. PROBLEM IDENTIFICATION RESEARCH Research that is undertaken to help identify problems that are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future. Examples of problem identification research include market potential, market share, brand or company image, market characteristics, sales analysis, short – range forecasting, long-range forecasting, and business trends research. II. PROBLEM – SOLVING RESEARCH Once a problem or opportunity has been identified, problem – solving research is undertaken to arrive at a solution. The findings of problem – solving research are used in making 33 decisions that will solve specific marketing problems. Most companies conduct problem – solving research. Issues addressed to problem – solving research include segmentation, product, pricing, promotion and distribution research. 2.2.3 FUNCTIONS OF MARKETING RESEARCH Marketing research has the prime function of reducing risks, the greater the risk, the more justification exists for investing in objective and reliable information about specific aspects of marketing. As it can be rightly observe, research in marketing is committed to the fundamental principle of utility, and as two American researcher have emphasized, there is no point in doing research if the information gathered is defective and could not lead to doing anything differently – where the information is defective, the resultant finding is not in the position to fulfill its purpose; if the research is not going to fulfill its purpose probably because of certain inadequacies, biases in sampling, non-sampling errors and data collection etc, the effort could be regarded as an exercise in futility. However, the American Marketing Association in their definition emphasis that the function of marketing research is to 34 provide information to management so that it can identify and react to marketing opportunities and problem. Marketing research has the function of assessing the information needs provide management with relevant, accurate, reliable, valid, current and actionable information. 2.2.4. OBJECTIVE OF MARKETING RESEARCH Every company needs marketing research both profit and nonprofit organization. Therefore, they must have an objective while conducting research. The Objectives will be geared towards the following:. i. To identify target customers. Ii To alter the public on the service rendered by the company. iii. To win competitors, remain on top and gain more prospects for patronage. iv. v. To sale off the company’s products and services. To provide regular information on uncontrollable external variables such as the general state of the economy, government polices, broad socio-cultural trends. 2.2.5 IMPORTANCE OF MARKETING RESEARCH Firms are increasingly recognizing the importance of marketing research because the environment of most firms is changing fast 35 and becoming highly competitive. The buyers or customers are becoming more sophisticated and discriminating. These conditions are making it difficult for firms to survive and are compelling them to be more discerning in the facts data on which they base decisions that affect their customer patronage. There is a challenge not only to satisfy customer’s needs/wants, but also to satisfy them more than other competitors. Any business hoping to achieve this most improve on the quality of data that inform its decisions. This will help to reduce uncertainties surrounding marketing decisions. 2.2.6 MARKETING MIX IN MARKETING RESEARCH Marketing mix is the set of controllable tactical marketing tools – product, price, place and promotion that the firm blends to produce the response or offer the services it wants in the target market. The marketing mix in marketing research include the following i. PRODUCT The goods and services combination the company offers to the target market. 36 ii. PRICE The amount of money customers have to pay for a certain service or product. The overall pricing strategy that communicates information about the services or product. iii. PLACE This includes the company activities that make the product available to target consumers. It is the overall location strategy of the firm in the town, streets, express, schools and rural areas. iv. PROMOTION This is the message and media for communicating to customers about the services and developing their understanding of what to expect. It is also the activities that communicate the merits of the product or services and persuade target customers to patronize. v. PEOPLES This is the caliber of employees, publics and the services expectation that is needed to deliver have implication for selecting, recruiting, training development and rewards. vi. PROCESSES How customers are serviced and the range of support services available to them. Have the speed and potential of the 37 services provide tare important and critical factor to the success of the firm. vii. PREMISES The overall arrangement of hierarchy of services and product together with other factors needed to be consistent with the place. PRODUCT PRICE PROMOTION PLACE Services List price Advertising Channels Variety Discounts Personal Selling Transportation Quality Allowances Sales Promotion Design Payment period Public Relations Coverage Features Credit Terms Assortments Brand name Location Packaging 2.2.7 Logistics inventory THREATS TO MARKETING RESEARCH The success of marketing research depends upon the co-operation of the public. Unprofessional or unethical marketing research practices may seriously jeopardize the public’s willingness to co-operate in research. It is therefore, necessary to ascertain the reaction of the public towards 38 marketing research. There are three major identified threats to marketing research by George Day. 1. Decisive interviewing 2. Lack of consideration and abuse of respondents 3. The use of marketing research as a sales ploy. Of these three, it was found that the third one is perhaps the greatest threat. If not checked, it is likely to erode the trust of consumers respondents. The interest of the marketing research will suffer if it is used to camouflage sales calls. Respondents will be suspicious of interviewers and will not like to co-operate in legitimate research. 2.2.8 ROLES OF MARKETING RESEARCH The nature and role of marketing research can be better understood in light of the basic marketing paradigm. The emphasis in marketing is on the identification and satisfaction of customer needs. In order to determine customer needs and to implement marketing strategies and programmes aimed at satisfying those needs, marketing managers need information. They need information about competitors, and other forces in the market place. customers, In recent years, many factors have increased the need for more and better 39 information. As industries have become national and international in scope, the need for information on larger and more distant markets has increased. As consumers have become more affluent and sophisticated, marketing managers needs better information on how they will respond to services and products and other marketing offerings. As competition has become more intense, managers need information on the effectiveness of their marketing tools. As the environment changes more rapidly, marketing managers need more timely information. 40 Customer Groups - Consumers - Employees - Shareholders - Suppliers Controllable Uncontrollable MARKETING RESEARCH Marketing Environmental - Product Factors - Price - Economy - Place -Technology Assessing Providing Marketing information information Decision - Promotion -competition -Premises needs -laws and regulation Making -People - social and cultural factors - Processes - political Factors MARKETING MANAGERS - 2.2.9. THE Market Segmentation - Target market selection - Marketing programmes - Performance and control PROMOTIONAL MIX IN MARKETING RESEARCH The promotional mix in marketing research is the specific blend of advertising, sales promotion, public relations, personal selling, and direct – marketing tools that the company uses to 41 persuasively communicate customer value and build customer relationships. i. ADVERTISING Any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor. ii. SALES PROMOTION Short-term incentives to encourage the purchase or sale of a product or service. iii. PUBLIC RELATIONS Process of building good relations with the company’s various publics by obtaining favourable publicity, building up a good “ corporate image”, and handling or heading off unfavourable rumours, stories and events. iv. PERSONAL SELLING Personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships. v. DIRECT MARKETING Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships. 42 2.2.10 LIMITATIONS OF MARKETING RESEARCH Firstly, very many times, marketing research tends to be fragmentary in its approach as a result of which it becomes difficult to have an overall perspective in which a marketing problem is to be views and studied. Second, marketing research is criticized on the ground that it becomes too superficial and faulty in industry. In industry, marketing research is very often used by those who have had no formal training in the subject. Thirdly, these is an absence of a meaningful dialogue between the marketing management and the marketing research team. Fourthly, marketing research is not exact science. There are several imponderables which come in the way of getting accurate results. 2.3 INSURANCE MARKETING The literature for the marketing of insurance service are taken mainly form the existing theories empirical studies that are related to insurance marketing. In the opinion of Ayankoya (1988, p.25) wondered on whether or not the corporation is doing enough to market its 43 product in programme. this competitive age structural adjustment He identified the problems and solution to marketing the corporation’s products. He commented, that, in anticipation of commercialization, the corporation needs to intensify efforts in marketing its service by providing leaflets and brochures as marketing aids. An agent with no such aids other than his personality skill of persuasion and legally worked. convincing prospects Proposal forms will find it more difficult than an agent with an attractive commercial brochure and professional skills. The problem is that marketing is sometimes misused as selling. As professional will agree selling is the end effort of a careful planned strategy to manufacture and retail a product. A carefully and strategically planned marketing effort take into consideration the 4p’s of marketing mix, that is product, price, place and promotion. These considerations are usually, if not taken into cognizance on most Nigeria marketing plans, because Nigeria presumed to be a seller’s market. 44 Another review is from Uche (1985, p.5) his Opinion question is “will Nigeria remain a seller’s market leaving buyers with latter or no choice?. Certainly no”. The increasing cost of living monetary squeeze and the deplorable national economy is increasing compelling consumers to be thrift conscious, especially those selling intangible products to convince clients and prospects that they would have value for their money, highlighting the benefits of such products in simple language without professional jargon. A sales representative must be encouraged and continually trained to keep abreast of the developments within the company they work for, one, the product hey market and the social environment of their areas of operation. A sense of belonging must also be accorded to agents by granting them a reasonable degree of authority and participation on co-operating decision making process. According to Ayankoya (1988, p.40) said that insurances companies in the country could take an inward look by making a critical appraisal of their classes of insurance and marketing schemes to develop new products and formulate effective marketing strategies that would meet the dates of the time. 45 Effort of some companies in this direction must be commended. Some insurance companies such as the National Insurance and great Nigeria Insurance have introduce new product to the market. NICON’s practice of rewarding outstanding sales man within the corporation, notwithstanding, the agents by granting motor-cycle and car loans and sponsoring agents to relevant course. In the opinion of Benneth (1988, p. 184) sees marketing as a process of planning and executing the conception, promotion and distribution of ideals, goods and services to create exchange that satisfy, they are exchanged directly from producer to user, cannot be transported or stored and are almost perishable. Service product are often difficult to identify, since they come into existence at the same time they are brought and consumed. They are composed of intangible elements that are inseparable, they usually invoice customer participation in some important way, cannot be sold in the sense of ownership transfer and have no title. Judging from the definition of marketing, the need of the present and potential clients are identifies usually through market researched which are normally carried out by the 46 insurance companies and deliberate effort are geared towards satisfying such needs at reasonable rates of premium. 2.4 THE MARKETING METHODS ARE: I. MARKET - LEADER METHOD This is adopted by the companies sponsored by government or conglomerates. By virtue of their size, wealth and influence in the industry they are able to employ technically qualified staff and mount heavy advertising campaigns to win more clients. II MARKET – CHALLENGE METHOD This is an aggressive marketing method which nearly all the insurance companies is been embark on now. Each one of them research into the market in various ways to ascertain the need of the present and potential clients. Companies penetrate into the market by selling more of the existing polices to the same client through regular services calls which the brothers and agents make to their existing clients. Factors Affecting the Insurance Market: 1 The impact of legislation of population 2 Size and the distribution of population 3 National income 4 Market competition. 47 2.5 MARKETING RESEARCH EFFICIENCIES IN INSURANCE COMPANY The term marketing research means to all business activities aimed at facilitating the equal value exchange by finding out who customers are, what they want, interpret this information for management in order to improved old product or develop new ones and devising methods aimed at executing the marketing activities and the process companies use to satisfy their customers needs and make profit. Marketing research as a tools for improving the efficiency of marketing operations and has been viewed by different writers form various prospective. According to Wilson (199, p.2) quotes Orjih view marketing research as a planned and systematic process of collecting, presenting, analyzing and interpreting data for the purpose of arriving at dependable solution to customers problem. Marketing research from the view of Guudiff and Still (1977, P,503) development of timely, pertinent decision data for marketing management as a key feature of the sustain approach. The key information requires a marketing information system which can only be provided by marketing research. 48 A market is a group of people who share a common or a desire for a product or service and who can afford it. There are several classification of markets, consumer, reseller, industrial, government and international in local and measure potential market at which they will aim all their marketing activities can be achieved through marketing research and every company can add or modify their product or service through the information collected through research. It is clear that marketing research is an important function in the marketing programme, also in marketing of insurance product, marketing research is used to uncover unknown prospects and to help the sales person obtain information about the firms prospects. 2.6 ROLE MARKETING RESEARCH DEPARTMENT IN INSURANCE FIRM In the view of Lewis (1982, p.14) see marketing research department of any company as one who is in charge of base information and guidance about prospective markets, their behaviour, size and potential for ach product or service. It is the role of the department to promote better marketing through out the company structure, to draw up marketing plans 49 and to ensure that these are implemented efficiently and profitably. The department should perform some sub-functions which include among others: - Assessing what the present situation is at this particular zone or are, deciding on what the most desirable future situation is. - Selecting the most effective of the alternatives - The making detailed arrangements for pursuing the chosen course. - It is pertinent to note before achieving those goals, the research department and development section of insurance company should work with other department in order to obtain necessary information. Through this means then, the marketing department can expose his marketing capacity. The marketing research department should be able to integrate marketing philosophy and techniques into the operation of the insurance firm and make frequent visit to clients to find out the various quality of services that each customer may need. 50 At this point, it has to be born in mind that with the increasing competition in the insurance business, coupled with economic recession, the below – the- line research should be a deliberate, planned effort to established and maintain mutual understanding between the firm and its clients. Through this process it is evident that the firm will imbue greater competition and provide quality service to his customers. 2.7 COMPANY PROFILE The history of NICON insurance company limited dates back to 1969 when the idea of establishing a federal government owned insurance company was first mooted in the federal government circle – political independence economic well being was also prevalent. development was the dominant them has generated Thus, economic in the country. Paradoxically, there was a shortage or lack of the essential element upon which economic growth was not available. The problem was that investment which promised quick returns were preferred to those which offered prospects of gradual return. NICON Insurance Company has 10 Zonal Office and over 48 branch offices located in virtually every states in the country and leads in the under writing of such personal line insurance as life, 51 motor, personal accidents as well as in the insurance of aviation, marine, oil and energy and other special target risks. The company also has a contact office in London for its international operation. The company accepts inward reinsurance from companies all over the world. The apex insurance company has a 9 – member board with Ambassador Yahay Kwande as Chairman. Other members are Alhaji Ibrahim Dambatta, Senator Paul Wampanna, Alhaji Adoshisibu, Alhaji Wale Magaji, Prince Jeff Nnamani, Sir (Engr). Lawrence Amadi JP, Chief (Mrs.) Alice Osomo and theManaging Director Mrs. Prisca M.G Soares, Mallam Nasir Ahmed is the cooperation secretary and legal adviser – The corporation is being managed by a term of professionals headed by Mrs. P.M.G Soares as its managing director/chief Executive. Others are Mr. S.O. Adeda, Executive director (Technical, Alhaji S.L. Sharubutu, Executive director (Financial and Administration) and Alhcaji Ibrahim Hassan, Executive director (special risks). There are other professional assisting the executing management which include I G M, 7 Deputy General managers, 3 Assistant General Managers, 18 Senior managers, 25 managers and about 43 52 Assistant managers. In all, the corporation has over one thousand two hundred employees. However, current research and information from the company staff Mr. Eze has it that as from December 2005, after the privatization by Federal Government, NICON Insurance Company was among its service industry that was privatized and that the company has no more member board, it has been dissolved. The company is now owned by one Barrister Jimoh Ibrahim. The company is no longer NICON Insurance Company limited rather NICON Insurance Corporation PLC, now a private limited company. Notwithstanding the fact that it has been privatized and owned by an individual, NICON Insurance corporation PLC stills runs its affairs and management the same way when it was under the control and supervision of the federal government with its branches. 53 CHAPTER THREE RESEARCH METHODOLOGY 3.0 INTRODUCTION This chapter resonance with the identification of the source through which information was obtained in the course of the research study. it also stated the various methods of investigation employed by the researcher and how the sample used were chosen. 3.1 SOURCES OF DATA The data used for this research were gathered from both primary and secondary sources with much emphasis on primary data. This is so because this part helped the researcher to get first hand information from the customers and staff of INCON insurance company. 3.1.1 PRIMARY DATA These are data or relevant information which generated purpose and specifically for this study. the researcher used the following methods; - Questionnaire administered to the management and staff of NICON insurance company. 54 - Questionnaire administered to the users (policy holders) of NICON insurance services in Enugu State. - Questionnaire administered to the agencies of NICON insurance company. 3.1.2 SECONDARY DATA These are the sources used in collecting secondary data. They includes several literatures, publication and other previously conducted research work that might help in the present data. The secondary source used are; - Trade information and independently published report by the management of NICON insurance company. - Internal assessment of marketing activities in NICON insurance company. - International publications such as journal of marketing and journal of insurance marketing in Nigeria. 3.2 POPULATION OF THE STUDY The population of the study consists of staff and consumers (policy holders) of NICON insurance company limited. This population was drawn from this area for easers and better representation. 55 3.3 DETERMINATION OF SAMPLE SIZE It is not possible to study all the policyholders of NICON insurance company, Enugu State. Also, it is not possible to distribute questionnaire to all the management and staff of the NICON insurance company. In order to determine the sample size Topman’s Formular was used because of this, plot survey was carried out and about 100 questionnaire was given out and out of this about 40 respondents agreed that they make use of NICON insurance policy and about 60 did not, therefore the policy holders make up 40 while those that did not, make up 60. n = Z2pq E2 n = required sample size Z = The value of Z-score associated with the degree of confidence sleeted P = Probability of positive response Q = probability of negative response E = The tolerable error or error margin .; where Z= 90% or 1.96 p = 40% 56 100 = 0.4 q = 60 100 = 0.6 e = 5% or 0.05 n = (1.96)2 X 0.4 X 0.6 (0,05) n = 3.8416 X0.4X0.6 0.0025 n = 0.921984 0.0025 n = 368.79 n = 369 The staff strength of NICON insurance company The Schedule below shows the distribution in terms of executive staff, senior staff of NICON insurance company. Option Departments Percentage Executive staff 18 0.45 Senior staff 22 0.55 Total 40 100% For the purpose of this study the sample size is relevant to the study and the researcher interviewed the whole sample size to give each and everyone equal opportunity to contribute to the study. 57 3.4 RESEARCH INSTRUMENT 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. This questionnaire was administered on the staff of NICON insurance company agencies and policy holder representative. Another research instrument was face to face or personal interview. The researcher observed that in course of answering the questionnaire the respondents may likely wish to express some personal opinion which might be of great help to the study and which they could express in the questionnaires because no such provision was given. The researcher therefore decided to use a highly instructed questioning system to collect the required personal opinions from the respondents. 3.4.1 QUESTIONNAIRE DESIGN The questionnaire used in this research work is the main source of primary data. Three sets of questionnaire were issued out. The first to the management and staff of NICON insurance company. The second questionnaires are to the policy holder and the last one was to the agent of the company. 58 DICHOTOMOUS QUESTIONS: This was asked to restrict the respondent to two alternateness of Yes or No OPEN-ENDED QUESTIONS: This was asked to evaluate the respondent to express themselves freely. MULTIPLE– CHOICE QUESTIONS: These are those which require that the respondent should make choice from the list of alternatives or suggestions by the researcher. 3.4.2 PERSONAL INTERVIEW Oral interview was used by the researcher to secure information from the management and staff of NICON insurance company. The information gotten from oral interview as well as that gotten from their publications (house journal, news letter, and periodicals) were used to make a competence analysis of NICON insurance and its compactions. 3.5 METHOD OF DATA TENEMENT AND ANALYSIS A sample chart was designed to display the whole data collected from the questionnaire, item by item. In each items, the information or data collected was put in a frequency table to know the number of occurrences of each item. This was then compared with the whole or total occurrence to find the percentage of the occurrence over the whole or total. How 59 the questionnaires were distributed and returned and show in absolute number as well as in percentages. The test statistic I intend to use in analyzing my data is statistical test of hypotheses. 3.6 LIMITATIONS OF THE STUDY In conducting this research study, the researcher was faced with a lot of probes as shown below. Meeting with the appropriate officers of the company was a problem. Most of the officers were either absent or too busy to attend to people talk less of seeing the researcher. Time is another factor that was a problem to the researcher. There was time for the researcher to carryout an incept study because of academic activities and the nature of the researcher’s institution, this landed to limit the scope of work. Some of the respondents were reluctant to give the researcher the necessary information because they doubted the usefulness and sincerity of the study. Some of the respondents even saw the study as trap to reveal their business and therefore skipped some vital parts. The finance is not an exception because the finance that was at the disposal of the researcher was too meager and could not enable the researcher to do a more in depth analysis. 60 61 CHAPTER FOUR PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA This chapter is divided into four parts, the first part is concerned with the presentation and analysis of the management questionnaires, the second part is concerned with the policy holders, the third part is also concerned with the agency questionnaires and the final pact has to do with the test of hypothesis. PART ONE 4.1 PRESENTATION AND ANALYSIS OF THE MANAGEMENT QUESTIONNAIRES 4.1.1 THE OPINION ABOUT MARKETING RESEARCH Option Responses % of responses Male 112 70 Female 48 30 Total 160 100% Source: Research Data 2010 The above table shows that no respondents stated that marketing research is not necessary but 15 (37.50%), 19 (47.50%), 6 (15.%) of the respondents agreed that it is necessary, very important and indifferent respectively. 62 4.1.1 AGE BRACKETS OF RESPONDENTS Option Responses % of Responses Below 25 - - 26-35 - - 36-45 40 25 And above 120 75 Total 160 100 Source: Research Data 2010 From the above it shows the age bracket of respondents policy holder with NICON insurance company, that is 40 (25%) is between the ages of 36-45 while 120 (75%) is between the ages of 45 and above. 63 4.1.2 RESPONDENTS EDUCATIONAL LEVEL Option Responses % of Responses No formal education - - Primary - - Secondary 64 40 Higher 96 60 Total 160 100 Source: Research Data 2010 From the above table 64 (40%) are secondary while 96(60%) are higher education. 4.1.3 OCCUPATION OF RESPONDENTS Option Responses % of Responses Public 96 60 Professional 48 30 Trader / self employed 16 10 Other specify - - Total 160 100 Source: Research Data 2010 The above table chows that 96 (60%) are public servants, 48 (30%) are professional and 16(10%) are traders /self employed. 64 4.1.4 THE OPINION ABOUT MARKETING RESEARCH Option Responses % of Responses Not necessary - - Necessary 15 37.50 Very important 19 47.50 Indifferent 6 15.00 Total 40 100% Source: Research Data 2010 The above table shows that no respondents stated that marketing research is not necessary nut 15 (37.50%), 19 (74.50%), 6 (15%) of the respondents agrees that it is necessary, very important and indifferent respectively. 65 4.1.5 IF THEY EVER ENGAGED IN MARKETING RESEARCH Option Responses % of Responses Yes 15 3.7.50% No 25 62.50% Total 40 100% Source: Research Data 2010 The above table shows or indicates that 15 (37.50%) is of the opinion that they carry out research while 25 (62.50%) is not of the opinion. 4.1.6 THE REASON FOR NOT HAVING MARKETING RESEARCH DEPARTMENT Option Responses % of Responses Cost consideration 20 50.00 of 15 37.50 Efficient use consultancy Company policy 5 12.50 Others - - Total 40 100% Source: Research Data 2010 66 From the above table 20 (50%) of the respondents based their reason on the cost consideration of having a permanent research department while 13 (37.50) and 5 (12.50) of the respondents based their argument of the efficient use of consul tansy firms and company policy especially. 4.1.7 HOW THE FIRM GATHER THEIR MARKETING RESEARCH DATA Option Responses Company marketing research 5 % of Responses 25.00 staff / company salesmen Processional marketing 10 25.00 Agency 25 62.50 Others specify - - Total 40 100% research constancy Source: Research Data 2010 Form the table it was gathered that the company depended more on their agency for their research data because it takes about 25 (62.50) of the total and the staff/ company specimen, research consultancy, company marketing research and 67 professional marketing follows suit with 5 (25.00) and 10 (25.00) respectively. 4.1.8 THE IMPACT OF MARKETING RESEARCH ON THE ORGANIZATION Option Responses % of Responses No impact - - Positive impacts 40 100 Negative impact - - Total 40 100% Source: Research Data 2010 From the above table 40 (100) of the respondents is of the opinion that marketing research has a positive impact on the organization. 68 4.1.9 WAYS MARKETING RESEARCH HAS HELPED THE ORGANIZATION Option Responses % of Responses Maximization of profit 12 30.00 Identification of customer needs 20 50.00 Identification of compactors 3 7.50 activities New product development 5 12.50 Others specify - - Total 40 100 Source: Research Data 2010 In finding out how marketing research has helped the organization, many respondents claimed it has helped them in many ways from the table, maximization of profit accounted for 12, responses representing 30%, where as 20 (50%) of the organization testified that marketing research as helped them in business organization favored the identification of customer needs, 3(70.50%) of the organization studied said that marketing research helped in the identification of competitors activities while the remaining 15 (12.50%) have information that marketing research has helped in new product development. 69 4.1.10 THE AVERAGE YEARLY TURNOVER Option Responses % of Responses Below N1m 10 25.00 Between N1m to N10m 30 75.00 Between N10m to N15m - - Others specify - - Total 40 100% Source: Research Data 2010 Form the above table 30 (75%) of the respondent indicated that they make between N1m to N10m while 10 (25%) indicated that they make below N1m. 4.1.9 THE RESPONSE IF MARKETING RESEARCH HAS HELPED in any way in motor department, 10 (25%) in the life assurance department and the remaining 5 (12.50%) are in the burglary department. 70 4.1.11 RESPONDENTS WORKING YEARS IN THE COMPANY Option Responses % of Responses Below 2 years 15 12.50 2-3 years 7 17.50 3-4 years 10 25.00 4 and above 18 45.00 Total 40 100% Analysis From the table it could be seen that 5 (12.50%) are those that have been with the organization for not more than 2 years, 7 (17.50%) are those between 2-4 years, 10 (25%) are those between 3-4 years, and 18 (45%) are those that have been with the company for 4 years and above. 71 PART TWO 4.2 PRESENTATION ANALYSIS & INTERPRETATION OF THE QUESTIONNAIRE collected from the POLICY HOLDERS 4.2.1 RESPONDENTS AWARENESS OF THEIR POLICES Option Responses % of Responses Yes 112 70.00 No 45 30.00 Total 160 100% Source: Research Data 2010 The table shows that about 112 (70%) of the total policy holders are aware of polices of NICON insurance company while the remaining 48 (30%) are not aware. 4.2.2 RESPONDENTS THAT MAKE USE OF POLICY Option Responses % of Responses Yes 112 70.00 No 48 30.00 Total 160 100% Source: Research Data 2010 THEIR 72 The table shows the number of those that are making use of NICON insurance policy is about 112 (70%) respondents while 48 (30%) are not making use of it. 4.1.5 THE MOTIVES FOR INVESTING IN MARKETING RESEARCH Option Responses % of Responses Identify customers need 3 7.50 To does competitors are doing 2 5.00 To keep barest of marketing 5 12.50 changes To minimize turnover / profit Identity company 25 marketing 5 62.50 12.50 problems Others specify - - Total 40 100 Analysis Form the above table the main aim of investing in marketing research is to identify the needs of the customers 3 (7.50%) while 2 (5%), 5 (12.50%), 25 (62.50%), 5 (12.50%) takes it that it is to do as competitors are doing, to keep abreast of 73 marketing changes, to maximize turnover/ profit and identity company marketing problems respectively. 4.2.3 RESPONDENTS REASONS FOR NOT MAKING USE OF NICON INSURANCE POLICY Option Responses % of Responses Expensive - - Poor service 128 80 Rude and impolite 32 20 Others specify - - Total 160 100 Analysis Form the above table, it shows that 128 (80%) do not patronize them based their argument on poor service while the rest of 32 (20%) based theirs on the rude and impolite nature of staff. 4.2.4 TYPE POLICY HOLDER THE RESPONDENTS ARE HAVING Option Responses % of Responses Life assurance 8 5 Fire policy 40 25 Burglary policy 40 25 74 Motor policy 50 50 Total 160 100 Analysis From the above table 8 (5%) are life assurance, 32 (20%) are fire policy holders, 40 (25%) are burglary policy while 80 (50%) are motor policy holders. 4.2.5 THE MAJOR REASON BEHIND RESPONDENTS TAKING POLICY Option Responses % of Responses Quality of service 32 20 Safety purpose 128 80 Rule and impact - - Others specify - - Total 160 100 Analysis The table above that 32 (20%) of the policy holder based their reason on quality of service while 128 (80%) based theirs on safety purposes 4.2.6 RESPONDENTS MOTIVATION TOWARDS QUALITY SERVICES 75 Option Responses % of Responses Yes 96 60 No 64 40 Total 160 100% Analysis From the above table 96 (60%) agreed that they were motivated by the quality of service rendered while 64 (40%) were not motivated by the quality of services rendered. 4.2.7 THE RATING OF SERVICE QUALITY OF NICON INSURANCE Option Responses % of Responses Very good - - Good 48 30 Fair 96 60 Bad 16 10 Very bad - - Total 160 100 76 Analysis From the above table 48 (30%) rated their service to be good, 96 (60%) fair and 16(10%) bad. 4.2.8 Response of policy holder if NICON insurance is customer oriented Option Responses % of Responses Yes 112 70.00 No 48 30.00 Total 160 100% Analysis The above table shows that 112 (70%) believes that the company is customer oriented and the remaining 48 (30%) did not agree. 4.2.9 SEEKING THE OPINION OF THE RESPONDENTS BY THE COMPANY Option Responses % of Responses Yes 96 60 No 64 40 Total 160 100% 77 Analysis Form table above 96 (60%) says that they have sought their opinion one time or the other while 64 (40%) says that their opinion have not been sought. 4.2.10 RESPONDENTS CHANGE ATTITUDE TO NICON INSURANCE COMPANY Option Responses % of Responses Yes 56 35 No 104 65 Total 160 100% Analysis From the above table 56 (35%) agreed that they changed from other insurance company to NICON insurance company while 104 (65%) says that they have not changed insurance company. 4.2.11 RESPONDENTS ADVISE TO NICON INSURANCE COMPANY ON HOW THEY CAN IMPROVE THEIR SERVICE. Option Responses % of Responses To update their proposal form 8 5 To be customer oriented 16 10 and 96 60 To improve their product 78 service quality To train their staff in human 40 25 relations Total 160 100 Analysis The above table shows the 8 (5%) says that they should up data their proposal form, 16 (10%) to be more customer oriented, 96 (60%) to improve their product and service quality and 40 (25%) to train their staff in human relations. 4.2.12 THE NUMBER OF MALE AND FEMALE Option Responses % of Responses Male 112 70 Female 48 30 Total 160 100% Analysis The above table, it could be seen that 112 (70%) of the majority of the respondents are male while 48 (30%) are female. 79 QUESTIONNAIRE FOR AGENCIES 4.3.1 RESPONSE ON IF THE RESPONDENTS HAS STUDY ANY COURSE RELATING TO MARKETING RESEARCH. Option Responses % of Responses Yes 17 85 No 3 15 Total 20 100% Analysis In determining if the various agencies had study any courser relating to marketing research, 17(85%) admitted that they had study course on marketing research while about 3(15%) had not. 1.3.2 THE IMPACT OF THE STUDY ON PROFESSION IF YES Option Responses % of Responses Not much - - Much 6 30 Very much 14 70 Total 20 100 YOUR 80 Analysis In the information above 6(30%) admitted that it has helped them much and 14 (70%) says that it has helped them very much, it shows that studying the course or any course relating to marketing research is important. 81 3.3.3 THE NUMBER OF YEARS THE AGENT HAVE BEEN IN THE BUSINESS. Option Responses % of Responses Below / years - - 2-3 years 4 20 3 and above 16 80 Total 20 100 Analysis Form the above table, 4 (20%) have been into agency business, between 2-3 years while 16 (80%) have been into agency business between 3 years and above. 4.3.4 RESPONDENTS NUMBER OF YEARS HE HAS BEEN DEALING WITH NICON INSURANCE COMPANY Option Responses % of Responses Below / year 2 10 2-3 years 8 40 3-4 years 6 50 4 and above 4 20 Total 20 100 82 Analysis From the above table, 2 (10%) are below / year, 8 (40%) are between 2-3 years, 6 (30%) are between 3-4 years and 4 (20%) form 4 and above. They have been dealing with NICON insurance company. 4.3.5 THE ATTITUDE OF THE PUBLIC TOWARDS INSURANCE PRODUCT Option Responses % of Responses Position 8 40 Nosepiece 12 60 Total 20 100% Analysis From the above table, 8 (40%) are positive while 12 (60%) are negative 4.3.6 THE REASON FOR THE NEGATIONS ATTITUDE OF THE PUBLIC TOWARDS INSURANCE PRODUCT Option Abstract Responses intangible of the 3 % of Responses 15 product Poor image of the intermediaries 1 5 83 Poor claim settlement 16 8 Others specify - - Total 20 100 Analysis From the above table, 3(15%) are abstract intangible nature of the product, 1(5%) to poor image of the intermediaries while 16 (8%) to poor claim settlement. 4.3.7 RESPONDENTS ASSISTING NICON INSURANCE TO CARRYOUT MARKETING RESEARCH Option Responses % of Responses Yes 14 70 No 6 30 Total 20 100% Analysis From the above table, 14 (70%) says that they help the company to carryout research while 6 (30%) says that they do not help in carrying out research. 84 4.3.8 THE PROFIT LEVEL OF THE ORGANIZATION HAVE INCREASE BECAUSE OF MARKETING RESEARCH BASED ON, IF YES Option Responses % of Responses Not much 4 80 Much 14 60 Very much 2 10 Total 20 100 Analysis From the table above 14 (30%), 14 (60%) and 2 (10%) inculcated the profit level 4.39 IF NO WHY Option Responses % of Responses Cost consideration 6 100 Not necessary - - Others specify - - Total 6 100 85 Analysis From the table above 6(100%) attributed this to the cost invoiced. 4.3.10 IF MARKETING RESEARCH ACTIVITIES INCREASE POLICY HOLDER OF NICON INSURANCE COMPANY Option Responses % of Responses Yes 12 60 No 8 40 Total 20 100 Analysis From the above table 12 (60%) agreed while 8 (40%) disagreed to that. 4.3.11 SOURCE OF MARKETING RESEARCH DATA Option Responses % of Responses Primary source only - - Secondary sources only - - Combination of A and B 20 100 Others specify - - Total 20 100 86 Analysis From the table above, 20 (100%) says that they base their marketing research data on the combination of both primary and secondary sources of data. 4.3.12 IF MARKETING RESEARCH CREATE AWARENESS OF THE NICON INSURANCE COMPANY Option Responses % of Responses Yes 14 70 No 6 30 Total 20 100 Analysis Form the table above, 14 (70) agreed while 6 (30%) did not agreed with this. PART FOUR 4.4 STATISTICAL TEST OF HYPOTHESIS In this part the data already presented and analysis will be used to test the hypothesis formulated for the study Hypothesis One Ho, Marketing research activities do not exist in of the NICON insurance company 87 Hi, Marketing research exist in the NICON insurance company In order to test this hypothesis question number 12 in the agencies was used and the derivation table is 4:3.12. 4.4.1 marketing research create awareness of the NICON insurance company Option Responses % of Responses Yes 14 70 No 6 30 Total 20 100 To find observed X2 = Σ (0- Σ)2 Σ Level of significance used is 5% i.e (0.05) degree of freedom (d.f) d.f.= (k-i) d.f = 2 .; = (2-1) = 1 .; X2 = Σ(0- Σ)2 Σ E = 20 2 = 10 X2 (14-10)2 + (6-10)2 10 10 88 16 + 10 16 10 1.6 + 1.6 3.2 Comparing the test statistic with critical value = 2.6 3. 84 DECISION From the computation above, the calculate value of X2 is less than the table value, we accept the null hypothesis and reject the alternative hypothesis. We therefore conclude that marketing research does not create awareness of the NICON insurance company. HYPOTHESIS TWO Ho2 Marketing research activities do not increase the number of policy holders Hi Marketing research activities increase the number of policy holder In order to test this hypothesis, question number 10 in the agencies questionnaire and its derivation table 4:3.10 was used. 4:4.2 IF MARKETING RESEARCH ACTIVITIES INCREASE POLICY HOLDER OF NICON INSURANCE COMPANY 89 Option Responses % of Responses Yes 12 60 No 8 40 Total 20 100 Expected = total of the responses No of observed = 20 = 10 2 X2= Σ (0- Σ)2 Level of significance used is 5% (i.e = 0.05) degree of freedom d.f = (k-1) d.f = 2 .; (2-1) =1 X2 = Σ(0- Σ) Σ X2 = (12-10)2 + (8-10)2 10 .;22 10 + 10 22 10 90 =4 + 4 10 10 0.4 + 0.4 =0.8 Comparing the test statistic with critical value = 0.8 3.84 DECISION From the computation, the calculated value of X2 is less than the table value, we accept the null hypothesis and reject the alternative hypothesis. We therefore conclude that marketing research does not increase the number beer of policyholders. Hypothesis three Ho3: Marketing research activities do not increase profit in NICON insurance company H13: Marketing research activities increase profit in NICON insurance company In order to test this hypothesis question 5 in the management questionnaire and its derivation table 4:1.5 was used 4.4.3 THE MOTIVES FOR INVESTING IN MARKETING RESEARCH Option Responses % of Responses 91 To identify customs need 3 7.5 To do as completions are doing 2 5 To keep abreast of marketing 5 12.5 changes For increase in profit level Identify company 25 marketing 5 62.5 12.5 problems Total 40 Expected = Total responses No of observed = 40 = 8 5 X2 = Σ (0- Σ)2 Σ Degree of freedom d.f = (k-1) = (5-1) =4 X2 = Σ (0- Σ)2 Σ (3x4)2 + (2x4)2 + (25x4)2 + (5x4)2 40 = 122 + 82 + 202 + 1002 + 202 100 92 40 = 144 + 64 100 + 10,000 + 400 40 .; 11,008 40 = 275.2 comparing the test satieties with critical value = 275.2 9.49 DECISION From the computation the expected value is greater than observed value. Therefore we accept the alternative hypothesis H13 which says that marketing research activities increase profit in NICON insurance hypothesis Ho3. company and its rejected the null 93 CHAPTER FIVE 5.0 SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION 5.1 SUMMARY OF FINDINGS This chapter presents a summary of the findings, recommendation and conclusion. After a careful study of the marketing research activities in NICON insurance company, Enugu. The researcher came out with the following findings. 1. That NICON insurance company at one time or the other engaged in marketing research activities. 2. That company docs 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 prospects. 4. That NICON has not fully identified the need for establishing a research department in the organization. 5. That the establishment of marketing research department will increase the profit level in the organization. 6. That the affixture of the publics towards insurance products are negations and this is based on lack of awareness creation on the benefits of using the organizations products. 94 5.2 RECOMMENDATION Having carefully carried out the research on marketing research as a tool for increased profitability using NICON insurance company Enugu as a case study, with which the recommendation are made. The NICON insurance management should strike to increase its present effort on marketing research activities to increase the awareness of the company to the publics, number of policy holders and also a check and maintain the profit laced of the organization and also customer satisfaction. They should utilize the various techniques invoice in research activities like fried survey and other tools available to them in performing the activity and emphasis should in performing the activity and emphasis housed be placed on total marketing orientation for survival of NICON insurance company. The management must understand the modern marketing philosophy and the role it could play for a firm to remain competitive. More budget should be directed to the appropriate department so as to conduct a result oriented research on 95 consumer needs in order to enable the organization to develop a service offering that could appeal to the target market. The researcher could not cover more because of circumstances beyond his control, therefore further research into this topic can be extended to other areas of service industry or manufacturing industry. Further study should be conducted on this topic to find out how to calculate the actual profit in figural derided solely as a result of marketing research activities and to find out the other forces that help marketing research activities as tool for increased profitability. 5.3 CONCLUSION Marketing research which is a systematic design, collection, analysis and reporting a data and findings that are relevant to a specific marketing situation facing any company, is very important in the life of any business organization. Marketing research is carried out for numerous marketing problems especially in sales/marketing, advertising research and product research. The motive behind investing in marking research are to identify customer needs, maximize turnover/profit and to keep abreast of marking chase. Thus marketing research has a posited 96 significant impact on the profit or loss of the business organization. Marketing research data are collected from data combination of primary and secondary sauces and theses data are applied in various ways like for decision making/identification of marketing opportunism and determination of the price of proudest and searches. Any business organization do not have their reasons which induce cost factors, company policy and /or more efficient use of marketing research consultancy firms. Marketing research has helped most business originations in maximizing profit/identifying customer needs/ product development, building company image and reducing selling /production cost among others. Few business organization are yet to see the essence of marketing research because of the cost involved and the subjectivity and the inconsistencies in the information do not engage in marketing research are prone to suffer losses ranging. 5.4 limitation of the study In conducting this research study, the researcher was faced with a lot of problems as shown below. 97 Meeting with the appropriate officers of the company was a problem. Most of the officers were either ascent of too busy to attend to people talk less of seeing the researcher. Time is another factor that was a problem to the researcher. There was no time for the researcher to carryout an indebt study because of academic activities and the nature of the researchers institution, this landed to limit the scope of work. Some of the respondents were reluctant to give the researcher the necessary information because they doubted the usefulness and sincerity of the study. Some of the respondents even saw the study as a trap to reveal their business and therefore skipped some vital parts. The finance is not an exception because the finance that was at the disposal of the researcher was too meager and could not enable the researcher to do a more in-depth analysis. 98 BIBLIOGRAPHY TEST BOOKS Ani J.O and Anyionu S.C (2007). Contemporary sales management, Enugu; J.T.C Publishers. Okwu (1985), “Insurance Marketing in Nigeria” Enugu- Nigeria; fourth dimension publishers. Davis A.H (1978), The Practice of marketing research Enugu Nigerian London Macmillan Press Ltd. Edoga P.N (2003), Practice of Marketing, Nigeria; Enugu Nigerian Je-Rohi Publishers, Ejiofor P.N.O (1985). Problem and prospects of Empirical Research Development of management in Nigeria; Enugu Nigerian Oxford University Press Ltd. Ifezue A.N. (1990). Principles of marketing Ebonyi Nigeria ABIC books and Equipment. Kuhleijer H.J (1985), Competence marketing strategy. Belmong, California; wade worth incorporates Kotler. P (1988), Marketing management –Analysis, planning, implementation and control, international incorporated. USA; Practice Hall 99 Nwokoye N.G (1985), Marketing in Nigeria, Enugu Nigerian London Macmillan press Ltd. Nwokoye N.G (1982), Modern Marketing for Nigeria, Enugu Nigeria; African First publishers limited. Onah J.O (1985), Marketing in Nigeria, Experiences in development economy, London; Cassel Press HD. Rotimi A. (1988), “Insurance marketing” Agent’s needs to be Assisted, Enugu Nigerian; cecta Nigeria Ltd 100 JOURNAL Brandmaire. M. (1986); Life insurance marketing and development in Africa” WAKA Journal Vol. 10,10-17 Lagos- Nigeria; Monic Publishers Gordon H.I (1965); What is the next breakthrough in research “Journal of marketing Vol.29,23-29 Krammer .W. (1961), “How Marketing Research in Making Marketing decision. Journal of Marketing Vol.23.71-73 Omodele. L. (1982), “Role of marketing department Journal of federal might Vol.2no.3. Schwartz D.J (1973), “Marketing today a Basic Approach” Journal of Marketing vol. 14,no7. October. 101 APPENDIX B Department of marketing Caritas university Amorji-Nike Emene Enugu State Dear Sir / Madam QUESTIONNAIRE FOR STAFF I am a final year student of the above named school in the department of marketing conducting a research on “Marketing Research As a tool for increased portability in service industry” (A case study of NICON insurance company PLC). This is for academic exercise required for the for the award of Bachelor of science (B.S.C) degree in the department of marketing, caritas university, Emene, Enugu. I assure you that your response will be treated in confidence and used solely for this research. Thank you in anticipation of your cooperation. Yours faithfully ………………….. Ogbunankwo, Pius 102 APPENDIX A Management Questionnaire (√) Tick as appropriate 1. What is your age brackets? a. Below 25 ( ) b. d. 45 and above ( 2. ( 4. Single ( ) b. Marred ( a. Primary ( d. OND ( ) c. Marred with children ) ) b. Secondary ( e. HND ( ) c. B.S.C ( ) ) What is your gender or sex? Male ( ) b. Female ( ) What is your occupation? d. ) b. professional ( Trade / self employed ( ) c. Printed ( ) ) Do you have marketing research department? a. 7. ) ) a. Public ( 6. ) What is your educational qualification? a. 5. ) c. 36-45 ( What is your marital status? a. 3. 26-35 ( Yes ( ) b. No ( ) If no, what are your reason? a. Cost consideration ( ) b. company profile ( ) 103 c. 8. 9. Efficient use of consultancy firm ( What are your opinion about marketing research? a. Necessary ( ) c. Indifferent ( ) d. not necessary ( b. Very important ( ) ) How do you gather your marketing reseed data? a. Staff /company salesmen ( research ( 10 ) ) d. company marketing ) Have marketing research made any impute on your organization? 11. Which ways have marketing research helped your organization? a. Maximization profit ( needs ( ) b. identification of customer ) c. identification of composites actuates ( d. New product development ( ) ) 12. What are your motives for investing in marketing research? a. Identify customers need ( marketing changes ( ( ) ) b. To keep abreast of ) c. To maximize turnover /profit c. To maximize turnover/ profit ( competitors are doing ( ) 13. What are the average yearly turnover? ) d. To do as 104 a. Below N1m ( ) b. Between N1m to N10m c. Between M10m to N15m 14. To What extent have marketing research helped in this areas? a. Motor department ( ( ) b. Life insurance department ) c. property and fire department ( department ( ) d. burglary ) 15. What are as the respondents working gears in the company? Below 2years ( ( ) b. 2-3 years ( ) c. 3-4 years ) QUESTIONNAIRE FOR POLICY HOLDERS 1. What is your age bracket? a. Below 25( 45 and above ( 2. ) b. 26-35 ( ) c. 36-45 ( ) ) What is your marital status? a. Single ( ( ) b. Marred c. Married with children ) 3. What your educational qualification? a. Primary ( d. OND ( ) b. Secondary ( ) e. HND ( ) c. B.S.C ( ) f. of the above mention ) d. 105 ( 4. ) What is your gender or sex? a. 5. Male ( ) b. Female ( ) What is your occupation? a. Public ( ( ) b. Professional ( Yes ( b. No ( ) Yes ( ) b. No ( ) If No, what are your reasons? a. Expensive ( impolite ( 9. ) Do you make use of their policy? a. 8. ) Are you aware of the company’s policies? a. 7. c. Private ) d. Trade / self employed ( 6. ) ) b. Poor service ( ) c. Rude and ) What type of policy are you having? a. Life insurance ( policy ( ) b. Fire policy ( ) d. Motor policy ( ) c. Burglary ) 10. What are your major reasons for taking policy? a. Quality of service ( ) b. Safety purpose ( 11. Are you motivated by the quality of service rendered? a. Yes ( ) b. No ( ) ) 106 12. What is the rate of service quality of the company? a. very good ( d. Bad ( ) b. God ( ) e. very bad ( ) c. Fair ( ) ) 13. Is the company customer-oriented? a. Yes ( ) b. No ( ) 14. Have you ever sought for the company’s opinion a. Yes ( ) b. No ( ) 15. Have you changed attitude about the company a. Yes ( ) b. No ( ) 16. What is your advise to the company on how they can improve their service? a. To be customer- oriented ( proposal form ( ) ) b. To update their c. Train their staff in human relations d. To improve their product and service quality ( ) QUESTIONNAIRE FOR POLICY HOLDER 1. What is hour age bracket a. Blow 25 ( above ( ) b. 26-35 ( ) c. 36-45 ( ) d. 45 and ) 2. What is your mortal status a. Sing ( 3. What is your educational qualification. ) b. Marred ( ) c. marred with children ( ) 107 a. Primary ( d. OND ( ) b. secondary ( ) e. HND ( What is your gender or sex? a. Male ( 5. What is your occupation? a. Public ( d. Trade / self employed ( 6. Have b. Female ( studied ) ) ) b. Professional ( you ) ) f. of the above mentioned ( 4. ) ) c. B.SC ( ) c. Private ( ) ) any course relating to marketing research? a. Yes ( 7. If yes, what is the impact on your profession? a. Not much ( 8. How many years have you been in the business? a. Below I year ( ( 9. ) b. No ( ) ) b. Much ( ) ) c. very much ( b. 2-3 years ( ) ) c. 3 and above ) How many years have you been dealing with INCON insurance company? a. Below I year ( ( ) b. 2-3 years ( ) d. and above ( ) ) c. 3-4 years 108 10. What are/ is the publics attitude towards insurance product? a. Positive ( ) b. Negative ( ) 11. If negative, what is your reasons? a. Abstract intangible nature of the product ( b. Poor image of the intermediaries ( c. Poor claim settlement ( ) ) ) 12. Is the respondents assisting the company to carryout marketing research? a. Yes ( ) b. No ( ) 13. Has marketing research increase the profit level of the company? a. Yes ( ) b. No ( ) 14. If yes, to what extent or level? a. Not much ( ) b. Much ( ) c. very much ( ) 15. If No, what is their reason? a. Cost consideration ( ) b. Not necessary ( ) 16. Has the activities of Marketing research increase the number of the policy holder of the company? a. Yes ( ) b. No ( ) 17. What is the sources of the marketing research data? 109 a. Primary sources only ( ( ) ) b. secondary sources only c. combination of both ( ) 18. Does marketing research create awareness of the company? a. Yes ( ) b. No ( ) QUESTIONNAIRE FOR AGENCIES 1. What is your age bracket? a. Blow 25 ( d. 45 and above ( 2. What is your marital status? a. Single ( ( ) b. 26-35 ( ) ) c. 36-45 ( ) b. Married ( ) c. Married with children ) 3. What is your educations qualification? a. Primary ( d. OND ( ( ) ) b. Secondary ( ) e. HND ( ) c. B .S.C ( ) ) f. Of the above mention ) 4. What is your gender or sex? a. Male ( 5. What is your occupation a. Public ( d. Trade / self employed ( 6. Are you aware of the company’s polices ) b. Female ( ) ) b. Professional ( ) c. Private ( ) ) 110 a. Yes ( ) b. No ( ) 7. Do you make use of their policy a. Yes ( 8. If no, what are your reasons a. Expensive ( ) b. No ( impolite ( ) ) b. Poor service ( ) c. Rude and ) QUESTIONNAIRES FOR AGENCIES 1. What is your age bracket a. Below 25 ( d. 45 and above ( 2. What is your marital status a. Single ( 3. What is your educational qualification a. Primary ( d. OND ( 4. What is your gender or sex a. Male ( 5. Have you studied any course relating to marketing research a. Yes ( 6. If yes, what is the impact on your profession a. Not much ( ) b. 26-35 ( ) c. 36-45 ( ) ) b. Married ( ) c. Married with children ( ) ) b. Secondary ( ) E. HND ( b. No( ) c. B. Sc ( ) ) ) b. Female ( ) ) ) ) ) b. Much ( ) c. very much ( ) 111 8. How many years you been in the business a. Below I year ( ) b. 2-3 years ( ) c. 3 and above ( ) 112