Audu Ltd., a trading company, has just set up a committee to conduct a marketing research for the company. a. State five reasons that would have necessitate...

Audu Ltd., a trading company, has just set up a committee to conduct a marketing research for the company.

a. State five reasons that would have necessitated the conduct of the research 

b. State five steps the committee would take in carrying out the assignment

Answer Details

(a)
Five reasons that would have necessitated the conduct of the research by Audu Ltd. are:

1. To identify potential customers and their needs: The research will help the company to understand the needs of potential customers, their preferences and how to target them effectively.

2. To determine market trends: The research will help the company to keep up with current market trends, identify opportunities and make necessary adjustments to stay competitive.

3. To evaluate the competition: The research will help the company to understand their competitors, their strengths and weaknesses, and develop strategies to outperform them.

4. To improve product or service offerings: The research will help the company to identify areas where improvements can be made to their products or services, and make necessary changes.

5. To make informed decisions: The research will provide the company with data and insights that can guide decision-making processes, such as pricing, promotion and distribution.

(b)
Five steps the committee would take in carrying out the assignment are:

1. Define the research problem: The committee will clearly define the research problem, identify research questions and objectives, and establish a timeline for completing the research.

2. Determine the research design: The committee will choose an appropriate research design that matches the research objectives, such as a survey, focus group or observation.

3. Collect data: The committee will collect data through primary and/or secondary research methods, such as interviews, surveys or online research, to obtain relevant information for the research objectives.

4. Analyze data: The committee will analyze the data collected, using statistical methods or other analytical tools, to draw conclusions and make recommendations based on the research findings.

5. Report the findings: The committee will prepare a comprehensive report summarizing the research findings, conclusions and recommendations, which will be presented to the relevant stakeholders, including management and employees of the company.