Forum tasks marketing operators on research development, promotion
Prof. Chris Ogbechie, a Senior Faculty Officer, Lagos Business School (LBS), has urged marketing and advertising industry to prioritise market research development to boost its service delivery. Ogbechie made the plea on Wednesday at the National Marketing Stakeholders Summit and Brands and Advertising Awards of Excellence organised by the Marketing Edge Group in Lagos.
Theme of the summit is: “Story Telling as a New Paradigm Shift in Contemporary Brand Building: Convergence of Creativity and Technology.” According to him, with the competing marketing environment, there is need for deeper knowledge and understanding of the market to be able to develop new viable products and services.
Ogbechie, who also spoke as a guest speaker, said that market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
“Research studies the market conditions to examine potential sales of a product or service. It helps companies understand what products people want, who will buy them, and at what price. “The primary role of undertaking market research analysis is to gather or get an in-depth knowledge about the potential as well as existing respondents to give with better and satisfactory services,” he said.
Also, Mr George Thorpe, the Managing Partner of Market Space, said that more were still expected from the Nigeria Market and Advertising industry to be able to compete favourably in the global market. Thorpe said: “We are in digitised space, to remain relevant, you must promote and inspire fresh thinking thereby expanding the frontiers of marketing and advertising knowledge. “You can only give out what you have; so, operators should consistently and collectively provide the right compass in navigating through the myriad challenges confronting the industry.”
Earlier, Mr John Ajayi, the Chief Executive Officer, Marketing Edge, said the summit was aimed at initiating new conversation that was germane to the growth and development of the integrated marketing communication sector. He said: “The idea behind the summit was informed by the passion and search for knowledge with the pay off line of ‘promoting the brand idea. “We believe we can do this successfully if we enrich ourselves with the requisite skills, competences and capabilities in the science and art of marketing. “This, in all sincerity, has necessitated the need for us to continue to expand the frontiers of marketing and advertising knowledge. “This is with a view to spreading the homily on the business of brand management and the management of brand business.”
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