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Purchasing Research As A Tool For Profitability In The Service Industry
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1.3 OBJECTIVE OF THE STUDY
The objectives of this study are to ascertain,
What
type of purchasing research activities are available to companies
especially those activities that AIICO insurance company is interested
in conducting?
What proportion of purchasing budget is allocated to the purchasing activities in a given period in AIICO insurance company?
Whether
the company has its own established purchasing research department or
if they hire the services of purchasing research consultants.
The source of their purchasing data and the method used in analysis such data from which information is derived.
Whether purchasing research creates awareness in AIICO insurance company.
If purchasing research increases the policy holders in AIICO insurance company
Whether purchasing research contributes to increase profit in AIICO insurance company.
1.4 FORMULATION OF HYPOTHESES
The following hypotheses were formulated and tested.
Ho: Purchasing research does not create awareness of AIICO insurance company
HI: Purchasing research creates awareness of AIICO Insurance Company.
Ho2: Purchasing research does not increase the number of policy holders.
HI2: Purchasing research increases the number of policy holders.
Ho3: Purchasing research does not increase profit of AIICO Insurance Company.
HI3: Purchasing research increases profit of AIICO Insurance Company.
1.5 SIGNIFICANCE OF THE STUDY
Olakunori
(1997:20) defined purchasing research as the planned and systematic
investigation and collection of relevant facts, the analysis and
interpretation of those facts through objective and verifiable methods,
for the purpose of arriving at solution of problems or deducing broad
principles or lawsâ€. Putting it another way, the research is a planned
process of conducting investigations in other to achieve a determined
objectives.
The objective is usually a solution to one or more
problem or an addition to current knowledge in particular field. It is
against this background that the researcher believes that the study f
this nature is necessary. The outcome of this study will provide an
adequate understanding on the application of then various purchasing
research to service business/industry.
Also this research work will
help to ensure an improvement in the quality of service rendered to
customers and the public by AIICO insurance company and could as well
help the management design strategies and programmes which will enable
them to remain competitive.
The research work also helps other
service firms to understand more correctly the basic principles of
purchasing research and its place in the service business/industry so as
to influence future purchasing operations.
Finally, the researcher
will benefit immensely in this study because he will learn a lot through
the stages of study by passing through all the critical and difficult
tasks required in gathering necessary information and the subsequent
analysis, interpretation and presentation of the research findings.
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