Examining the Effectiveness of Marketing Research on Business Performance: A Case Study of Insurance Companies in Lusaka

This study examined the effectiveness of marketing research strategies employed by insurance companies in Lusaka. The study was guided by four main objectives: to establish the marketing research practices used by insurance companies, to evaluate the effectiveness of these practices in identifying and reaching target markets, to assess the effect of marketing research and targeting on company performance and to investigate the limitations faced in implementing such strategies. A descriptive research design was adopted focusing on both qualitative and quantitative methods. Data were collected from 75 respondents drawn from different insurance companies using structured questionnaires. Descriptive statistics were used to summarize the data while qualitative responses provided deeper insights into company practices and challenges. The findings revealed that 37.33% of insurance companies conduct marketing research only occasionally while 36.0% rely heavily on surveys as their main research method. 32.0% of the respondents indicated that marketing research moderately guided marketing or sales improvements while 26.67% stated it significantly shaped strategic growth initiatives. However, the study also found that 26.67% of companies faced limited budgets and 21.33% lacked skilled personnel, constraining effective research execution. The study concludes that marketing research and targeting are essential tools for improving competitiveness and customer satisfaction in the insurance industry. It recommends continuous investment in research capacity, adoption of digital technologies and the integration of research insights into strategic planning to enhance overall marketing effectiveness and business sustainability.