An Analysis Of Marketing In The Nigeria Banking Industry (A Case Study Of First Bank Plc)

Project and Seminar Material for Marketing

An Analysis Of Marketing In The Nigeria Banking Industry (A Case Study Of First Bank Plc)


Proposal


The project work examines the analysis of bank marketing of financial services in Nigeria.

Sequel to the challenges encountered in our financial institution towards meeting up with the responsibilities of the 21st century banking system to enhancing the growth of Nigeria economy sectors for developments in various operation of her economy.

The analysis bank marketing of financial services in Nigeria are of various advantages and disadvantages. Bank decision maker and financial services marketers faced with ongoing challenges can make better business decisions with the help of software, that analytic services from mapping analytics.

  1. Who are my best customers and how can I keep them?
  2. Where is the greatest market potential to fund new customers?
  3. What locations should choose to expand our branch network?
  4. Is our network of bank branches optimized for maximum performance?

The answer to each of these questions depends in large part on geography and location. That means working with mapping analytics experts in mapping and analytics since 1989 make sense, many banks, both large and small, use our service to improve marketing and branch network decisions.

Bank Customer Segmentation Analysis

Gain a clear understanding of your customers, mapping analysis combines data from your customer information file with demographic and lifestyle data that describes and predict backs with commercial customer, we segment by S/C code and business demographics. By segmenting your customers into groups based on their type and behavior, you will have a foundation for successful marketing including targeted promotions, market expansion and branch network optimization.

This project works gives possible attentions and recommendations on how banking marketing could be great advantages to the development and entrance of operation in Nigeria financial systems.


Chapter One


1.1 Introduction

Banking services in Nigeria stated as far back as 1892, when the4 first bank was established in the country. Since then, marketing of bank service have been going on simultaneously with other development in the banking industry the emergence of the various banks and other financial institution has created the awareness for banks to market their services extensively.

The creation s and delivery of services that will satisfy the needs of customer s at a profit to the banks is what marketing of bank services is concerned with advertisement, personal selling, establishment of new branches, distribution of gifts to customer, E – banking and other things are tools of marketing that are being used by bank.
However, the introduction of new and prompt services and use of public relation have been seriously applied.

Most Nigerians are not aware of the essential services being provided by the back and so as substantial amount of money is still outside the banking sector. In a view of Ajayi (1983) he supported the above statement when he said that “a significant proportion of Nigerians money supply is still current circulation varies between 49% and 60% in recent times”. Informed capital market as a strong computer to back because people in rural area are still patronizing the local money lenders.

The patronage is due to easy accessibility, low collateral based on personal knowledge i.e. they know each other very well, prompt a twenty – four hours services provided by the informed capital market.

Therefore, much is being expected from backs through increase mobilization of savings, effective and efficient channeling of funds to develop the country. Bank could get more deposits and credit, which is highly needed for economic development in Nigeria.


1.2 Statement of Research Problem

Basically, the focus of this research study is an analysis of marketing in the Nigerian Banking Industry. Hence effort has been made to find solution to the following problems.

  1. What are the main reasons of banking marketing financial service Nigeria?
  2. What are the effects of marketing of financial services in Nigeria banking industry?
  3. What are the problems of marketing of financial services in Nigeria banking industry?
  4. What are the various tools use in marketing bank services?

1.3 Objective and Proposal of the Study

The broad objective of the study is the examination of importance and relevance of marketing in selling of bank product using first bank of Nigeria plc as a case study, in specific term the study will;

  1. Highlight the various product offers by the case study with reference to Ilorin branch.
  2. Ascertain the impact of marketing of bank services and investigate the effectiveness and efficiency of how the back products are been accepted by the customer and the general public.
  3. Determine the external to which the services provided by the bank meet customer’s satisfaction.
  4. Highlight reason why the public still shy away from the services that bank offer and why a good number of the population are not aware of the services provided by the bank.

1.4 Scope and Limitation of the Study

Specifically, this study examines the extent of incorporation of the marketing concept into commercial banking. Its roles and benefit in relation to the banks services with particular reference to FIRST BANK OF NIGERIA PLC.

The research work has been constrained as to time, lack of recent and enough materials unwillingness of the respondent to give correct replies, lack of co – operation of case study.

However, effort has been made to ensure that the above limitation did not overwhelm effective competition and standard of research work.


1.5 Research Methodology

The research work on analysis of bank market of financial services the case study of first bank of Nigeria plc. The primary and secondary sources of data employed. The primary data is based in questionnaire while the secondary data gathered from sources which include text book, internet, journal, and current annual report.


1.6 Signification of the Study

The study has much relevance and peculiars to the effect of the case study and the Nigeria economy as a whole.
The findings of the study go along way to enable the case study (first bank of Nigeria plc) to channel its services specifically towards customer satisfaction as this is aspect of commercial banking that should not be compromised if stated objective of the bank are to be achieved. In the long ram, the economic stands to benefits and investors to have more confidence and the ability to choose among various alternatives as to where to invest, hence the banking habit will encourage which in turn will lead to increase investment.


1.7 Statement of the Hypothesis

The general hypothesis to be tested in this study is:

  • Ho: There is no need for marketing of financial services in Nigeria banking industry.
  • H1: There is need for marketing of financial services in Nigeria Banking industry.

1.8 Plan and Organization of the Study

The reason work has been divided into five chapters for no obscure presentation of fact and figures generated.

  • Chapter one include the introduction, statement of research, problem objective and purpose, score and limitation, statement of hypothesis and plans and organization of the study.
  • Chapter two discusses part and current literature review which include concept marketing of bank services, bank marketing strategies, impact of marketing segmentation on banking service, issues concerning marketing of financial services.
  • Chapter three treats research methodology and cash study, brief history of the first bank of Nigeria plc, re – statement of the research question and hypothesis, research design and data collection, administration of data collected, characteristic of the study population and sampling, procedure for the data collection, limitation of the methodology.
  • Chapter four discuss the presentation and interpretation data according to research question, presentation and analysis of data according to the annual report and finally generalization base on the outcome of the analysis.
  • Chapter five throws light on the findings, summary conclusion recommendation.

Chapter Five


5.0 Finding, Summary, Conclusion and Recommendations

5.1 Findings

From the data obtained the following are note,

  1. The bank expanded huge amount in ensuring maximum satisfaction of their customer in term of services rendered by the bank.
  2. Marketing strategies employed by the bank are prompt efficient services delivery and personal interaction.
  3. Continuous improvement on the bank services delivery.
  4. The bank marketing strategies on the liquidity and profitability have helped to large the deport base and earnings.
  5. Educating bank staff on hold to maintain good relationship with their customer.
  6. Marketing strategies employed by the bank are prompt efficient service, delivery, personal interaction, advertisement and electronic banking service.

5.2 Summary

An attempt made in this research to examine how commercial banks market their services using the first bank of Nigeria plc as a case study.

If it noted that bank undertake advertisement in selling their activities services and products. A part from advertisement the bank also uses other marketing activities like publication and distribution of journals, magazines and soon to customers the bank engaged in personal interaction with their customer particular through telephone and internet services.

The bank some times distributes promotional items and gift makes business call on customer and use other thigs to attract customer.

The bank engage in radio and television programmes sponsorship (e.g. sport education e.t.c) and involvement in trade shows or fairs.

The bank customer relationship is good. Although there are suggestions to improve and faster the good relationship as offered by the customer like distribution of people lot and hand bills on the models operandi of the bank to the customers.


5.3 Conclusion

As a conclusion, marketing activities are inevitable to the services of bank (commercial) especially during the ear of dynamic banking. Banks in the marketing of financial services, it was observed that banks engaged themselves in marketing activities like production and distribution of formal and magazines. They also use promotional items and gift personal cuteraction e – banking e.t.c

The bank as well listens to their customer complains and address them in solving there complaints they also maintain good relationship with the customer the banks lending and repayment policies are said to be very good.


5.4 Recommendation

The banking industry in Nigeria is involved in all aspect of the activities include it marketing functions. It will appear that the Nigeria banking sector marketing practice in the institution can still improve the better.

Furthermore, the maintenance of both new and existing customer should not over looked it is not enough to market a services to a customer rather continuity of the customer and the perception of the outside world about

The bank in very important press, out door advertising, radio and television have been mainly by bank to carry their corporate message across to the customer in serious advertisement and the bank should move decisively down in using other forms of advertisement.

The use of cinema advertisement should also be exploited especially in the rural part of the country.

The bank must use their campaign not only for boosting its corporate image but in addition to educate its customer on its services.

Finally, the bank should endeavor to understand customer needs and do all that is possible to satisfy such needs. The will enable the banks to retain existing customer and hence attract new.


An Analysis Of Marketing In The Nigeria Banking Industry (A Case Study Of First Bank Plc)


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An Analysis Of Marketing In The Nigeria Banking Industry (A Case Study Of First Bank Plc)


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