The Application Of Marketing Concept In Nigerian Banking Industry (A Case Study Of Union Bank Nig. Ltd Owerri)

Project and Seminar Material for Business Administration and Management (BAM)

Project and Seminar Material for Business Administration and Management (BAM)


Abstract


The success of any organization can be traced form the efficiency and effectiveness of its resources. Some organization can do well with minimum resources, but there are others which do not do well even with abundant resources.

As a result, the importance of resource management in achieving organizational success can not be underestimated and therefore, the need for the application of the marketing concept arises.

Through this research, it was found that contrary to the general’s belief, marketing concept should not only be applied in manufacturing industries but also in the banking institutions and every establishment whether big or small.

In this regard, only banks that applied marketing concept will be able to render its services according to customers taste, desire and fashion, so what they will have a competitive edge over their competitor.


Table Of Contents


Preliminary Page(s)

  • Title Page
  • Approval Page
  • Dedication
  • Acknowledgement
  • Abstract
  • Table Of Contents

Chapter One

1.0 Introduction

  • 1.1 Background of the study
  • 1.2 Statement of the problems
  • 1.3 Purpose/objectives of study
  • 1.4 Research Questions
  • 1.5 Significance of the study
  • 1.6 Scope of the study
  • 1.7 Limitation of the study
  • 1.8 Definition of terms

Chapter Two

2.0 Review Of Related Literature

  • 2.1 Origin of banking and finance concept
  • 2.2 Banking concept
  • 2.3 Types of banks
  • 2.4 Service marketing concept in banking
  • 2.5 Nature and characteristics of a service
  • 2.6 Public Relation and banking
  • 2.7 The merits of Application of marketing concept in Nigeria banking system

Chapter Three

3.0 Research Methodology

  • 3.1 Sample plan
  • 3.2 Sampling Unit
  • 3.3 Sampling Size
  • 3.4 Sampling Method
  • 3.5 Sampling procedure
  • 3.6 Data Collection Method
  • 3.7 Data analysis Technique

Chapter Four

4.0 Presentation and Analysis of Data

  • 4.1 Presentation
  • 4.2 Analysis of Data
  • 4.3 Testing of Research questions
  • 4.4 Interpretation of result

Chapter Five

5.0 Summaries, Conclusion and Recommendation

  • 5.1 Summaries
  • 5.2 Conclusion
  • 5.3 Recommendations
  • Bibliography
  • Appendix

Chapter One


1.0 Introduction

In this chapter, we shall brief examination of the marketing concept, the goals and objective of marketing, the statement of problems of marketing. This is the introductory chapter of the chapters. is briefly explains the background of the study, statement of the problem, objectives of the study, research questions, statement of hypothesis, significance of the study, scope of the study, limitations of the study and definition of terms.


1.1 Background Of The Study

The marketing concept is the business philosophy of an idea which assumes that the sure way to achieving success in the market place is to first determine the needs/wants of the market and for the management to direct/focus its effort at efficiently satisfy these wants at a profit to the organization, Anyanwu (1993), stated that it was as a result of the failure of other concepts/to satisfy these needs and wants of customers that the marketing concept sprang-up. It also emphasizes on finding wants and satisfying them rather creating products and selling them. The means that customer’s welfare should be uppermost in the mind of the services. Under minding, what we see in the Nigerian banks in other countries is that bankers are not interested in customer satisfaction; their interest lies basically on maximizing their profits alone.

Nevertheless, this concept and its applications in the financial institutions have been ignorantly miscomprehended by some unscrupulous banking managers of its management, who myopically have the notion that for financial institutions to apply the marketing concept in their activities is a wrong process and unprofitable to the organization. It is form this perspective that the researcher derived interest in writing on this topic, the application of the marketing concept in the banking industry visa-vie (Union Bank Nig Ltd).

As already established, marketing concept is committed to customer sovereignty and adherence to this concept is equivalent to the adoption of customer’s soveignty by marketers and producers of goods/services. The implicit assumption is that marketing concept can be practiced/adopted at varying levels in all economic and financial institution of the world. It is also worthy to note that the concept is a continuous process.

From the on-going, it is worthy to note that this research work is going to focus on customer satisfaction that will lead to organizational/ corporate goal and objectives such as the following:

  1. Guarantee the continuation of business in and organization and economic depression.
  2. Leading to the firms satisfying the needs and desires of its customers, for it is a social and economic justification for the existence of business in a developing economy.
  3. It will enable banks to maximize profit and their market share, for it is the main incentives for returning into business.
  4. It will enable the organization to determine their target market and producing or rendering services according to their demands.
  5. It will also help the firm to segment their market and locate at an appropriate site for easy identifications.
  6. It will still check the factor that discourages the application of the concept in the banking industry.

However, organization which do not apply the marketing concept philosophy are likely to fold up as well as forfeiting bigger portion of its market share to its competitors and will not likely to achieve the stipulated organization goals.


1.2 Statement Of Problems

The ultimate measure of an industrial organization is not where it stands in movement of comfort and conveniences but where it stands in time of challenges and controversy. (Publication of staff magazine of Union bank of Nig PLC July-September 2000).

Based on the above statement the bank has been accused by its customers of a number of things which are regarded as problems;

  1. The carefree attributes of the firm about the customer queering in the bank as a result of lack of loans marketing planning implementation and control in their activities.
  2. Poor attitudes of the bank to adapt to innovation, that resulted to distressed nature of the firms operations.
  3. Archaic attitudes on staff to loan prospects and purported abnormal profit etc.
  4. Lack of collective parsonage to the host communities as well as that of other customers into revenue and this has caused the organization to lose a great chuck of their revenue due to the hostile attitudes of their host communities.
  5. Inadequate financial devices offered by the firm to its customers that leads to customers deserting/quitting the organization for instance partly rampage behavior of staff etc in rendering financial services it leads to diminish in organizational image
  6. Inadequate security in the organization that resulted to bank fraud and bank robbery in the financial institution etc.
  7. Time wastage and demand of much money before opening account with the bank.

1.3 Purpose / Objective Of The Study

Specially, what the researcher wants to achieve on this study apart form being a pre-requisite condition for awarding of National Diploma (ND) in banking and fiancé is to explore and bring into focus the probable contribution of marketing concept in Nigeria Financial industries. Meanwhile, the major purpose of the study is as follows vizly:-

  1. To encourage more banking organization in Nigeria to apply the marketing concept in their banking industry.
  2. To investigate why long queering still exist in Union bank.
  3. To ascertain that nature and extents of services offered by union bank in solving customers problems.
  4. To examine the significance of marketing orientation and training by the firm on its employees.
  5. To make recommendations.

1.4 Research Questions

The research questions or problems will determine the length of significance of the research work. They include:

  1. Does application of marketing concepts increase the level of customers’ satisfaction in the banking industry?
  2. Have the application of the marking concept affected the bank, activities by reducing the rate of customers queering in the bank?
  3. Does application of marketing concept increases the level of customer’s patronage in the banking industry?
  4. Does the application increases the degree of services offered by the banking firm?
  5. Does increase in saving, dependent on the level of application of marketing concept by the organization?
  6. Have that application of the concept reduced the rate of fraud, robbery ands time wastage as well as amount used to open an account with the bank? Etc.

1.5 Significance Of The Study

This could be seen as the conveyance of meaning to specific individuals/groups. It deals with people or groups affected or benefited with the course of research work. They are as follows:

  1. The researcher
  2. Government
  3. Customers
  4. The bank
  5. Its staff
  6. Community
  7. Students and other researchers

But drawing from the topic, (Application of marketing concept in the banking industry) we consider the following groups above.

Bank:

After the course of the study the bank will benefit because if the concept is fully applied, it will increase their market share and profit. When they adopt the innovation strategies in operation, it will foster the rate of their services to customers’ satisfaction, this will promote more saving and employees training and orientations etc. It will increase or promote the image of the organization and reduces frauds and robbery.

Government:

They will benefit after the application because after the market share and profit of the bank has increased the bank will pay much taxes i.e. (income tax) to the government and it will increase government revenue. This will help government to make new policies and re-adjust the old once for economic development and growth etc.

Community:

The will benefit, because the idea of society marketing concept preaches on firms focusing on society well being so if the bank performs creditably it will perform its social responsibilities to the communities they are located by building schools, hospitals, awarding scholarships, electrification, good roads and pipe-born water etc, all these will benefit the community.

Customers:

They will as well benefit in the sense the satisfied customer will promote and advertise the organization through word of months (Ezirim and Okorie, 2002).

Therefore, the arte of customers queering will be reduced for customer benefit to customers, Vigo money remittance will be of benefit to customer, in house banking devices for customers. Credit cards and finally quick service because of innovation strategies now adopted by the bank.

Staff:

(Employees) of the organization will be affected in the benefit in the area of financial orientation, training i.e. knowing how to operate computers, etc. This will increase their performance during the appraisal test rating which will result to positive rewards, increase in salaries, promotion in offices and health care will be given to them by their employer etc.

Equally, students and other researchers will benefit by consulting the research work for references, for further research work. They will also benefit by reviewing the study in the course of their own research in future.


1.6 The Scope Of The Study

This is concerned with establishing the boundaries of the research work, i.e. where the study begins and the end of the research work.

In this course of this research work, the researcher focuses on the application of marketing concept in the banking industry with special reference to Union Bank Nig Plc Owerri, it also considers the ability of the bank on customers satisfaction for organization profit.

Also, because of the investigative nature of the research study about the level of satisfaction on services by the management, it was conducted through survey method, questionnaire etc to get reliable information from the respondent.

Again cross-pollination coverage was applied by the researcher because of the nature of the research work, since it involves different department mental level of coverage in the research was not any-other place but conducted at Union bank Nig Ltd here in Owerri North local government zone: Okigwe, Owerri and Orlu zone where the case study was drawn.


1.7 Limitations Of The Study

These include drawbacks encountered by the researcher, which involves.

  1. The financial constraint i.e. insufficient capital to carryout the research work up to expectation.
  2. The time constraint that worked against the researcher is limited time.
  3. Limitation form heavy work load on the researchers second semester work for the preparation of exams
  4. The researcher encountered setbacks form the management of Union Bank, specially their marketing officer who refused to supply necessary materials to the researcher when needed.

1.8 Definition Of Terms

This is simply the discrepancy between the library meaning of the word used in the research work and the meaning as it was used in the context of the study.

Scope:

This is concerned with establishing the boundaries of the research.

Aggressive Marketing:

An effective marketing strategy adopted by the group of experts in the field mainly to inform customers to deposit their idle cash with the bank.

Background:

The general knowledge or overview of a written or story i.e. mini-introduction.

Fraud:

A deceptive way of duping an organization by the corporate agreement between the staff and customers of the industry or bank.

Innovation:

Anything (good/ service or idea) that is perceived and by someone as new irrespective of its long life history but in as much as the person perceive it as new.

Questionnaire:

A printed list of questions to be answered by a number of people especially as part of survey research.

Bank:

A financial establishment which uses money deposited by customers for investment, pays it out when required, makes loan at interest.

Customer:

One who patronizes the bank by depositing his/her money with the bank.

Marketing:

A process of gathering people for the purchase and sale of provision, shares etc

Cheque:

A written order to a bank to pay the stated sum form the drawers account.

Management:

The professional administration of business concerns the process of managing or being managed.

Organization:

The act or an instance of organizing or the state of being organized.

Concept:

An idea or innovation to help sell or publicize a commodity.

Welfare:

The maintenance of persons in such a condition especially by statutory procedure or social effort or financial support given for this purpose.

Data:

Known facts or things used as a basis fore inference.

Sample:

A specimen, especially one taken for scientific testing or analysis or a small part or quantity intended to show what the whole is like

Probability:

The likelihood of something happening. Or the extent to which something (event is likely to occur.)

Methodology:

A body of methods used in a particular branch of activity.

Analysis:

Detailed examination of the elements or structures of a substance etc.


Chapter Five


5.0 Summary, Conclusion And Recommendations

5.1 Introduction

This chapter has to do with the summary of findings of the research work, discussion and questionnaire saves towards collecting pertinent data on the subject. However in this research finding, it shows that the application of marketing concept helped in reducing the customer’s satisfaction in the bank and equally increases the degree of services offered by the banks.


5.2 Summary Of Findings

The marketing concept as a new business philosophy is ability of a firm to focus all its efforts on satisfying its customers at a profit to the organization. The research dealt with the overview of the study, such as the statement of the problem or problem analysis, statement of research question, purpose/objective of the study, significance as one can observe form the research project as it relates to the subject matter.

The research work dealt with all the literature establishing the existence of knowledge gap to which the study could be focused, above all the review provided a proper foundation for the study such as historical background, relevant theories and current studies associated with the bank in question and the marketing concepts and its associated applications.

It also focuses on the area of research methodology which considered restatement of the research questions. It equally covers research design, sampling unit, sample size, sample procedure, data collection analysis and sample method as they are used in the research work.

Additionally, the research work focuses on presentation analysis and interpretation of data received from the respondents of the bank and the result were tabulated and calculated to see that validity of the research questions.
Finally, from the on-going one can comprehend that market concept as a modern business philosophy in the capability of an organization to focus all its efforts on satisfying its customers at a profit to the organization.

This research work is therefore part of the continuing efforts to give an insight of what marketing concept is and its application in the Nigerian banking industry. It brings intro focus on how banks will determine the needs and wants of their customers first before trying to satisfying them. This concept assumes that for a bank to have competitive edge over its competitors, it must offer the required product goods and services to their customer’s satisfaction.

The analysis carried out in chapter four (4) shows that the marketing concept in the bank was very important since it yielded more profits to the organization and helped to satisfy the embark on effective market research on a contributions basis as to keep abreast with changes in customers taste and fashion, technology etc.


5.3 Conclusion

From the findings in the analyzed data in chapter four (4) of the research work, it has been established tat the following are obtainable.

  1. No bank can function well without the application of the marketing concept because it helps in the identification of the customers needs and wants at a profit to the organization.
  2. The study has also been able to confirm that bank applying marketing concept is for better than those that does not apply it
  3. The study has confirmed that marketing concept is an indispensable factor in the achievement of the Nigeria. Banks set objective or goals.
  4. The study also highlighted the importance of the marketing to the banking organization and disabuses the minds ands notions of critics that marketing concept is only applicable to the manufacturing firms.

From the analyzed data in this project, it has established beyond reasonable doubt that what matters most is the ability of banks to apply the marketing concept because it brings about customers satisfaction and profit to the organization.


5.4 Recommendations

Based on the major findings, discussed above as reference points, the following recommendations are made.

  1. For any bank to achieve its set objectives, it should endeavor not minding what it will cost to apply the marketing concept in it operation.
  2. Banks management should always embark on effective market research to enable them to keep abreast of changes in consumer’s taste, fashion and technology etc.
  3. The profitability of the banking firms is dependent on the application of the marketing concept.
  4. Individuals should disabuse their mind form the notion that the marketing concept is only applicable in the manufacturing industries. They have to understand that it is importance in every organization as far as they are tailored to satisfy their customers.

The Application Of Marketing Concept In Nigerian Banking Industry (A Case Study Of Union Bank Nig. Ltd Owerri)


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