The Impact Of Marketing Research Activities On The Financial Services And Delivery In Nigeria Banks
The study titled “impact of marketing research activities on the financial service and delivery in Nigeria bank” seek for further enlightening the ways and how banks have been able to use various marketing tools to market its service. This research work also deal with making appropriate for sound decision making. The marketing research result, collection of the information, and suggestion that could lead to the marketing as performances of business activities that direct the flow of goods and services from producers to consumer in order to satisfy consumers. That marketing is identify the most profitable markets now and in future, setting business development goals and making plan to meet not just in he banking industry alone. Marketing research is the investigation and idealization of information from all available source and its adoption to banks marketing needs.
1.1 Background of the Study
American marketing association approved an expanded definition of marketing in 1987, the previous definition – the systematic gathering, recording and analyzing of data had been criticized because it reviewed marketing research activities too narrowly.
The new definition state marketing research is the function which links the customer and the public to the marketing opportunities and problems generate, refine and evaluate marketing action, monitor marketing performances and improve understanding of marketing as a process.
Marketing research specifies that information required to address the issues designs the method for collecting information manages and implements the data collection (process, analyze the result and communicate the finding and their implications).
Marketing is changing the banking business marketing actually change any business long before marketing was embraced by the financial institution bank also enjoyed an advantageous and privileged position as financial intermediaries workers of the economy. The traditional concept of banking institution is basically to serve as financial intermediaries between depositor and user of investment funds this institution must complete to ensure their continuous survival and relevance in the ever-competitive Nigeria environment.
The competition is even made stiffer because banks will compete not just with each other alone but with all other non-banking financial institution operating in the market.
Marketing is essentially on externally focused function of the firm. The firm’s environment defines its threat and opportunities. The environment is complex and undergoes continuous and sometimes catalysis change. An organization must adopt continuously to the changing environment or be overcome by it. A passive firm faces survive and probably enjoy modest growth and a creative firm will prosper an even contribute to the changes taking place in the external environment.
The operating environment for banks in Nigeria since the introduction of the structural adjustment programme (SAP) in September (1986) has further encouraged increased competition among the banks. Liberal bank licensing policy by the government over changing regulatory policies change in foreign exchange and interest policies of the government all encourage stiffer competition previously unknown to the banking industry in Nigeria, most especially during the present increase capital base of bank. it is against the competitive background that the marketing at banks services becomes all the more relevant with greater competition and with more sophisticated and quality conscious customers success in the financial business require the adoption of marketing orientation that is to closely look at the market in which it operate with a view to developing and producing service sector. The financial services sector in general and banks in particulars have been slow to adopt the marketing philosophy. Therefore to the changing environment that has occasioned the re-approach. As the contents of the write-up untold the impact of marketing research activities on the banking business in Nigeria.
1.2 Statement of the Problem
Research department is a department that must exist in virtually all organizations. The prevailing condition in the Nigeria banking industry call for the adoption of marketing orientation and application of the tools of the marketing research in financial business in a study of this nature which deals with sensitive business in the Nigeria environment.
The following specific problems will be investigated.
- Inadequately of financial services
- Unsatisfactory manners of offering the existing or available financial services.
- Level of innovation on the part of the banking product packaging and delivery.
1.3 Objectives of the Study
The objectives of this study is to evaluate the impact of marketing research on financial services.
1.4 Research Questions
- What are the importance of marketing research on Product and service development on the Nigerian banking sector?
- What is the effect / extent of marketing research contribution to Product and service development in UBA PLC?
- What are the circumstances under which marketing research is more likely to be used in the stage of Product and service development in UBA PLC?
- What are the factors that influence marketing research on Product and service development in UBA PLC?
1.5 Significant of the Study
Financial service as in other industries has the ability to realize a profitable volumes of sales in the struggle compete for the share of the some market depends substantially on the firms capability to make optional and timely response to the changes in the market place.
The study aims at enlightening the need and impart of marketing research activities on the financial services creation and delivery in Nigeria banks, particularly United Bank for Africa Plc. It will show how the company’s activities help in satisfying it customers desires, motives, attitude and behaviour. To this end more light will be shed on.
- Ways of utilizing marketing research activities in delivery banks services.
- The extent to which bank in Nigeria can market this services through the employment of marketing function.
- The similarities between the marketing of banks services and that of tangible goods.
- Recommendation on the effective sways of marketing banks services in Nigeria to ensure high and satisfaction level to customers satisfactory in the ever-changing environment.
1.6 Limitation of the Study
The study of marketing research of financial services in Nigeria has one major limitation and that is, the publicity of relevant and up-to-date literature. This scarcity placed a constrain on the research work. Another limitation confronted with in the course of study is the lack of enough resources to travel for and wide to sample the operating activities of the selected bank (United Bank for Africa Plc) across the lengths and breadth of the federation.
Lack of time for academic work during the research for information. For uncooperative attitude of most of the bank personnel, approach for discussion on the study.
Finally, lack of satisfactory answer to question asked by the research is also a limiting factor since this affects the overall result of the research.
1.7 Delimitation of the Study
The study shall be concerned with marketing of financial services or those activities in which the bank are involved and how the customers are being carried along with the marketing strategies and philosophical comments on the marketing efforts of this bank which forms the subject of the study shall however be unite to united bank for Africa plc.
However under normal circumstance a study of this type supposed to be comparative in nature involving large number of banks but, the research intends to restrict the analysis to the united bank for Africa plc only due to some unavoidable circumstances.
1.8 Organization of Work
The project report is divided in five chapters.
In this chapter an introduction of the topic is done. Background of the study, the objective of the study statement of the problems, justification, limitation, delimitation of the study, organization of works and definition of terms are discussed.
Cover the literature review and the theoretical framework.
Address the research methods and method put in place for the data analysis i.e. research design and methodology.
Summarizes the major finding, recommendation and conclusion.
1.9 Definition of Terms
To avoid doubt, ambiguity in the interpretation, the key words and concept use in this study are defined below:
Any research activities which provides information relating to marketing operation the term enhances conventional market research motivational values, packaging effectiveness, logistic and media research are also included as well as analysis of internal and external statistics relevance.
In banking institution this word is defined as part of management activities which sells and directs the flow of financial services profitable to selected customer.
This is an establishment, which deals in money, receiving it on deposits on demand, colleting cheques from other and lending it on deposit and investing the surplus until required by the depositors.
This is regarded as money which is the medium of exchange and for settlement of obligation e.g notes and coins which is legal tender loving the banking as monetary authority as an acceptable medium of exchange.
Customers / Depositor:
A bank customer is any person or corporate body who keep or open an account with the bank, be it current, deposit or savings account and solicit for banking services such as advice with the intention that the relationship be a permanent one irrespective of when the relationship began.
This could be defined s the awareness of the public in banking services and regularity with which the public patronize the services.
Firm that are in the same industry.
Summary, Conclusion and Recommendation
The research is an assessment of the impact of marketing research activities on the financial services and delivery in Nigeria banks, which is divided into five chapters.
Chapter one introduced the study, it states how marketing has been an important tool for determining the success rate of a new product generating more revenue for the entire success of UBA PLC. It also consists of the statement of the problems, significance of study, limitation of the study, scope of the study, limitation of the study and definition of terms. The objective of the study was to examine the contribution and the importance of marketing research on Product and service development, and examine circumstances under which marketing research is more likely to be used in the stage of new products development and the importance of marketing research on the profitability.
The chapter two explains why the researcher has decided to go into the area of study. The literature consists of the area of product control, sales, targeting and sales forecasting, it states that although, marketing performance in the market, not much emphasized in most Banks. Attempt has been made to look at some theories, research in marketing and the types of research that exist in the field of marketing such as product research, consumer marketing analysis, sales promotion, primary research, distribution research etc.
Chapter three explain the research design of study, techniques and sample size, methods of data collection, method of data analysis and research instruments used. In all, the chapters explain how the research came about, how the data was collected and how the data was analyze to help solve the problem at hand.
Chapter four dealt with the analysis of the relevant data collected for the research, the chapter also dealt with interpretation of the data.
Chapter five is just the summary of all that is contained in the first four chapters.
It contains the summary, conclusion, recommendation and references.
Despite the huge amount of money spent for the promotion activities in most Banks, the products are not well recognized. This means that the planning and development stage of the Bank are the most important areas to consider before any other thing.
Banks succeed more with uniqueness rather than uniformity. Uniqueness entails doing things completely different from the usual way adopted by competitors and other Banks. To have uniqueness in methods, procedures, processes and systems, Banks need to have the right caliber of people to bring about these changes to stimulate them and to live with them for the purpose of gaining a competitive edge and advantage over the competitors. To achieve these,
Bank must spend a lot on marketing research to achieve uniqueness and product delivery.
If sufficient research is undertaken, then the chances of failure are reduced. Indeed, the danger that many Banks wish to avoid is the development of products without any consideration of the market.
Marketing research would lead to higher new product/service success, and that the integration of marketing research would be the most important of the factors contributing to success in new product/service of UBA PLC. Banks which use marketing research intensively and understand consumer response in great depth are more likely to have higher success rates. The more extensive use of marketing research appears to be related to more experience in doing new product/service and a larger role for new products in the Banks. Use of marketing research also allows Banks to set quantitative goals for new products, and more carefully evaluate performance after launch.
Also most Banks can be regarded as pace setters or market leaders in their various markets, if only they take time in doing marketing research on Product and service development.
In order to undertake a systematic product planning and development, in marketing research, the researcher is making the following recommendations.
- Most Banks should invest in promotional activities to enable the product sell in the market and to increase the profitability of the Bank.
- Also Banks should adopt the scientific method of product planning and development within the context of marketing research.
- Another recommendation that can be put forward is that, more money should be invested in promotional activities to enable the product sell in the market.
- That they should also conduct gap analysis of the existing products by interviewing a representative of consumers to find out their views about the Bank’s existing products before thinking of producing another one.
- They should also take note of the types of research approach used at the stage which includes monadic approach which is concern with comparing the concept with or against existing market after of the competitors. The Holistic approach of data about the marketing mix variable such as price, promotion package and distribution.
Although the Banks conduct testing, it may suggestion that the Bank studies very well the procedure of product testing which varies from Bank to Bank and product to product. It is also expensive since it involves raw materials, machinery, and accuracy of new skill production.
Like product testing, marketing test also involve some procedure of which I will suggest Banks to adopt to ensure successful marketing test, and take note of the information required during the marketing test.
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