The Role Of Product Management In The Marketing Performance Of Banking Service

Project and Seminar Material for Marketing

The Role Of Product Management In The Marketing Performance Of Banking Service


Abstract


This study examined the role of product management in the marketing performance of bank service. Some of the objectives of this study were:

  • To find out the difficulties environment in the process of product management in first bank and
  • To determine, if the management of the bank product leads to increase product quality
  • To offer possible solution and suggestion for addressing such problem or make recommendation that lead better customer relationship.
  • To determine the effect of product management bank on profitability.

Based on these objectives, hypothesis was formulated. Data were sourced; extensive literature review on text book, journal and materials on the area of the study was carryout, while primary data sourced from respondent.

The population of he study include. Bank personnel and customer of the said bank in Aba metropolis. Burley formular was used based on census figure of 1991 population The data collected were analyzed using simple percentage and statistical table.

A careful study of data collected shown the following.

  • That services rendered by the said bank stagy the customer but not effective and efficiently as possible.
  • It show that with a well organize product management will leads to increase in the adoption process of the product by the consumer with these it make it possible for them to compete effective with other organization in same business.
  • The researcher agrees that the managers and bank directors agrees that product management is very a necessary in marketing performance activities of every organization or business.

The researcher the following recommendations after careful study of the finding.

  • That the organization should increased the activity that is associated with product management which will bring about increase in sales of the product and also organization image.
  • The employee of he organization should be educed more of the importance of product management in an organization
  • The organization should seek support from consumer customer of the organization in order help in given information needed for proper product development and management In doing these a welfare department need to be establish in the organization.

The researcher concluded that the organization should be up and doing in product management to produce services that will effectively and efficiently satisfy the customer needs.


Chapter One


1.0 Introduction

1.1 Background of the Study

Product management embraces the task of adjusting the product throughout its life to match the ever-changing demands of the market place. Too many organizations make the mistake of thinking that consumers fed and act as they do ad share their wants.

The job of managing a product. then is one of constantly monitoring the market and adjusting the products to meet the markets needs and wants. The better the product matches the needs of its market, the more successful it is likely to be.

Today, as product and service become more, and more commoditized many organization are moving to new level in creating value for their customer. To differentiate their offers, they are developing and delivering total customer, experience, whereas product are tangible and service are intangible, experience are memorable, whereas product and service are memorable when as product and service are external, experience are personal and take place in the minds of individual consumer. Organization that — market experience realize that customer are really buying much more than just product and service.

For a product to successful gain acceptance in the market environment a well organized product development and management must be there product management is the process of tilling the proposed product to the requirement and opportunities of the market (Rewold etal 1977) product management, involves the process of anticipating the needs of the market place initiating action towards the identification and production of product and service which will best satisfy the needs and wand of the trapped market environment. Product management is internal factor in an organization. A product once. it is commercialized face the problem of management. The firm is not alone in the industry and its competitor will want to enter the market, if the product proves successful. It therefore, follows that the firm must manage it product right from the introduction state till the maturate or even declining stage (Buzzell 1966)

Product management is however, characterized by danger and unchains. The danger may be in washing financial and human resource with achieve success protection and market acceptance the uncertainties arise as to whether the product will service, face much competition or die on the introduct Anyanwu (1993).

Managing the product variable embraces planning and or service to be marketed by the company. The product mix element constitute the most important it is thus produce that every producer tries to conceptualize in the form most desired by the consumer in order to satisfy his needs for proper management of product. the organization must consider all the internal factors of the organization (Dick Barry 1981). This is because this factors will determine the success of the product in the marketing environment.

In product management process, the product life cycle provide useful information on how to apply the principles of marketing and management in organizing and in carrying out those activities that will successfully market the product. If a firms fact to manage its products. it plan, to fail in launching its, product. There are reasons why product fails in the marketing environment

They are as follows

  1. Lack of distinctive advantage in product performance and price
  2. Over estimation of the target market which may result in low demand
  3. Inability to utilize company strength to capture profitable opportunities
  4. Unpredictable change in consumer preference for goods and service
  5. Product which facilitate competitive entry into the market by competitor,.
  6. Lack of support from the marketing intermediaries

In order to avoid the above mentioned area, the firm must consider and evaluate the product satisfaction and acceptance in such a way that favours the consumer and the organization in general. (Anyanwu 1993) in managing a product especially in marketing Bank service, the function varies from organization objective to the other. But the basic functions in managing a product are the same with the principle function of management as it is stated in the management field. But the different is that product management are guided toward developing are organizing a successful product that will gain acceptance in the marketing environment the following are the basic function of product management.

Planning for Tile Product

Planning is the first product management function on which the other take bearing, It refer to as forecasting the product future circumstance and requirement, dealing product objective, and determine product to he followed and set product standard- planning in product management plays an important role because it determine the successful of the product in the marketing environment

Organizing the Product

How to accomplish, the goal is the next this organizing the p4luct is the process of dividing and evaluating the product attribute and successfu1lyaccomplish the stated product objective.

Controlling the product ad the environment controlling the product is the process of ensuring that the product objective are reached and deviation from planning for the product are corrected controlling could be effective. When report are got from the marketer and sales representative regarding area of deviation for correction purpose (Anyanwu 1993)

However, the organization must understand and monitor the actors and forces that effect the environment before organizing and co- ordination the product management process. This is because the environment is a very dynamic one and it needs a well organized structure, before any marketing activities can gain acceptance to the environment.


1.2 Statement of the Problem

First bank has been making relentless efforts towards the management of product in Aba. Abia state, yet many of the products managed have all been able to satisfy the need of their target customer. As a result of this, these product do not receive adequate patronage and resources wasted. This affects bank profit negatively.

Moreover, there are many hard nuts to crack in the management of product which make it difficult for management to introduce new product even when old ones lack patronage- and this effects the ratio at which first hank manage product and hence slowness in generating income.

Again, some of the target customers are not aware of the existence of some product of the bank which make such products lack patronage and even when patronized only a few people patronize them. Hence banks effort in their management becomes futile. Furthermore, customer of the bank are not adequate educated on the product managed and some bank staff are not properly equipped on the marketing of financial service which makes it possible for profitable opportunities to be grasped in the bank such lack of education readers bank effort fruitless and resources used in managing such product wasted.

Finally, some management of banks find it difficult to segment market for their product in that the product go to wrong of the market where the product receive little or no demand which in the end readers banks effort unprofitable.


1.3 Objective of the Study

The rationale befriend this study is to examine different product of the first bank are discover for they are managed. Other objectives are as follows:

  1. To find out the difficulties environment in the process of product management in first banks.
  2. To discover whether banks customer are really satisfied with bank products or not are why’?
  3. To find out how best customer of the banks can be educated on the use of the bank product and how best to get them known about the existence of such products.
  4. To discover how best banks products market can be segmented for fruitful virtues.
  5. To determine the effect of product management bank on profitability
  6. To determine if management of bank products leads to increased product qualify
  7. To offer possible solutions! suggestion for addressing such problem and make recommendation that may lead to better bank customer relationship, increase customer satisfaction and bank profitability for brighter future.

1.4 Formulation of Hypothesis

In the process of consulting this research, the following hypotheses have been stated.

Hypothesis I
  • Ho: First bank products do not satisfy customer basic at least
  • Hi: First bank products satisfy customer basic at least
Hypothesis II
  • Ho: The major problem encountered in product management is not wrong segmentation of target market
  • Hi; The major problem encountered in product management is wrong segmentation of target market
Hypothesis III
  • Ho: Effective management of bank product result increases profitability in banks
  • Hi: Effective management of bank product do not leads to increase profitability.

1.5 Significance of the Study

This study will in a great way be of significance to the bank mangers, customers, individual wishing to engage them in banking business, unemployed graduate. Government and corporate organization in Aba.

To the government the result of the study will not only enable them find out a well defined administrative strategies and management problems of the bank firms of various state, but also would act as a panel to solving similar problems of government.

To the customer, it will expose them to the various marketing strategies that will lead to optimum banking business and high light problems facing the bankers so to prefer a better solution, it will also expose the advantages they stand to benefit from the bank service patronization.

To the corporate organization and other people or individual wishing to engage themselves into banking business, the study will enable them adopt the policy of consumer banker satisfaction as much as possible. And also the possible suitable management procedure that will help them operate at the long run, since this is the motive behind every business

To the students, the study will enlighten their minds on the great importance of product to an effective and efficient marketing strategy through the roles bank services plays in the finance sector.

Finally to the research, the study will enhance an indepth knowledge of product management marketing strategy, the management and operations while to the customer, to appreciate the marketing means through which they reach them and perhaps bear with them whether they live stock of expectation to problem beyond their control.


1.6 Scope of the Study

This research work encompasses product management in all first bank in Aba as at date. Taking four branches of the bank in Aba in Abia state as a case study. The effort they make toward managing such product and problems they consider in doing.


1.7 Definition of Terms

Bank:

Any person who carries on banking business and includes a commercial hank, an acceptance house, discount house and other financial institution.

Product Management:

The tasks of adjusting the product throughout its life to match the ever- changing demand of the market place

Marketing:

The sensing and serving of consumer needs through an exchange relationship aimed at creating value in form of profit and satisfaction to the consumer.

Marketing Segmentation:

The process of dividing the total heterogeneous market for a prodict into several submarket or segments each of which tends to be homogenous in all significant aspects.


Chapter Five


Summary of Findings, Recommendation and Conclusion

5.1 Summary of Findings

This research is about the role of product management the marketing of bank services in AbaAbia State, with more reference to first Bank of Nigeria Plc Aba

In the process of the research, it is notice that in very important role. This is because it courage increase in product adoption process, sales promotion, distribution and marketing activities.

From the analysis made in chapter four, it is observed that the manager and bauk directors agencies that product management is very necessary in marketing activities of every organization or business organization but due to level of training and Education on the side of he bank operator or employee, the activities that are involved in product management are not well carried out.

It is also observed that in the operating of bank business the operator are not practicing marketing orientation they are sale oriented.

This is impossible for them to develop in product successful satisfies the consumer and organization objective.

The finding also showed that services rendered by these bank satisfy the consumer but not effective and efficiently as possible. Also it show that with a well organized product management will leads to increase in the adoption process of he product by the consumer with these. it make it possible for them to complete effective with other organization in same business.


5.2 recommendations

The recommendation are based from the result of the study, observation and questionnaire iii the company personnel and customer of the organizations.

From the result of the study, it is a common practice that customer and employee f his organization operate because the way in which the director and owners of he organization went them to operate because of these problem, the researcher made the following recommendation after careful study of the finding.

  1. That the organization should increase the activity that is associated with product management which will bring about increase iii sales of the product and also organization images.
  2. The employees of the organization should be educated more of the importance f product management in an organization.
  3. The organization should consider the cost of running of the product development and management in order to prevent the organization from running heavy cost of operation.
  4. The organization should seek support from consumer, customer of the organization in order to help given information needed for proper product development and management. In doing these a welfare department need t be establish in the organization.
  5. In addition to these the organization should be up and doing in order to produce service that will effectively and efficiently satisfy the consumer needed.

5.3 Conclusion

Today’s bankers and consumer of banking services are becoming more informed, knowledgeable in way of increasing productivity and sales of banking service through product management.

This is due to the marketing activities, That encourages effective distribution sales productivity and it discourage price fluctuation and increase total customer satisfaction

First Bank has an edge over the banking firm in Aba — Abia state and Nigeria as a whole, and in order to maintain this position, it must impose on the product management efficient and effective management of product, will in unquantitable measure project a good image and differentiate service quality of the bank drawing inference from the finding it was found that market segmentation has been an additional impediment to product managernejit, hence more effort should be channeled toward that direction to avoid waste of time and bank resource which might occur as a result of wrong segmentation.

Finally, this research study is a worthy while exercise because it has helped in escatoning the role of product management in the marketing of service of first bank and identifying the problem encountered in the system.

It was also helped to broaden the knowledge of the researcher has experience what business is like practice with majority of Bank service consumers taking first Bank services their favorite

The company has a good potential for growth and recreated profit, if only it can endeavor to improve more with product management in order to further satisfy it customer and consumer of its products.


Complete Material For The Role Of Product Management In The Marketing Performance Of Banking Service


Project Material Download

3,000 Naira


The Complete Material will be Sent to You in Just 2 Steps

Quick & Simple…


Step One Purchase

Make a Mobile Transfer or POS Payment of ₦3,000 to any of the Account Below

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current
Zenith BankAccount No.: 1225513212
Name: Samphina Academy
Account Type: Current

Or CLICK HERE To Pay With Debit Card

FOR CLIENTS OUTSIDE NIGERIA
CLICK HERE To Pay With Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 

Step Two Purchase

Send the Following Details on WhatsApp ( 08143831497) After Payment

  • Payment Details
  • Email Address 
  • The Role Of Product Management In The Marketing Performance Of Banking Service

The Complete Material Will Be Sent To Your Email Address After Receiving Your Details
T & C Apply


  Contact Our Help Desk


⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Disclaimer


This research material “The Role Of Product Management In The Marketing Performance Of Banking Service” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “The Role Of Product Management In The Marketing Performance Of Banking Service” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.