ABSTRACT
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.
CHAPTER ONE
1.0 INTRODUCTION
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 OBJECTIVES OF THE STUDY
The objectives of this study is to evaluate the impact of marketing research on financial services.
1.3 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.
i. Inadequately of financial services
ii. Unsatisfactory manners of offering the existing or available financial services.
iii. Level of innovation on the part of the banking product packaging and delivery.
1.4 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.
i. Ways of utilizing marketing research activities in delivery banks services.
ii. The extent to which bank in Nigeria can market this services through the employment of marketing function.
iii. The similarities between the marketing of banks services and that of tangible goods.
iv. 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.
1.5 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.
1.6 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.
1.7 ORGANIZATION OF WORK
The project report is divided in five chapters. Chapter one. 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.
Chapter two: cover the literature review and the theoretical framework.
Chapter three: Address the research methods and method put in place for the data analysis i.e. research design and methodology.
Chapter five : summarizes the major finding, recommendation and conclusion.
1.8 DEFINITION OF TERMS
To avoid doubt, ambiguity in the interpretation, the key words and concept use in this study are defined below:
Marketing Research: 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.
Marketing: 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.
Bank: 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.
Fund: 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.
Banking Habit: This could be defined s the awareness
of the public in banking services and regularity with which the public
patronize the services.
Competitors: Firm that are in the same industry.