This study was motivated by the need to establish whether Broad
Bank implement or practice the marketing concept. The customers and
personnel of Bank surveyed in the study.
The research instrument used for data collection were mainly
questionnaires and interview guide. Data collected were organized and
analysed by putting them into tables, frequencies and percentages. The
research questions were answered based on the data in the table.
Data analysis and interpretation produced the following findings.
1. Bank personnel do not reflect implementation of
marketing concept in their behaviour towards customers.
2. Customers spend too much time to make
withdrawals or deposits.
3. Customers are subjected to discomfort and
hardship in marking withdrawals or deposits.
4. Computerization in the banks is still not
5. The quality of services given to customers is
Based on the findings, the following recommendations are put
forward to improve on the quality of bank services.
1. Organizing workshops and seminar to enlighten
and up date personnel knowledge and still on customer service delivery.
2. Installing new generation computers for improved
3. Using research to monitor customers’
satisfaction or dissatisfaction and taking remedial action.
4. Attending to customers’ problems or complaints
satisfactorily and promptly.
5. Monitoring staff to ensure that they actually
implement the marketing concept.
6. Ensuring and maintaining quick service delivery.
The conclusion of the study is that implementation of the
marketing concept in Broad Bank is still not satisfactory but the above
recommendations can be used to improve on the level or quality of services
given to customers.
1.1 Background of the Study
1.2 Statement of the Problems
1.3 Objectives of the Study
1.4 Formulation of Hypothesis
1.5 Significance of the study
1.6 Scope and Delimitation of the study
1.7 Limitations of the study
2.0 The meaning of Marketing Concept
2.1 Evolution of the Marketing Concept
2.2 Importance of the Marketing Concept
2.3 Recognition of Need for the practice
2.4 Lapses Existing in the Marketing of
2.5 Application of Marketing Concept in Financial
3.0 RESEARCH METHODOLOGY
3.1 Population of the Study
3.2 Sources of Data
3.3 Primary Data
3.4 Secondary Data
3.5 Determination of Sample
3.6 Method of Questionnaire Distribution
3.7 Description of Data Analysis Tools
4.1 PRESENTATION, ANALYSIS AND
4.2 Test of Hypotheses
5.0 SUMMARY OF FINDINGS RECOMMENDATION
5.1 Summary of Findings
1.1 BACKGROUND TO THE
The marketing concept is an important management philosophy used
in t he operation of business today. But before this concept came to be
accepted, there were other business philosophies such as the production and
selling concepts. However with the change of circumstances and prevailing
competition in the business world the marketing concept emerged and came into
As competition between businesses geared up it became imperative
to turn attention to customers needs and wants. The marketing concept arose
to challenge all other previous concept, the marketing concept holds that the
key to achieving organizational goals consists in determining the needs and
wants of target markets and delivering the desired satisfaction more
effectively and efficiently than competitors.
The marketing concept is a management philosophy, orientation or
frame of mind which the marketer works with. It is based on a market
focus customer orientation co-ordinate and profitability (Kotler 1997, pp. 19 –
23). Marketers have long argued that the marketing concept is the
appropriate philosophy for conducting business. Simply stated the
marketing concepts suggest that an organization should satisfy consumer needs
and wants in order to make profits. To implement the marketing concept
organizations must understand their consumers and stay close to them to provide
products and services that consumers will purchase and use appropriately (Peter
and Oston: 1996 p. 6). From what is being seen and read today in the
society not all business organization adopt the marketing concept for example
midst of scarcity the customer is not the king rather it is the seller that is
the king most companies do not relay grasp or embrace the marketing concept
until they are driven to it by circumstances like sales decline, low growth,
changing of patterns by customers competition and increase in market
expenditure. There is now fierce competition in the banking industry in
Nigeria. This competition could be traced to 1986. The banking environment
in Nigeria before the late 1980s was less turbulent than after wards.
However with the deregulation of the system in 1986 new banks were
licensed. This led to an increase in the number of commercial and
merchant banks from 40 in 1985 to a total of 120 in 1991 when further licensing
was stooped. This fueled competition among banks (Asogwa: 1995, pp. 98 –
Today after the bitter incidence and experience of bank failures,
the surviving banks are still pacing a very competitive environment.
There is now strong battle amongst banks to win customers patronage.
Every bank is facing stiff competition from other banks.
These banks operating in Enugu metropolis including the first generation banks
(First bank, Afri bank, Union bank and UBA) the new generation banks (All
States Trust Bank, Standard Trust bank ad Board bank) community bank, people
bank and other financial houses (such as Alex Finance, Amex Savings and Loans
Harvard Savings and loans).
Faced with competition, it becomes imperative to engage in sustained
and appropriate marketing strategy. So banks in Nigeria today appreciate
the need for marketing their services because they know they cannot survive
without using marketing strategies, unlike before when most banks did not
consider marketing as being necessary departments which plan their marketing
strategies, customer satisfaction has become the focus of banking
operations. This is evident in the way several banks have re-engineered
their operations or introduced computers to facilitate their operations to
enhance customers satisfaction. In addition most banks today have
introduced new products aimed at attracting and giving customers satisfaction.
In short banking business in Nigeria today has become marketing oriented
or more specifically consumer oriented.
However there are still some lapses or gaps in the practice of
marketing concept by banks. Even though the practice of marketing concept
has become adopted in banks, we still hear complaints from customers that their
needs are not being satisfied. This is especially the case here in Enugu
metropolis where several banks like first Bank, Standard Trust bank UBA and
Union Bank are operating customers are dissatisfied with the service they
receive from banks. They are subjected to extreme discomfort before they
can make their withdrawals. They spend endless hours in the banks before
they could effect withdrawals or deposits. Quite often the behaviour of
bank staff does not actually show that they are practicing marketing concept or
attaching importance to customer satisfaction.
This study is an effort to determine or discover if Broad bank of
Nigeria PLc operating in Enugu metropolis is actually practicing the marketing
concept or whether they are just paying lip service to it, broad bank is used to
examine the customers point of view with giving their customers satisfaction.
1.2 STATEMENT OF THE
For many years the marketing concept has not been fully understood
or implemented by firms in Nigeria especially in the banking industry often even
firms the accepted the marketing concept in principle did recognize jthat the
marketing concept required the organization to change its existing practices
dramatically. In general these firms viewed implementing the marketing
concept as a marketing task rather than something in which the entire
organization has been involved.
There is poor implementation of the marketing concept by banks in
Nigeria. Most consumers of bank services are not actually
satisfied. There has been a lot of complaints range from those of
inefficiency favouritism, long delays in cashing cheques or making withdrawals
tardiness in granting loans and/or credits to unfriendly attitude of bank
workers. Considering Broad bank operating in Enugu metropolis could we
say that these criticism and complaints are justified? Has Broad bank
failed to implement the marketing concept? Are customers dissatisfied
with the service they receive from the bank?
1.3 OBJECTIVES OF THE
The major objective of the study is to ascertain Broad bank adopt
the marketing concept of marketing management philosophy as a corporate policy
and whether this concept is being implemented accordingly by bank personnel.
More specifically the objective of the study include:
1. To find out if customers of Broad bank are
satisfied with quality of services they received.
2. To ascertain if the service behaviour of bank
personnel is in consonance with the requirements of the marketing concept.
3. To find out if Broad bank give adequate training
and instruction to their staff on the importance and mechanism for implementing
the marketing concept.
4. To find out if customers make their withdrawals
or deposits quickly and with ease.
5. To ascertain if the environment of the Broad
bank are comfortable and conducive for customer services and transactions.
6. To determine if customers complaints and
problems are adequately and effectively addressed.
1.4 FORMULATION OF HYPOTHESES
Broad bank application of marketing concept leads to increase profitability of
Customers are satisfied with quality service rendered by Broad bank.
Poor management of customer complaints result to decrease in the patronage
level of board bank.
1.5 SIGNIFICANCE OF THE
The most critical factor in satisfying bank performance is giving
satisfaction to its customers. This is especially true in recent times
where many banks are now operating in the country and contending or competing
for customer’s patronage. And here in Enugu State we have many of such
banks. The battle to win customers patronage survive and grow is
predicated in the ability to give the expected or required satisfaction to
customers. This is why this study is very crucial so that the management
of each Broad bank of Nigeria Plc would know where it actually stands in its
ability to give quality and satisfactory services to its customers and then be
able to determine the remedial and tactical policies to adopt.
The study will help to enhance the performance of braod bank and
to give competitive edge over other bank. In other words the study will
help to expose the short comings of the bank in terms of implementing the
marketing concept in discovering their areas of deficiency they will be in a
better position to make amends.
It is necessary to implement the marketing concept in modern
banking business that involves very stiff competition. No bank can
survive in Nigeria which does not address the issue of consumer or customer
satisfaction. Every bank must use all its resources and work towards
giving delightful satisfaction to its customers.
This study will help the Broad bank in understanding the customer
rating of the quality of services they receive and whether they are actually
satisfied or not. It will also enable the bank to evaluate the service
behaviour of their personnel who are the ones to implement the marketing
1.6 SCOPE OF THE STUDY
This study is restricted to Enugu metropolis and surveyed the
customers and personnel of the Broad bank. The study is focused on
determining whether the bank has adopted and are implementing the marketing
concept and the extent to which the bank is giving satisfactory services to
customers. In this study only individuals operating current and saving
accounts were surveyed corporate and government account holders were excluded.
TERMS AND CONDITIONS APPLY
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