The proliferation of banks in Nigerian economy resulted in
cutthroat competition among banks, the phenomena in informed the decision to
probe into how banks market their financial services. In other words, the focus
of this work is to find out the marketing strategies adopted by banks to create
awareness of their products. To customers, it also sought to know the
importance of marketing in the liquidity and profitability position of banks.
The effect of marketing strategies and techniques on the existing customers and
prospective ones was also a subject for consideration.
However, since there are many banks in Nigeria spread over the
thirty-six (36) states of the federation and the federal capital territory,
Abuja to use all banks for the purpose of the study would be cumbersome and illogical.
Four branches of the bank situated in Lagos were used for the
purpose of data collection interviews method was adopted with the use of two
separate interview schedules, one for bank officials and the other for
customers of the branches.
TABLE OF CONTENTS
Background of the study
Statement of the problem
Purpose of the study
Significance of the study
Limitations of the study
Review of related literature
Introduction and definition of
Marketing concept and service
Features of service products
Banking industry in Nigeria
Effective marketing of
Research design and methodology
Sources of data
Location of data
Method of data collection
Summary of general findings
Recommendation and conclusion
BACKGROUND OF THE STUDY
This study is concerned with market of financial services in the
banking industry of the economic. It is usually focused on the changes that
have taken place in the financial environment, and how banks have reacted to
these changes, the planning involved and the creation of new services to meet
their customer’s needs.
The Nigeria banking industry, it must be argued has come a long
way in serving as a hub of financial intermediation process in the entire
development of an economy, more so of a developing one, most of necessity
institutes highly functional and efficient financial system. The banking
industry is therefore important in the process of development.
The financial sector has therefore become one of the fastest
growing sectors in the economy cutting across the monetary authorities, the
banking institutions over the years, the marketing concept before now had a
restricted meaning of activities, which relates the buying and selling of
goods. See buyers or sellers of services. This believes could be attributed to
the level of awareness among the Nigerian market. However, in theory product
marketing sales of goods and services, marketing such as provision of bank and
insurance services are the same.
Marketing strategies are now being used in all sectors of the
economy and the marketing mix; that is the blending of the (4) Ps’ (product,
price, place and promotion) of marketing to achieve the objective for which a
company is established, has become a necessity for variable companies in the
The trend in the banking industry today provides an interesting
example of a service industry that has in the past neglected the marketing
concept, which stipulates that a market oriented company must seek the need and
wants of the consumers should be at the command of the company.
As a result of the growth in number of banks in Nigeria
(commercial and merchant) before 1983 and 1990 from thirty-five (35) to one
hundred and nineteen (119), they were now awakened to realize that in order to
continue in business they must get a reasonable percentage of the banks
existing customers and acquire more of the potential customers by turning them
into full customers.
Also to attract customers and
deposits, most banks like other business outfits resorted to dynamic and
motivating marketing strategies could be defined as the means and techniques
through, which organization attempt to promote their products with a view to
enhance their image in order to get a large percentage of the industry market,
to achieve the objective of the organization, marketing concept and strategies
then become important as efficient provision of financial services by the
OF THE PROBLEM
The proliferation of banks, in Nigeria have resulted in cutthroat
competition amongst banks, this phenomena informed the decision to probe into
how banks market their financial service; service is usually an intrinsic part
of the package that the customers buys and derives from using a product.
Different strategies for marketing bank’s services abound, such
strategies includes market segmentation strategy the product concept, the
selling concept, the marketing concept, the societal marketing concept and
integrated marketing concept (IMC), most bank’s either deliberately or as a
result of over enthusiasm dabble into retailing a service that they do not have
the necessary strategic skill and training to perform. It will serve these
banks better to know that a repeat business can only come from a satisfied
customer since you can only fool most customers once.
The work is therefore aimed at evaluating the most effective
strategy for marketing bank services.
1.3 PURPOSE OF
This study is embarked on the highlight between
other, the following are
To assess the various marketing techniques used by habib Nigeria bank limited,
to market its financial services.
To ascertain the impact of marketing of financial services in bank.
To compare the bank and marketing strategies with other commercial banks in the
To investigate into effectiveness and efficiency of how banks are marketing
their services in terms of type and quality. This will affect customer
To ascertain the bank in the present competitive environment and note the
strategies used by the bank to complete favourable in the market.
OF THE STUDY
This research will be of immense benefits to cover the marketing
strategies adopted by more than one bank. The finding and recommendation of
this study shade to be of great important to the management of the bank in
dealing with problems relating to marketing of bank services. However, the
study shall be of great help to the managers of the bank have a good working
relationship with their subordinates.
This research can also be useful, for the customer to know the
marketing strategies facing the financial services.
There are a lot of benefits to be derived form this study, if the
marketing of banking services is made effective in community banks, it will be
of great significance in the following ways, to the management of the bank in
dealing with problem relating to marketing of bank services. However, the study
will be of great help to the manager of the bank to have a good relationship
with their subordinates.
1.5 SCOPE AND
LIMITATIONS OF THE STUDY
This research was originally intended to cover the marketing
strategies adopted by more than one bank, however the researcher focused only
on the marketing strategies adopted in the provision of financial series of its
customer by Habib bank Ltd.
As stated earlier, the research was originally intended to cover
more than one bank, however the research was constrained by time and finance
from extending the research to other banks. There was equally inadequate
research data on the topic.
DEFINITION OF TERMS
This can be defined as the fundamental means or scheme of reaching
These are activities or satisfactions that are offered for sale,
where are no exchanges of tangible goods involving a transfer of title.
A product is anything that can
satisfy need or want.
This is the ability of a bank to fund all its contractual
obligation, especially lending and investment commitments, as well as meet
customers deposit withdrawals and maturing liability at a cost the bank can
This is the tendency of getting the surplus arising from the
deduction of the total cost from total income in any business activity.
TERMS AND CONDITIONS APPLY
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