This study examined the role of product Management of Marketing of
Bank Service. Some of the objectives of this study were; to determine the
effect of product management Bank on profitability. To offer possible solution
and suggestion for addressing such problem or make recommendation that lead
better customer relationship. To determine, if the management of the bank
product leads to increase product leads to increase product quality. Based on
these objectives, hypothesis were formulated , Data were sourced, extensive
literature review on text book, journal and materials on the area if study was
carryout while primary data sourced from respondent. The populations of the
study include; Bank personnel and customer of the said band in Aba metropolis.
Burly 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. The researcher agrees the
managers and bank directors agrees that product management is very necessary in
marketing activities of every organization or business. 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 complete effective with other organization in some
business. The research following recommendations after careful study of the
finding. The organization should seek support from customer of the organization
needed for proper product development and management. That the organization
should increase 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 the organization should be educated more of the importance of
product management in an organization. In doing these, welfare department need
to be in the organization. The research concluded that the organization should
be up and doing in product management to produce services that will effectively
and efficiently satisfy the customer needs.
1.1 Background of the
1.2 Statement of the
1.3 Purpose of the
1.4 Hypothesis/ Research
1.5 Significance of the
1.6 Scope Delimitation of the Study
1.7 Definition of
Review of related
2.1 Overview of Marketing
2.2 Definitions of Marketing
2.3 The Marketing Mix as Tools of Study
2.4 Importance of the Marketing Mix
2.5 Marketing Concept
2.6 Holistic Marketing
3.1 Source of Data
3.2 Population of the Study
3.3 Research Instrument
3.4 Validity of Research Instrument
3.5 Questionnaire Allocation and Administration
3.6 Method of Data Analysis and
analysis, and interpretation
4.1 Presentation, Analysis, and
4.2 Test of
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 wanT 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
uncertainties. 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
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 that activities that will successfully market
the product. If a firms fact to manage its product, it plan, to fail in
launching its, product. There are reasons why product fails in the
They are as follows
1. Lack of distinctive advantage in product
performance and price
estimation of the target market which may result in low demand
to utilize company strength to capture profitable opportunities
change in consumer preference for goods and service
which facilitate competitive entry into the market by competitor,.
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 the 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 be
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
product is the process of dividing and evaluating the product attribute and
successfully accomplish 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
Fidelity 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
Fidelity Bank 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 Fidelity are discover for they are managed. Other objectives are
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 /or 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.
Ho: Fidelity products do not
satisfy customer basic at
Hi: Fidelity products
satisfy customer basic at least
Ho: The major problem encountered
in product management is not
Wrong segmentation of target market
major problem encountered in product management is wrong segmentation of target
Ho: Effective management of bank product
result increases profitability in banks
Effective management of bank product do not leads to increase profitability.
1.5 SIGNIFICANCE OF THE STUDY
study will in a great way be of significance to the bank mangers, customers,
individual wishing to engage themselves 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
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
1.6 SCOPE OF THE STUDY
This research work encompasses product management in all Fidelity
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
1. Bank: Any
person who carries on banking business and includes a commercial
bank, an acceptance house, discount house and other financial institution.
2. Product Management: The tasks of adjusting the product
throughout its life to match the ever- changing demand of the market place
3. Markting: The sensing and serving of consumer needs through an
exchange relationship aimed at creating value in form of profit and
satisfaction to the consumer.
4. Marketing Segmentation: The process of dividing the total
heterogeneous market for a product into several submarket or segments each of
which tends to be homogenous in all significant aspects.
TERMS AND CONDITIONS APPLY
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