ABSTRACT
Banks are established to make profits. The customers or is it as a result of
the service provided by these banks.
It is the aim at this research to find out if banks apply the marketing
concept. Is customer’s satisfaction what these banks attain to achieve. This
research work has three chapters.
Chapter one contains a general discussion of marketing concept as see by
different people. It went further to state the problems associated with the
study, problems that the study will be concerned with, the importance of the
studying the area and the definition of terms.
Number of past related literature examined by other studies which contains the
origin of the study, school of thought within the subject area, school of
thought to the problem of the subject, different methods of studying the
problem and summary.
Chapter three deals with conclusion, presentation of data, the data got from
the research survey were analyzed, recommendation made by the researchers to
ensure, if banks would put the recommendation made in the study in to use,
these will not only to satisfied customers with service offered, but a
continuous increase in profit made thereby making the problem of the banks a
thing of the past and finally is conclusion of the research.
TABLE OF CONTENTS
Chapter one:
Introduction
1.1
General Background of the study
1.2
Problem associated with the study
1.3
Problems that the study will be concerned with
1.4
The importance of studying the area
1.5
Definition of the important terms
1.6
References
Chapter two: Review of
related literature
2.1
The Origin of the study
2.2
The school of the thought with the subject area
2.3
The school of thought to the problem of the study
2.4
Different methods of studying the problem
2.5
Summary
2.6
References
Chapter three
3.1
Conclusion
3.2
Data presentation
3.3
Analysis of data
3.4
Recommendation
3.5
Conclusion
3.6
References
CHAPTER ONE
INTRODUCTION
1.1 GENERAL
BACKGROUND OF THE STUDY
As competition between
businesses geared up, it become to turn attention to customers needs and wants
which are naturally insatiable. The effectiveness-marketing concept arose to
challenge all other previous concepts.
The marketing concept
holds that the key to achieving organizations goals consists in determining
needs and wants of target markets and delivering the desired satisfaction more
effectively and efficiently than competitors. The marketing concept is a frame
of mind the marketer works with. It is based on a market focus, customer
orientation, coordinated marketing and profitability.
The marketing concept
starts with a well defnd market. The organization determines who its market
will be, who he hopes to satisfy, even after company can still fail at
customers orientation. By customer’s orientation, the customer’s need is
defined from the customer’s viewpoint and not from that of the company.
Customer orientation seeks to crown the customer as king recognizing that he is
the lifeblood of the organization, and aims at satisfying the desires of the
consumers.
A Japanese’s business
men once said that our aim goes beyond satisfying the customer, our aim is to
delight the customer” in fact this is a higher standard and a deeper quest, and
may be the secret of great marketers. Coordinated marketing answered that all
the various marketing functions like advertising, marketing research sales
force and so on are proper integrated and must be well coordinated with other
departments in the company.
The major goal of most
profit-oriented companies is to make profit. A company will make more money if
it satisfies its customers need better than competitors. Therefore in applying
effective marketing concept, companies would produce what they maximize profit.
Several authors have
states the need for all business entities to adopt the marketing concept in
their various activities. Most companies do not really grasp or embrace the
drive to it by circumstances like sales dealing, slow growth, changing of
buying patterns by customers, increasing competition and increase in market
expenditure.
These companies have not
arrived a full marketing maturity but think tha because they have a marketing
concept from what is been seen and read today in the society, not all business
organizations adopt the marketing concept for example, in the midst of
scarcity, the customer is not the king rather it is the seller that is the
king.
The emergence of banking
service in Nigeria can be traced back to less than a 200 years ago. The
activities of the transact corporation, the financial transaction of the
colonial government, the declined of the batter system of trade and the
increasing acceptance of British silver currency all these required an
institution, in the form of a commercial bank for safety and transmission of
funds, the importation and distrubution of British silver cons and trading
compaiens who need them. These banks were out to make profit from interests got
from the deposits made by customers, they never really thought of the customers
as the lifeblood of the organization.
In the past, banks were
operating in seller’s market, which made remarketing possible, but the
environment is dynamic, such that if bank are to continue to prosper, they must
adopt the change that are taking place in industry and commerce, so only the
banks that are efficient and effective can satisfy customers. This in scarce
and abundant economics alike, the real problem is not production, but marketing
if only w accept the truth that mass marketing is a pre requisite for
successful mass production. Marketing consideration than become the most
critical factors in any business planning.
1.2 PROBLEMS
ASSOCIATED WITH THE STUDY.
In the past decades, the
banking industry has witnessed many challenges with their numerous resultant
problems, which included the structural adjustment programme (SAP) in 1985, the
foreign exchange market (FEM) favoritism long delays in cashing cheques or
making withdrawals, tardiness in granting loans and credits to unfriendly attitude
of bank workers. Even government that own a sizable proportion of the shares in
most banks is known to have constantly accused banks of not identifying enough
with the nations aspirations. The chief of General Staff had cause to appeal to
bankers to leave arm concept in carrying out banking activities. According to
Dr. Nnamdi Azikwe, which said as early as 1943 that “ I was frustrated because
of the shoddily of the way and manner the manager of the marina Brach of the
bank of British West African Limited treated me with rebuff. Not only did he
keep me standing in his office for some minutes, he was curt and condescending
as if I was seeking for favour. Naturally, my pride was hurt and it downed on
me that the struggle for Nigeria freedom had many fronts, and that political
freedom must be won also “ most banks do not put customers in the prime place
as they are supposed to be. There is now keen competition, and to complete
means to apply effective marketing concept. Are these criticism justified, because
they are making profit in an era of economic slump?
1.3 PROBLEM
THAT THE STUDY WILL BE CONCERNED.
The problem that studies
will be concerned with, based on the fact that there is lack of finance, time
and material resources to see to the whole nation. This study is problem to
Enugu State and the findings may not reflect the situation in the whole
country. It is also problem to be educated customers of the commercial banks.
These findings may not be valid for the whole banks in Nigeria but by and
large, what happens in banks in Enugu State can be said to apply to other
banks.
1.4
THE IMPORTANCE OF STUDYING THE AREA
It is hoped that the
result of this would help to create and understand of the importance of
marketing strategies to the successful operation of the banking industry, hence
the complementing role of marketing and successful banking.
The result of the study
would be useful in making bankers to understand that their customers are not
interruptions to their work, rather, they are the purpose for it.
1.4 DEFINITION
OF IMPORTANT TERMS
For the purpose of this
study, the following terms used are defined and explained in order to lend
clarity and to remove any ambiguity in the terms.
MARKETING
According to Mr. Adirkia
E.O (1996 P3) Marketing as all-important set o creating human activity aided of
identifying, anticipating and satisfying human need and want through exchange
of efficiently and effectively and possible Kotler (1988,P.3) therefore define
marketing as a social and managerial process by which individual and groups
obtain what they want and need through creating and exchanging products and
values with others.
BANKING
G.O Nwankow (1980,
P.170) defines Banking, as dealing in debts and a banker is a dealer in debts.
BANKS
At one time, the
simplest definition of commercial banks is a bank that accepts demand deposit
in addition to time and savings depots and made all types of loans, business,
commercial and mortgage loans to individuals.
BANKER
The stock in trade o any
banker is money is debt therefore banks deal in debts.
MARKETING CONCEPT
According to Nwankwo G.O
(1980 P 10) “ The marketing concept holds that the key to achieving
organizational goals consists in determining the need and wants of target
markets and delivering the desired satisfactions and effectively and
effectively than competitors.
PRODUCT
A product is something
that is viewed as being capable of satisfying needs or wants.
SERVICES
There are separately
identifiable intangible activities, which provide want satisfaction when
marketed to customers and industry users and which are not necessary tied to
the sale of a product or another service.
It is becoming more difficult to separate products and services in our economy.
Some people might even jump to an erroneous conclusion that there is no such
thing as service marketing but only marketing which the service element is
greater than the product element. It is true that we rarely find situations
where services are whatsoever. According to J.M Raltmell, (1966, P.33) said “
most good require supporting service in order to be useful and most service
require supporting good to be useful. But the practice of viewing the marketing
of service using the frame work developed for goods has severally limited
thinking concerning their make marketing.
Department | Banking and Finance |
Project ID Code | BFN0208 |
Chapters | 3 Chapters |
No of Pages | 89 pages |
Methodology | Null |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2349067372103 |
Contact Us On | +2349094562208 |
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