Select Currency
Translate this page

THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY

Format: MS WORD  |  Chapter: 1-5  |  Pages: 145  |  3492 Users found this project useful  |  Price NGN3,000

  DOWNLOAD THE FULL PROJECT

ABSTRACT

This study was intended to evaluate the importance of marketing research in the Nigerian banking industry. This study was guided by the following objectives; to evaluate if marketing research can be used as a measure of development of a firm, to evaluate if marketing research can survive a firm economically, to determine the extent to which marketing research can be used in satisfying customers. The study employed the descriptive and explanatory design; questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using the chi-square statistical tool at 5% level of significance which was presented in frequency tables and percentage. The respondents under the study were 15 employees of bank PHB ogwashiukwu branch. The study majorly focuses on importance of marketing research in the Nigerian banking industry. The study findings revealed that neglect of marketing research has led to the premature folding up of banks in the industry; marketing research has the capability of improving and developing the banking industry; Based on the findings from the study, banks should be vigorously involved in the marketing research as it helps in the development of banks.

 CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND TO THE STUDY

African Banking Corporation which established its first branch in Lagos was the fist bank to open its doors in 1892. The colonial masters established the bank solely for their trade in Nigeria which was then a British colony. According to Ugwanyi (2012) other banks come into existence such as British bank for West Africa (BBWA) now first bank of Nigeria Plc in 1894, and other Barclay’s banks. Dominion colonial and oversees (D.C.O) now union bank of Niger Plc. The British and French bank that was established in 1949. The entire expatriate bank dominated the banking arena and was discriminatory against the indigenous customer service the expatriate banks, such as discrimination obviously resulted in the indigenes clamour for the establishment of indigenous banks.

According to Adeleanye (2013) between 1930 and 1940 the Nigeria activists spearheaded the move to establish indigenous banks that would render creditable services to the indigenes, as the expatriate of such services. Their efforts yielded divided in the 1940’s with the establishment of many banks in Nigeria. The importance of the banking industry became more pronounced with the establishment of the central bank of Nigeria (CBN) in July 1989, which was sequel to the promulgation of the CBN ordinance of 1958. As a result of various regional governments and co-operative movement established banks in order to enhance economic development of their regions in particular and country as a whole.

Accordingly, the growth of the banking industry become more vivid with the indigenization policy in the early 1970 when more banks were opened by the end of 1981, there were 27 banks with 1,213 branches in Nigeria. The spring up and survival of the banking industry can be attributed to marketing research. A systematic approach to the problem of management of modern business. One of the principal functions of management is to make decision. Marketing decisions are peculiarly difficult to make and their effect are felt throughout the business world. The emphasis on the indispensable role of marketing research as a framework is principally accounted for in the growth and development of any organization. In recent years, interest in the role of marketing research to product, planning and development in banks has grown.

The American marketing Association (AMA) study showed that over 73 percent of larger companies have their own marketing research department. And to be precise each department has established in the past five years. With the growing emphasis on supply the individual needs of particular kinds of customers, where ever they may be. It is essential that some organized research should be undertaken to identify market opportunity. The competitive conditions of trading which characterize practically every market today, both nationally and internationally, demands of flow of reliable marketing intelligence (CHISNALL 2011).

According to Tall and Hawkers (2010) marketing research has an adversary role in marketing management. It is used to acquire and analyze information and to make recommendation to management as to how market problems should be resolved. According to Zikmund (2017) the prime managerial value of marketing research is that it reduces uncertainty by providing information that facilitate decision making about marketing strategies and tactics used to achieve an organization strategic goals. Developing and implementing marketing strategy involves the following:

i.   Identifying and evaluating opportunities used

ii.  Analyzing market segments and selecting target market

iii. Planning and implementing a marketing mix that will satisfy customers need and meet the objectives of the organization and analyzing market performance.

As a means of implementing marketing concept, marketing research helps in obtaining information that identifies the consumer’s problem and needs, bridge gap between marketing executives and the customers. In the long history of business enterprise, management has devoted most of its attention to managing money, material, machines and men. Management has paid less attention to the fifth recourses of the form information. Many firms in Nigeria have not yet adapted to the intensified information requirement for effective and efficient method of harnessing their resources. This will also make for speedy economic development of the country.

Marketing research is the systematic, gathering; recording and analysis of data about issues relating to marketing products and services. The term is commonly interchanged with market research however; expert practitioner may wish to draw a distinction in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes. Marketing research is often partitioned into two sets of categorical pairs, either by target market.

i.  Consumer marketing research and

ii.  Business – to – business (BzB) marketing research.

Or, alternatively, by methodological approach

i.  Qualitative marketing research and

ii.  Quantitative marketing research.

Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes and behaviors of consumers in a market-based economy and it aims to understand the effect and comparative success of marketing campaigns. The field of consumers marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the AC Nielsen Company in 1923.

THE GOALS OF MARKETING RESEARCH

The goal of marketing research is to identify and asses how changing element of the marketing mix impacts customer behavior.

ROLES OF MARKETING RESEARCH

The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever increasing costs attributed to poor decision making required that marketing research provides sound information. Sound decisions are not based on gut feeling, in tuition or even pure judgment. Marketing research helps the marketing manager link the marketing variable with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment and the consumers. The role of marketing research in the managerial decision making is explained further using the frame work of the “DECIDE” model: where

D = Define the marketing problem

E = Enumerate the controllable and uncontrollable decision factors

C = Collect relevant information

I = Identify the best alternatives

D = Develop and implement a marketing plan

E = Evaluate the decision and the decision process.

This research is intended to highlight the contribution or usefulness of marketing research as an economic survival and developmental index in the banking industry with a particular reference on bank. This measure has become necessary as no firm can compete in the market without the use of marketing research.

1.2   STATEMENT OF PROBLEM

This concerns the relationship that exists between the concept “marketing research” as a measure of a firm’s surviving economically and developing. The production orientation era in the evolution of marketing where firms or organization produce what they want to produce without seeking the preference of the consumer. Marketing research brought the consumer orientation concept known as the “marketing concept” it entails the organization to find out from the customers and consumers about their needs developing or acquiring the product to fill those needs.

A variety of scholars and practitioners have suggested that a major difficulty in the organization is that very little attention has so far been paid to problems and opportunities of marketing in general and marketing research in particular. In view of this, Peter Drucker not that in some countries, marketing and marketing research are often neglected in the productive field or organization. This assertion seems closely related to an assumption that the marketing and marketing research system of any country are essentially passive or adoptive in its relation to economic system and production thereof. The question is how does the firm learn about changing customers wants, new competitor initiatives new modes of distribution and so on. The answer is that banks or organization must develop and maintain a marketing information system and can have the skills of carrying out marketing research.

The essence of marketing is that a firm will make what it can sell rather than sell what it can make marketing therefore, requires an assessment of customers need through market research and the orientation of all the firm activities towards the satisfaction to those needs. Identification of consumers needs entail some systematic investigation into market either those being currently supplied or new marketing areas of potential interest.

Today the need for a product is carefully explored before it is produced on a large scale, often people are assigned as product managers and given the responsibilities for co-ordinating product development and marketing. When developing a product to meet a marketing demand, attention must be given to potential competition and to possible change in customers want. Firm or organization that is not yet acquainted with the concept of marketing research cannot produce products that will fit into consumers’ needs. This is where the problem of the study lies. It constitutes an inquiry into ascertaining the useful and role of marketing research in surviving and developing the banking industry.

1.3    PURPOSE OF THE STUDY

Having enumerated the problem with regards to the study, it then becomes absolutely necessary that the purpose of this dissertation should logically be derivable from the problems identified. Thus, the purpose are as follows:

i.  To evaluate if marketing research can survive a firm economically.

ii.  To determine whether marketing research can be used as a measure of development in a firm.

iii.  To determine the extent to which marketing research can be used in satisfying customers.

iv.  To analyse the usefulness of marketing research to a firm.

v.  To find out how marketing research could be used as tool for marketing decision toward product development.

1.4   RESEARCH QUESTIONS

The researcher has the main task of finding out the following:

i.  Do management of bank Phb care about customer’s satisfaction.

ii.  What marketing research activities does the company engage in to ensure customer’s satisfaction?

iii.  Are customer’s satisfied with the product of the company as they are being offered?

iv.  Can bank Phb use marketing research strategy to maximize profit.

v. Is there any relationship between the economical survival and development of the bank and marketing research.

1.5    HYPOTHESIS STATEMENT

Hypothesis One

Ho: Neglect of marketing research has lead to the premature folding up of some banks in the industry.

Hi: Neglect of marketing research has not led to the premature folding of some banks in the industry.

Hypothesis Two

Ho: Marketing research have the capability to improve and develop the banking industry.

Hi: Marketing research does not have the capability to improve and develop the banking industry.

1.6   SCOPE OF THE STUDY

This study is based on marketing research as a measure of development and economic survival in bank Ogwashi-Uku branch.

1.7   SIGNIFICANT OF THE STUDY

This was motivated by the constantly changing environment of business which could be attributed to increase technological advancement, shortage in raw material supplied, the emergence of consumerism activist group, the constantly changing taste and preference, demographic and psychological environment of business. This study is also important because of the need for marketing research in the industry. The banking industry through marketing research introduces an E – Banking called “FLASH DIRECT” to pay government ministries, departments and Agencies.

Flash Direct, an e-payment solution specifically conceived to revolutionize electronic payment to multiple beneficiaries, is facilitating Nigeria migration to a cashless society, which is one of the hallmarks of the federal government’s policy on e-payment. The product guarantees secure and timely payment to beneficiaries and offers them instant feedback through SMS and e-mail alert as their account are credited with flash direct, it is all convenience as transactions can be done at ministries, department and Agencies offices while payment approval can be done anytime anywhere by the authorizer.

Apart from the ease of report generation and reconciliation, flash direct reduces turnaround time in processing salary payment while eliminating the stress of paper work and sharp practices associated with manual payment process for successful transaction on the flash direct, beneficiaries should confirm their most recent account number in their respective banks and send them to the ministry, parastatals and agencies which in turn prepare payment schedule in the format advised by their bankers. The flash direct payment solution makes easy tracking of payments and improves the quality of financial reporting’s.

The role of marketing research cannot be neglected in banking industry because of its importance some of which are:

1.  Product creation and development.

2.  Decision making in the organization.

3.  Good policy formulation.

4.  Product discovery.

5.  Customer satisfaction etc.

However, since this research work is designed to cover the banking industry in Nigeria and a case study of bank Ogwashi-Uku branch. It believes this would be of a great help and encouragement to such banks and business firm that lack the human and financial resources to organize this kind of research work in their organization.

1.8   LIMITATION OF THE STUDY

This study is limited to only the management and employees of bank Ogwashi-Uku branch. This study is also conducted under the ambit of human limitation, since human beings are imperfect and the researcher been human the study is not expected to be 100% correct. The difficulty of getting questionnaire returned would invariably put limitation. There is also time and financial constraint. Time is usually not enough to carry out the research and the cost or money it takes to carry out the research is also usually high; this is also a limitation in the study.

1.9   DEFINITION OF TERMS

Marketing Research: Marketing research is the systematic gathering, recording and analysis of data about issues relating to marketing products and services.

Economic Survival: A process or an acting that produces enough profit which enable a firm to continue to live or exist.

Development: This is the gradual growth of something so that it becomes more advanced and stronger.

Index: This is the sign or measure that something else can be judged.

Data: This is described as the collection of raw facts and figure of events.

Primary Data: Primary data are the original data gathered specifically for the project at hand.

Secondary Data: These are the data that have been gathered for other purpose

Questionnaire: It is a list of question to be asked of a research sample in order to obtain measureable data.

Hypothesis: This is a statement about possible relationship between object and the events.

Population: This is the study of the group you wish to generalize your finding to. This is the group you would like to sample from because this is the group the researcher is interested in generalizing to.

Reliability: This is defined as the consistency, stability or dependability of a researcher’s measures. It is the degree to which an instrument consistently measures whatever it measure and yields the same responses each time it is used under the same conditions.

Validity: Validity measures the extent to which a measure can be generalized. A research instrument is a valid if it measures what it claims to measure.

Sample: This is a portion of the population, which is selected for the study and which is representative of the population.

Survey: A survey consists of gathering data by interviewing a limited number of people (sample) selected from a large group.

Interview: This is described as the collection of information through an in-dept one on one formal questioning.

1.10   ORGANIZATION OF THE STUDY

Chapter One:   Introduction

Chapter Two:  Review of Literature

Chapter Three: Research Methodology

Chapter Four:  Data Presentation and Analysis

Chapter Five:  Discussion, Conclusion and Recommendations

  DOWNLOAD FULL PROJECT

Not What You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 541 351 187


Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on 0813-292-6373 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: (+234) 813-292-6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!