THE IMPACT OF MARKETING ON FINANCIAL INSTITUTION
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TITLE PAGE
THE IMPACT OF MARKETING ON FINANCIAL INSTITUTION
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the impact of marketing on financial institution" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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The need for marketing in financial institutions cannot be over emphasized because it is a vital arm of any sector. Competition within and outside the shores of the country brought about by globalization and an improvement in customer awareness have made banks to use marketing as an important tool to increase returns, improve on the efficiency of the Nigerian banking system and compete efficiently.
This study set out to investigate the impact of marketing of financial services in the Nigerian banking industry with specific focus on deposit money banks. The method used in testing the hypotheses is the T-test method. One hundred and twenty (120) questionnaires were distributed to selected deposit banks and One hundred and one (101) was retrieved. The hypotheses tested found that marketing of bank’s products and services has improved the efficiency of deposit money banks banking system and created satisfied bank customer. We recommend that all the units of the bank should be involved in marketing while banks should continue to make their customers feel important and have well equipped and experienced staff personnel in customer services unit to be able to provide solutions to customer’s complaints and challenges.
TABLE OF CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgement iv-v
Table of contents vi-vii
CHAPTER ONE
- Introduction 1
- Background of the Study 1-3
- Statement of problem 3-4
- Objectives of the study 4-5
- Significance of the study 5-6
- Scope of the study 6-7
- Limitation of the study 7-9
CHAPTER TWO
2.0 Literature Review 10
2.1 Conceptual Frame work 10-12
2.2 Some basis Marketing Concept 12-17
2.3 Marketing Mix 17-19
2.4 Application of Marketing Mix to
financial institution 19-29
2.5 Market Segmentation in Banking Industry 29-31
2.6 Impact of Marketing in the Service of
Banking Industry 32-34
2.7 The problem of Marketing 34-36
CHAPTER THREE:
- Research Methodology 37
- Research Population 37
- Sampling Size 37-38
- Sampling Technique 38-39
- Data Collection Method 39
- Method of Data Presentation 39-40
CHAPTER FOUR:
- Historical Background of First Bank Nig. Plc. 41-43
- Data presentation 43-44
- Analysis of Data 45-55
- Discussion of findings 56-57
CHAPTER FIVE:
5.0 Summary, Conclusion Recommendation. 58
5.1 Summary 58-59
5.2 Conclusion 59-61
5.3 Recommendation 61-63
Appendix I 64
Appendix II 65-66
References 67-68
CHAPTER ONE
- INTRODUCTION
- BACKGROUND TO THE STUDY
This research is an attempt to disapprove the pervasive notion that marketing is relevant only to the selling of physical end tangible products.
The nation was due to the fact for that for a long time, financial institution was a seller market where the buyer had to seek in some cases forming the impression that it was a privilege for him enjoy the service of a bank or other financial institutions.
Financial institution can be defines as any establishment or organization responsible for providing financial services to their customers the government as well as the general public. These financial services include acceptance of deposits given of loan, stocks and bonds where life assurance e.t.c Institution covered under the term financial institution includes the Banks, institution forms, store Broking forms investment house, discount house e.t.c.
In the past years, before the advent of financial institution, particularly Banks that were established in Nigeria.
Nigerians have ways of keeping their valuable like jewelries and money at home or in their farms. In a report carried out a statement was made by CBN official Dr. Victor Odoze published by new Nigerian newspaper on 17th January 1993 that Nigerians do not keep their money in Banks. He also spoke in details that a total N3.777 Millions or 89% of currency issued was being kept at home by people or in the private safes of individual Nigerian as at July ending 1981.
Today, things have changed the financial institution in general and the banks in particular have witnessed and still witnessing rapid changes in their operational environments. This modern banking industry is required those who are in the industry. (The bankers) to look into well stocked shelves of services that they have offer and out to approach the clients to whom such services can be sold.
As result of changes in the banking industry and commerce generally coupled with the government effort at influencing the state of the economy. The marketing environment of the banking industry is responding to the changes. There must be a quiet banking to a more purposeful banking.
Since marketing involves findings out that consumer’s need and providing product that will satisfy those needs at a profit, then financial institution must respond to a new way of the changes in their environment by fashioning out new practice and investment to meet their customers’ needs.
- 2 STATEMENT OF THE PROBLEM
In the past years marketing had been neglected in the financial institutions particularly in the banking industries due to the nature of services they offered, which is intangible product. This has created a lot of problems for them since they face competition from other financial institutions.
In service industry, generally the practice of marketing is not enough. It is viewed that there is no need to apply marketing principles. This may be due to their ignorance of what marketing is and its important to the economy. The categorized marketing as selling and they feed to understand the real meaning of marketing.
The general statement of problem of the study is as follows:-
- How do the customers get to know about the financial institution of their choice and which of the selected financial institution is mostly patronize?
- Do the customers always the services being rendered to the financial institution?
- What encourage the customers to keep on patronizing the financial institution?
1.3 OBJECTIVES OF THE STUDY
The objectives of this study is to examine the importance of applying marketing principles and techniques in the services of financial institution to attract and retain their customers, their services must develop and marketed to satisfy the existing customers and attract new ones.
Specifically the objectives of this study are as follow:
(a) To know the use of marketing concepts has been adopted by the financial institution so as to ensure customers satisfaction towards their services.
(b) To determine and examine how to marketing mix as well as market segmentation used by financial institution have influenced customers’ patronage.
(c) To know the impact of marketing on the services of financial institution.
1.4 SIGNIFICANT OF THE STUDY
The research is significant to the researcher, the organization under study the industry it belongs the customers and society at large.
It is significant to the researcher because it is require in partial fulfillment of the requirement for the award of National Diploma (ND) in business studies. It is significant to the organization under the study (CBN) and the banking industry as a whole because the adoption of marketing concept by banking will help in ensuring costumers satisfaction and also enhance a beneficiary relationship between bankers and costumers.
The researcher is of significant to the society at large because the adoption of marketing techniques in the service of financial institution will acceptance investment, in addition this research work is also of significant to the society at large due to the market exchange process.
- 5 THE SCOPE AND LIMITATION OF THE STUDY
This research work is concerned with the impact of marketing on financial institutions particularly the banking industry (A case study of first Bank of Nigeria plc Ilorin), the study is limited to marketing concept.
Marketing mix, marketing segmentation e.t.c adopted by the banks to promote its service and attach new costumers.
The geographical scope of the study is Ilorin metropolis where the case study is situated on its environs. The industrial scope of the study entails the banking the banking industry. The limitation of this research work is the in ability of the management to give accurate information about the efficiency of marketing activities in their operations.
Another limitation is the lacks of sufficient time and funds because the researchers are dependents on financial assistance, it is quite expensive to adequately carry out the research.
- 6 LIMITATION OF THE STUDY
The following terms as contained in the project work are operationally defined thus:
- MARKETING: Market is an anticipated needs and wants of the consumers and product of goods and service towards the satisfaction of the anticipated needs and wants of consumers at a profit.
- FINANCIAL INSTITUTION: Financial institution are establishment or organization that are responsible for providing financial services like acceptance of deposit, loans, stocks and bounds, creating money. Foreign exchange services whole-life assurance e.t.c to their customer, the government as well as the public at large. Example of financial institution includes banks, insurance companies’ e.t.c.
- COMMERCIALIZATION BANKS: These are financial institutions that deal with acceptance and safe keeping of deposit and other valuable properties (i.e. Gold, will e.t.c) as well as granting loan to their customers.
- COMMUNITY BANKS: Community banks in Nigeria are self sustaining financial institution owned and managed by local communities such as communities development association, town unions, co-operative, societies, farmer’s group, social clubs e.t.c in order to provide financial services to the respective communities.
- MERCHANT BANKS (INVESTMENT BANKS): The merchant banks are wholesale bankers whose deposits are usually a large sum i.e. about half a million naira (N500, 000) and above are accepted as deposit from their corporate customers. They are financial institutions providing special services like acceptance to bills of exchange, corporate finance management and equipment leasing.
The study is divided into five chapters,;.
chapter one; is the introduction which contains background of the study, statement of the research, research question, objectives of the study, research hypothesis, significance of the study, scope and limitation of the study, definition of key terms and organization of the study.
Chapter two: is the literature review which contains literature review
Chapter three:- is the research methodology which contain research design, sources of data collection, population and sample size, sampling technique, method of data analysis and limitation of the study.
Chapter four:-is the data presentation, analysis and interpretation which contains data presentation, data analysis and data interpretation. Chapter five:-is the summary, conclusion and recommendations which contains summary, conclusion, recommendation.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the impact of marketing on financial institution" is also available. Order full work to download. Chapter two of "the impact of marketing on financial institution" consists of the literature review. In this chapter all the related work on "the impact of marketing on financial institution" was reviewed.
CHAPTER THREE: The complete chapter three of "the impact of marketing on financial institution" is available. Order full work to download. Chapter three of "the impact of marketing on financial institution" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "the impact of marketing on financial institution" is available. Order full work to download. Chapter four of "the impact of marketing on financial institution" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "the impact of marketing on financial institution" is available. Order full work to download. Chapter five of "the impact of marketing on financial institution" consist of conclusion, recommendation and references.
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