THE IMPORTANCE OF MARKETING STRATEGY IN NIGERIA BANKING INDUSTRY
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TITLE PAGE
THE IMPORTANCE OF MARKETING STRATEGY IN NIGERIA BANKING INDUSTRY
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the importance of marketing strategy in nigeria banking industry" 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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TABLE OF CONTENTS
Title page
Certification
Dedication
Acknowledgement
Table of contents
CHAPTER ONE: INTRODUCTION
- Background of the study
- Statement of research problem
- Objective and purpose of the study
- Scope and limitation of the study
- Research methodology
- Significant of the study
- Statement of the hypothesis
- Organization of the study
CHAPTER TWO: LITERATURE REVIEW
- Historical background
- Comparative marketing strategies
- Organization aim, gall and strategies
- The major marketing strategy determinant
- Selection of an effective marketing strategies
- Impact of effective marketing strategy on banking industry
CHAPTER THREE: CASE STUDY AND METHODOLOGY
- Brief history of the case study
- Method of data collection
- Population and samples
- Sampling techniques
- Method of data analysis
- Procedure for processing collected data
- Limitation of the method
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
- A brief introduction of the chapter
- Presentation and analysis of data according to research question
- Presentation and analysis of data according to test of hypothesis
- Analysis of other data
CHAPTER FIVE: FINDINGS, SUMMARY, CONCLUSION AND RECOMMENDATION
- Summary of findings
- Conclusion
- Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In 1892 the first commercial bank was established in Nigeria when the Africa banking corporation established a branch in Lagos later, branches of other expatiate banking business called the bank of British west African and Barclays were established.
Nigeria started to run indigenous bank in 1928. when the first indigenous bank was establish in Lagos.
In the early stage of Nigeria indigenous banking system, nearly all the banks established met a sudden death as “ the collapsed within a very short period of time due to mismanagement and inexperience.
However, the rapid increase in the number of the commercial bank is a good fortune to nation economy as a whole but called for the need to develop the marketing as well as marketing strategy in order to determine the needs and wants of target market more efficiently and effectively therefore every bank incorporate marketing department as an integral part of the whole system. The marketing managers and in the saddle of running and making decisions about how best to employee the marketing tools at this disposal to achieve a predetermined goals. The marketing managers work with the variable controllable and uncontrollable while planning the strategy.
In effective marketing strategy, the marketing manger faces certain constraints that are inherent in the environment within which the strategy must be employed. These constraint are the situation analysis variables include in the situation of the marketing plan. However, many of the most successful banks in the world own their success to practicing a well designed market orientation.
1.2 STATEMENT OF RESEARCH PROBLEM
One of the greatest factors that brings about effective turnover organization is effective marketing strategy applied in that organization.
Hence the research problem of this study revolves round the effect of marketing strategy in banking industry the nature of services offered by the bank i..e intangible goods are more difficult to sell than the tangible ones. However, they have to put a lot of marketing knowledge strategy in selling their product since their services can not be seen or for the bank to complete effectively other financial institutions.
The problems of this study would be centered on the following specific term:
- What are the historical background of marketing and marketing development in Nigeria
- What are characteristics of financial services?
- What are the positions of service industry in Nigeria?
- What are the importance’s of marketing to the society?
- What are the roles of marketing in banking industry?
- What is the importance’s of marketing to the society?
- What constitutes the marketing strategy?
- What are the major marketing strategy determinants?
- What are the best ways of selecting an effective marketing strategy?
- What are the impacts of effective marketing strategy on banking industry?
1.3 AIMS AND OBJECTIVE OF THE STUDY
The aim of this study is to analyze the merit of marketing and its strategy in banking industry. Theories and research findings have shown that the effective of marketing strategy improve most banking industries by boosting their effectives and efficiency.
Objective of the study are as follows.
- To examine the historical evolution of marketing development in Nigeria.
- To highlight the nature and characteristics of functional services.
- To examine the position of service industry in Nigeria
- To discuss the roles of marketing in banking industry
- To point out the importance of marketing in society
- To examine the marketing strategy
- To expatriate the major marketing strategies determinant.
- To critically examine the best way of selecting an effective marketing strategy
- To expatriate the impact of effective marketing strategy on banking industry.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the research work is that it provides information on the marketing strategy in baking industry; the study will also create the most properly accepted policy in marketing strategy. The study highlights the policy required in marketing effective marketing strategy in banking and other solution to the problem related to importance of effective marketing strategy in banking industry.
1.5 SCOPE AND LIMITATION OF THE STUDY
The scope of marketing strategy is very wide, it is applicable in every business organization which is profit oriented i.e. financial institution, insurance company, partnership, sole trading etc. to mention but, a few we have attempted to conduct a research into all possible area that would facilitate effective marketing strategy in banking industry. But as a result of time and financial constraints, the research in banking industry especially commercial banks.
The research will be historical and case study which may be limited by insufficient finance, lack of enough time and lack of co-operation from the respondent.
1.6 STATEMENT OF THE HYPOTHESIS
One of the characteristic of the study is to enumerate some fundamental hypothetical statements resolving round the problem of the study. Therefore, some hypothesis have seen formulated to make clarification of the problem of effective marketing strategy. For this reason, the following questions are tested.
- Does any strategy have any effect on the banking industry?
- Does marketing strategy have any effect on banks customers?
The general hypothesis that will be tested in the course of the research are as follows:
Ho: Marketing strategy does not have effect on banking industry
Hi: Marketing strategy has effective on banking industry
1.7 RESEARCH METHODOLOGY
Based on the topic of the research, the researcher will make use of both primary and secondary source of information. Primary sources are include materials for the case study, material from the internet and response form questionnaire, therefore, secondary source are includes text books, financial report, newspaper etc.
The instrument to be employed to collect the primary data is questionnaire. Both descriptions and inferential statistics will be employed to analyses the data collected.
1.8 ORGANIZATION OF THE STUDY
The researcher work will be divided into five chapter and each chapter contains the following.
Chapter one contains the background of the study statement of research problem, aims and objective of the study, significant of the hypothesis, research methodology and organization of the study.
Chapter two discusses historical background, co-operative marketing strategy, organization aim goals and strategies the major marketing strategy and impact of effective market strategy on banking industry.
Chapter three also contain the highlight brief history of the case study, method of data collection, population and samples, sampling techniques, method of data analysis instrument, procedure for processing collected data and limitation of the method.
Chapter four also deals with presentation and analysis of data according to research question, presentation and analysis of data according to test of hypothesis and analysis of other data.
Chapter five highlight summary of findings, conclusion and recommendations.
1.9 DEFINITION OF KEY TERMS
MARKETING: This was defined by (Peter Drucker, 1973) as human activity directed at satisfying need and wants through exchange processes.
However, (Wroe Anderson, 1976) equally defined marketing as individual and organizational activities aimed at facilitating and expediting exchanges within a set of dynamic environmental forces.
MARKETING CONCEPT: This is a philosophy of business that states the customers’ want-satisfaction is the economic and society justification for a firm existence. It stresses that the emphasizes on all business activities should be focused or geared towards the satisfaction of the customers.
MARKETING ENVIRONMENT: This refers to all factors and forces both internal and external that influences the marketing decision making. The internal forces are controllable which includes the organizational structure, the 4M’s i.e. Man, Money, Machine and Materials.
However, the external forces which are uncontrollable falls outside the firm, constitute the greatest opportunities and threats to the firm. These include economic condition, socio-cultural influences, competitors, customers, political and legal environment, international influences, technological factors e.t.c.
PRODUCT: A product can be an idea, a service, a good or any combination of these three. It could also be defined as anything that can be offered to the market for attention, acquisition, use or consumption that will satisfy a need. This implies that product include physical, objects, services, persons, places, organization and ideas.
MARKETING STRATEGIES: This is a written plan, usually comprehensive describing all activities involved in achieving a particular marketing objective and their relationship to one another in both time and magnitude, it will include short and long term sales forecast, production and profit target, pricing policy, promotional and selling strategy, staffing requirement as well as the selected marketing mix and expense budget.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the importance of marketing strategy in nigeria banking industry" is also available. Order full work to download. Chapter two of "the importance of marketing strategy in nigeria banking industry" consists of the literature review. In this chapter all the related work on "the importance of marketing strategy in nigeria banking industry" was reviewed.
CHAPTER THREE: The complete chapter three of "the importance of marketing strategy in nigeria banking industry" is available. Order full work to download. Chapter three of "the importance of marketing strategy in nigeria banking industry" 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 importance of marketing strategy in nigeria banking industry" is available. Order full work to download. Chapter four of "the importance of marketing strategy in nigeria banking industry" 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 importance of marketing strategy in nigeria banking industry" is available. Order full work to download. Chapter five of "the importance of marketing strategy in nigeria banking industry" consist of conclusion, recommendation and references.
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