THE ROLE OF MARKETING IN COMMERCIAL BANKS
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TITLE PAGE
THE ROLE OF MARKETING IN COMMERCIAL BANKS
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the role of marketing in commercial banks" 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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This research work shows the role of marketing in commercial banks, taking Diamond Bank Ilorin as a case study. Marketing is defined as the process of getting a product to the consumer which involves a number of related business operation i.e. finding out what the consumer wants designing the product so that the consumer can buy and the producer will benefit in terms of profit. And on the other hand, Bank can be defined as an institution which accepts deposits from the public and in turn divided into various types such as commercial, industrial and etc. hence the project is determined to highlight the roles of marketing in commercial banks. The purpose of this study is to enable the banks to know this importance of marketing to an organization. It will also enable the bank to compete favourably with other banks in the banking sector without the fear of loosing their study is to identify the most profitable market assessing present and future needs of the customers. The advantages of Marketing in Commercial Bank is that it allow other to evaluate their products (services), it also encourage systematic thinking on the part of manager and also increases the number of their customers. One of the major disadvantages of the role of marketing in commercial banks is that it yields low returns since banks have the same sources and almost the same style of marketing techniques.
TABLE OF CONTENTS
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract vi
Table of contents vii
CHAPTER ONE
- BACKGROUND TO THE STUDY 1
- STATEMENT OF THE PROBLEM 3
- OBJECTIVES OF THE STUDY 4
- SIGNIFICANCE OF THE STUDY 4
- SCOPE OF THE STUDY 5
CHAPTER TWO
2.1 MARKETING MIX 7
2.2 THE ROLE OF MARKETING IN COMMERCIAL BANK
WITH REFERENCE TO DIAMOND BANK 17
2.3 DIAMOND BANK PRODUCTS (SERVICES) 20
2.4 STRATEGIES ADOPTED BY COMMERCIAL BANK TO
PROMOTE THEIR SERVICES WITH REFERENCE TO
DIAMOND BANK PLC 24
CHAPTER THREE
3.1 RESEARCH METHODOLOGY 31
3.2 SOURCE OF DATA COLLECTION 31
3.3 DATA COLLECTION TECHNIQUE 33
3.4 SAMPLING PROCEDURE USED 35
CHAPTER FOUR
4.1 PRESENTATION AND ANALYSIS OF DATA 36
4.2 DATA PRESENTATION 36
4.3 DATA ANALYSIS 45
CHAPTER FIVE
5.1 SUMMARY OF FINDINGS 50
5.2 CONCLUSIONS 51
5.3 RECOMMENDATIONS 53
REFERENCES
CHAPTER ONE
1.1 BACKGROUND IS THE STUDY
Marketing as a concept is viewed in narrow way by most people, it is often referred to as strategy applicable to only the manufacturing and distributive trade. However, broader concept has recognized the relevance of marketing to service rendering establishment, such as Banking, Insurance sector, Educational and Medical institutions etc.
In recent times, where need and business circumstances are changing rapidly, it is important that the practicing bankers should thoroughly appreciate the importance of marketing and its relevance to the baking industries based on the theory that banks rely heavily on marketing its survival and profitability. It is therefore a thing of no doubt that banks should develop the resilience a adapting to changes in needs, the environment and requirement of its customers which are becoming more sophisticated as an industry is aimed at rendering services to people.
The role of marketing in commercial banks in this research project is limited to the marketing mix adopted by commercial banks in order to meet up with their set goals and objectives which is to render service to the people at the best minimal price profitably.
The marketing mix is referred to as the 4ps in marketing which are the product, price, promotion and place (distribution) used by the bank for efficient and effective rendering of their services to both the present and the potential buyer of their product which is the services they render.
Product of commercial banks are the services they offer to the public. These services are in form of savings account, current account, fixed deposit, financing of trade etc.
Price is simply the value expressed in term of money. It depends on the amount of money the customers are willing to pay for the services rendered to them. The pricing policy used by commercial banks should be flexible and it should consider the market segmentation and the product life cycle.
Place: this simply means the location of the bank. The bank should be located in a place which is nearer to the customers, commercial banks are either situated at commercial centers or some where nearer to the targeted market e.g. situating banks in Kwara State Polytechnic to satisfy and ease the needs of students in terms of bank draft etc.
Promotion: this is a tool used in attracting the attention and acceptance of customers for the produce. These promotional tools strategies includes sales Promotion, advertising, personal selling, publicity etc which is used by commercial bank in order to meet their set goals and objectives which in turn satisfy their customers profitably.
1.2 STATEMENT OF THE PROBLEM
The research intends to identify the role marketing plays in the course of Diamond Bank rendering it services to its customers and to know the extent at which marketing is practiced in the Bank because any organization whether profit or no-profit oriented should have its customers as their focal point i.e. the organization should be customer oriented.
The researcher intends t know examine the bank is coping with in the competitive environment in the banking industries, the recent increase in the number of licenced banks and the wave of deregulations currently blowing in the banking sector has made competition high in the banking industry than it was years back.
The researchers also intend to examine the various way by which the bank market its services and the impact the service rendered make on the different categories of their customers.
1.3 OBJECTIVES OF THE STUDY
For banks to survive, they must complete in the market and adopt the marketing concept that makes them outstanding not just with other banks but rather with other sort of non-banking financial institutions.
The study is also important to banks because it enables them to complete favourable with other banks in the market without the fear of loosing their customers to their competitors, and for the bank to survive, they must capture a reasonable share of the market.
1.4 SIGNIFICANCE OF THE STUDY
Marketing strategies in commercial banks plays a vital role in achieving the objectives of banking industry to, it can not be overlooked. Therefore, the study will enable the Nigerian Banking industry realize how to formulate and implement marketing strategies and improve its effectiveness so as to know the role of marketing in Nigerian Banks.
Nigerian Banking Industry can not service without efficient and effective marketing strategies. It is therefore, pertinent to involve market strategies. It is therefore, pertinent to involve market strategies in the Nigerian Banking Industry.
All the efforts of the industry to satisfy customers and to maximize profit will be abortive if emphasis is not given to marketing strategies. This study will reveal how marketing strategies could be effectively handled in order to realize the industry objectives.
Marketing recognizes the customers as a king. The survival of any organization depends largely on how customer satisfaction is maintained. This study will enable the industry to realize the needs to satisfy customers in their operation so that the objectives of the industry could be met.
1.5 SCOPE OF THE STUDY
This research work will basically be conducted on members of the public who patronize Diamond Bank Services. These members of the public are termed customer, they include those who keep one account or the other with the bank and others who come to the bank to transact business with the bank.
This research work will be limited to Ilorin metropolis and all well as the customers residing in the town since a Diamond Bank Ilorin branch is the case study of the research.
1.7 PROJECT WORK ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work, chapter two presents the literature review of the study, chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the role of marketing in commercial banks" is also available. Order full work to download. Chapter two of "the role of marketing in commercial banks" consists of the literature review. In this chapter all the related work on "the role of marketing in commercial banks" was reviewed.
CHAPTER THREE: The complete chapter three of "the role of marketing in commercial banks" is available. Order full work to download. Chapter three of "the role of marketing in commercial banks" 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 role of marketing in commercial banks" is available. Order full work to download. Chapter four of "the role of marketing in commercial banks" 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 role of marketing in commercial banks" is available. Order full work to download. Chapter five of "the role of marketing in commercial banks" consist of conclusion, recommendation and references.
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