THE IMPACT OF MARKETING RESEARCH ACTIVITIES ON THE FINANCIAL SERVICES AND DELIVERY IN NIGERIA BANKS
1.1 BACKGROUND OF THE STUDY
American marketing association approved an expanded definition of marketing in 1987, the previous definition – the systematic gathering, recording and analyzing of data had been criticized because it reviewed marketing research activities too narrowly.
The new definition state marketing research is the function which links the customer and the public to the marketing opportunities and problems generate, refine and evaluate marketing action, monitor marketing performances and improve understanding of marketing as a process.
Marketing research specifies that information required to address the issues designs the method for collecting information manages and implements the data collection (process, analyze the result and communicate the finding and their implications).
Marketing is changing the banking business marketing actually change any business long before marketing was embraced by the financial institution bank also enjoyed an advantageous and privileged position as financial intermediaries workers of the economy. The traditional concept of banking institution is basically to serve as financial intermediaries between depositor and user of investment funds this institution must complete to ensure their continuous survival and relevance in the ever-competitive Nigeria environment.
The competition is even made stiffer because banks will compete not just with each other alone but with all other non-banking financial institution operating in the market.
Marketing is essentially on externally focused function of the firm. The firm’s environment defines its threat and opportunities. The environment is complex and undergoes continuous and sometimes catalysis change. An organization must adopt continuously to the changing environment or be overcome by it. A passive firm faces survive and probably enjoy modest growth and a creative firm will prosper an even contribute to the changes taking place in the external environment.
The operating environment for banks in Nigeria since the introduction of the structural adjustment programme (SAP) in September (1986) has further encouraged increased competition among the banks. Liberal bank licensing policy by the government over changing regulatory policies change in foreign exchange and interest policies of the government all encourage stiffer competition previously unknown to the banking industry in Nigeria, most especially during the present increase capital base of bank. it is against the competitive background that the marketing at banks services becomes all the more relevant with greater competition and with more sophisticated and quality conscious customers success in the financial business require the adoption of marketing orientation that is to closely look at the market in which it operate with a view to developing and producing service sector. The financial services sector in general and banks in particulars have been slow to adopt the marketing philosophy. Therefore to the changing environment that has occasioned the re-approach. As the contents of the write-up untold the impact of marketing research activities on the banking business in Nigeria.
1.2 OBJECTIVES OF THE STUDY
The objectives of this study is to evaluate the impact of marketing research on financial services.
1.3 STATEMENT OF THE PROBLEM
Research department is a department that must exist in virtually all organizations. The prevailing condition in the Nigeria banking industry call for the adoption of marketing orientation and application of the tools of the marketing research in financial business in a study of this nature which deals with sensitive business in the Nigeria environment. The following specific problems will be investigated.
i. Inadequately of financial services
ii. Unsatisfactory manners of offering the existing or available financial services.
iii. Level of innovation on the part of the banking product packaging and delivery.
1.4 SIGNIFICANT OF THE STUDY
Financial service as in other industries has the ability to realize a profitable volumes of sales in the struggle compete for the share of the some market depends substantially on the firms capability to make optional and timely response to the changes in the market place.
The study aims at enlightening the need and impart of marketing research activities on the financial services creation and delivery in Nigeria banks, particularly United Bank for Africa Plc. It will show how the company’s activities help in satisfying it customers desires, motives, attitude and behaviour. To this end more light will be shed on.
i. Ways of utilizing marketing research activities in delivery banks services.
ii. The extent to which bank in Nigeria can market this services through the employment of marketing function.
iii. The similarities between the marketing of banks services and that of tangible goods.
iv. Recommendation on the effective sways of marketing banks services in Nigeria to ensure high and satisfaction level to customers satisfactory in the ever-changing environment.
1.5 LIMITATION OF THE STUDY
The study of marketing research of financial services in Nigeria has one major limitation and that is, the publicity of relevant and up-to-date literature. This scarcity placed a constrain on the research work. Another limitation confronted with in the course of study is the lack of enough resources to travel for and wide to sample the operating activities of the selected bank (United Bank for Africa Plc) across the lengths and breadth of the federation.
Lack of time for academic work during the research for information. For uncooperative attitude of most of the bank personnel, approach for discussion on the study.
Finally, lack of satisfactory answer to question asked by the research is also a limiting factor since this affects the overall result of the research.
1.6 DELIMITATION OF THE STUDY
The study shall be concerned with marketing of financial services or those activities in which the bank are involved and how the customers are being carried along with the marketing strategies and philosophical comments on the marketing efforts of this bank which forms the subject of the study shall however be unite to united bank for Africa plc.
However under normal circumstance a study of this type supposed to be comparative in nature involving large number of banks but, the research intends to restrict the analysis to the united bank for Africa plc only due to some unavoidable circumstances.
1.7 ORGANIZATION OF WORK
The project report is divided in five chapters. Chapter one. In this chapter an introduction of the topic is done. Background of the study, the objective of the study statement of the problems, justification, limitation, delimitation of the study, organization of works and definition of terms are discussed.
Chapter two: cover the literature review and the theoretical framework.
Chapter three: Address the research methods and method put in place for the data analysis i.e. research design and methodology.
Chapter five : summarizes the major finding, recommendation and conclusion.
1.8 DEFINITION OF TERMS
To avoid doubt, ambiguity in the interpretation, the key words and concept use in this study are defined below:
Marketing Research: Any research activities which provides information relating to marketing operation the term enhances conventional market research motivational values, packaging effectiveness, logistic and media research are also included as well as analysis of internal and external statistics relevance.
Marketing: In banking institution this word is defined as part of management activities which sells and directs the flow of financial services profitable to selected customer.
Bank: This is an establishment, which deals in money, receiving it on deposits on demand, colleting cheques from other and lending it on deposit and investing the surplus until required by the depositors.
Fund: This is regarded as money which is the medium of exchange and for settlement of obligation e.g notes and coins which is legal tender loving the banking as monetary authority as an acceptable medium of exchange.
Customers / Depositor: A bank customer is any person or corporate body who keep or open an account with the bank, be it current, deposit or savings account and solicit for banking services such as advice with the intention that the relationship be a permanent one irrespective of when the relationship began.
Banking Habit: This could be defined s the awareness of the public in banking services and regularity with which the public patronize the services.
Competitors: Firm that are in the same industry.