THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY
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.