AN UNDERSTANDING OF THE IMPORTANCE OF MARKETING STRATEGY IN BANKING INDUSTRY
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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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:
1. What are the historical background of marketing and marketing development in Nigeria
i. What are characteristics of financial services?
ii. What are the positions of service industry in Nigeria?
iii. What are the importance’s of marketing to the society?
iv. What are the roles of marketing in banking industry?
v. What is the importance’s of marketing to the society?
vi. What constitutes the marketing strategy?
vii. What are the major marketing strategy determinants?
viii. What are the best ways of selecting an effective marketing strategy?
ix. 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 effectiveness and efficiency.
Objective of the study are as follows.
1. To examine the historical evolution of marketing development in Nigeria.
2. To highlight the nature and characteristics of functional services.
3. To examine the position of service industry in Nigeria
4. To discuss the roles of marketing in banking industry
5. To point out the importance of marketing in society
6. To examine the marketing strategy
7. To expatriate the major marketing strategies determinant.
8. To critically examine the best way of selecting an effective marketing strategy
9. 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