The Importance of Marketing to the Banking Industry
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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1.1 BACKGROUND TO THE STUDY
In the early age of banking in Nigerian, bank paid little or no attention to marketing of their services but due to the development and new tend in the banking industry.
It has been noted that there is new competition going on between various bank especially the commercial banks on how to make their service especially their lastest service acceptable to the customers.
However, in order to meet up with the new development in banking industry, it is very important for the bank to include moderns marketing techniques in putting forward their services to their customers.
Moreover, according to chartered institute of marketing, marketing is also defined as the management process responsible for identifying anticipating and satisfying customer’s requirement profitable.
Furthermore F.O. Peter (1958)m also views marketing as an orderly, purposely and create need wants and creative capacity and skill of an industrial society toward the design of new and better product and new distribute concept and process, while banking service can be defined as the broad spectrum of service that will normally be available and also offered customer by any given financial ( banking) institution with the aim of satisfied the need of the customer profitable.
This definition varies from institution to another.
Marketing of banking service therefore fall within the specialized of services and services marketing provides wants satisfied that are not necessary tired to sales products.
This therefore gives us a strong introduction as to the banking sector in Nigeria and three bank includes commercial bank e.g United Banks for Africa (UBA) Nigeria Plc. The project work is aimed at revealing the need for the marketing service in banking industry in Nigeria banking service.
STATEMENT OF RESEARCH PROBLEM
The focus of the research will be to identify the relevance of marketing to commercial banking industry in Nigeria. In the cause of research answer will be provided to the following research question problems.
- What is the historical background of relevance of marketing to commercial banking in Nigeria?
- What is the reason for marketing operation to commercial banks?
- What are the step involved in the marketing operation to the commercial banks?
- Does the relevance of marketing to commercial have and prospect for banks?
- Does the regulatory authority have roles and impact on the marketing operation to the commercial banks.
- What are the effects of marketing operation to the commercial bank on Nigeria economy?
- What are the likely problem facing the marketing operation to the commercial bank?
- AIMS AND OBJECTIVE OF THE STUDY
The research proposal main focus is to take caution both on the relevance of marketing operation to the commercial banks.
Therefore, the aims and objectives of the study include the following:-
- To examine the historical background of the relevance of marketing to the commercial bank in Nigeria.
- To highlight the reason for the relevance of marketing to the commercial banking in Nigeria.
- To discuss the step involves to successful of marketing operation to commercial banks.4
- To enumerate the effect of the marketing operation to the commercial bank on the Nigeria5
- To mention the impact of marketing operation to the commercial banks. 6
- To expatriate the role and impact of the regulating authorities.7
- To critically examine the likely problem of the relevance of marketing to the commercial bank in Nigeria.
- SIGNIFICANCE OF THE STUDY
The research work is productive in nature; the study will enable the commercial banks to meet the relevance of marketing to commercial bank in Nigeria.
This study is significance to the marketing because it examines the practical aspect of marketing concept to real business moreover, it will help to clarify some doubles and strength and some fat about marketing concepts.