The Importance of Marketing Concept in the Development of a Business Organization
CHAPTER ONE
PURPOSE OF THE STUDY
The purpose of this study is to generally appraise the marketing department of Zenith bank to identify the impact of marketing concept and its application in their baking operation. But specifically they include:
- To examine the impact created by marketing concept and its application in the banking industry.
- To find out whether lack of application of marketing concept can really contribute to business failure.
- To examine that the application is being carried out by zenith bank Plc.
- To identify the problem hampering effective application of marketing concept by Zenith Bank of Nigeria.
- To recommend to the growth of bank services.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
This chapter reviews literature relating to the theme and sub-themes of this study. The major ideas of this section are grouped and presented under the following sub-headings. The definition of marketing concept, production orientation, sales orientation, the financial oriented era, the marketing oriented era, basic element of marketing concept, nature of banking services, the impact and limitation of the modern marketing concept, implementation of marketing concept and marketing as a business function and philosophy.
ANALYTICAL FRAME WORK OF MARKETING CONCEPT
The marketing concept is a rather new idea in the history of exchange relation.
According to Kotler, P. (1995) marketing concept can also be defined as management aimed at generating customers’ satisfaction as a key to achieving organizational goals.
According to Wilmhurst, P. (1985) marking concept is based on two fundamental philosophy.
- Company planning policies
- Operation should be oriented towards the customers profitable sales volume at customer’s satisfaction on should be the goal of the firm.
Based on these philosophies, Kotler (1992) state that customers want satisfaction is the economic social justification of company’s existence in embracing the marketing concepts, we start with customer and his wants continue with finding the product or services that will satisfy these needs and wants and arrange for the product to be made and sold to the consumer resulting in the mutual benefits to both parties to the exchange relation for an organization to survive and achieve sustained growth in a competitive marketing environment. So the marketing concept means the whole business being viewed from the angle of customer’s satisfaction through at a profit to the firms.
CHAPTER THREE
RESEARCH METHODOLOGY
This chapter deals with the following issues; research design, location of study, sample and sampling techniques, research instrument, reliability and validation of the instrument.
RESEARCH DESIGN
This study uses the simple sampling method together the data used in the study. The survey method (questionnaire approach) was used as the primary data-gathering instrument because researcher, Statter (1968:12) consider it as the most suitable techniques for discerning “why something happens”.
AREA / LOCATION OF STUDY
The survey on the impact of application of marketing concept in the zenith ban Nigeria Plc was nationwide in scope for the purpose of this research, 2 branches of the bank were selected.
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
As Baridam (1990) stated, the presentation and analysis of data may be centered on the hypothesis (if an) some of the data will be presented in figures, tables and frequency distribution or has been extracted.
The focus of this chapter deals with the presentation and analysis of data collected in this study, the respondents are chosen among the management and the customers, which their responses will be analyzed and the hypothesis question was mainly for the management of zenith bank, which will be tested in all 120 questionnaire were designed, 50 for staff to customers.
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
Introduction
This last chapter of this research study constitutes the summary, recommendation and conclusion which the researcher deduced from chapter four that will assist the banking in effective and efficient use of marketing concept for profit enhancement.
SUMMARY OF FINDINGS
In the area of decision making from the analysis it is realized that zenith bank takes decision from customer’s profit point of view.
The research also found out that after the analysis that the greater percentage of customers has banked with Zenith bank for more than being in marketing with means that zenith bank service oriented has joined the current trend in marketing which is customer satisfaction and maintenance.
More so the analysis on whether customer had any cause to change from zenith bank to another bank 90% of the customers said no, again they enjoy the way they are being served there.
The most interesting part is that zenith bank has almost all the electronic products, which include automatic teller machine, basic telephone banking, internet banking, home banking etc.
The researcher finally found out that there is improvement in zenith bank Owerri since the recapitalization (25 billion capital base) in terms of services, strategies adopted for customer’s satisfaction etc. which had made them to exist in this intense competitive banking environment.
CONCLUSION
From the foregoing summary of findings and based on the operation of zenith bank plc Owerri the researcher found out that there is proper application of marketing concept in zenith bank plc.
More so, based on the effective application of marketing concept, zenith bank cannot operate profitably and that zenith bank is in existence to day because of proper application of market concept, meaning that they try all their possible best to ensure their customers satisfaction.
RECOMMENDATION
Based on the findings made through the questionnaire and personal interviews the following recommendations are made for both zenith bank and other banks at large.
- Business environment is not static but dynamic it is changing from time to time so zenith bank and other banks should monitor the environment from time to time to know the changes.
- This could be achieved through the used of research and development and management information system effectively. The tools they would use, adapt to this change is the marketing mix, which includes their product, price, promotion and place (distribution).
- Bank that are still lacking behind in the area of marketing should embrace it by establishing the department separately and equipped with the human and martial resources for effective and efficient execution of marketing activities
- We all know that service oriented and customers are the determinants of their existence, so bank should improve in their services to satisfy their customers to encourage repeat of patronage. Customers should be involved in their product development.
- From the analysis, the research found out that customers do not always apply for loans, may be as a result of collateral, so bank should reduce the condition for loan to enable the customers benefit from credit facilities.
- Despite the fact that Zenith Bank are now into e-marketing they should try to make sure that they introduce within time.
- Branches should be established in the rural areas as in the case of Imo State to enable potential and actual customers who are living there to enjoy their services.
- They should do well to provide on the job training to their workers (staff) so that they will meet the current customers services trend.
- Zenith bank should apply all the promotional tools, so as to keep the actual and potential customers aware of their existence and their new products.
- Finally all banks should ensure that all personals (staff) are marketing oriented to be able to attain to customers at their different point of need.
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