The Marketing of Banking Services (a Case Study of UBA)
Chapter One
OBJECTIVE OF THE STUDY
The objective of this study is to find out various ways commercial banks market their products and suggest possible ways to improve the marketing of those financial product and service by examine in some depth that following major issues.
- Determine banks staff perception of bank service
- Identify bank customer need
- Determine bank customer perception of bank service
- Determine how the banking system is seeking to adapt to development in marking and what strain
- Determine if marketing has in any way helped banks stability
- Determine if impact that change in marking bank services had on the rest of the society.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
INTRODUCTION
Marketing is also the prime tool of the banking sector because it satisfies customer benefit and deals with both the banker and the customer. It deals with the customer by providing their deep wants and desires and also the banker because it assists in identifying and targeting potential clients. The aim of marketing is to serve and satisfy human needs and wants making it a strategic factor in the economic structure of any society. This is because it efficiently allocates resources and has a great impact on other aspects of economic and social life (Ogunsanya, 2003). The power of marketing is essentially the same but there may be some qualitative and quantitative differences like fewer products and services moving through the system and various types of services offered (Baker, 1985). A company’s first task is to ‘create customers’ as identified by Drucker (1999), however customers are faced with several choice of products, prices and suppliers of services and products. It can be a challenging task for a company to create its own customers which are the purchasers of its services or products, but they can make it less difficult and maximize their standards by forming value expectations and acting upon them. According to Okuonghae (2009), the only way to thrive in competition is to partake in strategic marketing, identify customers’ needs and also scan the environment. There is also the need for bank operators to articulate policies geared towards customer satisfaction. Financial products are those products offered by banks to its customers. There are six categories of products as stated in Aigbiremolen (2004).They are retail banking products, corporate banking products, foreign operations, corporate financing and electronic banking. Marketing function extends across the customer’s entire purchase process including research, engagement, purchase and post-purchase (Cohen, 2008). Barile (2007) defines marketing as the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services while Kotler (1996) says marketing as a concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being. These three different definitions are based on satisfying the customer who is the king through identifying what they need and how to give it to them. The name of the game in marketing is attracting and retaining a growing base of satisfied customers, creating and implementing a marketing plan will keep marketing efforts focused and increase marketing success (Ward, 2004). A service is any intangible value which one offers to another but does not lead to the ownership of something. The two main characteristics of services is their nature and the fact that customers consume the service while it is produced and are hereafter involved in the service production process. Other characteristics include intangibility, variability, inseparability, perishability and lack of ownership. The characteristics of marketable services as stated in Worlu et al. (2007) are intangibility, inseparability, variability, perishability and lack of ownership. According to Zeithhaml (2000), there are generic dimensions that customers use to evaluate service quality. These tangibles and reliability, competences and responsiveness, courtesy and credibility and customers’ knowledge. Kotler (1996) defined strategy as “the broad principles by which the business units expect to achieve its marketing objectives in a target market. It consists of basic decisions on total marketing expenditure, marketing mix and marketing allocation”. Duro (1999) suggested that the most successful companies are those that take strategic marketing seriously and strive very hard to have competitive advantage. Marketing strategy ensures that products and services offered by a company go along with customer needs, it also helps in deciding when and where to sell products, promote products and set prices. According to Sobowale (1997), strategy can be looked into from another angle, which is the deployment of human and financial resources against competitors in the pursuit of goals and objectives determined by the leaders of business enterprises, organizations, and even nations. He argues further that marketing strategy embraces decisions that involve the kind of company the organization wants to be and the sort of competitor the company wants to compete with. Blue (1984) defined marketing strategy as a major plan or method for achieving major objectives or goals; he further said that tactic is the plan or method devised to implement the strategy.
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought the marketing of banking services
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information the marketing of banking services. 200 staffs of UBA in Enugu state was selected randomly by the researcher as the population of the study.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis. It will also show answers to questions relating to the research questions for this research study. The researcher employed simple percentage in the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the marketing of banking service.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of the marketing of banking service
Summary
This study was on the marketing of banking service. Five objectives were raised which included: Determine banks staff perception of bank service, identify bank customer need, determine bank customer perception of bank service, determine how the banking system is seeking to adapt to development in marking and what strain, determine if marketing has in any way helped banks stability and determine if impact that change in marking bank services had on the rest of the society. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staffs of UB Enugu state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up HRM, marketers, junior staffs and customer care officers were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
Banks are helping the banking sector with full variety of services. As the number of Banks implies, still our banks has limited action in Nigeria. Our banks are following a definite traditional marketing plan and they are doing fine. Our Banks marketing approaches are quite nourishing for clients and it has affirmative effect on their revenue. But in nowadays, our banking sectors have to develop their marketing approach in order to sustain in this competitive world. If we improve our marketing plan of banking product, then bank will be able to gain more new client and that will have left a positive impact on client satisfaction, locality and revenue trend. Our banking sector will do better if we continue with our same marketing strategy, but also for sustainability we have maintain with the decades.
Recommendation
The marketing plan to be articulated must involve every business unit of the organization. Develop unique products that will meet the ever-increasing sophisticated needs customers. Listen very well to what the customers are saying about the offer. Turn what you are already selling (marketing) into a special package with extra service and guarantee a special price.
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