Thursday, 30 June 2016

Prospect And Challenges Of Marketing Of Banking Services In Nigeria

The economic turbulence of the last decades has posed many challenges to marketing management all over the world. Changes in growth rate, relatively, more ingressive rivals facing many firms and need to respond and adapt for survival and property has made many firms to appreciate the importance of good marketing philosophy.
Success of a firm means finding ways of doing things to achieve maximum effectiveness in the application or resources to meet customer needs.
In this ways firms are obliged to scrutinize every areas of expenditure to minimize waste and maximize returns.

Title Page
Table of Contents

1.1 Introduction
1.2 Statement of the problem
1.3 Research questions
1.4 Objectives of the study
1.5 Research hypotheses
1.6 Significance of the study
1.7 Scope of the study
1.8 Definition of terms
1.9 Plan of the study

 Literature review

3.1 sources of data
3.2 Population of the study
3.3 sample size
3.4 methods of data collection (instruments)
3.5 methods of data analysis
3.6 Limitations of methodology (optional)

Data presentation, analysis and interpretation

5.1summary of findings
5.2 Conclusion
5.3 Recommendation

Clearly conclusion can be drawn in from this reexamination perhaps, the most clear and pieces of this are the central roles or marketing in determining the health of a firm.
The Nigerian banking industry was characterized to be a sellers marketing the past i.e. A market where the producer of goods and services dictate the trend of the market without taking customers view into consideration. Such dictation includes price determination qualities and quantities of services or goods to be enjoyed by customers, this is possible because no alternative are open to customers but the dynamics nature of Nigeria banking industry , competition has increased, customers are more enlighten and more conscious of their right, the economy is getting better, no doubt. The services of a professional marketer are needed in the industry.

This sporadic growth happened in the industry as a result of deregulation and introduction of structural adjustment programme (SAP) among bank. Also the introduction of competition bank in the early 90’s, establishment merging and re-merging of specialized bank like Nigeria Agricultural and Rural Cooperative Development Bank (NARDB).
National export and import promotional bank (NEXITH) etc has necessitate the need for good marketing philosophy.

These reason coupled with the current economy reform in which banking industry is not left out ha made the twenty one (21) surviving bank I e. Merger acquisition bank which are main street Eco bank, First bank, Sky bank, Sterling bank, Keystone, etc. they realize that to survive they must acquire a reasonable portion of the market through a comprehensive marketing strategies.
The introduction of 13 points banking reform agenda in which two of them has been implemented i.e. the withdrawal of public find bank and introduction of N253 recapitalization has led to sanity in the industry and also made the sector to remain for the survived of the finest.
These has led to the introduction of a lot of restricting and innovative services which good and comprehensive marketing strategies to build to attract most customers and retain the patronage existing ones.  
These was a revolution form “aim chair banking to an aggressive mobile banking. Therefore, it is pertinent for banks to appreciate the role of a good marketing planning of programme in formulating their cooperative objectives.

Marketing is global concepts, which cost across all sphere of business society recently; it has gotten the attention of all and sundry, and has been focus to top management level. In this project attempt will be made to review the importance of Nigeria banking industry.

In order words, this project will attempt to proffer possible solution to some major problem military against a verily marketing programme in the banking sector. Also, it will highlight the role of marketing in banking will assist the appropriate in formulating effective and efficient marketing unethical promotional activities.

    The research work tries to find answer to the following question
i. What are the peculiar challenges facing the marketing of bank services in Nigeria?
ii What are the roles of customer to drawing marketing programme in Nigeria?
iii.Does marketing of baking services have positive impact on Nigeria banking industry?  

The major objective of this study is to clarify examine highlight and  analyses the importance  of marketing in Nigeria  banking  industry but  aside  this, there  are  some  most  importance objective or goal of this  project t these include:
1. To evaluate the relevance of marketing to bank
2. To examine the various ways through which effective marketing policies could be formulated.
3. To highlight the peculiar challenge in marketing of bank service
4. To examine how marketing concept  can be used in achieving back objective
5. To prefer  solution to challenge facing bank in marketing their product
6. To examine the role of customer in drawing marketing  programme
7. To state likely prospect s of marketing in Nigeria banking industry.

 An hypotheses is a conjectural statement about the relationship that exist between two or among many variable .It is a tentative statement  about  relationship the validity of which needs to be tasted by means of logical testing as well as analysis of data and information and subsequently accepted  and rejected.

Hypothesis will therefore be made based on the finding in the course of this research work and when tested of will accept or reject the marketing of banking service in Nigeria.
  Nil and alternative hypotheses are formulated and will tested too ascertain their validity.
   Thus statement of hypothesis is based on the following
HO: Marketing of banking service has positive impact in Nigeria banking industry.

Marketing is a concept, which has not been given due seller’s market nature of Nigeria banking n industry.
But  due to deregulation  of the industry in 1985 and the implementation of the present  administration couple with the increased   competition  and persisted  increase  in the number of enlighten customer ; banking has changed  from sit down or arm chair  to a more sophisticated advance mobile and electronic system. Hence the need for banking to be more focused and conscious in formulating their marketing programme. In other worlds banks needs to build a strong and compressive marketing strategy in order to conquer portion of the market   in the midst of competitors.

The major importance of this research work is to provide enlighten materials. For both management and staff of banks, student and general public in appreciating the importance of an effective marketing concept. This project works will also be useful for any researcher who may want to make further enquire topic.

This work only focused on the banking industry with special emphasis on Access bank plc Ilorin branch being the case study .It also restricts finding on relevance of marketing to Nigeria banking.
However, this project like any similar academic researcher work in hindered either some constraint in getting to the deepest root of finding among these constraints  are:
1.  Time constant: Time has not always been a friend, this is due to the fact that time available limited to combine this project work either our other academic work or programme.
2. Financial constant: with current economic education where there is financial wash up i.e. moped through the sale of government debt instrument, bank recapitalization, privatization and monetization.
     Money has been generally scares; therefore make it impossible to get enough financial assistance.
3     Material constant: bank staff owns their customer duty of secretary this alone will make it impossible to get enough data and information as regards, primary source of information. In spite of all the above, effort were made to overcome them.

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