Site icon Premium Researchers

APPLICATION OF MARKETING CONCEPT IN GT BANK AND ITS EFFECTIVENESS IN CONSUMER SATISFACTION

APPLICATION OF MARKETING CONCEPT IN GT BANK AND ITS EFFECTIVENESS IN CONSUMER SATISFACTION

Need help with a related project topic or New topic? Send Us Your Topic 

DOWNLOAD THE COMPLETE PROJECT MATERIAL

APPLICATION OF MARKETING CONCEPT IN GT BANK AND ITS EFFECTIVENESS IN CONSUMER SATISFACTION

ABSTRACT
The primary goal of this research is to conduct an in-depth analysis into “the application of marketing concepts in commercial banking and its effectiveness in consumer satisfaction” at the Guaranty Trust Bank Murtala Muhammed Square Branch in Kaduna.

To showcase the outcome of the subject matter investigation. Background, general problem statement, significance, research topic, and study limitations. The second chapter is a review of the literature that was used to obtain comprehensive information on marketing and the marketing concept.

The Nigerian financial system and banking system. The authors whose books were studied in this research study were acknowledged; chapter three deals with the research technique; primary data were acquired through personal interviews and comprehensive questionnaires.

Guaranty Trust Bank Management/staff in the branch number 40 in total, with 15 randomly selected and administered a questionnaire. A total of 20 respondents were chosen at random from the whole customer population. All of the respondents answered the questions, which were then tallied.

The researcher used basic random sampling to determine sample size, and the statistical approach used in testing the questionnair was simple percentage method justification of samples, sampling method employed, and so on. The examined isThe marketing concept has no impact on client satisfaction.

The marketing concept has an impact on client satisfaction. The fourth chapter deals with data presentation and analysis; all of the data collected were analysed in this chapter, as were the results gained from the data and the questionnaire proof.

This chapter’s result produced from the data and verification of questionnaire was accepted frequently after careful consideration of the other hypothesis. It demonstrated the marketing concept. Consumer pleasure is affected by application.

Finally, chapter five contains a summary of the research’s primary findings, as well as recommendations based on the findings. Among the suggestions are Guaranty Trust Bank must implement a well-coordinated marketing strategy approach to guarantee that all departments contribute equally to client happiness.

All efforts should be made to keep client waiting times to a bare minimum, which is critical. These can help management better promote their products while assuring consumer pleasure.

INTRODUCTION TO CHAPTER ONE

1.0 BACKGROUND OF THE STUDY

Marketing is a consumer-oriented ideology that holds that customer happiness is the economic and social basis for a firm’s existence. These beliefs advocate for the company to be customer-focused. Strive for financial success.

Sales volume and marketing operations must be coordinated. Marketing management, on the other hand, is the medium through which businesses capture the marketing notion.

Kurtz (1992, p. 3) describes marketing management as a unified approach to marshalling and directing a business firm’s whole resources towards the determination and satisfaction of a customer’s and consumer’s demands in a way designed to improve the firm’s overall profit position.

When the marketing concept is recognised, the core business philosophy changes completely. Rather than attempting to market what can be produced. Despite the profit criterion, management produces what the client truly requires.

Serving and keeping customers satisfied are equally crucial to the organisation. Realising that marketing is not only about selling a product, but about properly meeting a customer’s specific need.

The essence of banking services marketing is to deliver the desired satisfaction to consumers while also ensuring that the banking firm maintains a solid footing and long-term growth.

The current industrial, commercial, and technical transformation is accompanied by growing competitive pressure. Customer expectations and other volatile external factors are clear indicators that a company must either adopt marketing concepts philosophy or cease to exist.

The recent proliferation of banks in Nigeria foreshadows a more fierce competition in which only those capable of adapting dynamically would be able to sustain long-term development and profitability.

Without a doubt, the current economic changes in Nigeria create more challenges to commercial banks. These changing tendencies have caused banks to recognise that their consumers can no longer be treated casually. As a result, banks hire marketing professionals who go out and solicit consumer patronage and loyalty.

Banks now see the value of keeping tight relationships with clients and bringing services as near to them as feasible. Most banks establish a marketing research department or,

as the case may be, a marketing research division in order to obtain more information on client demands, attitudes, motives, and preferences.

Banking service orientation began with the production principle, which holds that customers will acquire the services given by banks if they are available and reasonable.

As a result, banks consider providing beneficial services and expanding their branch network to make their services more accessible.

Later, the bank goes on to product idea, assuming that customers will acquire services that provide the best quality and value for the price being supplied. As a result, banks focus their efforts on increasing the quality of their services.

However, sales orientation takes effect later in their development, i.e. the selling concept that believes clients would not buy enough from them unless a positive extra effort is made to promote the product owing to increased competition and awareness.

Today, the implementation of the marketing concept requires banks to recognise the fact that they must identify their customers’ needs and desires in order to deliver banking services that will best serve those needs and desires financially.

Marketing has been regarded as the correct philosophy for obtaining long-term commercial success. As a result, convincing people to purchase the bank’s service was a breeze. As a result, consumer satisfaction is unavoidable.

The marketing concept is aimed at resolving the question, “Who are our customers?” Who are we producing for? What marketing strategies do we use? Why are we selling this item? Who are we selling to?

Also, find out what the customer wants, where he wants to buy the goods, and how he wants it delivered so that the organisation and its customers can attain maximum happiness.

Until recently, the banking profession in Nigeria was characterised by what experts refer to as arm chair banking, in which bankers sat in their offices waiting for work to come to them.

This approach to banking is flawed because the bank has not fully adopted the marketing notion, including its philosophy and role. Their understanding of marketing is still limited. Bank service marketing goes beyond these narrow goals.

Nigerian commercial banks must use marketing concept initiatives in order to have a more meaningful and customer-oriented approach to the banking sector. As a result of the foregoing circumstances, this study is intended to address the following questions.

1) To investigate and discover the areas in which banks have discovered an interest in delighting clients.

2) To ascertain the attitudes of banking personnel towards their clients and vice versa.

3) Determine the position and role of marketing in the organisational structure of commercial banks, as well as the extent to which marketing functions have been used.

4) Determine the success and efficiency of marketing concept implementation.

5) To provide constructive suggestions for development.

1.1 GENERAL STATEMENT OF THE PROBLEM

The marketing concept does not appear to be fully accepted by Nigerian commercial banks. The integrated marketing concept,

which states that businesses should be organised in such a way that they satisfy customers by committing the entire system of the organization’s activities to a single goal, has been a myth to commercial banks rather than a reality.

As a result, consumers are not given the attention they deserve in banks, as is appropriate in a service organisation. Furthermore, banks charge customers exorbitant interest rates on borrowed monies, causing enormous pain.

1.2 RESEARCH QUESTIONS

The research questions are developed based on the study’s goal to guide the entire research process. These questions will help the researcher build the questionnaire and provide solutions to the difficulties uncovered.

1.3 OBJECTIVES OF THE STUDY

1) Determine the location of the financial services.

2) To determine the extent to which or is used in the banking sector.

3) Determine the effectiveness and efficiency of applying marketing concepts to the banking industry.

4) Recommend solutions to problems based on results, which will aid in the implementation of other marketing initiatives.

1.4 SIGNIFICANCE OF THE STUDY

Because of the importance marketing plays in organisational performance, the research findings are supposed to provide qualitative knowledge and ideas for implementing the notion of marketing in achieving corporate objectives and consumer pleasure.

* What is the current status of the marketing concept at GT – Bank?

* How long has GT Bank used its marketing concept?

* What is the impact of the marketing concept on GT Bank?

* How will the bank improve its customer-facing concept?

Need help with a related project topic or New topic? Send Us Your Topic 

DOWNLOAD THE COMPLETE PROJECT MATERIAL

Exit mobile version