APPLICATION OF MARKETING CONCEPT IN THE NIGERIA PUBLIC SECTOR COMPANY
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APPLICATION OF MARKETING CONCEPT IN THE NIGERIA PUBLIC SECTOR COMPANY
ABSTRACT
Any organization’s survival and growth are heavily dependent on marketing operations. Recently, marketing activities in the service company have caused major complications for the service operators.
This is due to the competitive nature and the growing number of service businesses. The purpose of this paper is to investigate the implementation of marketing concepts in banking companies.
The research is based on data gathered from both primary and secondary sources. The study’s findings revealed that application has a dominating position in banking companies. This study also demonstrated the importance and benefits of implementing marketing concepts in Nigeria’s banking industries.
As a result, the capacity of any service company to establish and implement an effective marketing strategy will determine its continued survival. The study’s date analysis was simple,
and the chi-square (X2) statistic was used to examine the results further, confirming the influence of applying marketing concepts in Nigerian banking companies.
Chapter One: 1.0 Introduction
Background of the study
The banking industry’s survival of the fittest has provided numerous competitive challenges for the survivors, both old and new generation banks, forcing the marketing concept and its application in order to compete advantageously and make more profit.
The marketing concept of providing the target’s need and want at a higher profit than competitors should not be overemphasised. Marketing can also refer to the action or business of promoting and selling products or services.
Although it was rarely used in the past by service companies. The lagging attitude of service marketers in implementing this marketing concept might also be attributed to the inseparability of services.
Apparently, owing to the fundamental nature of banking services, it ought not to be handled in exactly the same way as other industrial firms.
Banking marketing must essentially fulfil two distinct tasks.
(i) To attract deposits, it must also attract borrowers and service consumers.
Banking’s dualistic nature necessitates a more complex marking challenge than those seen in other businesses.
However, in recent years, they have been driven out of the market due to their inability to fulfil the N25 billion capital base.
The banking industry’s survival of the fittest has provided numerous competitive challenges for the survivors, both old and new generation banks, forcing the marketing concept and its application in order to compete advantageously and increase profits.
1.1 Historical Background of the Study
FirstInternational Bank Limited was founded on May 30, 1990, with its headquarters in Lagos, Nigeria, as a private limited liability company. The bank was licenced to conduct banking operations in June 1990. The bank’s name was changed to Firstbank Plc on May 20, 2004, to reflect its status as a public Limited Liability Company.
The bank’s shares were listed on the Nigeria Stock Exchange (NSE) on October 21, 2004, following a highly successful initial public offering (IPO). Nigerian institutions and individuals own over a million shares of the bank.
In Nigeria, the bank’s major service delivery channels are its business offices, which numbered over 330 branches and more than 218 cash offices as of 2011.
These are located in important business and commercial centres throughout the federation, including the federal capital territory (FTC) in Abuja. Within the first decade of operations, the bank established a dominant position in profitability and all other performance indicators, which it has maintained to this day.
1.2 Statement of Problems
Because the marketing concept and its application are still relatively new in contemporary corporate organisations, researchers have discovered that some organisations lag behind due to the following issues.
(1) Not recognising the customer as the monarch.
(2) Creating products or services from which buyers can choose.
(3) Not adapting to shifting marketing conditions.
(4) Incorrect use of marketing concept.
(5) Ignoring the good impact made by the adoption of marketing concepts.
1.3 RESEARCH QUESTIONS
This research aims to address the following reach questions in relation to FirstBank of Nigeria Plc.
(1) To what extent did marketing concepts have an impact on banking companies?
(2) Would a bank operate without using marketing concepts?
(3) Can anything be done to improve customer service?
1.4 Research Hypothesis
The following hypotheses were developed to lead the investigation; the hypotheses will be examined at 0.5 alpha levels.
Hypothesis 1: Marketing is not effective for impacting a company’s position in banking.
Hello: The marketing concept serves as a tool for position impact in a financial company.
Hypothesis 2: Ho: FirstBank’s existence does not depend on marketing concepts.
Hello: the existence of FirstBank is heavily reliant on the implementation of marketing concepts.
1.5 PURPOSES OF THE STUDY
The goal of this research is to evaluate Firstbank’s marketing department in order to determine the influence of marketing concepts and their implementation in their baking business. Specifically, they include:
(1) To investigate the influence of marketing concepts and their application in banking companies.
(2) Determine whether a lack of application of marketing concepts might actually contribute to business failure.
(3) To ensure that the application is being processed by Firstbank Plc.
(4) Identify the issue that is impeding FirstBank of Nigeria’s effective application of marketing concepts.
(5) To recommend the expansion of bank services.
1.6 Significance of the Study
This study focuses on the use of marketing in Nigerian banking companies. It also assists the public, particularly depositors, in identifying “sound” banks so that they do not risk their hard-earned money with distressed banks, and investors in the Company will know where to direct their investments.
It is also a study to see whether a lack of application of marketing concepts might lead to business failure.
1.7 SCOPE OF THE STUDY
This study is reasonably limited to the influence of applying marketing concepts in Nigerian banking companies.
It was planned to carry all Nigerian banks, but due to several limits, Firstbank Plc has a limited number of branches.
1.8 Definition of Terms
Bank Age (Ag) is defined as the number of years a bank branch has existed.
According to Hart (1931:1), a bank or banker is a person or corporation that receives money and collects drafts for customers, with the obligation to honour cheques drawn on them from time to time by customers up to the amount available on their current accounts.
Banking can be defined as the practice of receiving money or deposits from the public and making loans.
According to Kotler (1983), marketing is a management concept that holds the key task of an organisation, which is to determine the need, want, and adopt the organisation to deliver the desired satisfaction more effectively and efficiently than its competitors. A human need is a state of depreciation in a person.
They include the basic physical need for knowledge and self-expression. According to Kotler (1980), went are desired for specific satisfaction of the needs as those separately identifiable, essentially intangible activities that produce want satisfaction and are not necessarily linked to the sale of produce or other services.
Product According to Kotler Philip 91999: 238, anything that may be supplied to a market or for attention, acquisition, user, or consumption may satisfy a want or need.
Market: Any arrangement in which buyers and sellers get together to exchange goods and services.
Market segmentation is a marketing approach that involves breaking an international target market into subsets of consumers with wants and applications for relevant goods and services.
Services are market-based intangible offerings.
Marketing Mix: A word used to describe a business’s blend of methods for efficiently marketing its products or services to a certain target consumer group.
Marketing research can be described as any organised effort to gather knowledge about the market or clients.
A customer is described as a person or group of people who are the final users of goods and services produced within a society.
Advertising is defined as any paid non-personal presentation and promotion of ideas, goods, or services by an identifiable sponsor in order to raise awareness, enlighten, educate, and persuade their target audience to make a purchase.
According to Kotler Philip (92002: 4-04), a brand is a name, sign, symbol, or design, or a combination of them, that is meant to identify the goods or services of one seller or group of sellers and distinguish them from those of competitors.
Trade Market: A distinctive sign or indicator used by an individual, business organisation, or other legal entity to identify for consumers that the product or services on or with which the trademark appears are from unique sources designated for a specific market, as well as to distinguish its product or services from those of other entities.
Corporate identity: Can be defined as an extension of your bank that includes everything with your logo and contact information.
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