ASSESSMENT OF THE CHALLENGES IN MARKETING OF BANKS PRODUCT IN NIGERIA BUSINESS ENVIRONMENT
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ASSESSMENT OF THE CHALLENGES IN MARKETING OF BANKS PRODUCT IN NIGERIA BUSINESS ENVIRONMENT
Chapter one
INTRODUCTION
1.1 Background of the Study
Marketing is the invention, development, and delivery of products and services that meet the requirements and desires of customers for a profit (Madsen and Tan, 2005). Marketing should be an organization-wide practice.
To achieve profitability, it must be focused on the customer, product, and services, as well as market segmentation in the most productive and cost-effective manner.
Marketing has progressed from customer acquisition (gaining new customers) to customer retention (retaining existing customers for life) to customer selection (selecting profitable consumers as priorities).
In a competitive corporate climate, efficient product marketing is essential for attracting new consumers and increasing profitability. In the Nigerian banking environment, there are problems that affect the marketing of banks’ products and services.
In light of this change, the purpose of this study is to identify the obstacles of marketing bank products in the Nigerian business environment.
Given the current state of global economic activity, particularly in Nigeria, it is critical for corporate organisations to implement actions that would strategically reposition them in order to stay afloat.
With a significant growth in customer awareness in response to their requirements, wants, and satisfaction, businesses should reconsider their old marketing techniques that are not results-oriented.
They must recognise the paradigm shift from the old marketing concept to the new marketing concept, which is a customer-driven, technology-driven period of modern marketing management (Johnson, 1990). The banking industry has progressively begun to reposition its operations to meet the requirements and desires of its customers.
The Nigerian banking system is characterised by internal and external rivalry. The emergence of new banks created opportunities for innovation and increased market share. The intensity of bank advertising in recent years serves as a proxy for determining the extent of competition.
The system has witnessed sophistication in the style and design of new financial products (Anyafo, 1999), which concludes the charting of Nigeria’s banking industry prospects for the 1980s and beyond. (Vincent, 1980) predicted that the banking industry’s services would become more sophisticated as the nature of the businesses they are called upon to finance changed and their consumers became more aware and discriminating.
A few years ago, the bank did not appreciate the need of providing adequate service and increasing customers. It is well known that the Nigerian banking system has been experiencing a crisis of confidence over the last nineteen decades and a portion of the twentieth century, a situation in which customers question the integrity of the banking system in delivering financial intermediation services.
Under such circumstances, does strategic marketing play any role in the restoration of mutual confidence between banking system operators and the customer and shareholder publics?
The difficulty is that a financial system relies on public trust, and erosion of that trust leads to disintermediation, diminishing the financial system’s capacity to execute its critical job of mobilising savings.
The nature of banking services requires banks to establish an image of respectability, competency, and dependability by satisfying their consumers (Unachukwu, 2004).
1.2 Statement of the Problem
Banks are stewards of their customers’ wealth, offering financial services and peace of mind to them. Banks have unique hurdles as Nigerians become more aware of banking processes. At the turn of the millennium, the problems become more intense and difficult.
And, given the current dynamic nature of Nigeria’s commercial environment, banks have numerous problems while promoting their products. In view of the foregoing, this study is conducted to examine the obstacles of marketing bank products in the Nigerian business environment.
1.3 Objectives of the Study
The precise objectives are as follows:
To examine the obstacles associated with selling bank products in the Nigerian business environment.
To evaluate the various marketing tactics employed by banks when marketing their products.
To determine the need for promoting the bank’s product in Nigeria.
To develop ways to address the issues that banks experience when selling their products in the Nigerian business environment.
1.4 Research Questions.
The following research questions are developed based on the study objectives:
What are the problems of selling bank products in the Nigerian business environment?
What are the main marketing tactics used by banks to promote their products?
What are the requirements for marketing a bank’s products in Nigeria?
What are the tactics for overcoming the hurdles that banks confront when selling their products in the Nigerian market?
1.5 Significance of the Study
This research is noteworthy in the following respects.
It would assist in identifying the obstacles of selling bank products in the Nigerian corporate environment.
It will highlight the impact of financial service and product marketing in Nigeria’s banking sector.
It will provide strategies for overcoming the hurdles of selling bank products in the Nigerian business environment.
The work will be beneficial as a resource for other researchers looking for similar information on the issue.
1.6 Scope of the Study
This study focuses on the issues of marketing bank products in the Nigerian business climate, with Diamond Bank plc as a case study.
1.7 Limitations of the study
The study’s limitations included the following:
Financial Factor: Inadequate money influenced data collection because the researcher had to travel vast distances to distribute the research questionnaires.
Time Factor: Because the researcher only had two months to finish the study, the size of the sample used was reduced.
Material Issue: A lack of appropriate materials for the literature review constituted a significant challenge.
The study was also confined to data acquired from primary and secondary sources.
1.8 Organisation of the Study
In this research study, the researcher looked critically at the obstacles of marketing banks’ products in the Nigerian business climate. The research was organised into five chapters.
The first chapter discussed the study’s history, as well as the problem statement, study objectives, research questions, hypothesis statement, relevance of the study scope and limitations, study organisation, and term definitions.
Chapter two examined the relevant literature on the subject and the contributions of various authors.
The fourth chapter covers data presentation, analysis, and interpretation, as well as a discussion of the findings.
Chapter five (5) contains the researcher’s summary, findings, conclusion, and suggestions.
1.9 Definition of Terms.
Marketing is the marketing, distribution, and sale of a product or service. This includes both market research and advertising.
A bank is an institution where people can deposit and borrow money and handle their financial issues.
Business: A particular commercial enterprise or establishment.
Financial services refer to the services provided by the finance industry, which includes banks, credit card businesses, insurance companies, accounting firms, consumer finance companies, stock brokerages, investment funds, and some government-sponsored enterprises.
The business environment is the combination of internal and external elements that influence a company’s operations. Clients and suppliers, completion and owners, technological advancements, regulations and government operations, and market, social, and economic trends are all examples of elements that might influence the company environment.
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