ASSESSMENT OF THE PRACTICE OF MARKETING CONCEPT IN BANKING INDUSTRIES IN NIGERIA
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ASSESSMENT OF THE PRACTICE OF MARKETING CONCEPT IN BANKING INDUSTRIES IN NIGERIA
ABSTRACT
The goal of this study is to determine the extent to which the banking industry employs marketing concepts in light of the poor quality of services provided by our banks. To attain a satisfactory outcome, the researcher chose to divide the five independent chapters, each with its own set of objectives.
Respondents were selected at random. Data were gathered through the use of questionnaires, observations, oral interviews, and liberary research.
Based on the study’s key findings, the following conclusions were drawn:
Afribank continues to operate in a sellers market, where they are solely interested in selling their services to the public, regardless of whether the consumers are satisfied or not.
Customer pleasure is not at the forefront of our banks’ thinking; instead, they would have spent a portion of the millions of naira profits to ensure the well-being of their clients, which is precisely what the marketing concept is all about.
Banks’ attitudes towards their consumers have led them to choose location and convenience over services when choosing a bank.
People often refer to the usage of television to advertise banks’ services.
Nigerian banks still have a long way to go, as some have yet to implement marketing concepts. The researcher’s recommendations were based on the above findings as well as some other important points discovered over the course of the study.Chapter one
Introduction to the Study
Consumer product manufacturers in British industry were the first to grasp the core marketing message that if you want to succeed in business, you must give them your best.
To the consumer, the ideal way to succeed in company is to provide your employees and customers with all they need to give you their all. To the customer,
offer the correct product at the right time and promote it rather than simply trying to sell what you happen to create. Workers receive enough income and compensation to give you everything they have to offer as the best in the industry.
The marketing idea is based on customer orientation and integrated marketing, with the purpose of providing customer happiness as the key to attaining organisational objectives. Every firm seeks to acquire and retain customers.
The marketing process aims to meet profitable criteria and needs. The emphasis is on meeting the demands of the customers while making a profit for the business organisation.
The organisation should stop gazing inward at the customer. Marketing ideas is a management philosophy that maintains that the primary reason for a company’s existence is to satisfy its customers, even if it means making a profit for the organisation.
1.1 Statement of Problems
The problem of poor or no quality services is not exclusive to the banking business. It is a typical problem in this country that we do not appreciate providing quality services while we like receiving them.
The quality of services provided by our banking business has received constant criticism and censure from people from all walks of life. The most recent is Chief Chris Ogunbanjo’s (Former President of Nigeria/America Chamber of Commerce) description of the bank as a “instrument of financial terrorism”.
According to him, there is an urgent need for reform in Nigerian banks, and such reforms must be carried out by the central bank and our banks. Our banks must anticipate and make the required modifications.
In fact, the shortcomings of this country’s banking system are nothing short of frustrating, as customers go to banks to cash money only to spend the entire day waiting to be served,
and any complaints or inquiries from customers are met with rudeness from staff, forgetting that they are employed to serve these customers, no matter how small or large they are.
All of these encounters, along with a number of others, prompted the researcher to investigate if banks use marketing concepts, and if not, to determine how much it will help them improve their customer services.
1.3 PURPOSE OF STUDY
The study was conducted for the following purposes:
(1) To determine the extent to which banks apply marketing concepts.
(2) To learn about clients’ attitudes towards banking services.
(3) To make the state’s banking industry, which lacks marketing competence, aware of the challenges it faces.
(4) Finally, offer recommendations on what may be done within each banking industry to improve customer service.
1.4 Limitations of the Study
The scope of this research does not extend beyond evaluating the practice of marketing concepts in Nigerian banking businesses and then drawing conclusions about the influence of such practices in Africa.
As a result, the study will focus primarily on AFRIBANK Plc in Enugu.
1.5 RESEARCH QUESTION.
(1) To what extent has the implementation of marketing concepts been hampered in the banking industry?
(2) To what extent is the marketing notion applicable in banking operations?
(3) What is the extent of banking activity observed?
(4) To what extent does bankers’ rudeness towards consumers impair banking operations?
(5) To what extent does bankruptcy affect Nigerian banks?
1.6 Significance of the Study
With the widening of the scope of the banking activities and subsequent overall complex nature of today’s business, with its attendant, problems and perhaps prospects, on in-depth assessment analysis will go a long way into finding out the derivable benefits that might result from the astute implementation of the concept otherwise,
it will discover the insignificant impact that might as well emanate from the practise of the marketing concept and then possibly profer solution.
Furthermore, this study will allow the researcher to assess the relevance of the knowledge she has gained via classroom work thus far.
Finally, the experience gained via this study will surely benefit the researcher in the future if she finds herself in a sensitive position, such as a member of a bank’s management team.
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