EFFECTIVE APPLICATION OF MARKETING CONCEPT IN BANK SERVICE
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EFFECTIVE APPLICATION OF MARKETING CONCEPT IN BANK SERVICE
ABSTRACT
Banks are created to make money. Customers or as a result of the services offered by these banks?
The purpose of this research is to determine whether or not banks use the marketing concept. Is customer pleasure what these banks strive for? This research paper is divided into three chapters.
The first chapter offers a general discussion of marketing concepts as perceived by various people. It went on to define the challenges linked with the study, the problems that the study will be concerned with, the significance of studying the area, and the definition of words.
Number of previous relevant literature investigated by other research that includes the genesis of the study, school of thought within the topic area, school of thinking to the subject’s problem, different techniques of analysing the problem, and a summary.
The third chapter deals with the conclusion, data presentation, data analysis from the research survey, recommendations made by the researchers to ensure that if banks implement the recommendations made in the study,
these will not only result in satisfied customers with service offered, but a continuous increase in profit made, thereby making the banks’ problem a thing of the past, and finally the research’s conclusion.
CHAPTER ONE
1.1 GENERAL BACKGROUND OF THE STUDY
As company competition increased, it became necessary to focus on customers’ needs and desires, which are naturally unquenchable. The concept of effectiveness marketing evolved to challenge all prior concepts.
According to the marketing notion, the key to attaining an organization’s goals is recognising the needs and desires of target markets and offering the needed satisfaction more effectively and efficiently than competitors.
The marketing concept is a frame of mind with which the marketer works. It is founded on market concentration, client orientation, coordinated marketing, and profitability.
The marketing concept begins with a clearly defined market. Even after determining who its market would be and who he aims to satisfy, the organisation can still fail at customer orientation. Customer orientation defines the customer’s need from the customer’s perspective rather than the company’s.
client orientation attempts to crown the client as king, recognising that he is the lifeblood of the organisation, and to satisfy consumers’ desires.
A Japanese businessman once stated, “Our goal is to delight the customer, not just satisfy the customer.” This is a higher standard and a deeper search, and it may be the secret of great marketers.
Coordinated marketing responded that all marketing functions, such as advertising, marketing research, sales force, and so on, are properly integrated and must be fully coordinated with other departments inside the organisation.
Profit is the primary purpose of most profit-oriented businesses. A corporation will make more money if it meets the needs of its customers better than competitors. As a result of employing the effective marketing approach, businesses would generate what maximises earnings.
Several authors have stated that all business entities must incorporate the marketing concept into their varied activities. Most businesses do not fully understand or embrace the urge to it created by situations such as sales dealing, slow development, changing client purchasing patterns, increased rivalry, and increased market spending.
These companies have not reached full marketing maturity, but they believe that because they have a marketing concept from what is seen and read today in society, not all business organisations adopt the marketing concept. For example, in a time of scarcity, the seller is the king, not the customer.
Banking services were first introduced in Nigeria less than 200 years ago. The activities of the transact corporation, the financial transactions of the colonial government, the decline of the batter system of trade, and the growing acceptance of British silver currency all necessitated the establishment of an institution in the form of a commercial bank for the safety and transmission of funds,
as well as the importation and distribution of British silver cons and trading companies who required them. These banks were only interested in making a profit from the interest earned on customer deposits; they never considered consumers to be the lifeblood of the organisation.
Banks used to operate in a seller’s market, which allowed for remarketing; however, the environment has changed, and if banks are to continue to thrive, they must adapt to changes in industry and commerce; only banks that are efficient and effective can satisfy customers.
In both scarcity and plentiful economies, the actual challenge is marketing, if we accept the assumption that mass marketing is a prerequisite for successful mass production. Marketing considerations have now become the most important components in any business plan.
1.2 STATEMENT OF THE PROBLEMS
The banking industry has faced numerous challenges over the years, including the structural adjustment programme (SAP) in 1985, foreign exchange market (FEM) favouritism, long delays in cashing cheques or making withdrawals, tardiness in granting loans and credits, and an unfriendly attitude among bank employees.
Even the government, which owns a large part of most banks’ shares, is known to have repeatedly chastised banks of failing to identify sufficiently with the nation’s goals. The Chief of General Staff had reason to urge bankers to abandon the arm idea when conducting banking operations.
According to Dr. Nnamdi Azikwe, “I was frustrated because of the shoddily of the way and manner the manager of the marina Brach of the bank of British West African Limited treated me with rebuff as early as 1943.”
He not only kept me standing in his office for a few minutes, but he was also brusque and arrogant, as if I was looking for favour. Naturally, my pride was wounded, and it dawned on me that the war for Nigeria’s freedom had multiple fronts, and that political freedom must also be won.”
Most banks do not prioritise consumers as they should. There is presently fierce competition, and completing requires the use of an excellent marketing approach. Is this criticism warranted because they are profiting in an economic downturn?
1.3 PROBLEM WITH WHICH THE STUDY WILL BE CONCERNED.
The challenge that studies will be concerned with is a lack of financial, time, and material resources to see to the entire nation. This study is limited to Enugu State, and the findings may not be representative of the situation throughout the country.
It is also an issue to have educated commercial bank customers. These findings may not be applicable to other banks in Nigeria, however what happens in Enugu State banks can be generalised to other banks.
1.4 THE CRITICALITY OF STUDYING THE AREA
It is envisaged that the outcome will aid in the development and understanding of marketing strategies for the effective operation of the banking industry, therefore the complementary function of marketing and successful banking.
The study’s findings could help bankers comprehend that their customers are not interruptions to their job, but rather the reason for it.
1.4 THE DEFINITION OF IMPORTANT TERMS
For the sake of this study, the following terminology are defined and clarified to provide clarity and remove any ambiguity.
MARKETING
According to Mr. Adirkia E.O (1996 P3), marketing is an all-important collection of human activities that aid in identifying, predicting, and satisfying human needs and wants through efficient and effective exchange of goods and services.
According to Kotler (1988, p.3), marketing is a social and management process in which individuals and groups achieve what they want and need by generating and exchanging products and values with others.
BANKING
Banking is defined by G.O Nwankow (1980, P.170) as “dealing in debts,” and a banker is a debt trader.
BANKS
Once upon a time, the most basic definition of a commercial bank was one that accepted demand deposits as well as time and savings deposits and made all forms of loans, including business, commercial, and mortgage loans to individuals.
BANKER
Because any banker’s stock in trade is money, banks deal in debts.
MARKETING IDEAS
“The marketing concept holds that the key to achieving organisational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and effectively than competitors,” writes Nwankwo G.O (1980 P 10).
PRODUCT
A product is something that is thought to be capable of satisfying needs or desires.
SERVICES
There are distinct intangible activities that, when promoted to customers and industry users, provide want satisfaction but are not necessarily related to the sale of a product or another service.
In our economy, it is getting more difficult to distinguish between things and services. Some may even conclude incorrectly that there is no such thing as service marketing, but only marketing in which the service element is greater than the product element.
True, we rarely come into instances where services are available. According to J.M. Raltmell (1966, P.33), “most goods require supporting services to be useful, and most services require supporting goods to be useful.”
However, the practise of viewing service marketing through the framework designed for products has severely constrained thinking about their make marketing.
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