MARKETING CONCEPT, ITS APPLICATION BY FINANCIAL SERVICE INDUSTRIES
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
MARKETING CONCEPT, ITS APPLICATION BY FINANCIAL SERVICE INDUSTRIES
ABSTRACT
This study was inspired by the need to determine whether Broad Bank implements or practices the marketing concept. The study included surveys of bank customers and employees.
The primary research instruments used for data collecting were questionnaires and interview guides. Data collected was organised and examined using tables, frequencies, and percentages. The research questions were addressed using the data from the table.
The data analysis and interpretation yielded the following results.
1. Bank personnel’s client interactions do not reflect the use of marketing concepts.
2. Customers spend too much time making withdrawals or deposits.
3. Customers face inconvenience and hardship when marking withdrawals or deposits.
4. Computerization in banks is still not working well.
5. The quality of services provided to clients is not satisfactory.
Based on the findings, the following recommendations are proposed to improve the quality of bank services.
1. Organising workshops and seminars to enlighten and update personnel expertise, while keeping focusing on customer service delivery.
2. Installing new generation computers to improve service.
3. Conducting research to assess consumer happiness or displeasure and taking appropriate action.
4. Responding to consumer concerns or complaints satisfactorily and swiftly.
5. Monitor staff to ensure that the marketing concept is truly implemented.
6. Ensure and sustain prompt service delivery.
The study’s conclusion is that the execution of the marketing idea in Broad Bank is still not adequate, but the aforementioned recommendations can be implemented to increase the level of quality.Chapter one
INTRODUCTION
1.1 Background of the Study
Marketing is an important management theory that is applied in today’s commercial operations. However, prior to the acceptance of this concept, other business ideologies, such as manufacturing and selling, existed.
However, when conditions changed and rivalry in the corporate sector increased, the marketing notion emerged and became more focused.
As rivalry among firms heated up, it became critical to pay attention to customers’ demands and desires. The marketing concept arose to challenge all prior concepts.
According to the marketing concept, the key to accomplishing organisational goals is to identify the requirements and wants of target audiences and supply the desired satisfaction more effectively and efficiently than competitors.
The marketing concept is the managerial philosophy, orientation, or frame of mind that the marketer employs. It is built on market emphasis, client orientation, coordination, and profitability (Kotler 1997, pp. 19–23).
Marketers have long maintained that the marketing notion is the best philosophy for doing business. Simply put, marketing concepts propose that an organisation should satisfy consumer demands and desires in order to generate a profit.
To execute the marketing concept, organisations must understand and stay close to their customers in order to deliver products and services that they would buy and utilise effectively (Peter and Oston, 1996, p. 6). According to what is seen and read in society today, not all business organisations adopt the marketing concept.
For example, in the face of scarcity, the customer is not the king; rather, the seller is the king. Most companies do not grasp or embrace the marketing concept until they are forced to do so by circumstances such as sales decline,
low growth, changing customer patterns, competition, and an increase in market expenditure. Nigeria’s banking industry is becoming very competitive.
This competition can be traced back to 1986. Prior to the late 1980s, Nigeria’s banking environment was less unstable than it is today.
However, in 1986, the system was deregulated, and new banks were licenced. This resulted in an increase in the number of commercial and merchant banks from 40 in 1985 to 120 in 1991, when additional licencing was restricted. This increased competition among banks (Asogwa, 1995, pp. 98–1001).
Despite the harsh incidence and experience of bank failures, the surviving banks are nonetheless operating in a highly competitive environment. There is now a fierce competition among banks to acquire consumer loyalty.
Every bank faces intense competition from other banks. These banks operating in Enugu metropolis include first-generation banks (First Bank, Afri Bank, Union Bank, and UBA),
new-generation banks (All States Trust Bank, Standard Trust Bank, and Board Bank), community banks, people banks, and other financial institutions (Alex Finance, Amex Savings and Loans, Harvard Savings and Loans).
When faced with competition, it is critical to implement a long-term and proper marketing strategy. So banks in Nigeria today recognise the importance of marketing their services because they understand that they cannot survive without them.
Unlike in the past, when most banks did not consider marketing to be a necessary department that planned their marketing strategies, customer satisfaction has become the focus of banking operations.
This is seen in how numerous banks have redesigned their operations or implemented technology to improve consumer satisfaction. In addition, most banks now provide innovative products geared at attracting and satisfying consumers.
In short, the Nigerian banking industry has evolved into one that is marketing-oriented, or more especially, consumer-oriented.
However, there are some weaknesses or holes in bank marketing practices. Even if the marketing concept has been applied in banks, we continue to receive complaints from consumers that their demands are not being met.
This is especially true in Enugu city, where multiple banks, including First Bank, Standard Trust Bank, UBA, and Union Bank, operate. Customers are dissatisfied with the services provided by banks.
They are subjected to excruciating pain before they can make their withdrawals. They spend countless hours in banks before they can make withdrawals or deposits.
Quite often, the attitude of bank employees does not demonstrate that they are applying marketing concepts or prioritising client happiness.
This study is an attempt to determine or discover whether Broad Bank of Nigeria PLc, which operates in Enugu metropolis, is actually practicing the marketing concept or if they are simply paying lip service to it. Broad bank is used to examine the customers’ point of view in terms of providing customer satisfaction.
1.2 Statement of the Problem
For many years, firms in Nigeria, particularly in the banking industry, have not fully understood or implemented the marketing concept. Even firms that have accepted the marketing concept in principle recognise that it requires the organisation to dramatically change its existing practices.
In general, these companies saw applying the marketing concept as a marketing task rather than something in which the entire organisation was involved.
Banks in Nigeria are not implementing marketing concepts effectively. Most bank customers are dissatisfied with their services. There have been several complaints about inefficiency, favouritism, long delays in cashing checks or making withdrawals, tardiness in awarding loans and/or credits, and the unpleasant attitude of bank employees.
Given that Broad Bank operates in Enugu, are these criticisms and objections justified? Has Broadbank failed to apply the marketing concept? Are clients unhappy with the service they receive from the bank?of services provided to clients.
Need help with a related project topic or New topic? Send Us Your Topic