MARKETING RESEARCH AND ITS IMPORTANCE IN THE NIGERIAN BANKING INDUSTRY
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MARKETING RESEARCH AND ITS IMPORTANCE IN THE NIGERIAN BANKING INDUSTRY
Chapter One:
Introduction
1.1 Background of the Study
African Banking Corporation, the first bank to open its doors in 1892, established its first branch in Lagos. The colonial authorities founded the bank primarily to do trade in Nigeria, which was then a British territory.
According to Ugwanyi (2002:66), other banks emerged, including the British Bank for West Africa (BBWA), currently known as the First Bank of Nigeria Plc, in 1894, as well as other Barclay’s banks.
Dominion Colonial and Overseas (D.C.O), now Union Bank of Niger Plc. The British and French bank was founded in 1949. The entire expatriate bank controlled the financial field and was discriminatory against indigenous customers who used expatriate banks. This prejudice inevitably resulted in indigenes clamouring for the development of indigenous banks.
According to Adeleanye (1983: 79-80), between 1930 and 1940, Nigerian activists drove the movement to build indigenous banks that would provide creditable services to indigenes as well as expatriates. Their efforts were divided in the 1940s, with the founding of numerous banks in Nigeria.
The prominence of the banking business increased with the foundation of the Central Bank of Nigeria (CBN) in July 1989, following the enactment of the CBN ordinance in 1958. As a result, several regional administrations and cooperative movements established banks to boost economic development in their respective regions and throughout the country.
As a result of the indigenization programme in the early 1970s, more banks were established, and by the end of 1981, Nigeria had 27 banks with 1,213 branches.
Marketing research has contributed to the growth and survival of the banking business.
A systematic approach to the difficulty of managing modern businesses. One of the primary functions of management is to make decisions. Marketing decisions are notoriously tough to make, and their consequences are seen throughout the business sector.
The emphasis on the critical significance of marketing research as a framework is primarily responsible for the growth and development of any organisation. In recent years, there has been an increase in interest in the role of marketing research in product, strategy, and development at banks.
According to an American Marketing Association (AMA) report, more than 73% of larger organisations have their own marketing research departments. To be accurate, each department was founded during the last five years.
With a rising emphasis on meeting the unique demands of specific types of clients, wherever they may be. Organised research is required to uncover market opportunities.
The competitive trading conditions that characterise almost every market today, both nationally and internationally, necessitate the flow of accurate marketing intelligence (CHISNALL 1981).
According to Tall and Hawkers (1980:1), marketing research plays an adversarial function in marketing management. It is used to collect and analyse data and give recommendations to management on how to handle market problems.
According to Zikmund (1987:11), the primary managerial purpose of marketing research is to reduce ambiguity by giving knowledge that aids decision making on marketing strategies and techniques utilised to achieve an organization’s strategic goals.
Creating and implementing a marketing plan includes the following:
Identifying and evaluating available opportunities
Analysing market segmentation and choosing target markets
Planning and implementing a marketing mix that will satisfy client needs while also meeting the organization’s objectives, as well as analysing market performance.
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