APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION

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✎: APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION

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Keywords: APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION

 

RESEARCH BODY

ABSTRACT

The primary objective of this research work is to carry out proper investigation on “the application of marketing concept in commercial banking and its effectiveness in consumer satisfaction” at Guaranty Trust Bank Murtala Muhammed Square Branch Kaduna. To highlight the result of the investigation of the subject matter. Background, statement of general problem, significance, research question and limitation of the study. Chapter two is the literature review relevant materials were used in order to acquire full information about marketing, the marketing concept. Nigeria financial system and banking. Author whose book were consulted in this research work were acknowledge, chapter three deals with the research methodology, primary data were gathered through the utilization of personal interview and detailed questionnaire. The total population size of Guaranty Trust Bank Management/staff in the branch is 40 out of which 15 were randomly selected and administered questionnaire. 20 respondent of the total customer’s population were also randomly selected. All the respondents responded to the questions asked which were later tabulated. The simple random sampling is the method employed by the researcher in determining the sample size, the statistical technique used in testing the questionnaire was simple percentage method justification of samples, sampling method employed etc. were all discussed extensively. The tested is Marketing concept has no effect on the customer’s satisfaction.: Marketing concept has effect on the customer’s satisfaction. Chapter four deals with data presentation and analysis; all the data collected were analyzed in this chapter, result obtained from the data and proof of questionnaire. was accepted often careful analysis of the alternate questionnaire, this chapter result obtained from the data and proof of questionnaire was accepted often careful analysis of the alternate hypothesis. It proved that marketing concept. Application has effect on consumer satisfaction. Finally chapter fiver contain the summary of the major finding of the research and recommendation were made based on conclusion. The recommendation include A well coordinated marketing planning programme must be adopted by Guaranty Trust Bank to ensure that all departments are giving total participation towards customer’s satisfaction. All effort should be directed towards reducing customer waiting time to the barest minimum which is highly important. These can assist management in marketing their products effectively while ensuring customer satisfaction.

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

1.0    Background of the study

1.1    Statement of General Problem

1.2    Research Questions

1.3    Objective of the study

1.4    Significance of the Study

CHAPTER TWO: LITERATURE REVIEW                                   

2.0    Introduction

2.1     Conceptual Framework of Marketing Concepts

2.2    Marketing Mix

2.2.1 Classification of the Nigerian Financial System

2.2.2           Marketing of Banking Services in Nigeria

CHAPTER THREE: RESEARCH METHODOLOGY

3.0    Introduction

3.1    Research Design

3.2    Area of Study

3.3    Population of the Study

3.4    Sample and sampling technique

3.5    Method of data collection

3.7    Method of Data Analysis

CHAPTER FOUR

4.0    Introduction

4.1    Characteristics of respondents and classification

4.2    Data presentation and analysis

4.3    Answer to research question

CHAPTER FIVE

5.0    Introduction

5.1    Summary

5.2    Conclusion

5.3    Recommendations

Bibliography                                                                                             Appendix/Questionnaire

CHAPTER ONE

INTRODUCTION

1.0    BACKGROUND OF THE STUDY

Marketing concept is a customer oriented philosophy which states that customer’s satisfaction is the economic and social justification of firm’s corporate existence. These philosophies hold that the company should be customer oriented. Strive for profitability. Sales volume and coordinate all its marketing activities. Marketing management however is the vehicle that business uses to capture the marketing concept.

Kurtz (1992. Pg 3) defines marketing management as a unifying approach marshalling and directing the total resources of a business firm towards the determination and satisfaction of a customer and consumer wants in a way planned to enhance the firm overall profit position.

Where the marketing concept is recognized, there is a total change in the basic philosophy of business. Instead of trying to sell what can be produced. Management produces what is really needed by the customer though profit criterion is there. The element of serving and keeping the customer satisfied are equally important to the company. By realizing that it is not merely selling a particular product but particular need of a customer is satisfied effectively.

The essence of banking services marketing is to provide the desired satisfaction to customers and make the business of banking maintain a sound footing and sustainable growth in the short and long run.

The current industrial, commercial and technological metamorphosis with increased competitive pressure. Customer expectation and other unstable environmental faces are clear indications that a business either adopts marketing concepts philosophy or goes out of existence. The recent proliferations of banks in Nigeria denote a more intense competition in which only those capable of adopting dynamically would be able to maintain a sustained growth and profitability.

The present economic changes in Nigeria no doubt, pose greater challenges to commercial banks. These trends of changes have made banks to realize that their customers can no longer just be treated in an off head manner. Banks therefore employs marketing experts who actually go out and solicit customers patronage and loyalty. Banks now realized the importance of maintaining close relationship with customers and getting the service closer to them as possible. Most banks set up marketing research department or as the case maybe in order to gather more facts about customer needs, attitude, motives and preference. The orientation of banking service started with production concept which believes that customer would buy the services offered to them by banks provided it is accessible and affordable. Thus banks thinks of offering useful services and open out more branches to make their service accessible.

Later the bank moves to product concept under the assumption that customers would buy such services that offers the best quality and value for the price that is being offered. Thus banks direct their efforts in improving the quality of their services.

 

Keywords: APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION

 


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Keywords: APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION

 


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