ABSTRACT
This study
Examined the role of product management in
the marketing of bank service.
Some of the objectives of this study were.
1.
To find out the difficulties environment in the
process of product management in first bank and
2.
To determine, if the management of the bank product leads to increase product quality
3.
To offer possible solution and suggestion for
addressing such problem or make
recommendation that lead better customer
relationship.
4.
To determine the effect of product management bank on
profitability.
Based
on these objectives, hypothesis were formulated , Data were sourced, extensive
literature review on text book, journal and materials on the area of the study
was carryout, while primary data sourced from respondent.
The population of he study include.
Bank
personnel and customer of the said bank in Aba metropolis.
Burley formula was used based on census figure of
1991 population
The data collected were analyzed using
simple percentage and statistical table.
A careful study of data collected shown the following.
1
That
services rendered by the said bank stagy the customer but not effective and efficiently as possible .
2.
It show that
with a well organize product management will leads to increase in the adoption process of the
product by the consumer with
these it make it possible for them to compete effective
with other organization in same business .
3 The researcher agrees that the managers
and bank directors agrees that product
management is very a necessary in marketing activities
of every organization or business.
The
researcher the following recommendations after careful study of the finding.
1. That the organization should increased
the activity that is associated with product management which will bring
about increase in sales of the product and also organization image.
2.
The employee
of the organization should be educated more of the importance
of product management in an organization
3. The
organization should seek support from consumer customer of the organization in order help in given information needed for proper product development and
management. In doing these a welfare department need to be establish in the
organization.
The
researcher concluded that the organization should be up and doing in product
management to produce services that will effectively
and efficiently satisfy the customer needs.
TABLE OF CONTENTS
Title page ii
Approval
page iii
Dedication iv
Acknowledgement v
Abstract vii
Table of
contents x
CHAPTER ONE
Introduction 1
1.1
Background of the study 1
1.2
Statement of the problem 6
1.3
Objective of the study 7
1.4
Formulation of hypothesis 9
1.5
Significance of the study 10
1.6
Scope of the study 11
1.7
Definition of terms 12
CHAPTER TWO
Literature
review 13
2.0
What is a product 13
2.1
New product development process
in
the banking industries 13
2.2
The concept of product management 15
2.3
Distribution of bank product 16
2.4
Promotional strategies for
bank
product 18
2.5
Pricing strategies for bank product 19
2.6
Problem of service product marketing 22
2.7
Problems Of Services Products
Marketing 24
CHAPTER THREE
3.0
Research methodology 27
3.1 source of data 27
3.2
Population of study 29
3.3
Sample size determination 29
3.4
Sampling techniques 32
3.5
Research instrument used 32
3.6
Method of data analysis and treatment 33
3.7
Limitation of the
study 33
CHAPTER FOUR
4.0
Presentation, analysis and
interpretation
of data 35
4.1 presentation and analysis of data 35
4.2
Testing of hypothesis 47
4.3
Interpretation of data 56
CHAPTER FIVE
Summary of
finding recommendation
and
conclusion 57
5.1 Summary of findings 57
5.2 Recommendation 58
5.3 Conclusion 60
Bibliography 62
Appendix 64
RESEARCH PROPOSAL
Topic: The
role of product management in the marketing of bank service in Aba, Abia state
(a
case study of first bank of Nigeria PLC Aba)
OBJECTIVE OF THE STUDY: The objective of
these research work is to determine the role of product management in the
operation of banking service with reference to first bank, Nigeria Plc, and
also to measure, ways though which product management can influences the
marketing of bank service. The research
work will also show way through which product management can be organized in
such way that organization expansion
SOURCE OF DATA: The researcher hope that the date needed
for the research work will be available through primary and secondary source of data collection
method, the researcher is determine to review and observe all the necessary
material that will make these research work a successful one.
PLAN FOR THE REVIEW OF RELEVANT LITERATURE:
Text book: Journal, Newspaper, and already made research
work will act as a source of information needed to be review in the course of
carrying out the research work. also the
researcher hope to review the records and report or organization in order
collage that needed information data.
METHOD OF FIELD (PRIMARY) DATA COLLECTION:
Well structured questionnaires are well organized interview will act as
the source of primary data collection, observation will also be use in gather
the information needed in fulfill the objective of the research work.
The research instrument to be used
for the study: the researcher plan to
use statistical table, top man’s formular, Bourley formular, chi-square, and
figures table in order analyzed the information and data collected by the
researcher.
THE SCOPE OF THE STUDY.
The study will only investigate the
role of product management in the marketing of banking service
STATISTICAL TESTING
Sample table and percentage will be
used to analysis the hypothesis, questionnaire value chi square will also used for testing the
hypothesis
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Product management embraces the task of adjusting
the product throughout its life to match the ever-changing demands of the
market place. Too many organizations
make the mistake of thinking that consumers fed and act as they do ad share
their wants.
The
job of managing a product, then is one of constantly monitoring the market and
adjusting the products to meet the markets needs and wants. The better the product matches the needs
of its market, the more successful it is
likely to be.
Today,
as product and service become more, and more commoditized many organization are
moving to new level in creating value for their customer. To differentiate their offers, they are
developing and delivering total customer, experience, whereas product are tangible and service are
intangible, experience are memorable, whereas product and service are memorable
when as product and service are external, experience are personal and take place in the minds of
individual consumer. Organization that – market experience realize that
customer are really buying much more than just product and service.
For
a product to successful gain acceptance in the market environment a well
organized product development and management must be there product management
is the process of tilling the proposed product to the requirement and
opportunities of the market (Rewold etal 1977) product management, involves the
process of anticipating the needs of the market place initiating action towards the identification
and production of product and service which will best satisfy the needs and
wand of the trapped market environment.
Product management is internal factor in an organization. A product once, it is commercialized face the
problem of management. The firm is not
alone in the industry and its competitor will want to enter the market, if the
product proves successful. It therefore,
follows that the firm must manage it product right from the introduction state
till the maturate or even declining stage (Buzzell 1966)
Product
management is however, characterized by
danger and uncertainties. The
danger may be in washing financial and
human resource with achieve success
protection and market acceptance the uncertainties arise as to whether the
product will service, face much competition or die on the introduct Anyanwu (1993).
Managing
the product variable embraces planning and
or service to be marketed by the company. The product mix element constitute the most
important it is thus produce that every producer tries to conceptualize in the
form most desired by the consumer in order to satisfy his needs for proper
management of product, the organization must consider all the internal factors
of the organization (Dick Barry 1981).
This is because this factors will determine the success of the product
in the marketing environment.
In
product management process, the product life cycle provide useful information
on how to apply the principles of marketing and management in organizing and in
carrying out that activities that will successfully market the product. If a firms fact to manage its product, it
plan, to fail in launching its, product.
There are reasons why product fails in the marketing environment
They
are as follows
1.
Lack of
distinctive advantage in product performance and price
2.
Over estimation of the target market which may result
in low demand
3.
Inability to utilize company strength to capture
profitable opportunities
4.
Unpredictable change in consumer preference for goods
and service
5.
Product which facilitate competitive entry into the
market by competitor,.
6.
Lack of support from the marketing intermediaries
In
order to avoid the above mentioned area, the firm must consider and evaluate
the product satisfaction and acceptance in such a way that favours the consumer
and the organization in general. (Anyanwu 1993) in managing a product
especially in marketing Bank service, the function varies from organization
objective to the other. But the basic
functions in managing a product are the
same with the principle function of management as it is stated in the management field.
But the different is that product management are guided toward
developing are organizing a successful product
that will gain acceptance in the marketing environment the following
are the basic function of product management.
PLANNING FOR THE PRODUCT.
Planning
is the first product management function on which the other take bearing. It
refer to as forecasting the product future circumstance and requirement,
dealing product objective, and determine product to be followed and set product
standard- planning in product management plays an important role because
it determine the successful of the
product in the marketing environment
ORGANIZING
THE PRODUCT
How
to accomplish, the goal is the next this organizing the product is the process
of dividing and evaluating the product attribute and successfully accomplish
the stated product objective.
Controlling
the product ad the environment controlling the product is the process of
ensuring that the product objective are reached and deviation from planning for
the product are corrected controlling could be effective. When report are got from the marketer and
sales representative regarding area of
deviation for correction purpose
(Anyanwu 1993)
However,
the organization must understand and monitor the actors and forces that effect
the environment before organizing and
co- ordination the product management process.
This
is because the environment is a very dynamic one and it needs a well
organized structure, before any
marketing activities can gain acceptance to the environment.
1.2
STATEMENT
OF THE PROBLEM
First
bank has been making relentless efforts towards the management of product in Aba, Abia state, yet many
of the products managed have all been able
to satisfy the need of their target customer. As a result of this, these product do not
receive adequate patronage and resources
wasted. This affects bank profit
negatively.
Moreover,
there are many hard nuts to crack in the
management of product which make it difficult for management to introduce new
product even when old ones lack patronage- and this effects the ratio at which
first bank manage product and hence slowness
in generating income.
Again,
some of the target customers are not aware of
the existence of some product of
the bank which make such products lack patronage and even when patronized only
a few people patronize them. Hence banks
effort in their management becomes futile. Furthermore, customer of the bank are not adequate educated on the
product managed and some bank staff are not properly equipped on the
marketing of financial service which
makes it possible for profitable opportunities to be grasped in the bank such
lack of education readers bank effort fruitless and resources used in managing
such product wasted.
Finally,
some management of banks find it difficult to segment market for their product
in that the product go to wrong of the
market where the product receive little or no demand which in the end readers banks effort unprofitable.
1.3
OBJECTIVE OF
THE STUDY
The
rationale befriend this study is to examine different product of the first bank
are discover for they are managed. Other
objectives are as follows:
1.
To find out the difficulties environment in the
process of product management in first banks.
2.
To discover whether banks customer are really satisfied with bank products or not are why?
3.
To find out how
best customer of the banks can be educated on the use of the bank product and
how best to get them known about the
existence of such products.
4.
To discover how best banks products market can be
segmented for fruitful virtues.
5.
To determine the effect of product management bank
on profitability
6.
To determine if management of bank products leads to
increased product qualify.
7.
To offer possible solutions/ suggestion for addressing
such problem and /or make recommendation that may lead to better bank customer relationship,
increase customer satisfaction and bank profitability for brighter future.
1.4
FORMULATION OF HYPOTHESIS
In
the process of consulting this research, the following hypotheses have been
stated.
Hypothesis
I
Ho: First bank products do not satisfy customer
basic at least
Hi: first
bank products satisfy customer basic at least
Hypothesis II
Ho: the
major problem encountered in product management is not wrong segmentation of target market
Hi; The
major problem encountered in product management is wrong segmentation of target
market
Hypothesis III
Ho: Effective management of bank product result
increases profitability in banks
Hi: Effective management of bank product do not leads to increase profitability.
1.5 SIGNIFICANCE
OF THE STUDY
This study
will in a great way be of significance to the bank mangers, customers,
individual wishing to engage themselves in banking business, unemployed
graduate, government and corporate
organization in Aba.
To the government the result of the
study will not only enable them find out a well defined administrative
strategies and management problems of the bank firms of various state, but also
would act as a panel to solving similar problems of government.
To the customer, it will expose them
to the various marketing strategies that will lead to optimum banking business
and high light problems facing the bankers so to prefer a better solution, it
will also expose the advantages they stand to benefit from the bank service
patronization.
To the corporate organization and
other people or individual wishing to engage themselves into banking business,
the study will enable them adopt the policy of consumer banker satisfaction as
much as possible. And also the possible
suitable management procedure that will help them operate at the long run,
since this is the motive behind every business .
To the students, the study will enlighten their minds on the
great importance of product to an effective and efficient marketing strategy
through the roles bank services plays in the
finance sector.
Finally to the research, the study
will enhance an indepth knowledge of
product management marketing strategy, the management and operations while to
the customer, to appreciate the
marketing means through which they reach them
and perhaps bear with them whether they live stock of expectation to
problem beyond their control.
1.6
SCOPE OF
THE STUDY
This
research work encompasses product management in all first bank in Aba as at date.
Taking four branches of the bank in Aba in Abia state as a case study. The effort they make toward managing such
product and problems they consider in doing.
1.7
DEFINITION
OF TERMS
1. BANK:
Any person who carries
on banking business and includes
a commercial bank, an acceptance house, discount house and other financial
institution.
2. PRODUCT MANAGEMENT: The tasks of adjusting the product throughout
its life to match the ever- changing demand of the market place
3. MARKTING: The sensing and serving of consumer needs
through an exchange relationship aimed at creating value in form of profit and
satisfaction to the consumer.
4. MARKETING SEGMENTATION: The process of dividing the total
heterogeneous market for a product into several submarket or segments each of
which tends to be homogenous in all significant aspects.
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