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 questionnair 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
Title page i
1.0 Background of the study 1
1.1 Statement of General Problem 6
1.2 Research Questions 7
1.3 Objective of the study 7
1.4 Significance of the Study 8
2.0 Introduction 9
Framework of Marketing Concepts 9
2.2 Marketing Mix 14
2.2.1 Classification of the Nigerian
Financial System 16
of Banking Services in Nigeria 17
3.0 Introduction 25
3.1 Research Design 25
3.2 Area of Study 26
3.3 Population of the Study 26
3.4 Sample and sampling technique 26
3.5 Method of data collection 27
3.7 Method of Data Analysis 27
4.0 Introduction 29
4.1 Characteristics of respondents and
4.2 Data presentation and analysis 31
4.3 Answer to research question 44
5.0 Introduction 47
5.1 Summary 47
5.2 Conclusion 49
5.3 Recommendations 50
Bibliography 60 Appendix/Questionnaire 53
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
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
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.
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
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.
However, at the later
stage of their development, sales orientation comes into effect i.e. selling
concept which believes that customers would not buy enough from them unless a
positive extra effort is made to sale the product due to increase in competition
and awareness. Today, the application of marketing concept makes banks to
accept the fact of finding out the needs and wants of customers and to provide
banking service package that will best satisfy such needs and wants profitably.
The marketing concept
has been viewed as the correct philosophy in achieving a long – term commercial
success. Thus making the task of persuading customers to buy the service that
bank offered very easy. Therefore customer satisfaction becomes inevitable. The
marketing concept is directed towards answering the question as to, who are our
customers. To whom do we produce? What marketing techniques do we employ? Why
are we selling this product? Who do we sell to? Also to find out what the
customer want and where he wants to buy the product and how he want it
delivered in order to create a cordial relationship between the organization
and its customer so as to achieve maximum satisfaction.
profession in Nigeria
had until – recently been characterized by what expert refers to as arm chair
banking, where bankers are waiting in their offices for work to come and meet
them. This approach to banking business is deficient because the bank had not
fully embraced marketing concept: its philosophy and function. Their perception
of marketing is still narrowly defined. Marketing of bank services actually
transcend these myopic ends.
Nigeria commercial banks
need to adopt the marketing concept programmes for a purposeful and customer
oriented approach to the business of banking. As a result of the above factors,
this research is designed to answer the following questions.
To research into and find out those areas the banks have found to be of
interest in satisfying customers.
To ascertain the opinions of banking staff towards their customers and
vice – versa.
To find out the place and role of marketing in the organizational
structure of commercial banks and to what extent marketing functions have been
To ascertain the effectiveness and efficiency of marketing concept application.
To make useful recommendation towards improvement
OF GENERAL PROBLEM
The marketing concept
doesn’t seem to receive complete recognition by the Nigeria commercial banks. The
integrated marketing idea that business should be organized in such a way as to
satisfy the customers by committing the whole system of the organizations
activities towards a single objective has been a myth to the commercial banks rather
than a reality. Consequently, customers are not given the adequate attention
they required in the banks as that which is appropriate in the service
organization. Furthermore, banks charge discriminatory interest rates on
borrowed funds which causes untold hardship to customers.
questions are formulated on the basis of the purpose of the study to guide the
entire research work. These questions will serve as guide to the researcher in
designing the questionnaire and in providing solution to the problems
OF THE STUDY
out the area the banking services
ascertain the extent to which or applied in the banking sectors.
ascertain the effectiveness and efficiency of marketing concept application to
recommend on solving problem based on findings which will help to improve other
marketing strategies implementation.
OF THE STUDY
The research is
timely and important because of the role marketing plays in the organizational
performance the research finding is hoped towards providing qualitative
knowledge and idea in applying the concept of marketing in achieving corporate
objective and customer satisfaction.
* What is the status of marketing concept
in GT – Bank?
long have GT Bank adopt it marketing concept?
is the impact of marketing concept to GT Bank?
will the bank improve its concept to their customers?