project is aimed at exposing some of the problems in the banking sectors which
individual banks tries to raise more customers by introducing new techniques that
differs from other banks.
impact of product development and marketing financial service will be evaluated by both quantitative and qualitative techniques. The data would be
collected from various sources such as journal, textbooks and Annual Report.
Data collected are to be analyzed using
statistical computation such as Chi-square and percentages. The choice
of this model was simple enough in analyzing the data collected.
findings shows that there are problems plaguing the product development in
banking sector and it is further
reinforcement of why the adoption of the marketing concept is a necessity for
banks that want to survive and excel In the current economic dispensation.
Based on the findings above the following
recommendations are suggested;
the aims and objective of government regulation of the banking industry is to aid economic growth and protect the
interests of the customers the process which is not in conflict with the
philosophy of marketing concept of putting the customers' interest first in
everything the organization does, then it follows that banks should put in both
tactical and strategic plans to accommodate not only the immediate government
changing policies but also to give a semblance of long term stability to its
TABLE OF CONTENTS
1.2 Statement of problem
1.3 Research Question
1.4 Objective/Purpose of the study
1.5 Statement of hypothesis
1.6 Significance of the study
1.7 Research methodology
1.8 Scope of the study
1.9 Definition of terms
1.10 Organization of the study
2.0 Literature Review
The Nigeria financial system
2.2.1 The central Bank of Nigeria
Government legislation and the Banking
Major characteristics of the Bank
Bank's marketing objectives
clement or marketing
2.8 Marketing mix
2.9 Marketing mix
and the banking industry
CHAPTER THREE: RESEARCH METHODOLOGY
3.2 Research design
3.3 Administration of Instrument
3.4 Method of data analysis
3.5 Model specification
3.6 Definition of measurement
3.7 Population of study
3.8 Sample and sampling procedure
3.9 Restatement of hypotheses
4.0 Analysis of data
4.1 Procedure used for analyzing data
4.2 Analysis of personal data
4.3 Analysis of research questions
4.4 Testing of the hypotheses
4.5 Summary of findings
5.0 Summary, Conclusion and Recommendations
5.2 Research findings
5.4 Suggestion for further studies
TO THE STUDY
The Nigeria economy has been suffering series of setback
in the recent years as the major macroeconomics indicators have been giving
negative indications over the years. Some of these indicates have direct
bearing. on the financial sector, which has equally witnessed a series of upheavals that
greatly affected it fortunes. Infact, the last few years have been a trial
period for the financial industry in general and commercial Banks in
particular, as the industry entered a period of turbulence, uncertainty,
volatility of interest (due to regulations and deregulations) and exchange rate
fluctuation while increasing competition and risks deemed to typify the new
The reasons for this could be traced directly to changing
government policies, technological changes, changes in
economic climatic and competition. It is therefore restating the obvious that Nigeria is
at a point in history when the downturn In the economy is forcing the government to reappraise its past strategies for solving both economic
and social problems most especially in the face of increasing economic fortune
for the banks against all other economic odds.
is on this premise that the practice
or banking needs to be overhauled and the concept
of marketing of banking services introduced. The adoption or the
marketing concept is the recognition by the management that the organization
exist to serve customers in a way that it will be translated into real sector
or the economy and that it can only
satisfy its shareholders In the long run by providing customers satisfaction at
Nigerian Banking industry needs to emulate the customers goods, industry by
adoption marketing strategies that reflect the demand and specific requirement
of the their customers for the overall growth of the industry.
1.2 STATEMENT FO THE PROBLEM
Nigerian banking sectors in the 1989’s are faced with series of problem of
which is, in producing more customers and finds. Because then banks are not faced with any
practice of competition, there were few banks and few people who keep their
money in the bank. The banks were not
bothered to increase the number of customers they have or to generate more
funds, because there was no competition going on in the banking sector then and
this did not make them to produce anything new to the general public.
until the re-capitalization in banking sector that many banks came up with
different kinds of product such as: ATM Card, Cash Card, debit Card, Credit
etc. This project is aimed at exposing
some of the problems in the banking sectors, which are introdudual banks tries
to raise more customers by introducing new techniques that is differs from
gap of study to fill that the management should adopt the rights strategies
that will put Bank on a sound fasting among others and should also fashioned
out strategic plans for them to grow not only in the sector but in the economy
as a whole.
1.3. RESEARCH QUESTION
The following research question would be the main focus of
this research study:
product development really affect the operation of Banks?
2. Are there problem playing the product
development in banking sector?
3. Does management decision policies really affect
the product development?
4. Docs the possession of higher qualifications
in the banking industry has any significant in the provision of good service
OBJECTIVE/PURPOSE OF THE STUDY
The main objective of the study is to examine the; product
development of financial service in a competitive Banking Environment using
Zenith Bank as a case study.
Other specific objectives arc to:
1. Identify the strategies used by banks to
survive this competition.
2. Determine the extent to which the
marketing is been applied in the banking industry, its impact on customers
effect of product development on customer’s satisfaction.
4. To determine the effect of product development on banks performances.
The following are the hypothesis that will-be tested during the course of this study:
1. Ho: There are no significant differences
in the quality of services
provided by banks.
There are significant differences in the quality or services provided by banks.
2. Ho: The
adoption or the marketing concept in reaction to competition rather than as a response to market needs
has no significant
effect on its success or failure.
Hi: The adoption of the marketing concept in reaction to competition rather than as a
response to needs has significant effect on its success or failure.
3. Ho: Government regulations play
no significant role in the provision of quality service to customers.
Hi: Government regulations play significant role In the
provision of quality service to customers.
1.6 SIGNIFICANCE OF THE STUDY
The research provides a framework of challenges for the competiting
bank. This is because in a competitive environment firms will constantly
innovate and differentiate services from those of their competitors.
benefits derived from such innovation is differentiation of products and services qualities and their abilities to face challenges
in their operating environment. On the other hand, where products and services are not differentiated
competition would not be keen. Consequently, service industries will be affected.
Thus, having impact of the overall development of the banking industries. Hence
there is need [or research.
The impact of product development and marketing of
financial services will be evaluated by both quantitative and qualitative
The data would be collected from various sources such as
journals, textbooks and Annual Reports. Data collected are to be
analyzed using statistical computation such
as chi-square and percentages. The choice of this model will be simple enough
in analyzing the data collected. It also allows for easy manageability and easy
interpretation of result for the purpose of research work.
1.8 SCOPE OF THE STUDY
The study covers employees of Zenith Bank who are in
marketing department in the head office and marketing officers in some of their various branches which is limited
to a randomly selection.
Also, to do a thorough research study of the subject
matter will require considerable time, which under, the circumstance is not available. Time,
therefore is the greatest constraints to study of this nature.
is the amount of money used to set up a business.
person who has or intends to have an account relation with a bank.
Deregulated Economy: This is a situation whereby controls on all fiscal, monetary,
trade, pricing and exchange rate policies are moved.
idea of the different countries and economics of the world being closely
connected together by modern communications and therefore economically, politically, socially and environmentally dependent on each others.
large system of many connected computers around the world which people use to
communication with each other.
of being able to raise funds easily by selling assets.
set of all actual and potential buyer of a product.
Real Sector: The
sector or the economy that is involved extracting and turning raw materials to
finished goods e.g. mining industry and manufacturing industry.
Target Market: The
act of selecting one or more segment of the market and developing a position
and a mix strategy for each.
OF THE STUDY
The study has five chapters and the focus of each
succeeding chapters is stated below:
Chapter One: It
looks at general introduction or this research.
Chapter Two: It
deals with the literature review and theoretical analytical framework on which
the study is based.
Chapter Three: Highlights
on the research methodology.
Chapter Four: Contains
the analysis and discussion of the research conducted.
Chapter Five: Contains
Recommendation, Conclusion and suggestions for further study.