Research Design - - - - - - 45
Research Population and Sample size - - 46
3.2.2Sample Procedure employ - - - - - 47
Instrument for Data Collection - - - - 48
3.3.2Method of Data Analysis - - - - - 51
CHAPTER FOUR: (Data Presentation and Analysis)
4.0 Introduction - - - - - - - 52
Opinion of Respondent - - - - - 52
CHAPTER FIVE: Discussion of result
5.0 Introduction - - - - - - - 62
Discussion - - -- - - - - 62
Proof of Hypothesis - - - - - - 63
CHAPTER SIX (Summary, Conclusion and Recommendation)
6.0 Introduction - - - - - -- - 66
6.1 Summary - - - - - - - 66
6.2 Conclusion - - - - - - - 67
6.3 Recommendation - - - - - - 68
The most striking
concept in the modern marketing is market segmentation, which is a customer-oriented
philosophy. Consumer’s wants are the most vital reasons for any form of
business operation. This philosophy of marketing is aiming at how best to reach
the customer with the goods produced and services provided. For this study,
product here refers to the services provided by the Banking industry.
This calls for a
thorough and continuous study of consumers, as well as product positioning to
satisfy, efficiently their numerous needs from time to time, forcing the
marketers to resort to a lot of fundamental marketing strategies.
The market is
heterogeneous in nature and consumers are widely spread and difficult to reach.
No one business can produce and serve the whole market in its entirely.
Therefore, it is more effective and efficient for any Bank to identify it’s
sub-market(s) from the whole, select an d reach with distinct marketing mix
within its available scarce resources.
entails investment in lump sum running to millions and billions of Naira. In
segmenting the market, some certain, but fundamental questions should be
addressed by the Manager, such as who are the customers?
Who are they?
What do they want?
Why and why do the buy?
Answer to these and
other questions will assist the manager(s) in no small way to efficiently and
effectively plan, implement and control all their operations.
Market segmentation can
then be regarded as the act of dividing the entire market into distinct unit or
segment, so that meaningful group of costumers might merit separate product
within a given market. The impacts of market segmentation push a Bank or any
business management to placed it product using unique marketing program
suitable for each market segment.
The dynamism of
marketing system and a competitive business environment ,require a continual
refinement and increased sophistication in product positioning through market
segmentation by managers, marketing scholars, authors and professionals have
illustrate many a times the unlimited needs and diversity of consumers that
necessitated this marketing philosophy.
In view of this, market
segmentation concept is here applied to mean how an organization can determine
and reach its sub-parts with its distinctive marketing mix (i.e.4ps product,
price, promotion and place).
Kotler (1984) defines
market segmentation “as act of dividing a market into distinct and meaningful
groups of buyers who might merit separate product and or marketing mix”. He
stressed that market segmentation requires the company to identify different
basis for segmenting the market, develop profiles of the resulting market
segmentation and as well as develop measures for the each segmented
This work is intended
to reflect on the impact of market segmentation and product positing with a
particular reference to United Bank for Africa plc Kaduna.
1.1 HISTORICAL BACKGROUND OF UNITED BANK FOR AFRICA KADUNA
United Bank of Africa
was incorporated in Nigeria as private limited liability company on February
23, 1961 under the company’s ordinance (cap 37) 1922. The Bank took over the
assets and liabilities of the British and French Bank ltd, which had carried on
business in Nigeria since 1949 and commenced business officially on October 3,
The ownership and
management of the Bank in the 1960’s was essentially made up of foreign Bank
and three of those Banks remain shareholders till the present day. The
ownership management structure of the Bank changed significantly during the
1970’s when the federal Government of Nigeria decided to acquire an equity
stake in all major banks that all the time were controlled by foreign share
holders. Between 1970 and 1980 the Bank experienced phenomenal growth, its
branch network grew from 24 to 77 and the number of employees increased from
836 to 4500, while assess and deposit exceeded all billion respectively.
United Bank for Africa
growth continued thorough the 1980’s, with total deposit increasing from
N2.4 billion In 1981 to N11.9 billion in 1991 while total asset
grew from N 2.5 billion to N 12.7 billion over the same period. One
notable feature of its branch expansion was the opening of a representative’s
office in New York in September 1982, which was later transformed to a fledged
branching May 1984. A branch was also opened in Cayman Island IN 1988. To date,
UBA remains the only Nigeria Bank and indeed sub- Sahara’s Africa Bank to have
established and retained branches in the United State and Grand Cayman Island.
United Bank for Africa
is determined to adapt its business to reflect market realities, changing
customer’s needs and the changing aspirations of the bank can and should
continue to expect increased responsiveness and enhanced value in the future.
Today, UBA remains a strong, safe and reliable bank, and a competitive force to
be reckoned with in the Nigeria banking industry. The bank’s intention is to
buttress its achievement of the past and reposition itself to tackle the
ever-changing challenges facing the banking industry in the 21st
STATEMENT OF GENERAL
understanding of what market segmentation and product positioning means in
saving the different market segments is one of the most prevailing problems in
most organizations today. In identifying sub- markets either as competitive
strategy or as a pressure to broadening the entire market and promoting
products to meet the teeming needs of different target customers. This write-
up will reveal ways in which an organization could adopt, an effective
segmentation strategy that would help serve the numerous needs of the different
target customers or improve in its service for better results.
STATEMENT OF HYPOTHESIS
HO: That United Bank for Africa
does not apply the market segmentation philosophy to realize its objective.
HI: That United Bank for
Africa apply the market segmentation philosophy to realize its objective.
OBJECTIVES OF THE STUDY
This study does not aim
at studying market segmentation in all perspective, but to determine how this
customer oriented philosophy strategy affects product positioning in a service
industry. One of the aims is also to investigate the strategy adopted by the
Bank in reaching its various customers.
1.5 AIMS OF THE STUDY
is a partial in fulfillment for the award of Higher National Diploma, Business
and financial management (Marketing), Kaduna Polytechnic. It is hoped that the
study will be of importance to the management of United Bank for Africa (UBA)
to effectively and efficiently meet the various needs of its target customers,
and to other user who might find the work effective. Also to the student who
might be willing to undertake similar study and or study further from where
1.6 SCOPE AND LIMITATION
The study is being
carried out to assess and evaluate the effects of market segmentation in market
positioning of product by service industry.
To effectively and
efficiently undertake a research work of this magnitude, it has some
difficulties associated with it. Time is the vital factor for the success of
any research work, for thoroughness and accuracy. I was faced with time
constraint. This was due to academic pressure that characterized the final
steps in the educational system. Similarly, effect were been frustrated by
inadequacy of information given by the Bank officers in some information are
classed as “top secret” which will never be revealed.