The study titled “impact of marketing research
activities on the financial service and delivery in Nigeria bank” seek for
further enlightening the ways and how banks have been able to use various
marketing tools to market its service. This research work also deal with making
appropriate for sound decision making. The marketing research result,
collection of the information, and suggestion that could lead to the marketing
as performances of business activities that direct the flow of goods and
services from producers to consumer in order to satisfy consumers. That
marketing is identify the most profitable markets now and in future, setting
business development goals and making plan to meet not just in he banking
industry alone. Marketing research is the investigation and idealization of
information from all available source and its adoption to banks marketing
TABLE OF CONTENT
Title page i
1.0 Introduction 1
1.1 Background of the study 1
1.2 Objective of the study 2
1.3 Statement of problem 2
1.4 Justification of the study 2
1.5 Limitation of the study 4
1.6 Delimitation of the study 4
1.7 Organization of work 4
1.8 Delimitation of terms 4
2.0 Review of related
2.1 Introduction 6
2.2 Evolution of marketing
research 6 - 7
2.3 United bank of Africa Plc
2.4 Definition and uses of
marketing research 8
2.5 The market and marketing
2.6 Marketing segmentation and
marketing mix 11
2.7 Marketing Planning and
2.8 Marketing information and
research in banking 14
2.9 Advertising and public
relation in banking 15
2.10 Marketing and unique
features of financial services 16
differences between marketing of manufacturing and
sector including bank.
2.11 Bank marketing the future
challenges 19 - 20
3.0 Research methodology 21
3.1 Introduction 21
3.2 Questionnaire design 21
3.3 Sources of data
3.4 Method of data analysis 22
3.5 Method of data
4.0 Data analysis and
4.1 Introduction 24
4.2 Data presentation 24
4.3 Analysis of the computed
44 Testing of hypothesis 28
5.0 Summary, conclusion and
5.1 Summary 31
5.2 Conclusion 31
5.3 Recommendation 31
Questionnaire design 34
OF THE STUDY
American marketing association approved an expanded
definition of marketing in 1987, the previous definition – the systematic
gathering, recording and analyzing of data had been criticized because it
reviewed marketing research activities too narrowly.
The new definition state marketing research is the
function which links the customer and the public to the marketing opportunities
and problems generate, refine and evaluate marketing action, monitor marketing
performances and improve understanding of marketing as a process.
Marketing research specifies that information required
to address the issues designs the method for collecting information manages and
implements the data collection (process, analyze the result and communicate the
finding and their implications).
Marketing is changing the banking business marketing
actually change any business long before marketing was embraced by the
financial institution bank also enjoyed
an advantageous and privileged position as financial intermediaries workers of
the economy. The traditional concept of banking institution is basically to
serve as financial intermediaries between depositor and user of investment
funds this institution must complete to ensure their continuous survival and
relevance in the ever-competitive Nigeria environment.
The competition is even made stiffer because banks
will compete not just with each other alone but with all other non-banking
financial institution operating in the market.
Marketing is essentially on externally focused
function of the firm. The firm’s environment defines its threat and
opportunities. The environment is complex and undergoes continuous and
sometimes catalysis change. An organization must adopt continuously to the
changing environment or be overcome by it. A passive firm faces survive and
probably enjoy modest growth and a creative firm will prosper an even
contribute to the changes taking place in the external environment.
The operating environment for banks in Nigeria
since the introduction of the structural adjustment programme (SAP) in
September (1986) has further encouraged increased competition among the banks.
Liberal bank licensing policy by the government over changing regulatory
policies change in foreign exchange and interest policies of the government all
encourage stiffer competition previously unknown to the banking industry in
Nigeria, most especially during the present increase capital base of bank. it
is against the competitive background that the marketing at banks services
becomes all the more relevant with greater competition and with more
sophisticated and quality conscious customers success in the financial business
require the adoption of marketing orientation that is to closely look at the
market in which it operate with a view to developing and producing service
sector. The financial services sector in general and banks in particulars have
been slow to adopt the marketing philosophy. Therefore to the changing
environment that has occasioned the re-approach. As the contents of the
write-up untold the impact of marketing research activities on the banking
business in Nigeria.
1.2 OBJECTIVES OF THE STUDY
The objectives of this study is to evaluate the impact
of marketing research on financial services.
1.3 STATEMENT OF THE PROBLEM
Research department is a department that must exist in
virtually all organizations. The prevailing condition in the Nigeria banking
industry call for the adoption of marketing orientation and application of the
tools of the marketing research in financial business in a study of this nature
which deals with sensitive business in the Nigeria environment. The following
specific problems will be investigated.
Inadequately of financial services
Unsatisfactory manners of offering the existing or
available financial services.
Level of innovation on the part of the banking product
packaging and delivery.
1.4 SIGNIFICANT OF THE STUDY
Financial service as in other industries has the
ability to realize a profitable volumes of sales in the struggle compete for
the share of the some market depends substantially on the firms capability to
make optional and timely response to the changes in the market place.
The study aims at enlightening the need and impart of
marketing research activities on the financial services creation and delivery in
banks, particularly United Bank for Africa Plc. It will show how the company’s
activities help in satisfying it customers desires, motives, attitude and
behaviour. To this end more light will be shed on.
Ways of utilizing marketing research activities in
delivery banks services.
The extent to which bank in Nigeria can market this services
through the employment of marketing function.
The similarities between the marketing of banks
services and that of tangible goods.
Recommendation on the effective sways of marketing
banks services in Nigeria
to ensure high and satisfaction level to customers satisfactory in the
OF THE STUDY
The study of marketing research of financial services
has one major limitation and that is, the publicity of relevant and up-to-date
literature. This scarcity placed a constrain on the research work. Another
limitation confronted with in the course of study is the lack of enough
resources to travel for and wide to sample the operating activities of the
selected bank (United Bank for Africa Plc) across the lengths and breadth of
Lack of time for academic work during the research for
information. For uncooperative attitude of most of the bank personnel, approach
for discussion on the study.
Finally, lack of satisfactory answer to question asked
by the research is also a limiting factor since this affects the overall result
of the research.
1.6 DELIMITATION OF THE STUDY
The study shall be concerned with marketing of
financial services or those activities in which the bank are involved and how
the customers are being carried along with the marketing strategies and
philosophical comments on the marketing efforts of this bank which forms the
subject of the study shall however be unite to united bank for Africa plc.
However under normal circumstance a study of this type
supposed to be comparative in nature involving large number of banks but, the
research intends to restrict the analysis to the united bank for Africa plc
only due to some unavoidable circumstances.
1.7 ORGANIZATION OF WORK
The project report is divided in five chapters.
Chapter one. In this chapter an introduction of the topic is done. Background
of the study, the objective of the study statement of the problems,
justification, limitation, delimitation of the study, organization of works and
definition of terms are discussed.
Chapter two: cover the literature review and the
Chapter three: Address the research methods and method
put in place for the data analysis i.e. research design and methodology.
Chapter five : summarizes the major finding,
recommendation and conclusion.
1.8 DEFINITION OF TERMS
To avoid doubt, ambiguity in the interpretation, the
key words and concept use in this study are defined below:
Marketing Research: Any
research activities which provides information relating to marketing operation
the term enhances conventional market research motivational values, packaging
effectiveness, logistic and media research are also included as well as
analysis of internal and external statistics relevance.
Marketing: In banking
institution this word is defined as part of management activities which sells
and directs the flow of financial services profitable to selected customer.
Bank: This is an
establishment, which deals in money, receiving it on deposits on demand,
colleting cheques from other and lending it on deposit and investing the
surplus until required by the depositors.
Fund: This is regarded as
money which is the medium of exchange and for settlement of obligation e.g
notes and coins which is legal tender loving the banking as monetary authority
as an acceptable medium of exchange.
Customers / Depositor: A bank
customer is any person or corporate body who keep or open an account with the
bank, be it current, deposit or savings account and solicit for banking
services such as advice with the intention that the relationship be a permanent
one irrespective of when the relationship began.
Banking Habit: This could be
defined s the awareness of the public in banking services and regularity with
which the public patronize the services.
Competitors: Firm that are in
the same industry.