ABSTRACT
This research work shows the role of marketing in commercial banks,
taking Diamond Bank Ilorin as a case study. Marketing is defined as the process
of getting a product to the consumer which involves a number of related
business operation i.e. finding out what the consumer wants designing the
product so that the consumer can buy and the producer will benefit in terms of
profit. And on the other hand, Bank can be defined as an institution which
accepts deposits from the public and in turn divided into various types such as
commercial, industrial and etc. hence the project is determined to highlight
the roles of marketing in commercial banks. The purpose of this study is to
enable the banks to know this importance of marketing to an organization. It
will also enable the bank to compete favourably with other banks in the banking
sector without the fear of loosing their study is to identify the most profitable
market assessing present and future needs of the customers. The advantages of
Marketing in Commercial Bank is that it allow other to evaluate their products
(services), it also encourage systematic thinking on the part of manager and
also increases the number of their customers. One of the major disadvantages of
the role of marketing in commercial banks is that it yields low returns since
banks have the same sources and almost the same style of marketing techniques.
TABLE OF CONTENTS
Title
page i
Certification
ii
Dedication iii
Acknowledgement iv
Abstract vi
Table
of contents vii
CHAPTER ONE
1.1
BACKGROUND TO THE STUDY 1
1.2
STATEMENT OF THE PROBLEM 3
1.3
OBJECTIVES OF THE STUDY 4
1.4
SIGNIFICANCE OF THE STUDY 4
1.5
SCOPE OF THE STUDY 5
CHAPTER TWO
2.1 MARKETING MIX 7
2.2 THE ROLE OF MARKETING IN COMMERCIAL BANK
WITH
REFERENCE TO DIAMOND BANK 17
2.3 DIAMOND BANK PRODUCTS (SERVICES) 20
2.4 STRATEGIES ADOPTED BY COMMERCIAL BANK TO
PROMOTE
THEIR SERVICES WITH REFERENCE TO
DIAMOND
BANK PLC 24
CHAPTER
THREE
3.1 RESEARCH METHODOLOGY 31
3.2 SOURCE OF DATA COLLECTION 31
3.3 DATA COLLECTION TECHNIQUE 33
3.4 SAMPLING PROCEDURE USED 35
CHAPTER FOUR
4.1 PRESENTATION AND ANALYSIS OF DATA 36
4.2 DATA PRESENTATION 36
4.3 DATA ANALYSIS 45
CHAPTER FIVE
5.1 SUMMARY OF FINDINGS 50
5.2 CONCLUSIONS 51
5.3 RECOMMENDATIONS 53
REFERENCES
CHAPTER ONE
1.1 BACKGROUND IS THE STUDY
Marketing
as a concept is viewed in narrow way by most people, it is often referred to as
strategy applicable to only the manufacturing and distributive trade. However,
broader concept has recognized the relevance of marketing to service rendering
establishment, such as Banking, Insurance sector, Educational and Medical
institutions etc.
In
recent times, where need and business circumstances are changing rapidly, it is
important that the practicing bankers should thoroughly appreciate the
importance of marketing and its relevance to the baking industries based on the
theory that banks rely heavily on marketing its survival and profitability. It
is therefore a thing of no doubt that banks should develop the resilience a
adapting to changes in needs, the environment and requirement of its customers
which are becoming more sophisticated as an industry is aimed at rendering
services to people.
The
role of marketing in commercial banks in this research project is limited to
the marketing mix adopted by commercial banks in order to meet up with their
set goals and objectives which is to render service to the people at the best
minimal price profitably.
The marketing mix is referred to as
the 4ps in marketing which are the product, price, promotion and place
(distribution) used by the bank for efficient and effective rendering of their
services to both the present and the potential buyer of their product which is
the services they render.
Product of commercial banks are the
services they offer to the public. These services are in form of savings
account, current account, fixed deposit, financing of trade etc.
Price is simply the value expressed
in term of money. It depends on the amount of money the customers are willing
to pay for the services rendered to them. The pricing policy used by commercial
banks should be flexible and it should consider the market segmentation and the
product life cycle.
Place: this simply means the
location of the bank. The bank should be located in a place which is nearer to
the customers, commercial banks are either situated at commercial centers or
some where nearer to the targeted market e.g. situating banks in Kwara State
Polytechnic to satisfy and ease the needs of students in terms of bank draft
etc.
Promotion: this is a tool used in
attracting the attention and acceptance of customers for the produce. These
promotional tools strategies includes sales Promotion, advertising, personal
selling, publicity etc which is used by commercial bank in order to meet their
set goals and objectives which in turn satisfy their customers profitably.
1.2 STATEMENT OF THE PROBLEM
The
research intends to identify the role marketing plays in the course of Diamond
Bank rendering it services to its customers and to know the extent at which
marketing is practiced in the Bank because any organization whether profit or
no-profit oriented should have its customers as their focal point i.e. the
organization should be customer oriented.
The
researcher intends t know examine the bank is coping with in the competitive
environment in the banking industries, the recent increase in the number of
licenced banks and the wave of deregulations currently blowing in the banking
sector has made competition high in the banking industry than it was years
back.
The
researchers also intend to examine the various way by which the bank market its
services and the impact the service rendered make on the different categories
of their customers.
1.3 OBJECTIVES OF THE STUDY
For banks to survive, they must
complete in the market and adopt the marketing concept that makes them
outstanding not just with other banks but rather with other sort of non-banking
financial institutions.
The study is also important to
banks because it enables them to complete favourable with other banks in the
market without the fear of loosing their customers to their competitors, and
for the bank to survive, they must capture a reasonable share of the market.
1.4 SIGNIFICANCE
OF THE STUDY
Marketing
strategies in commercial banks plays a vital role in achieving the objectives
of banking industry to, it can not be overlooked. Therefore, the study will
enable the Nigerian Banking industry realize how to formulate and implement
marketing strategies and improve its effectiveness so as to know the role of
marketing in Nigerian Banks.
Nigerian
Banking Industry can not service without efficient and effective marketing
strategies. It is therefore, pertinent to involve market strategies. It is therefore, pertinent to involve market
strategies in the Nigerian Banking Industry.
All
the efforts of the industry to satisfy customers and to maximize profit will be
abortive if emphasis is not given to marketing strategies. This study will
reveal how marketing strategies could be effectively handled in order to
realize the industry objectives.
Marketing
recognizes the customers as a king. The survival of any organization depends
largely on how customer satisfaction is maintained. This study will enable the
industry to realize the needs to satisfy customers in their operation so that
the objectives of the industry could be met.
1.5 SCOPE OF THE STUDY
This
research work will basically be conducted on members of the public who
patronize Diamond Bank Services. These members of the public are termed
customer, they include those who keep one account or the other with the bank
and others who come to the bank to transact business with the bank.
This
research work will be limited to Ilorin metropolis and all well as the
customers residing in the town since a Diamond Bank Ilorin branch is the case
study of the research.
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