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The effectiveness of seven (7) P’s of service marketing and consumers satisfaction in banking industry.
CHAPTER ONE
1.0 INTRODUCTION
Services are no longer a minor or superficial part of western economics, but are going to be heart of value creation, of course, the service sector is nothing new, as evidenced by biblical references to innkeepers and money lenders among others. Today, most products that we buy include some element of service in them. We can readily identify activities such as account, banking and hair dressing as being service based. In addition to those, a wide range of goods relies on service based activities to give them value in use, and a marketing advantage over competitors.
Today, despite some lingering belief, that these services sector is in some way an “inferior” sector of the economy, considerable attention is paid to its direct and indirect economic consequences. Indeed, in an important relent article which talked about the service centric organization services were seen as the driving force behind all value creation in the economy, Vargo Lusch (2004:232). Services, in fact are vital for creating value in use for goods and goods effectively become a subsidiary part of a service offer.
There are many definitions of what constitute a service. Modern services focus on the facts that a service in itself provides no tangible output, although it may facilitate the production of tangible goods.
1.1 BACKGROUND OF THE STUDY
Man by nature has certain basic needs or wants that has to be satisfied. Marketing is such activity that facilitates the satisfaction of such needs by first identification that organization produces or provides goods and services that will meet the need of the customers particularly financial services, need can be identified through marketing survey and research.
These financial institutions satisfying customer’s needs in order to access themselves as successful organization. Service marketing to a large extent is responsible for the success or otherwise of financial service delivery by firms in the financial sector. It is essential for business to effectively manage customer representative measure of satisfaction. In researching whether their product or service has met or exceed expectations. Thus expectations and the reality falls shorts they will be disappointed and will likely rate their expectations as less than satisfaction.
Service marketing is nothing but how are you going to handle the marketing mix (product, price, place, promotion, people, process, and physical evidence) in order to market your product and service successfully to gain customer’s loyalty. In practice, marketing must aggressively seek to know the specific service desired by customer in the banking world and these can effectively be achieved using the 7p’s mentioned above to provide the required service. In essence marketing mix emphasises on safety, entertainment, reliability of product or services and friendliness of banking staff are vital in this regard. Services marketing would no be complete if publicity and advertisement are absent because these tends to complement and facilitate the marketing efforts in projecting the organization, particularly the banking sector.
1.2 STATEMENT OF THE PROBLEM
In Nigeria today, the state of the economy as it affects the financial sector in particular has led banks to take marketing activities seriously, which has been neglected in the past, the present economic crisis has made some banks to reposition themselves by rejuvenating their marketing activities towards aggressive bank marketing.
Customer’s satisfaction which supposes to be the extent of which customers are happy with the services provided by the business has been under-rated. Service marketing that was supposed to capture the customer’s heart giving them the best product offer was not properly packaged. There should be emphasized on market research and marketing as the tools to find out what customers want or need are and then tailor everything to please the customer. Also, this has been the problem of after sales services as one of the marketing activities, following upon the part of marketers in the bank (bank staff) in order to maintain and updates the customer’s need and wants.
1.3 OBJECTIVE OF THE STUDY
Every research undertaker has certain objective it tends to achieve. This research work purpose is aim to make a survey of service marketing activities on customer’s satisfaction in the banking sector (UBA).
The objectives of this research is to let us know the following
i. To evaluate the impact of service marketing in an organization.
ii. To identify the different kinds of marketing activities used in service marketing.
iii. To know what is the customer perception of banking service of (UBA)
iv. To reveal to what extent has UBA marketing activities imparted on their customers.
v. To identify and access the extent of bank and customer relationship in UBA
1.4 SIGNIFICANCE OF THE STUDY
Considering the present dynamics and challenging business world where technology has virtually turned the world into a global village, the importance of marketing cannot be overemphasized.
The research shall be significantly useful to financial institutions that are keen in marketing their financial services. Secondly the research will benefit financial organization by providing ways and strategies for identifying customer’s need and want and satisfying them respectively.
Thirdly, it is anticipated that the research work will particularly benefit students of marketing. Marketing executives, organizations informing them of latest marketing activities necessary to satisfy their customer’s needs and wants.
1.5 RESEARCH QUESTIONS
a. What is the customer’s perception of UBA services?
b. Do the marketing activities of UBA have impact on customer’s satisfaction?
c. Does UBA staff relate effectively with their customers?
d. Does marketing activities of UBA enhance customer loyalty?
1.6 STATEMENT OF HYPOTHESIS
Ho: There is no customer’s perception of UBA services.
Hi: There is customer’s perception of UBA services
Ho: The marketing activities of UBA have no impact on customer’s satisfaction.
Hi: The marketing activities of UBA have impact on customer’s satisfaction
Ho: UBA staff do not relate effectively with their customers.
Hi: UBA staff relate effectively with their customer’s
Ho: The marketing activities of UBA do not enhance customer’s loyalty.
Hi: The marketing activities of UBA enhance customer’s loyalty.
1.7 DELIMITATION/SCOPE OF THE STUDY
The research work focuses on the 7p’s of service marketing which bring about customer’s satisfaction. It will also consider various marketing activities in the financial services and how it satisfies the customer’s, how the marketing activities are conducted or carried out with a particular reference to United Bank for Africa (UBA) Plc, Abuja branch.
1.8 DEFINITION OF TERMS
These are various terminologies used by service marketing organizations in delivering the services. These terms help in distinguishing and for identifications. The following are the definition of terms:
PRODUCT: This refers to financial services provided by banks or financial institutions.
CUSTOMERS’: This refer to persons or group of persons who buys financial services of banks over the counter, mail order or personally use the product or enjoy the service.
CUSTOMER SERVICES: This refers to effective tools and ways of satisfying customers.
TARGET MARKET: This refers to the particular segment of the market or area that the producer or supplier wishes to focus attention on.
MARKET DEMAND: This refers to the total volume/account of product or service that a customer or group of customers is willing and ready to buy at a particular time.
MARKETING PLANNING: This is concerned with planning the four steps in every product or service. These stages are: introduction, growth, maturity and declining stages.
TEST MARKETING: This provides useful way of finding out how well a new product will be accepted by customers or customers within selected market.
SERVICE: The production of an essentially intangible benefit, either in its own right or as a significant element of a tangible product which through some form of exchange, satisfies and identified need.
MARKETING MIX: This comprises of what is usually referred to as the 7p’s of marketing mix namely: product, price, promotion, place, people, process and physical evidence.
REFERENCE
Kotler P (2000); Marketing management analysis planning implementation and control 6th edition, Prentice Hall Inc. New Jersey USA
Kotler and Armstrong (2010); Principles of marketing 13th edition Pearson education USA
Christopher Lovelock and Jochem Witz (2011); Services marketing people, technology, strategy 7th edition Upper Saddle River, New Jersey. Prentice Hall pg. 22, 23
Lovelock, C. Gummenson, E 2004. Whither service marketing? In search of a new paradigm and fresh perspectives journal of service research (1) 20-40
Learn marketing net; for marketing learners globally
CHAPTER TWO
LITERATURE REVIEW
2.0 INTRODUCTION
This chapter critically examines the statements, opinions of various authors, professional as contained in published books, magazines, periodicals, and newspapers. It dwells on the experience and knowledge that has direct bearing on the research topic
REFERENCES
Kotler P. (2000): Marketing Management Analysis Planning, Implementation and Control. 6th Edition, Prentice Hall Inc, New Jersey USA.
Kotler and Armstrong (2010): Principles of Marketing 13th Edition, Pearson Education USA.
Christopher Lovelock and Jochem Witz (2011), Services Marketing People, Technology, Strategy. 7th Edition Upper Saddle River, New Jersey Prentice Hall Pg 22-23
Lovelock, C. Gummenson, E. (2004): Whither Service Marketing: In Search of a New Paradigm and Fresh Perspectives. Journal of Service Research 7 (1) 20 – 40.
Learn Marketing Net: For Marketing Learners Globally.
Ode et’al (2007) Fundamental of Marketing, Principle and Applications Smith Affirmity, Nigeria.
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Appendices|FORMAT: Microsoft Word| PRICE: N5000| BUY NOW |DELIVERY
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