AN EVALUATION OF MARKETING DEPOSIT MONEY BANKING SERVICE

AN EVALUATION OF MARKETING DEPOSIT MONEY BANKING SERVICE

 (A CASE STUDY OF FIRST BANK OF NIGERIA)

ABSTRACT

The research work examines that the evaluation of marketing deposit money banking services (a case study of first bank of Nigeria plc). The researchers used primary and secondary sources of data to arrive at relevant information and also to find ways of improving a good relationship between the bank staff and their customers as well as finding new approaches to integrate marketing of their services. Some of the findings include: That the bank offers a variety of services to their customers, That the banks also have so many convenient for their customers and most customers appreciate the services offered and do not wish to transfer into other banks.

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Marketing could give several meaning to many people, non-marketers including practicing bankers may look at marketing as an evolution which has been consider as the process of helping the business organization to make progress or success which is the progress that is made.

Marketing concentrate primarily on the buyer or customers to determine  educating them with regard to the availability of products and to important product features, developing strategies to persuade them to buy and finally, enhancing their satisfaction with a purchase. Marketing management includes planning, organizing, directing and controlling decision making regarding product lines, pricing, promotion and servicing. In most of these areas marketing has complete control; in others, as in product line development, its function is primary advisory.

In addition, the marketing department of a business firm is responsible for the product, determining the ways of distribution that will be used and supervising the profitable flow of goods from the factory or warehouse.

In considering the development of marketing in all business organizations, marketing could be regarded as an essential element in the management of modern bank. In order to fruition and grows soundly more professional, while other service product of marketing where buying and selling which are mainly involved.

As regard to the mode of banking marketing cannot be treated in exactly the same way as in manufacturing firms, despite the principles are the same, the application is very different. Therefore, it is important to know the two preliminary functions where bank marketing mostly perform. Actually, it most attracts borrowers and users of services on the other hand.

This double sided nature of banking business brings marketing problems, which are more compare than those, which always face commercial concern. Furthermore, an evolution of bank services marketing which banks plays in the society and the economic policy, one comes to see that at a simple transfer of procedure and concepts from other areas of business which is hardly likely to appreciated. More so, various companies have various problems as well as banks.

Therefore the researchers are interested on the growth or marketing in the banking services because more banks or financial institutions will come into existence in the year ahead creating room for serious competition. Thus, it will be essential for banks that wish to survive to do more than ordinary things that will induce more potential customers to patronize them as well as retaining the old ones.

1.2     STATEMENT OF THE PROBLEM

In consideration of commercial banks like First Bank Plc helps in the acceleration of business by identifying and satisfying customers financial needs. For example, banking in Nigeria today, there is a growing awareness of banking vices among other valuable in banking for saving while some other do their business transaction with some of the commercial banks instrument such as available transaction, cheque and many others. It is necessary for banks or any financial institution to evaluate these financial needs of people to meet up their needs and the banks to progress in terms of their business activities been carried out. These developments can only be met if when marketing is been integrated properly in our commercial banks.

 1.3     OBJECTIVES OF THE STUDY

In an evolution of marketing services in the bank changes constantly. It is due to the development in standard of living and also the increase of competition, which is as a result of existence of more banks in the country. In view of this fact that these changes are felt slowly, they must be anticipated as possible to cope with the changes of ever changing condition.

The researchers hope to achieve the following objectives, which are:

1. To find out the extent to which banks are incorporated.
2. To find ways of solving the problem of congestion of the long sequence of our banking services.
3. To dictate ways of improving very good relationship between their customers. This is because for much business to survive, its customers must make an opinion and recommend some marketing approaches to apply and how the marketing effort should be integrated into bank operation.

1.4     SIGNIFICANCE OF THE STUDY

Various benefit are to be derived from this study, if marketing in banking services are effective, it will in the following ways be:

1. To find out the needs for marketing in deposit money banks
2. To find out whether deposit money bank advertise its services
3. To evaluates the advertising / marketing strategies adopted by deposit money banks.

1.5     RESEARCH QUESTIONS

In order to achieve the research objectives the researcher have deem it fit to find answers to the following researcher questions:

1. Is there needs for marketing in deposit money banks
2. Does the deposit money bank advertise its services?
3. What are the advertising / marketing strategy adopted by banks in deposit money banking?

1.6     SCOPE OF THE STUDY

The study is mainly design to cover areas for an advancement of banking services in the commercial banks especially First Bank of Nigeria Plc.

The researchers shall, therefore focus on the operational activities and services, and economic advancement by the banks.

 1.6     STATEMENT OF HYPOTHESIS

Hypothesis is a statement of facts that is empirically put forward as an opinion or suggestion put forward as a starting point reasoning explanation or study to determine the correctness or assume parameter, usually, by various sampling techniques. The following hypothesis have been developed and tested, given the researcher a full understand of what answers and solution.

The researchers seek to achieve

HYPOTHESIS

H₀: Effective service delivery can solve the problem of congestion and the long sequence of our banking services.

H₁: Effective services delivery cannot solve the problem of congestion and the long sequence of our banking services.

HYPOTHESIS TWO

H₀: Banking development increase the patronage of the customers

H₁: Banking development does not increase the patronage of the customers.

1.7     LIMITATION OF THE STUDY

This study was carried out successfully but while in the course of gathering data, the researchers were confronted with the mention and analyzed problems,

• TIME CONSTRAINT: The researchers had no enough time to carry out their research as have been planned because this project write up was coincided with other academic activities such as attending lectures, doing assignments and test
• FINANCIAL CONSTRAINT: Due to the economic situation that things are hard to come by, fund frustrated the researchers, but was able to take control of it.
• MATERIALS: The researchers had no sufficient materials as to lay hands on books on the research topic. Also the First Bank Officials visited were reluctant initially to give useful information until a repeated visit.

 1.8     DEFINITION OF TERMS

In view of the foregoing, this enables the researchers to what is or the meaning of words used in this study because it gives meaning and explanation of terms or words used throughout this study. The most occurring ones have hereby identified for the purpose of researchers guidance and clear understanding.

• AN EVOLUTION: It is a gradual development of a business sequence of banking services over many years from simple to more advancement forms or an evolution of marketing deposit money banking service business, which can be consider as the achievements of banking business in the marketing
• BANK: In the broadest sense, a bank financial intermediary performs one or more of the following function:

Safeguards and transfers funds, lends or facilitates lending, guarantees credit worthiness and exchange money. Such institutions as Commercial Banks, Central banks, Savings banks, Trust companies, Finance companies, Life insurers and Investment bankers provide these services. A narrower and more common definition of a bank is a financial intermediary that accepts, transfers and receives deposits. This includes such depository institutions as Central banks, Commercial banks, Savings and loan associations, and mutual savings banks.

Banks are frequently organized in corporate form and are owned either by private individuals, governments, or a combination of private Individual government interests.

Bank can also be defined as a financial institution or a company set up as a business purposely for collection of moneys from out-side sources as deposits irrespective of payment of interest, and granting of money loans and acceptance of credits and other valuable goods and documents like Wills and other things.

• SERVICES: Any act or performance that one offer to another for a fee or compensation and it is intangible cannot be touch, see is refer to as service. Hospital, teaching and Hotel etc.
• MARKETING: Marketing concentrate primarily on the buyers, or consumers, determining their needs and desires, educating them with regard to the availability of products and to important product features, developing strategies to persuade them to buy, and finally, enhancing their satisfaction with a purchase Marketing management which includes planning, organizing, directing, and controlling regarding to the business lines, pricing, promotion and servicing

Therefore Marketing can be defined according Marketing Association (AMA) in 1960 in the performance of from the producers to the ultimate consumers or users.

REFERENCE

Aigbiremolen M., Aigbiremolen C. (2004). Marketing Banking Services in Nigeria, The CIBN Press Limited, Lagos, pp. 91-94.

Alford D. (2011). “Nigerian Banking Reforms: Recent Actions and Future Prospects”, www.proshareng.com/articles/2268 extracted on 23rd of October 2011.

Baker J. (1985). Marketing: An Introductory Text, Macmillan books, London, p. 32.

Barile J. (2007). “Standardization of International Marketing Strategy: Some Research Hypotheses”, J. Mark., Issue 53, p. 70.

Cohen H. (2008). “Marketing Strategy-Performance Relationship: An investigation of the Empirical Link In Export Market Ventures”, J. Mark., Issue 56, p. 20

Jigyasu P. (2006); “The History of Nigerian Banking System”,  http://answers.yahoo.com/question/index Ikpefan 159 extracted 30th, November, 2011.

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