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THE IMPORTANCE OF MARKETING STRATEGY IN NIGERIA BANKING INDUSTRY ( A CASE STUDY OF G.T.B BANK)
TABLE OF CONTENTS
Title page
Certification
Dedication
Acknowledgement
Table of contents
CHAPTER ONE: INTRODUCTION
Background of the study
Statement of research problem
Objective and purpose of the study
Scope and limitation of the study
Research methodology
Significant of the study
Statement of the hypothesis
Organization of the study
CHAPTER TWO: LITERATURE REVIEW
Historical background
Comparative marketing strategies
Organization aim, gall and strategies
The major marketing strategy determinant
Selection of an effective marketing strategies
Impact of effective marketing strategy on banking industry
CHAPTER THREE: CASE STUDY AND METHODOLOGY
Brief history of the case study
Method of data collection
Population and samples
Sampling techniques
Method of data analysis
Procedure for processing collected data
Limitation of the method
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
A brief introduction of the chapter
Presentation and analysis of data according to research question
Presentation and analysis of data according to test of hypothesis
Analysis of other data
CHAPTER FIVE: FINDINGS, SUMMARY, CONCLUSION AND RECOMMENDATION
Summary of findings
Conclusion
Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In 1892 the first commercial bank was established in Nigeria when the Africa banking corporation established a branch in Lagos later, branches of other expatiate banking business called the bank of British west African and Barclays were established.
Nigeria started to run indigenous bank in 1928. when the first indigenous bank was establish in Lagos.
In the early stage of Nigeria indigenous banking system, nearly all the banks established met a sudden death as “ the collapsed within a very short period of time due to mismanagement and inexperience.
However, the rapid increase in the number of the commercial bank is a good fortune to nation economy as a whole but called for the need to develop the marketing as well as marketing strategy in order to determine the needs and wants of target market more efficiently and effectively therefore every bank incorporate marketing department as an integral part of the whole system. The marketing managers and in the saddle of running and making decisions about how best to employee the marketing tools at this disposal to achieve a predetermined goals. The marketing managers work with the variable controllable and uncontrollable while planning the strategy.
In effective marketing strategy, the marketing manger faces certain constraints that are inherent in the environment within which the strategy must be employed. These constraint are the situation analysis variables include in the situation of the marketing plan. However, many of the most successful banks in the world own their success to practicing a well designed market orientation.
1.2 STATEMENT OF RESEARCH PROBLEM
One of the greatest factors that brings about effective turnover organization is effective marketing strategy applied in that organization.
Hence the research problem of this study revolves round the effect of marketing strategy in banking industry the nature of services offered by the bank i..e intangible goods are more difficult to sell than the tangible ones. However, they have to put a lot of marketing knowledge strategy in selling their product since their services can not be seen or for the bank to complete effectively other financial institutions.
The problems of this study would be centered on the following specific term:
What are the historical background of marketing and marketing development in Nigeria
What are characteristics of financial services?
What are the positions of service industry in Nigeria?
What are the importance’s of marketing to the society?
What are the roles of marketing in banking industry?
What is the importance’s of marketing to the society?
What constitutes the marketing strategy?
What are the major marketing strategy determinants?
What are the best ways of selecting an effective marketing strategy?
What are the impacts of effective marketing strategy on banking industry?
1.3 AIMS AND OBJECTIVE OF THE STUDY
The aim of this study is to analyze the merit of marketing and its strategy in banking industry. Theories and research findings have shown that the effective of marketing strategy improve most banking industries by boosting their effectives and efficiency.
Objective of the study are as follows.
To examine the historical evolution of marketing development in Nigeria.
To highlight the nature and characteristics of functional services.
To examine the position of service industry in Nigeria
To discuss the roles of marketing in banking industry
To point out the importance of marketing in society
To examine the marketing strategy
To expatriate the major marketing strategies determinant.
To critically examine the best way of selecting an effective marketing strategy
To expatriate the impact of effective marketing strategy on banking industry.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the research work is that it provides information on the marketing strategy in baking industry; the study will also create the most properly accepted policy in marketing strategy. The study highlights the policy required in marketing effective marketing strategy in banking and other solution to the problem related to importance of effective marketing strategy in banking industry.
1.5 SCOPE AND LIMITATION OF THE STUDY
The scope of marketing strategy is very wide, it is applicable in every business organization which is profit oriented i.e. financial institution, insurance company, partnership, sole trading etc. to mention but, a few we have attempted to conduct a research into all possible area that would facilitate effective marketing strategy in banking industry. But as a result of time and financial constraints, the research in banking industry especially commercial banks.
The research will be historical and case study which may be limited by insufficient finance, lack of enough time and lack of co-operation from the respondent.
1.6 STATEMENT OF THE HYPOTHESIS
One of the characteristic of the study is to enumerate some fundamental hypothetical statements resolving round the problem of the study. Therefore, some hypothesis have seen formulated to make clarification of the problem of effective marketing strategy. For this reason, the following questions are tested.
Does any strategy have any effect on the banking industry?
Does marketing strategy have any effect on banks customers?
The general hypothesis that will be tested in the course of the research are as follows:
Ho: Marketing strategy does not have effect on banking industry
Hi: Marketing strategy has effective on banking industry
1.7 RESEARCH METHODOLOGY
Based on the topic of the research, the researcher will make use of both primary and secondary source of information. Primary sources are include materials for the case study, material from the internet and response form questionnaire, therefore, secondary source are includes text books, financial report, newspaper etc.
The instrument to be employed to collect the primary data is questionnaire. Both descriptions and inferential statistics will be employed to analyses the data collected.
1.8 ORGANIZATION OF THE STUDY
The researcher work will be divided into five chapter and each chapter contains the following.
Chapter one contains the background of the study statement of research problem, aims and objective of the study, significant of the hypothesis, research methodology and organization of the study.
Chapter two discusses historical background, co-operative marketing strategy, organization aim goals and strategies the major marketing strategy and impact of effective market strategy on banking industry.
Chapter three also contain the highlight brief history of the case study, method of data collection, population and samples, sampling techniques, method of data analysis instrument, procedure for processing collected data and limitation of the method.
Chapter four also deals with presentation and analysis of data according to research question, presentation and analysis of data according to test of hypothesis and analysis of other data. Chapter five highlight summary of findings, conclusion and recommendations.
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