STRATEGIC MARKETING OF BANKING SERVICES IN NIGERIA
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 50 pages | 1-5 chapters | Amount: ₦5,000 | Marked useful: 4,819 times
Delivery: Within 24 hoursABSTRACT
The proliferation of banks in Nigerian economy resulted in cutthroat competition among banks, the phenomena in informed the decision to probe into how banks market their financial services. In other words, the focus of this work is to find out the marketing strategies adopted by banks to create awareness of their products. To customers, it also sought to know the importance of marketing in the liquidity and profitability position of banks. The effect of marketing strategies and techniques on the existing customers and prospective ones was also a subject for consideration.
However, since there are many banks in Nigeria spread over the thirty-six (36) states of the federation and the federal capital territory, Abuja to use all banks for the purpose of the study would be cumbersome and illogical.
Four branches of the bank situated in Lagos were used for the purpose of data collection interviews method was adopted with the use of two separate interview schedules, one for bank officials and the other for customers of the branches.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This study is concerned with market of financial services in the banking industry of the economic. It is usually focused on the changes that have taken place in the financial environment, and how banks have reacted to these changes, the planning involved and the creation of new services to meet their customer’s needs.
The Nigeria banking industry, it must be argued has come a long way in serving as a hub of financial intermediation process in the entire development of an economy, more so of a developing one, most of necessity institutes highly functional and efficient financial system. The banking industry is therefore important in the process of development.
The financial sector has therefore become one of the fastest growing sectors in the economy cutting across the monetary authorities, the banking institutions over the years, the marketing concept before now had a restricted meaning of activities, which relates the buying and selling of goods. See buyers or sellers of services. This believes could be attributed to the level of awareness among the Nigerian market. However, in theory product marketing sales of goods and services, marketing such as provision of bank and insurance services are the same.
Marketing strategies are now being used in all sectors of the economy and the marketing mix; that is the blending of the (4) Ps’ (product, price, place and promotion) of marketing to achieve the objective for which a company is established, has become a necessity for variable companies in the economy.
The trend in the banking industry today provides an interesting example of a service industry that has in the past neglected the marketing concept, which stipulates that a market oriented company must seek the need and wants of the consumers should be at the command of the company.
As a result of the growth in number of banks in Nigeria (commercial and merchant) before 1983 and 1990 from thirty-five (35) to one hundred and nineteen (119), they were now awakened to realize that in order to continue in business they must get a reasonable percentage of the banks existing customers and acquire more of the potential customers by turning them into full customers.
Also to attract customers and deposits, most banks like other business outfits resorted to dynamic and motivating marketing strategies could be defined as the means and techniques through, which organization attempt to promote their products with a view to enhance their image in order to get a large percentage of the industry market, to achieve the objective of the organization, marketing concept and strategies then become important as efficient provision of financial services by the banks.
Tags: Strategic marketing Impact of strategic marketing Evaluation of strategic marketing Banking services in Nigeria Assessment of banking services in Nigeria Optimization of banking services in Nigeria
This material content is developed to serve as a GUIDE for students to conduct academic research
Delivery: Within 24 hours
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
MULTIPLE BANK CHARGES: ASSESSING ITS IMPLICATIONS ON THE GROWTH OF SMES IN NIGERIA
CHAPTER ONE INTRODUCTION Background of the Study The inception of the banking sector in Nigeria dates back to 1892 when the First Bank of Nigeria P...More »
Item Type: Project Material | 54 pages | 317 engagements |
- 2.
AN EXAMINATION OF THE INFLUENCE OF MULTIPLE BANK CHARGES ON CUSTOMER BEHAVIOR
CHAPTER ONE INTRODUCTION Background of the Study A stable banking industry is crucial for the development and stabilization of a country's economy,...More »
Item Type: Project Material | 54 pages | 233 engagements |
- 3.
AN ASSESSMENT OF THE PROBLEMS AND PROSPECT OF STUDENT LOAN SCHEME IMPLEMENTATION IN NIGERIA
CHAPTER ONE INTRODUCTION Background of the study Student loan programme have developed over many years as governments and educational inst...More »
Item Type: Project Material | 54 pages | 459 engagements |
- 4.
ASSESSING THE INFLUENCE OF DIGITAL BANKING IN PROMOTING FINANCIAL INCLUSION AMONG RURAL DWELLERS IN ...
CHAPTER ONE INTRODUCTION Background of the Study Within the changing environment of the financial industry, digital banking has become a crucial to...More »
Item Type: Project Material | 54 pages | 399 engagements |
- 5.
ASSESSING THE IMPACT OF DIGITAL BANKING ON TRADITIONAL BANKING SERVICES IN CAMEROON
CHAPTER ONE INTRODUCTION Background of the Study Digital banking services have gained prominence in the financial business in recent times. Accordi...More »
Item Type: Project Material | 54 pages | 339 engagements |
- 6.
AN ASSESSMENT OF THE FACTORS INFLUENCING THE ADOPTION OF DIGITAL BANKING AMONG HOSPITALITY COMPANIE...
AN ASSESSMENT OF THE FACTORS INFLUENCING THE ADOPTION OF DIGITAL BANKING AMONG HOSPITALITY COMPANIES IN CAMEROON CHAPTER ONE INTRODUCTION Backgro...More »
Item Type: Project Material | 54 pages | 334 engagements |