THE IMPACT OF MARKETING STRATEGY ON DEPOSIT MOBILIZATION IN NIGERIA BANKS (A CASE STUDY OF ZENITH INTERNATIONAL BANK)
It is widely believed that proper application of marketing concept in financial service will help Nigeria banks to achieve their stated goal and objective within stiff competition. Thus this research work is to find outs how the importance of marketing strategy in Nigeria banks will propagated so as to project every marketing arms of a business as a life wire of such bank. The result from this research work showed that the data was collected through the use of Historical method, Observation method, Experimental and Survey method. All the text books consulted would be reviewed and brought forward in the project. The terms relating to marketing would be defined and explained. Therefore, this research work will provide the in depth meaning of marketing, marketing concept, target market, customers needs, customer service and inter-graded marketing. Also this research work will make a recommendation that will be based on the result of finding on the topic.
BACKGROUND OF THE STUDY
The application of marketing concept in Business Organization in Nigeria today is yet to reach its peak complete awareness, talk more of Banking Industry where it is believed that marketing can only be practiced at a minimal level of exceptional classes. Thank God now that the so-called explosion of income among people of the world have wiped out many distasteful ideas about marketing and have focused attention on innovations.
The members of families posing discretionary income are increasing and the amount of money available for various essential buying decisions can be withdrawn if not post at will by the customer. Only adequately sustain our vastly increased productive capacity and ensure profitable operation in the Banking industry.
Achieving marketing excellence in an organization in difficulty but its effects is felt throughout every organization with the growing emphasis on satisfying customers. Here emphasis has the therefore shifted to the total business performance, the coordinate management effort of producing for the marketing.
It is necessary for organization seek to understand customers behavior, his wants, the price he is ready to pay for satisfying those wants, his alternatives in terms of suitability, quality, value, availability etc.
All these do change overtime as any the interacting variable change. Management must constantly seek to identify and measure the dynamics of the societal behavior. It is to this end that I have chosen to write a project and the subject matter.
Management at all levels of dealings, be it Banking, and or No-Banking Industry are pleased with the option and zenith international bank is not an exception to this golden injunction.
1.2 JUSTIFICATION OF THE STUDY
It is helped that this research work will contribute in no small measure to both the academic endeavour and practices of related profession especially in the banking sector. Among the areas which the research work is expected to contributed are.
Setting of the organizational goals and objectives impact of marketing strategy in banks action towards increasing the profitability of banks.
1.3 STATEMENT OF THE PROBLEM
After series of consultant and discussion, we are made to I understand that marketing strategy has taken the base firm from the publication of reasoned analysis of the likely consequence of unconstrained consumption. But in this context, it will be helpful to review the board argument in order to support the basis the economic growth is a necessary condition for improving standards of livings, and the marketing has a vital role to play in optimizing the growth process.
The study is aiming at finding out several challenges facings the company and these arise from the following problem areas.
Inability of organization to full identify and understand customer needs develop product(s) the satisfy these needs profitably.
Lack of coordination among major marketing and other department on the other hands.
1.4 OBJECTIVES OF THE STUDY
The objective of this project is to examine the impact of marketing strategy on deposit mobilization in Nigeria Banks.
1.5 METHODOLOGY OF THE STUDY AND STATEMENT OF HYPOTHESIS
This research work is going to be tested through this questionnaire, and the following were therefore propounded for testing.
How can organization define its target market in order to direct its marketing programme appropriately?
How does organization identify and understand the customers need and desires to satisfy them profitably.
To what extent ca organization employs a well operational management of her affairs.
How can co-ordination and integrity of company’s activities and or function be achieved.
1.6 SCOPE OF THE STUDY
A researcher of any research work tries his best to use all the resources at the disposal to obtain a comprehended and through data so as to enable him present a good work useful to the reader.
However, some problems are almost unavoidable in the process of his research work. In fact, student research are always the most hardly hit especially in the areas of finance mobility. Undeveloped scientific facilities. Some of the limitation to the research work.
These problems could however be obtained the necessary data for meaningful decisions.
The researcher will thus, have it in mind the progress of the work as in the outlined contexts down to the recommendations and finally the conclusion of the study an impact of marketing strategy an deposit mobilization in Nigeria banks with conference to Zenith International Banks as a case study.
1.7 THE PURPOSE OF THE STUDY
There is very new to be motivated and live to the tenants of the objectives of the marketing strategy in banks as given in item 1.3 of the research study which entails centrally an putting the consumer first in every business arrangement seen that the opportunity and possibility of life are subject of changed full of experience in the changing world, this has a far reaching consequence in marketing offer as business is concerned.
Although, a setting for a lasting credible effect to create an awareness like this would appear to be burden some of course in everything in life, you must have to experience a test and passages references purpose
1.8 LITERATURE REVIEW
Evolution of marketing
Definition of marketing
The marketing concept in banking industry
The target market
Evaluation and appraisal of marketing concept.
1.9 DEFINITION OF TERMS
These below are marketing related and a professional terms used in the project work. They are however defined to limit the readers to the content and to the profession in which the project is dealing with they include.
ADVERTISING: It is any paid farm of non-personal presentation and promotion of ideas goats and services by an identified sponsor.
HYPOTHESIS: Are testable statement, required fact and their interpretation to determine their validity as a tentative solution to reasonable problem, having Ho as Null hypothesis and Hi as deposit mobilization in Nigeria banks with reference this project work the term is well defined reasonable problems, having Ho as Null hypothesis and Hi as the alternative hypothesis respectively.
MARKET: Is the actual and potential users of product(s). it refers to people with money and purchasing power or people with money and are willing and able to buy (exchange).
MARKETING CONCEPT: Is a philosophy of business that states that the customers’ want satisfaction is the economic and social justification for a firm’s existence.
PLACE: Means distribution and or a logistic flow of goods and services from the production (development)/creation end to the consumption and through such marketing intermediate instruments as; Distribution, Location, Inventories, and transportation etc.
POPULATION: Is the sum total of the unit of analysis surveyed for a particular study.
PRICE: Is a value expressed in terms of monetary medium of exchange and other quantitative measure of the worth of a product to attract other in exchange. This has to do with allowances, payment, discount, interest, credit etc.
PRODUCT: Is anything (tangible or intangible) that is offered to the market for attention or use of consumption satisfying to customers’ branding/names, services, packaging, guarantee etc.
PROMOTION: Is an act of creating an awareness of products to the public in general and to customer in particular. It is an initiated effort of the marketer to coordinates, establish and maintaining communication with target market to set up channels of information and persuasion to facilitate transfer of goods or services or the acceptance of ideas for something of value in return. This has to do Advertising, personal selling, sales Promotion Public Relation and publicity.
QUESTIONNAIRE: Is a form containing a list of questions to be answered or filled by the respondents. It is used for collecting the needed date or information from the respondents.
RESEARCH: Is a systematic process of gathering, analyzing, recording and reporting of information data necessary for the determination of solution to problems.
SAMPLE: Is a chose part of the population or proportion of the population to be studied bearing the interest of the total population as a whole. Marketing Strategy
SEGMENTATION: Is the process of diving the total heterogeneous market for a product into several submarkets, each of which tends to be homogenous in all significant aspects; in terms of family class position, perception, sex, age, location etc.
SERVICE: Is any activity, benefit or satisfaction that ca be offered by one party to another that is essentially intangible and does not result in the ownership of any particular things. It is production may or not test to a physical product. Marketing Strategy