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APPLICATION
OF MARKETING CONCEPT IN BANKS AND ITS EFFECTIVENESS IN CONSUMER SATISFACTION
CHAPTER ONE
INTRODUCTION
1.0
BACKGROUND OF THE STUDY
Marketing
concept is a customer oriented philosophy which states that customer’s
satisfaction is the economic and social justification of firm’s corporate
existence. These philosophies hold that the company should be customer
oriented. Strive for profitability. Sales volume and coordinate all its
marketing activities. Marketing management however is the vehicle that business
uses to capture the marketing concept. Kurtz (1992. Pg 3) defines marketing
management as a unifying approach marshalling and directing the total resources
of a business firm towards the determination and satisfaction of a customer and
consumer wants in a way planned to enhance the firm overall profit position.
Where the marketing concept is recognized, there is a total change in the basic
philosophy of business. Instead of trying to sell what can be produced.
Management produces what is really needed by the customer though profit
criterion is there. The element of serving and keeping the customer satisfied
are equally important to the company. By realizing that it is not merely
selling a particular product but particular need of a customer is satisfied
effectively. The essence of banking services marketing is to provide the
desired satisfaction to customers and make the business of banking maintain a
sound footing and sustainable growth in the short and long run. The current
industrial, commercial and technological metamorphosis with increased
competitive pressure. Customer expectation and other unstable environmental
faces are clear indications that a business either adopts marketing concepts
philosophy or goes out of existence. The recent proliferations of banks in
Nigeria denote a more intense competition in which only those capable of
adopting dynamically would be able to maintain a sustained growth and
profitability. The present economic changes in Nigeria no doubt, pose greater
challenges to commercial banks. These trends of changes have made banks to
realize that their customers can no longer just be treated in an off head
manner. Banks therefore employs marketing experts who actually go out and
solicit customers patronage and loyalty. Banks now realized the importance of
maintaining close relationship with customers and getting the service closer to
them as possible. Most banks set up marketing research department or as the
case maybe in order to gather more facts about customer needs, attitude,
motives and preference. The orientation of banking service started with
production concept which believes that customer would buy the services offered
to them by banks provided it is accessible and affordable. Thus banks thinks of
offering useful services and open out more branches to make their service
accessible. Later the bank moves to product concept under the assumption that
customers would buy such services that offers the best quality and value for
the price that is being offered. Thus banks direct their efforts in improving
the quality of their services. However, at the later stage of their
development, sales orientation comes into effect i.e. selling concept which
believes that customers would not buy enough from them unless a positive extra
effort is made to sale the product due to increase in competition and
awareness. Today, the application of marketing concept makes banks to accept
the fact of finding out the needs and wants of customers and to provide banking
service package that will best satisfy such needs and wants profitably. The
marketing concept has been viewed as the correct philosophy in achieving a long
– term commercial success. Thus making the task of persuading customers to buy
the service that bank offered very easy. Therefore customer satisfaction
becomes inevitable. The marketing concept is directed towards answering the
question as to, who are our customers. To whom do we produce? What marketing
techniques do we employ? Why are we selling this product? Who do we sell to?
Also to find out what the customer want and where he wants to buy the product
and how he want it delivered in order to create a cordial relationship between
the organization and its customer so as to achieve maximum satisfaction. The
banking profession in Nigeria had until – recently been characterized by what
expert refers to as arm chair banking, where bankers are waiting in their
offices for work to come and meet them. This approach to banking business is
deficient because the bank had not fully embraced marketing concept: its
philosophy and function. Their perception of marketing is still narrowly
defined. Marketing of bank services actually transcend these myopic ends.
Nigeria commercial banks need to adopt the marketing concept programmes for a
purposeful and customer oriented approach to the business of banking. As a
result of the above factors, this research is designed to answer the following
questions. 1) To research into and find out those areas the banks have found to
be of interest in satisfying customers.
2) To
ascertain the opinions of banking staff towards their customers and vice –
versa.
3) To find
out the place and role of marketing in the organizational structure of
commercial banks and to what extent marketing functions have been applied.
4) To ascertain
the effectiveness and efficiency of marketing concept application.
5) To make
useful recommendation towards improvement
1.1
STATEMENT OF GENERAL PROBLEM
The
marketing concept doesn’t seem to receive complete recognition by the Nigeria
commercial banks. The integrated marketing idea that business should be
organized in such a way as to satisfy the customers by committing the whole
system of the organizations activities towards a single objective has been a
myth to the commercial banks rather than a reality. Consequently, customers are
not given the adequate attention they required in the banks as that which is
appropriate in the service organization. Furthermore, banks charge
discriminatory interest rates on borrowed funds which causes untold hardship to
customers.
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