APPLICATION OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER SATISFACTION (A CASE STUDY OF GT BANK PLC)
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APPLICATION
OF MARKETING CONCEPT IN COMMERCIAL BANKING AND IT EFFECTIVENESS IN CONSUMER
SATISFACTION
(A CASE STUDY OF GT BANK PLC)
ABSTRACT
The primary objective of this research work is to
carry out proper investigation on “the application of marketing concept in
commercial banking and its effectiveness in consumer satisfaction” at Guaranty
Trust Bank Murtala Muhammed Square Branch Kaduna. To highlight the result of
the investigation of the subject matter. Background, statement of general
problem, purpose, significance, research question and delimitation of the
study. Chapter two is the literature review relevant material were used in
order to acquire full information about marketing, the marketing concept. Nigeria
Ho: Marketing concept has no effect on the customer’s satisfaction.
H1: Marketing concept has effect on the customer’s satisfaction.
Chapter four deals with data presentation and analysis; all the data
collected were analyzed in this chapter, result obtained from the data and
proof of hypothesis was accepted often careful analysis of the alternate
hypothesis, this chapter result obtained from the data and proof of hypothesis
was accepted often careful analysis of the alternate hypothesis. It proved that
marketing concept. Application has effect on consumer satisfaction. Finally
chapter fiver contain the summary of the major finding of the research and
recommendation were made based on conclusion. The recommendation include A well
coordinated marketing planning programme must be adopted by Guaranty Trust Bank
to ensure that all departments are giving total participation towards
customer’s satisfaction. All effort should be directed towards reducing
customer waiting time to the barest minimum which is highly important. These
can assist management in marketing their products effectively while ensuring
customer satisfaction.
TABLE OF CONTENTS
Title page i
Declaration
ii
Approval
page iii
Dedication iv
Acknowledgement v
Abstract viii
Table of
contents x
CHAPTER ONE:
INTRODUCTION
1.0 Introduction 1
1.1 Background of the study 3
1.2 Statement of the study 5
1.3 Purpose of the study 7
1.4 Significance of the study 9
1.5 Research questions 11
1.6 Statement of Hypothesis 12
1.7 Delimitation of the study 12
1.8 Definition of terms 13
CHAPTER TWO: LITERATURE
REVIEW
2.0 Introduction 16
2.1 Historical Perspective of Research Area 16
2.2 Review of current Literature 18
2.2.1 Marketing Concept 22
2.2.2 Contrast Between sales and Marketing
Concept 23
2.2.3 An Overview of Nigerian Financial System 24
2.2.4 Classification of the Nigerian Financial
System 25
2.2.5 The Role of Marketing in Nigerian
Financial 26
2.2.6 Marketing of Banking Service in Nigeria
2.2.7 Application of marketing mix in the
Banking Industry 28
2.2.8 Total Quality Management 41
2.2.9 Customer Satisfaction 46
CHAPTER THREE: RESEARCH
METHODOLOGY
3.0 Introduction 53
3.1 Area of study 54
3.2 Research design 54
3.3 Population of the study 55
3.4 Sample and sampling technique 55
3.5 Instrument for data collection 56
3.6 Administration of the instrument 58
3.7 Method of data analysis and presentation 58
CHAPTER FOUR
4.0 Introduction 59
4.1 Characteristics of respondents and
classification 59
4.2 Data presentation and analysis 61
4.3 Answer to research question 75
CHAPTER FIVE
5.0 Introduction 78
5.1 Summary 78
5.2 Conclusion 80
5.3 Recommendations 81
Bibliography 84
Appendix/Questionnaire 86
CHAPTER ONE
1.0 INTRODUCTION
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 Nigeria
1.1 BACKGROUND OF THE STUDY
This study tries to
examine the contribution of marketing concept philosophy and the marketing mix
elements in the effort of satisfying customer’s need effectively in commercial
banking. 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.
1.2 STATEMENT OF GENERAL PROBLEM
The marketing concept
doesn’t seem to receive complete recognition by the Nigeria Nigeria
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
1.3 PURPOSE OF THE STUDY
The marketing concept
has not received the attention it deserved in most commercial banks in the
country. The importance of this research focuses on the effect of marketing
concept on the Nigerian banking sector using Guarantee Trust Bank Plc Kaduna as
a case study. The research attempt to highlight the importance of the marketing
in the banking industry. Accordingly, attempt will be made to critically
examine the various marketing mix elements and their effect on the banking
sector.
The researcher is essentially
interested in looking at marketing as a critical factor for the increase in
patronage of the banking industry. And equally ascertains the extent of
marketing in the sector. The concept of marketing is directed towards customer
satisfaction. Marketing is a consumer oriented programme which start by
focusing on the consumer wants. How best to satisfy him and how best to
communicate and bring service to him at the price he can be willing to pay with
added emphasis on convenience.
In fact the purpose of the study is
1) To provide a valid
picture of what is happening in the commercial banks in term of marketing and
customer satisfaction.
2) To analyses customer
response as to service rendered by commercial banks.
3) To evaluate the
compatibility of bank resources with the environmental factor. (service and
customers)
4) To measure commercial
banks corporate offer and customer acceptability.
5) To recommend on
solving problems based on findings which will help to improve other marketing
strategies implementation.
1.4 SIGNFICANCE OF THE STUDY
This research is
necessary because some officials have not fully displayed through their
attitude the relevance of the customer as the key player in the banking
service.
The research is timely
and important because of the role marketing plays in the banking industry. It
will also prove or refute the hypothesis that Banks believes in the application
of marketing concept in order to bring about objective satisfaction to
customers needs.
Customer’s needs and
wants are dynamic in nature. Some customers are not aware of various products
and services rendered by banks apart from mere deposit and withdrawal from
their accounts. The effect of marketing will therefore serve as impetus for
drawing the attention of the customer to the existence of their services. It
will also serve as a useful tool in setting overall corporate objective,
prosperity, growth and continued existence of business. The commercial banks
needs to constantly structure their services in such a way that they cater for
the financial needs of not only the customers but also the prospective
customers.
The research finding
is hoped towards providing qualitative and quantitative knowledge and idea in
applying the concept of marketing in achieving corporate objective and customer
satisfaction. Also student of marketing can use this research work as a guide
or reference when information on marketing concept and the marketing mix
element are desired in customer satisfaction. It is often said that the end of
research work is the beginning point of another, so it will act as a fore
ground for staff and students who will find this philosophy worth while or
unavoidably expedient.
1.5 RESEARCH QUESTIONS
The research questions
are formulated on the basis of the purpose of the study to guide the entire
research work. These questions will serve as guide to the researcher in
designing the questionnaire and in providing solution to the problems
discovered. Thus the questions are set as follows;
v What is the status of
marketing concept in GT bank
v How long have GT bank
adopt the marketing concept
v Does the concept
increases patronage by customers
v What is the effect of
the concept to the organization
v How would the concept
improve customers satisfaction
v What is the nature of
relationship that exist between GT bank staff and its customers?
v What effort is the
management of GT bank doing to improve that relationship
1.6 STATEMENT OF HYPOTEHSIS
Two hypotheses have
been formulated and would be tested in the course of this study, which are the
Null hypothesis and the Alternate Hypothesis.
Ho: Marketing concept has significant effect on
customer satisfaction.
Hi: Marketing concept has no significant effect on
customer satisfaction.
1.7 DELIMITATION OF THE STUDY
In conducting a
research of this nature, definitely one is bound to face some challenges.
Therefore the research focuses only on the management and customer of GT Bank
Murtala Mohammed Square Branch Kaduna due to financial constraint. Time limits
and other environmental constraints.
a)
Finance: Due to the high cost
associated with transportation, visitation was only restricted to the branch
office in question. Also materials that are needed have to be bought, while
some are obtainable from the net. Typing and binding of the entire work is
another area that needs serious consideration.
b)
Time Constraint: Time was a major
constraint to the research and this was compounded by the fact that the
research work was to be conducted and its report submitted within a short
period of time. Data collected analysis classification of such data’s,
interview was also conducted and the respondent’s attention based on their most
convenient time.
c)
Inadequate Material: Research work of this
nature requires information from textbooks, journals and periodic reports of
which some of these materials are either confidential, difficult to obtain or
too expensive.
1.8 DEFINITION OF TERMS
Some of the terms used
in this research work are defined below for easy understanding and
interpretation.
v Marketing Concept: The philosophy which states that customers satisfaction is the
economic and social justification for a firm existence.
v Marketing: The management process responsible for identification, anticipation
and satisfaction of customers needs profitably.
v Product: Bundle of utility satisfaction, which takes the form of tangible or
intangible object offered for exchange.
v Service: Any activity or benefit that one party offers to another that is
essentially intangible and does not result in the ownership of anything.
v Advertising: Non personal paid form of awareness creation directed at target
audience by mean of persuading them to take a particular course of action.
v Analysis: A resolution into simple element. E.g summary of data into a tabulated
form chart or diagram.
v Attitude: State of mind reflecting a negative or positive personal view about an
object of concept.
v Bank Marketing: The process at attracting customers to sell deposit and buy loans and
advances from the bank.
v Customer Orientation: The identification of what customer wants and how
to deliver it to consumer’s satisfactorily, which is the means of corporate
survival.
v Banking Ordinance: Law passes by Federal government of Nigeria
v Bank Note: Paper issued by bank in denomination for the purpose of exchange of
goods and service.
v Bank Charge: Commission charged by bank to customer for the safe keeping and
management of their accounts.
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