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Impact Of Marketing Activities On The Banking Sector
[A CASE STUDY OF UNITED BANK FOR AFRICA PLC, ILORIN]
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PLACE
The purposes of production are not satisfied. If product price does not reach the customer. Therefore, it is important to relate place as one of the marketing mix to the banks head offices, branches and agent are the right place where product (financial services) are marketed.
PROMOTION
Banks because of competitive array of operation needs promotion to let its buyers be aware of both existing and new services and to get customer informed about the use of new services promotion is prominent because of the following:-
1. Greater competition between banks
2. Increases in new services to attract customers attention.
1.2 STATEMENT OF PROBLEM
There are many reasons for organization to adopt marketing strategy for management effectiveness, but, varies from one organization to another. The major reasons which can be identified for the design and option of marketing strategy in an organization, particularly in banking sectors include the following.
1. Identify the needs of the customer
2. Providing service to meet the identified and at the right price time and right place.
3. Making some profit meeting customer needs.
1.3 OBJECTIVES OF THE STUDY
The objectives of this research work is to determine the relevance of marketing department in most banks, other objectives of the study are as follows:
1. To know the application of marketing mix that is suitable in the banking industry between the customer and the bank staff.
2. To know how the service in banking sector affect the economy of a nation.
1.4 SCOPE OF THE STUDY
This project work is basically concerned with the banking industry/Sector, Union Bank of Nigeria Plc, Ilorin Branch (Oja-oba) as the particular reference. Having, realized its major concerned on the impact of marketing activities in banking sector.
1.5 SIGNIFICANCE OF THE STUDY
The importance of this study can not be over emphasized as it will go along way in consistency Union Bank of UBA to see to the complains of customers.
The study will also highlight the possible benefits and purpose of marketing department in the bank. It will also serve as reference for future studies by management students.
1.6 LIMITATIONS AND CONSTRAINTS
This research work is limited in scope due to some problem encountered during the curse of putting the write up together.
Apart from the financial and time constrains that limited the scope of the study, selecting a ban out of 122 branches, operating in the country could not be said to be a good representation or sample of bank required to generalized the impact of marketing department in the bank sector.
Besides, it should be noted that officers of the banks usually decline disclosing certain information often tagged as confidential. This study equally limited the extent to which useful data were made available.
1.7 DEFINITION OF RELATED TERMS AND CONCEPTS
At this juncture, it is very imperatives to defined some terms used in this chapter to enhance the reader understanding.
1.) Marketing:- This is the process of identifying the needs of the customers and providing the needs.
2.) Price:- This is the value consumers place on a particular product, often termed and expressed in monetary form.
3.) Place:- It includes the various activities the company undertake to make the product available and accessible to the target customer.
4.) Financial Institution:- This is an institution that serve as a mediator between the surplus spending not and the deficit spending unit.
MARKETING SEGMENTATION:- For marketing effort to be effective the marketer should decide whether to treat his market as a single large unit or as a group of separate smaller unit called market segments.
1.8 PLAN OF THE STUDY
Many writers have tried to see this particular issue from different perspectives and classification. The chapters in this study are divided in to five. The introduction chapter which the subject matter research objectives, scope of the study statement of problem e.t.c. chapter two encompasses literature review in the field of study and examines the importance and needs for marketing in banking sector. Chapter three deals with the historical background of Union Bank of Nigeria Plc and organization structure. Chapter five deals with conclusion, summary and recommendation.
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