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THE IMPACT OF MARKETING RESEARCH ACTIVITIES ON THE FINANCIAL SERVICES AND DELIVERY IN NIGERIA BANKS CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY American marketing association approved an expanded definition of marketing in 1987, the previous definition β the systematic gathering, recording and analyzing of data had been criticized because it reviewed marketing research activities too narrowly. The new definition state marketing research is the function which links the customer and the public to the marketing opportunities and problems generate, refine and evaluate marketing action, monitor marketing performances and improve understanding of marketing as a process. Marketing research specifies that information required to address the issues designs the method for collecting information manages and implements the data collection (process, analyze the result and communicate the finding and their implications). Marketing is changing the banking business marketing actually change any business long before marketing was embraced by the financial institution bankΒ also enjoyed an advantageous and privileged position as financial intermediaries workers of the economy. The traditional concept of banking institution is basically to serve as financial intermediaries between depositor and user of investment funds this institution must complete to ensure their continuous survival and relevance in the ever-competitive Nigeria environment. The competition is even made stiffer because banks will compete not just with each other alone but with all other non-banking financial institution operating in the market. Marketing is essentially on externally focused function of the firm. The firmβs environment defines its threat and opportunities. The environment is complex and undergoes continuous and sometimes catalysis change. An organization must adopt continuously to the changing environment or be overcome by it. A passive firm faces survive and probably enjoy modest growth and a creative firm will prosper an even contribute to the changes taking place in the external environment.Β Β The operating environment for banks in Nigeria since the introduction of the structural adjustment programme (SAP) in September (1986) has further encouraged increased competition among the banks. Liberal bank licensing policy by the government over changing regulatory policies change in foreign exchange and interest policies of the government all encourage stiffer competition previously unknown to the banking industry in Nigeria, most especially during the present increase capital base of bank. it is against the competitive background that the marketing at banks services becomes all the more relevant with greater competition and with more sophisticated and quality conscious customers success in the financial business require the adoption of marketing orientation that is to closely look at the market in which it operate with a view to developing and producing service sector. The financial services sector in general and banks in particulars have been slow to adopt the marketing philosophy. Therefore to the changing environment that has occasioned the re-approach. As the contents of the write-up untold the impact of marketing research activities on the banking business in Nigeria.Β Β Β Β 1.2 Statement Of The Problem Research department is a department that must exist in virtually all organizations. The prevailing condition in the Nigeria banking industry call for the adoption of marketing orientation and application of the tools of the marketing research in financial business in a study of this nature which deals with sensitive business in the Nigeria environment. The following specific problems will be investigated. i.Β Inadequately of financial services ii. Unsatisfactory manners of offering the existing or available financial services. iii.Level of innovation on the part of the banking product packaging and delivery. 1.3 Objectives Of The Study The objectives of this study is to evaluate the impact of marketing research on financial services. 1.4 Research questions 1. What are the importance of marketing research on Product and service development on the Nigerian banking sector? 2. What is the effect / extent of marketing research contribution to Product and service development in UBA PLC? 3. What are the circumstances under which marketing research is more likely to be used in the stage of Product and service development in UBA PLC? 4. What are the factors that influence marketing research on Product and service development in UBA PLC? 1.5Β Significant Of The Study Financial service as in other industries has the ability to realize a profitable volumes of sales in the struggle compete for the share of the some market depends substantially on the firms capability to make optional and timely response to the changes in the market place. The study aims at enlightening the need and impart of marketing research activities on the financial services creation and delivery in Nigeria banks, particularly United Bank for Africa Plc. It will show how the companyβs activities help in satisfying it customers desires, motives, attitude and behaviour. To this end more light will be shed on. i.Β Ways of utilizing marketing research activities in delivery banks services. ii. The extent to which bank in Nigeria can market this services through the employment of marketing function. iii. The similarities between the marketing of banks services and that of tangible goods. iv.Β Recommendation on the effective sways of marketing banks services in Nigeria to ensure high and satisfaction level to customers satisfactory in the ever-changing environment. 1.6 Limitation Of The Study The study of marketing research of financial services in Nigeria has one major limitation and that is, the publicity of relevant and up-to-date literature. This scarcity placed a constrain on the research work. Another limitation confronted with in the course of study is the lack of enough resources to travel for and wide to sample the operating activities of the selected bank (United Bank for Africa Plc) across the lengths and breadth of the federation. Lack of time for academic work during the research for information. For uncooperative attitude of most of the bank personnel, approach for discussion on the study. Finally, lack of satisfactory answer to question asked by the research is also a limiting factor since this affects the overall result of the research.Β
