CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
To be competitive, financial institutions must appraise how they are delivering products and services, determining that their marketing approach meets their customers’ needs and demands for financial products. Non-banking entities continue to enter the financial services arena which has given rise to the need to market products more effectively. Additionally, customers’ wants and needs are constantly changing, along with changing technology and delivery methods. Attention to service quality is mandatory for those institutions who hope to increase their market share. A dilemma is created for those in the financial services industry. Where is emphasis placed–on service or cost? The successful financial institutions will be those who can adapt their marketing approach to meet the demands brought about by changing laws, technology, and customer requirements. Therefore the research seek to evaluate the marketing concept in the Banking industry with a case study of union Bank plc.
1.2 STATEMENT OF THE PROBLEM
The recent developments in the banking industry from consolidation, to mergers, and acquisition of small banks by the big ones has led to stiffer competition in the banking industry
As a result it is imperative that banks refocus their marketing strategies to be relevant and customer driven present economic climate in our country possess serious challenges to the banking industry, ranging from effective and prudent management of resources to the quality of service rendered and their accruing mutual satisfaction to both banks and customers. In other words, it calls for the adopting of a marketing orientation and the application of the tools of marketing to banking business to ensure survival and growth. Therefore the problem confronting this research is to evaluate the marketing concept in the banking industry with a case study of union bank plc
1.3 RESEARCH QUESTION
1 What is the nature of the marketing concept?
2 What is the relevance and application of the marketing concept in the Banking industry?
3 What is the nature of the marketing concept in union Bank?
1.4 OBJECTIVES OF THE RESEARCH
1 To determine the nature of the marketing concept.
2 To determine the relevance and application of the marketing concept in the Banking industry.
3 To determine the nature of marketing concept and its significance in union Bank plc.
1.5 SIGNIFICANCE OF THE RESEARCH
The research shall proffer the relevance of the marketing concept in the banking industry. It shall serve as a source of information to marketing expert in the banking industry.