THE IMPACT OF MARKETING ON FINANCIAL INSTITUTION (A CASE STUDY OF FIRST BANK NIGERIA PLC. ILORIN)

TABLE OF CONTENTS

Title Page                                                                     i

Certification                                                                 ii

Dedication                                                                    iii

Acknowledgement                                                      iv-v

Table of contents                                                                    vi-vii

CHAPTER ONE

1. Introduction                                                            1
2. Background of the Study                                                1-3
3. Statement of problem                                            3-4
4. Objectives of the study                                          4-5
5. Significance of the study                                       5-6
6. Scope of the study                                                  6-7
7. Limitation of the study                                          7-9

CHAPTER TWO

2.0 Literature Review                                                  10

2.1 Conceptual Frame work                                       10-12

2.2 Some basis Marketing Concept                                     12-17

2.3 Marketing Mix                                                       17-19

2.4 Application of Marketing Mix to financial institution                                                         19-29

2.5 Market Segmentation in Banking Industry                  29-31

2.6 Impact of Marketing in the Service of

     Banking Industry                                                   32-34

2.7 The problem of Marketing                                   34-36

CHAPTER THREE:

• Research Methodology                                      37
• Research Population                                          37
• Sampling Size                                                    37-38
• Sampling Technique                                          38-39
• Data Collection Method                                    39
• Method of Data Presentation                                      39-40

CHAPTER FOUR:

• Historical Background of First Bank Nig. Plc.         41-43
• Data presentation                                               43-44
• Analysis of Data                                                45-55
• Discussion of findings                                       56-57

CHAPTER FIVE:

5.0 Summary, Conclusion Recommendation.           58

5.1 Summary                                                                58-59

5.2 Conclusion                                                             59-61

5.3 Recommendation                                                   61-63

Appendix I                                                                   64

Appendix II                                                                  65-66         

References                                                                     67-68

CHAPTER ONE

INTRODUCTION

BACKGROUND TO THE STUDY

This research is an attempt to disapprove the pervasive notion that marketing is relevant only to the selling of physical end tangible products.

The nation was due to the fact for that for a long time, financial institution was a seller market where the buyer had to seek in some cases forming the impression that it was a privilege for him enjoy the service of a bank or other financial institutions.

Financial institution can be defines as any establishment or organization responsible for providing financial services to their customers the government as well as the general public. These financial services include acceptance of deposits given of loan, stocks and bonds where life assurance e.t.c Institution covered under the term financial institution includes the Banks, institution forms, store Broking forms investment house, discount house e.t.c.

In the past years, before the advent of financial institution, particularly Banks that were established in Nigeria.

Nigerians have ways of keeping their valuable like jewelries and money at home or in their farms. In a report carried out a statement was made by CBN official Dr. Victor Odoze published by new Nigerian newspaper on 17^th January 1993 that Nigerians do not keep their money in Banks. He also spoke in details that a total N3.777 Millions or 89% of currency issued was being kept at home by people or in the private safes of individual Nigerian as at July ending 1981.

Today, things have changed the financial institution in general and the banks in particular have witnessed and still witnessing rapid changes in their operational environments. This modern banking industry is required those who are in the industry. (The bankers) to look into well stocked shelves of services that they have offer and out to approach the clients to whom such services can be sold.

As result of changes in the banking industry and commerce generally coupled with the government effort at influencing the state of the economy. The marketing environment of the banking industry is responding to the changes. There must be a quiet banking to a more purposeful banking.

Since marketing involves findings out that consumer’s need and providing product that will satisfy those needs at a profit, then financial institution must respond to a new way of the changes in their environment by fashioning out new practice and investment to meet their customers’ needs.     

1. STATEMENT OF THE PROBLEM

In the past years marketing had been neglected in the financial institutions particularly in the banking industries due to the nature of services they offered, which is intangible product. This has created a lot of problems for them since they face competition from other financial institutions.

In service industry, generally the practice of marketing is not enough. It is viewed that there is no need to apply marketing principles. This may be due to their ignorance of what marketing is and its important to the economy. The categorized marketing as selling and they feed to understand the real meaning of marketing.

The general statement of problem of the study is as follows:-