ABSTRACT
This project work examined the relevance of Marketing in Banking service in Nigeria (a case study of Union Bank plc, Idah branch Kogi State). The aim of the researcher is to bring to light problems faced by the sector in rendering services. Marketing of banking services is faced with the problems of government regulation and central bank control, improved technologies and competition and people value. A survey research was adopted for the study. A total of 8 staff of Union Bank Plc and20 customers of Union Bank Plc were randomly sampled, a structured questionnaire was used for data collection. Simple percentage was used to analyze the data collected. It was found out that marketing service has shifted from its traditional application to a more appreciable business acceptance. Based on this, it was recommended that service of marketing should include proper identification of what really motivates the customers and should also call for the need to adopt latest technologies to assist service delivery.
TABLE OF CONTENTS
Title page – – – – – – – – i
Certification – – – – – – – – ii
Dedication – – – – – – – – iii
Acknowledgement – – – – – – – iv
List of tables – – – – – – – – v
Abstract – – – – – – – – – vi
Table of contents – – – – – – – vii
CHAPTER ONE: INTRODUCTION
1.1 Background of the study – – – – – 1
1.2 Statement of the problem – – – – – 5
1.3 Objectives of the study – – – – – 6
1.4 Statement of hypotheses – – – – – 7
1.5 Significance of the study – – – – – 8
1.6 Scope and limitation of the study – – – – 8
1.7 Definition of key terms – – – – – 9
1.8 Organization of work – – – – – – 12
1.9 End of chapter references – – – – – 14
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction – – – – – – – 15
2.2 Feature of Banks in Nigeria – – – – – 17
2.3 Functions of Bank (bank services) – – – 17
2.4 Problems of Marketing Banking Services in Nigeria – 19
2.5 Functions of Marketing in Banking Sector – – 25
2.6 The importance of marketing banking service in Nigeria 26
2.7 End of chapter references – – – – – – 28
CHAPTER THREE: RESAERCH METHODLOGY
3.1 Introduction – – – – – – – 29
3.2 Research Design – – – – – – – 29
3.3 Area of the Study – – – – – – 29
3.4 Sources and Methods of Data Collection – – 30
3.5 Population of t`he Study – – – – – 30
3.6 Sample and Sampling Techniques – – – 31
3.7 Validation of the Instrument – – – – 32
3.8 Method of Data Analysis – – – – – 32
CHAPTER FOUR: PRESENTATION AND INTERPRETATION OF RESULT
4.1 Introduction – – – – – – – 33
4.2 Data Presentation and Analysis – – – – 33
4.3 Test of Hypothesis – – – – – – 43
4.4 Discussion of Findings – – – – – – 48
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings – – – – – – 50
5.2 Managerial Implication of the Findings – – – 51
5.3 Summary of the Study – – – – – 51
5.4 Conclusion – – – – – – – 52
5.5 Recommendations – – – – – – 52
5.6 Suggestion for further studies – – – – 54
Bibliography
Questionnaire
Bibliography
Appendix
.CHAPTER ONE:
INTRODUCTION
BACKGROUND OF THE STUDY
A bank is a financial institution set up purposely for safe-keeping of money, valuable goods and documents like wills and others. The existence of banks has been a big boost to business activities the world over. They help to oil the wheel of business activities by making money available which is the essential ingredient of business.
THE ORIGIN OF BANK
The English banking system of which Nigeria is practicing today originated from Britain through the activities of the goldsmith. Bank and money therefore have common origin and ancestor-goldsmith. It was not deliberately designed as a bank, but through the processes of trial and error, bank emerged. As the name indicates, the goldsmith deals with gold which is a very valuable and rare commodity. Because of the costly nature of gold, the goldsmith had a place called his strong-room in which gold, other valuable commodities and documents were kept for safe custody. With his strong-room, the goldsmith started receiving valuable commodities from people for safe keeping. Receipts were issued to those who deposited their valuables as an evidence, and they paid the goldsmith for his service. As time went on, people started using the receipts issued by the goldsmith for the exchange of other goods and services.
When the goldsmith discovered that some people who deposited valuables with him do not come for them in a short period, he started enticing other people in form of interest to deposit their gold and other valuables with him. He also started lending these forms of money out to other people on short term basis on unit interest rate. The exercise continued. It was modernized and named bank. This is exactly how the English banking system originated. The goldsmith in London therefore became the first bankers. This banking system was copied in Nigeria and other West African countries like Ghana, Gambia and Sierra-Leone when they were British colonies.
Marketing has become increasingly a vital ingredient for business success. And marketing profoundly affects our day-to-day lives. It is embedded in everything we do (Kotler and Keller, 2006: 3-4) Marketing practices are continually being refined and reformed in virtually all industries to increase the chances of success. Marketing is very important in an organization, that one could equate it with finance. While finance may be considered as the life wire of business, especially startup capital, marketing is the only thing needed so that the capital invested could be recouped and for the business to continue to exist.
In the first instance, there is market for such business, while market may be viewed as a point where exchanges take place, marketing is considered as a set of human activities directed at facilitating and consummating mutually satisfying exchange relationship between the marketer and the market (Linus and Vivienne, (1997p.2). This definition justifies the dependence of business on marketing.
Marketing being the bedrock for business survival is commonly believed to have progressed through five distinct phases of evolution since the beginning of the time. According to White (2010), the simple trade era, the production era, the sales era, the marketing department era, and marketing company era. The modern marketing have been argued to have evolved in the mid 1800s in advanced countries like the United States of America and the early 1900s in developing countries such as Nigeria. Linus and Vivienne (1997 p.2) argued that a form of exchange relationship within the society had, however, been in relationship before the advent of modern marketing. This exchange relationship started when individuals were able to produce given items more than they could consume.
HISTORICAL BACKGROUND OF THE STUDY
Union Bank of Nigeria was established in 1917 as a colonial Bank with its branch in Lagos, 1925, Barclays Bank acquired colonial bank, which resulted in the change of the Bank’s name to Barclays Bank (Dominion colonial and overseas).
Following the enactment of the companies Act 1968 and the legal requirements for all foreign subsidiaries to be incorporated locally, Barclays bank (DOC) in 1969 was incorporated as Barclays Bank of Nigeria Limited.
The ownership structure of Barclays bank remains unchanged until 1971 when 8.33% of the bank’s shares were offered to Nigerians. In the same year, the bank was listed on the Nigeria stock exchange. As a result of the Nigeria enterprises promotion Act of 1972, the federal government of Nigeria acquired 51-67% of the bank’s share, which left Barclays bank Plc, London with only 40%. By enactment of the 1972 and 1977 Nigeria international limited disposed its share holding to Nigerians in 1979.
The ownership structure and in compliance with the Companies and Allied Matter Act of 1990, it assumed the name Union Bank of Nigeria Plc. In line with the central bank of Nigeria banking consolidation policy, Union Bank of Nigeria Plc acquired three other banks namely Universal Trust Bank, Broad Bank Ltd and Union Merchant Bank Ltd. They now operate under the brand name of Union Bank of Nigeria plc.
THE RELEVANCE OF MARKETING IN BANKING INDUSTRY IN NIGERIA A CASE STUDY OF UNION BANK PLC, IDAH BRANCH KOGI STATE
