An Evaluation of Market Segmentation Strategies and Their Effectiveness: A Study of First Bank in Borno State
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Background of the Study
Market segmentation is a strategic approach that enables businesses to divide their target market into smaller, manageable groups based on shared characteristics. By tailoring products, services, and marketing efforts to these segments, companies can effectively meet the unique needs of their customers (Kotler & Armstrong, 2023). Market segmentation strategies have proven to enhance customer satisfaction, optimize resource allocation, and improve business performance.
In Nigeria’s banking industry, First Bank is a leading financial institution with a diverse customer base. In Borno State, where socio-economic conditions vary significantly, effective market segmentation is critical to delivering personalized banking solutions and maintaining a competitive edge (Ibrahim & Lawal, 2024).
This study evaluates the effectiveness of market segmentation strategies employed by First Bank in Borno State, focusing on their impact on customer satisfaction and business performance.
Statement of the Problem
Despite the widespread adoption of market segmentation strategies, their implementation in the Nigerian banking industry faces challenges such as inaccurate customer data, inadequate segmentation criteria, and difficulty in measuring effectiveness. At First Bank in Borno State, these issues hinder the ability to meet the unique needs of different customer groups (Okeke & Yusuf, 2023).
This study investigates the effectiveness of First Bank’s market segmentation strategies, addressing gaps and proposing solutions to enhance their implementation.
Objectives of the Study
- To assess the effectiveness of market segmentation strategies at First Bank in Borno State.
- To identify challenges affecting the implementation of market segmentation strategies at First Bank.
- To propose strategies for improving market segmentation practices at First Bank.
Research Questions
- How effective are market segmentation strategies at First Bank in Borno State?
- What challenges affect the implementation of market segmentation strategies at First Bank?
- What strategies can enhance the effectiveness of market segmentation at First Bank?
Research Hypotheses
- Market segmentation strategies do not significantly improve customer satisfaction at First Bank in Borno State.
- The accuracy of segmentation criteria significantly influences the effectiveness of market segmentation.
- The use of technology does not significantly impact the implementation of market segmentation strategies.
Scope and Limitations of the Study
This study focuses on market segmentation strategies at First Bank in Borno State, evaluating their effectiveness and implementation challenges. Limitations include access to customer data, regional economic disparities, and the evolving nature of market segmentation techniques.
Definitions of Terms
- Market Segmentation: The process of dividing a target market into smaller groups based on shared characteristics.
- Customer Satisfaction: The degree to which customers’ needs and expectations are met.
Segmentation Criteria: The specific characteristics used to divide a target market, such as demographics or behavior.
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