MARKETING RESEARCH AND IT'S IMPORTANCE IN THE NIGERIAN BANKING INDUSTRY

MARKETING RESEARCH AND IT'S IMPORTANCE IN THE NIGERIAN BANKING INDUSTRY

Abstract

Due to the economic condition of Nigerian business environment, Banks undertaking new product and services are faced with an environment which is characterized by long lead times from basic research to industrial application, a commercialization phase with short lead times and an increasingly accelerated rate of obsolescence under the global competition of the Product and service development process. Marketing problems are numerous and inevitable as most products are not doing well to satisfy the consumers, as a result of poor marketing research to improve the quality of the product. The basic objective is to address the importance of marketing research on Product and service development and also examine the circumstances under which marketing research can likely be used in the stage of product and service development and its impact on profitability. The questionnaire and interview methods were used to collect data for presentation and analysis. The simple percentage justified the entire findings and the statistical techniques of chi-square explicitly show that market research is pivotal tool for new product and management decision. The entire findings of the study shows that in an attempt to evaluate the use of marketing assessment on new product, the entire area of the study needs a proficient market research development, more budgetary allocation is needed to propel marketing research to boost new product. And the finding of this study is that Bank’s Organizational structures, reveal lack of marketing research department of its own and budgetary allocation to marketing research is inadequate. The recommendation clearly stated that Banks should take note of the type of research approach to use at the stage which is concerned with comparing the concepts with or against existing market of the competitor. Bank PHB believe that new product/service is their life blood; it can be the better way to survive firmly and be more competitive. In addition, the strategy of how to manage new product/service process effectively and efficiently is becoming a powerful way of achieving a competitive edge.

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