THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Background to the Study
Today’s world is characterized by major changes in market and economic conditions, coupled with rapid advances in technologies. Banks invest in marketing research on Product and service development (new product/service) to ensure future success in the market. However, most marketing research on new products development are often more likely to fail than to succeed, addressing changing tastes with new products is essential in maintaining customer loyalty, so that good new product/service becomes a key factor in competitiveness. New products development can succeed if Banks change the way they do marketing research. (Hollingsworth 1996, and Jeffery 1998) recommended that new product/service strategies and process should change to follow changes in market and technology.
It is widely recognized that effective Product and service development processes are causally important in generating long-term firm success (Cooper, 1993; Ulrich and Eppinger, 1995; Wheelwright and Clark, 1995). They can lead to a core competence that either differentiates a firm from its competitors (Prahalad and Hamel, 1990) or provides a threshold competency that is necessary just to survive in fast-changing and innovative industry sectors. Given the importance and value of new product/service to firm performance, researchers have developed descriptive frameworks based on linear, recursive, and chaotic system perspectives, which provide different insights and descriptive theories about new product/service process structure and behavior. These are then often the basis for normative research, which seeks to predict and prescribe causality in new product/service processes (Griffin, 1997).
The process of new product/service is crucial within an Bank, but it is a complicated and time-consuming process in which several different activities are involved. new product/service is commonly defined by a number of researchers as the transformation of a market opportunity into a product as a result of the integrative coupling of market assumptions with technological possibilities (Krishnan and Ulrich, 2001., Griffm and Hauser, 1992, 1996). The Product Development and Management Association (PDMA) in 2006 defined new product/service as an overall process of strategy, Bank, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product. This means that new product/service is a process that begins with opportunity identification and ends with a set of information that adds value to customers and brings returns to an enterprise.
Statement of the Problem
Marketing research is a crucial aspect in Product and service development it‟s the very first step to which determines the success of any product. It acts as the foundation and cornerstone of any product.
Unfortunately the importance of marketing research is the aspect that receives the least attention; business need not only rely on promotional strategies, but have to fine tune their marketing research programme with view of improving the quality of their product.
To obtain the desired and appropriate results from marketing research, an Bank must be guided by certain plans to satisfy all or at least most of the Bank objectives for it to be worthwhile.
Thus marketing research if well defined, and formulated has an impact on Product and service development of an Bank and extent to which the firms put marketing research into practice or effect in solving their marketing problems is what this study intends to examine.
Marketing research is now widely accepted as one of the most important asset possessed by Banks
Objectives of the Study
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Highlighting and emphasizing the importance of marketing research on Product and service development on the Nigerian banking sector.
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To examine the effect / extent of marketing research contribution to Product and service development in Bank PHB
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Examine circumstances under which marketing research is more likely to be used in the stage of Product and service development in Bank PHB
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Identify the factors that influence marketing research on Product and service development in Bank PHB.
Research questions
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What are the importance of marketing research on Product and service development on the Nigerian banking sector?
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What is the effect / extent of marketing research contribution to Product and service development in Bank PHB?
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What are the circumstances under which marketing research is more likely to be used in the stage of Product and service development in Bank PHB
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What are the factors that influence marketing research on Product and service development in Bank PHB?
Significance of the Study
The important area focused by the study is the importance of marketing research on the Nigerian Banking sector; it is intended to achieve two aims; to contribute to both theory and practice of marketing in Nigeria.
One of the greatest and surest ways of achieving customer satisfaction is the planning and implementation of proper marketing research programme in any business Bank.
Moreover, the new marketing concept emphasizes on customer satisfaction and integration in the Bank towards achieving the single purpose. Therefore, to make these possible, marketers must research properly so as to know the changing need of their customers and the activities of their competitors.
Also the need to re-examined other tools which could be used to reduce the high rate of product failure instead of relying heavily on promotional activities with other tools in marketing to establish whether or not new product will be accepted in the market, it will also expose other areas that have inherent characteristics that make marketing research inevitable instrument for product development.
Scope of the Study
This study is analytical in nature to Product and service development found in commercial Banks; the reason behind this delimitation is because the study intends to assess the importance of marketing research on Product and service development in the Nigerian banking sector.
The scope of this study is limited in four respects: the unit of measure for this research, the classification of the firm, the type of technology of the firm and identification of firms for the study. First, consider the unit of measure for this research. The unit of measure for this research is the product/service of the firm, classification of the firm is financial institution, type of technology is ICT and identification of firm is bank PHB.
1.7 Limitations of the Study
Some constraints were encountered, during this project. These limitations do not suggest that it is an unfulfilled activity, it only suggest that the activity was conducted with proper care and caution which will make the activity meaningful and result oriented;
Miscellaneous limitation problem developed due to changing environment.
Uncertainty of conclusions consumer is the focal point, buying motives are difficult to judge precisely and accurately which bring some sort of uncertainty.
Complexity of the subject it fails to give complete and correct guidance to the management on marketing issues.
Also cost expensive and time consuming activity it take longer period for completion and the finding when available may prove to be outdated due to fast changing market environment and cannot study all new marketing product.
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