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CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

A market-focused organization first determines the potential customer’s desire, and then builds the products or services. Marketing theory and practice are justified in the belief that customers use a product or service because they have a need, or because it provides a perceived benefit (Kotler and Keller, 2016).Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). For marketing plan to be successful, the mix of the four “Ps” must reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they do not want is extremely expensive and seldom unsuccessful. Marketers depend on insights from marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage (Meldan, 2018).The study of Akinyele (2017) for the oil and gas sector in Nigeria suggests that strategic marketing is a driver of organizational positioning in a dynamic environment, and that it helps to enhance the development of new product/service for existing markets.

Banks offer wide range of financial services, to personal and business customers; some of these services which are bank account, guarantor ship, and investment adviser are needed by an appreciable number of customers, but many other financial services such as import/export services, money transfers, credit cards and soon have to be brought to the attention of potential users, who then must be persuaded to use them (Abolaji, 2019).Many services offered by banks are also offered by ‘rival’ organizations Building societies have developed customer accounts which are similar in many ways to a bank account. Thrift and cooperative societies provide lending services to their numerous members and indirectly to the society at large. Solicitors act as executors, and trustees and accountants give advice and so on. Banks not only compete with each other but also have to contend with challenges from other types of organization in the market (Soyinbo, 2020). To do this successfully, bankers need an understanding of the process of marketing which will aid in improving banks performance. Marketing is an area of activity infamous for re-inventing itself and its vocabulary according to the times and the culture.

The major problem in the Nigerian banking industry is that bank services are still lacking in so many spheres. In Nigeria, yet the banks perception of marketing has not shifted from mere advertising until recently as a result of stiff competition brought about by reforms. Banks fail to focus on marketing research and new product development that could attract the unbanked thereby leading to inadequate exploitation of its benefits as well as not giving appropriate value to the banking public. The study will focus on the relationship between marketing strategies and banks performance.

1.2 Statement of the Problem

Banking is the major economic activities of Zenith Bank plc, which is done at commercial level deposit and by giving out loans to investors, it facilitate financial transaction in the course of each day business supply liquidity when it is needed and the payment of banks credit remove money from circulation when there is a specific needed for it has passed e.t.c.

But the devastating attended consequence of a serious competitive market situation, the inability to identify and develop a market segment will in most cases lead to a failure to achieve organizational goal of bank under study. Based on the above, the researcher chose to embark on this research topic, marketing strategy and performance of the banking sector inn Nigeria.

1.3 Objectives of the Study

The main objective of this research is on marketing strategy and performance of the banking. The specific objectives are as follow:

To examine whether marketing strategy has any positive impact on the performance of the banking sector in Nigeria.
To determine the extent to which marketing strategy enhance the profitability of banking sectors in Nigeria

To evaluate the significant relationship between marketing strategy and the performance of the banking sector.

1.4 Research Hypotheses

A hypothesis is a tentative answer to a research problem. It is an intelligent or educated guess can earning some variable we have two types of hypothesis they are:

Null hypothesis (Ho): in a hypothesis which state that no difference or a relationship exist between two or more variables
Alternative hypothesis (Hi): This take the negative form of statement about what is being described, it is a no difference no relationship or no effect types.

Hypothesis I

Ho: Marketing strategy does not have any positive impact on the performance of the banking sector in Nigeria.

Hi: Marketing strategy has positive impact on the performance of the banking sector in Nigeria.

Hypothesis II

Ho: Marketing strategy does not enhance the profitability of the banking sectors in Nigeria

Hi: Marketing strategy enhances the profitability of the banking sectors in Nigeria.

Hypothesis III

Ho: There is no significant relationship between marketing strategy and the performance of banking sector.

Hi: There is a significant relationship between marketing strategy and the performance of banking sector.

1.5 Significance of Study

The public will know what or type of service product they needs from the banking industry. It will enable bank to acquire new customers and maintain the existing one above all, it will help the bank to achieve its organization goals of making profit at the end of the study some possible recommendation will be made such that if policy makers as well as bank will adhere to, it will solve the problem inefficient marketing strategy on banking performance and it will enhance sound banking performance.

1.6 Scope of the Study

The study focus on marketing strategy and banking performance of banking sector in Nigeria with particular reference to Zenith Bank Plc, Lokoja Branch

1.7 Limitation and Constraints of the study

In the course of this study, the researcher encountered some problems.

Time constraint was strong factor that posed as a limitation to this research because the study was carried out when the researcher had so much work load. Thus, it was difficult for the researcher to meet up some of the appointments with respondents. Another limiting factor to this research work was the uncooperative of some staff; they refused to be interviewed for the fear of official reprisal, if they give out some committed information. This made it difficult for the researcher to collect some primary information.

Financial constraint is another problem faced by the researcher, for total accomplishing of the objective of the study to be achieved, its demands much cost than what the researcher could afford.

1.8 Definition of Key Terms

In a study like this, it is necessary to define at the beginning those terms and concepts that will be used in the study to avoid ambiguities.

Banks: According to Omerua (2012) is a financial intermediary that accepts deposits and channels those into lending activities, either directly or through capital market. It is an industry that deals with credit facilities, storage for cash, investment, and other financial transaction.

Banking Sectors: Means all licensed financial institutions, financial holding companies and for the purposes of these regulations, includes the home mortgage bank (Oyewale, 2013).

Marketing: Ahmed, Khuwaja, Brohi and Othman (2018) explained the performance concept as an ability to assess the level of success of a business organization, whether small or big.

Marketing Strategy: Onwuchuruba (2010) defined marketing strategy as the determination of the essential long-run goals/objectives, and the adoption of courses of action as well as the distribution of resources necessary for achieving the goals and objectives.

Marketing Strategy Process: Is thus a managerial process of analyzing market opportunities and choosing marketing position, programs and controls that create and support viable business that serve the company’s purpose and goals (Duro, 2018).

Strategy: Kotler (2015), defined strategy as “the broad principles by which the business unit expects to accomplish its marketing aims in a chosen market. It consists of basic decisions on marketing expenditure, marketing mix and marketing allocation”.

Performance : Is defined using the 3E: efficiency, efficacy and economies, as forms of manifestation. Mihai Ristea (2012) thinks that the following three concepts can be associated with performance; efficiency, economies and efficacy. It is the ability of a system to achieve goals.

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Full Project – Marketing strategy and performance of the banking sector in Nigeria

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