The importance of marketing research in the nigerian banking industry: a case study of bank phb

Project Abstract

Marketing research plays a crucial role in the Nigerian banking industry, particularly for institutions like Bank PHB. This study investigates the importance of marketing research in enhancing the performance and competitiveness of Bank PHB within the Nigerian banking sector. The research employs a case study approach to analyze the specific strategies and practices employed by Bank PHB in utilizing marketing research to drive decision-making and market positioning. The findings reveal that marketing research is integral to Bank PHB's strategic planning process, enabling the bank to understand customer needs, preferences, and market trends. By leveraging marketing research insights, Bank PHB can tailor its products and services to better meet customer demands, leading to increased customer satisfaction and loyalty. This customer-centric approach has strengthened Bank PHB's market position and competitive advantage in the Nigerian banking industry. Furthermore, marketing research has been instrumental in helping Bank PHB identify new market opportunities and trends, allowing the bank to proactively adapt its strategies to changing market conditions. By continuously monitoring and analyzing market data, Bank PHB can stay ahead of competitors and capitalize on emerging trends, thereby driving sustainable growth and profitability. In addition, marketing research has played a key role in supporting Bank PHB's marketing communication efforts. By understanding customer perceptions and preferences through research, the bank can develop targeted marketing campaigns that resonate with its target audience. This targeted approach has helped Bank PHB effectively reach and engage customers, leading to increased brand awareness and customer acquisition. Overall, this study underscores the significance of marketing research in the Nigerian banking industry, highlighting how Bank PHB has successfully leveraged research insights to drive strategic decision-making, enhance customer relationships, and achieve sustainable growth. The findings suggest that marketing research is not only beneficial for individual banks like Bank PHB but also essential for the overall development and competitiveness of the Nigerian banking sector. Moving forward, continued investment in marketing research is recommended to ensure that banks remain agile, customer-focused, and competitive in an increasingly dynamic and challenging market environment.

Project Overview

<p> </p><p><strong>REVIEW OF LITERATURE</strong></p><p>It’s necessary to review the need for marketing research in an industry. However, it does not have to be that way, but because many companies and even industries have failed to take marketing research important in product development. Marketing managers and other professionals are now relying more on marketing research in product development to make better decision clearly, marketing research is vital to marketing decision making. Robert Ferber asserted that “before the product is produced, market survey must be conducted in other to ascertain the acceptance of the product in marketing sphere”. He went further to buttress his fact by sating that just as the efficiency of production is dependent on product research, so also the efficiency of marketing depends on marketing research. Marketing research he notes refers broadly to the development of the most efficient means of marketing, that is the discovering of new and better methods of marketing, more economical means of distribution, new market, better means of selling and other marketing aids. Marketing concept has become firmly established in many organizations. Marketing research focus on understanding consumers buying habit in relation to development in product research. A research of this nature will be incomplete without insight into existing related literature on the subject under study. Literature survey therefore, is described as “A research of strategies trade journals, Articles, Magazines, Newspapers and boos for data or for insight into the problem at hand”. For the purpose of this study, the researcher has relied more on the contribution of authors from Britain and United State of America who have published articles on marketing research, also those of Nigeria contributions in this field of study.</p><ol><li><ol><li><strong>THEORETICAL FRAME WORK</strong></li></ol></li></ol><p>Marketing is generally interpreted today as including all those business activities concerned with the development, production and distribution of product to identifiable market, where they will provide satisfaction to those who buy them. Marketing research therefore, covers product development, identifying the market and suitable method of selling, distribution, promotion, pricing and sales service facilities. Marketing research has an advisory role in marketing management. It is used to acquire and analyze information and to make recommendations to management as to how marketing problems should be resolved. Tall and Hawken’s (1980:1)</p><ol><li><ol><li><strong>DEFINITION: MARKETING</strong></li></ol></li></ol><p>Different association, group and organizations tried to solve the problem which the question “what is marketing” has created, but seems they looked at marketing from different perspective. In this study the following definitions by marketing scholars are considered. William J. Stanton, (1975) in his book, foundamentals of marketing, defines marketing as “ the total system of interacting business activities, designed to plan, price, promote, and distribute want-satisfying product and services to present and potential consumers ”. The American Marketing Association (AMA) in its own definition says that “marketing is the performance of business activities that direct the flow of goods and services from the producers to the consumers” The institution of marketing (London) defines marketing as the “management process which is responsible for identifying anticipating and satisfying consumer’s requirement profitably”. Marketing is about identifying and meeting human and social needs. The above definitions receive credit because they have considered marketing from identification of needs, wants, users, and effective communication to the level of satisfying them through effective promotion and distribution of these wants.</p><p><strong>RESEARCH</strong>&nbsp;The oxford advance learners dictionary defines research as careful investigation carried out in order to discover new facts, ideas and information’s about subject matter. Research is a process of finding out. It is a scientific method of controlling enquiry. It identifies problems and attempts to find solution to these problems. In doing this, research ask question, tells why is important, describes how it answered and interprets it briefly to the users.</p><p><strong>MARKETING RESEARCH</strong>&nbsp;Philips R. Cateora and John L. Graham (2005) defines marketing research as the systematic gathering, recording and analyzing of data to provide information useful in marketing decision making. British institute of management (1962) as “the objective gathering, recordings and analyzing of all fact about problems relating to the transfer and sales of goods and services from producer to consumer”. Geen and Tull (1970) define marketing research as consisting of a systematic and objective collection as well as appropriate analysis of information that will provide solution to all marketing problems. According to Philip Kotler 13th edition, marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing company. From the above definitions, on can say clear that marketing research as an essential management tool that executive can use in inducting the risk in the environment of operation by obtaining potential information and putting the resources at the disposed of the manager in order to move the organization forward.</p><p><strong>THE MARKETING RESEARCH PROCESS</strong></p><p>Effective marketing research follows six steps which is shown in the figure below</p> <br><p></p>