APPLICATION OF MARKETING CONCEPTS IN BANKING INDUSTRY AND ITS EFFECT ON CUSTOMER SATISFACTION

APPLICATION OF MARKETING CONCEPTS IN BANKING INDUSTRY AND ITS EFFECT ON CUSTOMER SATISFACTION

chapter One

Foreword

1.0 Research Background

The marketing concept is a customer-centric philosophy that states that customer satisfaction is the economic and social justification for a company’s existence. These philosophies state that a company should be customer-centric. We will strive to monetize. Coordinate sales volume and all marketing activities. However, marketing management is the means companies use to grasp marketing concepts. Kurtz (1992, p. 3) describes marketing management as the overarching function of an organization to identify and satisfy customer and consumer desires in a manner designed to improve the organization’s overall profit profile. It defines it as a unified approach to directing and directing resources.

When marketing concepts are recognized, basic business philosophies fundamentally change. Instead of trying to sell what you can produce. Management produces what customers really need, albeit with profit criteria. The elements of serving and satisfying customers are equally important to a company. By recognizing that a particular product is not only marketed, but that a customer’s specific needs are effectively met.

The essence of marketing banking services is to provide the desired satisfaction to our customers, to build our banking operations on a solid foundation, and to achieve sustainable growth in the short and long term.

Current industrial, commercial and technological transformations with increasing competitive pressure. The face of customer expectations and other volatile environments is a clear indication that companies have either adopted the philosophy of marketing concepts or have ceased to exist. The recent proliferation of banks in Nigeria shows increased competition, and only dynamically adaptable banks can sustain sustained growth and profitability.

The current economic changes in Nigeria have arguably created greater challenges for commercial banks. These changing trends have caused banks to realize that their customers are no longer simply being treated unfairly. So banks are hiring marketers who actually go out and ask their customers for their patronage and loyalty. Banks now recognize the importance of maintaining close relationships with their customers and bringing their services as close to them as possible. Most banks have marketing research departments to gather more facts about their customers’ needs, attitudes, motivations and preferences. Linking banking services began with a production concept that assumed that customers would buy services offered by banks if they were accessible and affordable. Therefore, banks are thinking of providing convenient services and opening more branches to make their services available.

Banks then switched to commodity concepts under the premise that customers would buy services that offered the best quality and value for the price offered. Banks therefore focus on improving the quality of their services. However, in the later stages of development, the sales orientation comes into effect. H. A sales concept that assumes that due to increased competition and recognition, customers will not buy enough of a product unless a positive extra effort is made to sell it. , banks come to accept the fact that they find out their customers’ needs and desires and offer a banking service package that best meets those needs and desires.

The marketing concept was seen as the right philosophy to achieve long-term commercial success. In this way, it becomes very easy to persuade customers to purchase the services offered by the bank. Customer satisfaction is therefore inevitable. The concept of marketing aims to answer the question of who the customer is. Who do we produce for? What marketing techniques do you use? Why are you selling this product? Who do you sell to? We also investigate what the customer wants, where they want to purchase the product, and how they want it delivered, to build a warm relationship between the organization and the customer to achieve maximum satisfaction.

Until recently, banking in Nigeria was characterized by what experts call chair banking, where bankers wait in offices to pick up work. This approach to banking is flawed because banks have not fully embraced the concept of marketing.
its philosophy and function. Your perception of marketing is still narrowly defined. In fact, marketing banking services goes beyond these short-sighted goals.

Commercial banks in Nigeria need to adopt a Marketing Concepts program for a targeted and customer-centric approach to banking. Based on the above factors, this study aims to answer the following questions. 1. Research and identify areas of interest to the bank for customer satisfaction.

2. Determining the bank employee’s opinion of the customer.

3. Clarify the position and role of marketing in the organizational structure of commercial banks and the extent to which the marketing function is applied.

4. Determine the effectiveness and efficiency of applying marketing concepts.

5. To provide useful recommendations for improvement

1.1 Description of common problems

Commercial banks in Nigeria do not seem to be fully aware of the concept of marketing. For commercial banks, the idea of ​​integrated marketing that a business must be organized to satisfy customers by committing an entire system of organizational activities to a single goal has been more a myth than a reality. As a result, the bank’s customers are not given the necessary attention that the service organization deserves. Banks also charge discriminatory interest rates on borrowed funds, causing immense hardship for their customers.

1.2 Research question

Research questions are developed based on research objectives and guide the overall research work. These questions will help guide researchers as they design their questionnaires and provide solutions to the problems they discover.

1.3 Purpose of the survey

1) Research banking services

2) determine the scope of application in the banking sector;

3) Judge the effectiveness and efficiency of applying marketing concepts to the banking industry.

4) Recommendations for resolving issues based on insights that help improve the execution of other marketing strategies.

1.4 Importance of research

Because marketing plays a role in organizational performance, research findings aim to provide qualitative knowledge and ideas about how marketing concepts can be applied to achieve business goals and customer satisfaction. Research is timely and important.

* What is the status of the marketing concept at GT-Bank? * How long has GT Bank been using the marketing concept?

* How will the marketing concept affect GT Bank?

* How does the bank improve its approach to customers?