CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Financial institutions plays a significant role in the economy of every country in the world.
They offer a large and ever expanding number of products and services to the public and private sector such as long and short term loans, annuities, saving accounts, mortgages financial advice and other financial services.
Presently, more innovation services and with more competition in the banking industry, advertising has become much more common and it is so vital for banks looking to service in a tough market.
With GT bank Nigeria Plc as a case study, one of the main jobs for a banking executive today is to identify who their target market are and to market services that will appeal to their segment. Part of identifying the target market is determining the age, race and ethnic makeup of the main customer and designing a campaign that will appeal to that group of people.
If the target market for example is young married couple, a good marketing campaign may be introduced which will involve long term saving programmes, college funds for any children they may have and loans for building a structure (home) so also loans for cars.
GT bank Nigeria Plc and some other banks are getting more services about market it shows. The trend is expected to continue as banks add or introduce more service in attempt to accrue more returns on their money.
This study is aimed at finding out whether GT bank Nigeria Plc is wholly or partially marketing oriented in their management philosophy.
The implication of not adopting marketing philosophy if this research states will be explored.
Factors that guide organization in being marketing oriented will be highlighted. In a competitive place, effective marketing can be the difference between success and failures.
1.2 STATEMENT OF THE PROBLEM
With the increase in the enlighten eat population, financial enlighten, financial activist and experience, knowledge of bank activities on the increase as well. Many people are getting aware of their right, unlike before banks customers are becoming more rational and critical in the way they are being handled or attended to, and also on the other hand, banks as business concerned ought to know how well they survive and continue existing, succeed or fail depend on how well their customers are being treated and handled.
A look into the Nigeria marketing concept shows that banks should endeavour to satisfy their customers. Instead the banking industries seems not to operate from the angle of the customers. Hence the banking industry in Nigeria does not appreciate the fact that they ought to be customers oriented.
This leave us with the problem of study in a question;
What is the role of marketing in Nigeria banking industry?
1.3 OBJECTIVE OF THE STUDY
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