Marketing Research and Performance of Money Deposit Banks in South East, Nigeria

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Marketing Research and Performance of Money Deposit Banks in South East, Nigeria

Nwagbala, Stella Chinelo PhD1; Okafor Ifeoma Pethronila PhD2; Nwachukwu Raphael PhD3
1Department of Business Administration, Nnamdi Azikiwe University (NAU), Awka, Nigeria.
2Department of Business Administration & Management, Federal Polytechnic Oko, Anambra State Nigeria.
3Department of Accounting, Tansian University Umunya, Anambra State, Nigeria.
DOI: https://doi.org/10.51244/IJRSI.2023.10609
Received: 11 June 2023; Revised: 24 June 2023; Accepted: 01 July 2023; Published: 12 July 2023

Abstract: – In Nigeria the present bank situation is frustrating as customers sometimes suffer poor service delivery such as delayed cash withdrawal, failed bank transfers and hanging cash deposit alerts. In view of this, this study determined the relationship between marketing research and performance of Money Deposit Banks by ascertaining the extent of relationship between problem identification research and business advantage and the degree to which product review research relates with customer satisfaction of Money Deposit Banks in South East, Nigeria. Descriptive survey research design was adopted and Taro Yamane formula was used to determine a sample of 162 out of a total population of 273 while structured questionnaire was used to collect data from respondents. The hypotheses were tested using Pearson Product Moment Correlation Coefficient with the aid of Statistical Packages for Social Sciences (SPSS Version 29). Findings revealed positive relationship between marketing research and performance of Money Deposit Banks in South East, Nigeria. There is positive relationship between problem identification research and business advantage. Results also revealed positive relationship between product review research and customer satisfaction. The study concluded that the relationship between marketing research and performance of Money Deposit Banks is dependent on the adoption of problem identification research and product review research. Therefore, the study recommended that marketing manager should always adopt proactive measures towards the market. This can be achieved by constant review of market trends and customer’s behaviour.

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Keywords: marketing research, money deposit banks, problem identification, business advantage, product review, customer satisfaction, performance.

I. Introduction

The nature of banking system in Nigeria is said to be fluctuating as bank services even at the first quarter of 2022 has been so challenging and frustrating. It seems bank brands were not ready for the changing policy of Central Bank of Nigeria because banks were non-effective to salvage the cash swapping challenges experienced by customers. Customers were unable to withdraw their cash because banks never had enough resources to meet its customers nationwide. Businesses and individuals were affected by the situation, even the option of transfers through bank application were unstable. Effective business research and proactive strategy would have prepared banks for against these challenges but this seems to be the gap in the performance of banks in Nigeria. The bank seems to be sharing same customer base with Fintech firms such as Opay, Monie Point and Kuda among others. Fintech firms seems to gain more advantage over bank firms, as Fintech businesses tend to offer similar services like the banks and at the same time tend to be more effective. The Fin-tech Firms have more market force than banks recently due to the level of effectiveness as they tend to penetrate the market through agency banking and permits business transactions with less interest rates (Okutreze, 2019). Aside this development in the financial sector, banks seems to be experiencing mergers and acquisition problems as notable banks no longer operates. This indicates the declining performance experienced by firms in the banking sector but this is not the case as some banks presently struggles for survival in the industry. It seems that the adoption of market research is ignored by bank management and this is a marketing tool that would have aligned the product/services of the banks to the demands of the market. Money deposit banks seem to adopt the sales and product concept of marketing rather than marketing concept which seeks to research into the needs of the market so as to adjust the product and services of the organization to meet the identified gap. The services of bank firms are experiencing slow growth and poor customer base which have affected the businesses resulting in survival problem for banks. In a bid to study the market so as to determine how to structure its products to meet the needs of the market, business organization should adopt effective marketing research (Ibru & Khalid, 2022). It is against this problem that the study of the relationship between marketing research and performance of Money Deposit Banks in South East, Nigeria was undertaken.