This thesis aims to highlight the significance of product modification and marketing within the Nigerian financial market landscape. By analyzing the impact of marketing research on product adjustments and their acceptance by customers, particularly in the banking sector, the article explores how banks can increase their market shares and enhance their competitiveness.
In Nigeria's competitive financial market, a seller's market where the challenge lies not in selling but in offering quality, safety, and reliability, the need to attract customers through compelling product offerings is paramount. A study conducted with questionnaires among staff of Intercontinental Bank Plc and their customers reveals the critical role of market research in product modification. Utilizing statistical methods, such as chi-square statistics, it becomes evident that adjusting products based on customer feedback and market insights is crucial for increasing banks' market shares and improving their competitive edge. This article emphasizes how targeted product modifications, grounded in thorough market research, can enhance customer acceptance and ultimately boost business success.
Inhaltsverzeichnis (Table of Contents)
- CHAPTER ONE.
- 1.1 Background To The Study
- 1.2 STATEMENT OF THE PROBLEM
- 1.3 RESEARCH QUESTIONS.
- 1.4 SIGNIFICANCE OF THE STUDY.
- 1.5 OBJETIVES OF THE STUDY.
- 1.7 SCOPE OF THE STUDY.
- 1.8 DEFINITION OF TERMS
- 1.9 ORGANIZATION OF THE STUDY.
- CHAPTER TWO
- 2.1 INTRODUCTION.
- 2.2 OBJECTIVE OF MARKETING RESEARCH
- 2.3 PROJECT PROCESSES AND SERVICES OFFERED BY BANKS IN NIGERIA CBN (2004)...
- 2.4 PRODUCT MODIFICATION AND ACCEPTABILITIES
- 2.5 EFFECT OF PRODUCT MODIFICATION ON SALES OR CASH INFLOW
- 2.6 EFFECTS OF FAILURE OF RESEARCH.
- CHAPTER THREE
- 3.1 RESEARCH METHODOLOGY.
- 3.2 SOURCES AND METHOD OF DATA COLLECTION.
- 3.3 RESEARCH DESIGN.
- 3.4 POPULATION AND SAMPLE OF THE STUDY..
- 3.5 METHOD OF DATA ANALYSIS
- CHAPTER FOUR.
- 4.1 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
- 4.2 Table 1. Does product modification enhances sales or cash flow?.
- 4.3 FINDINGS.
- CHAPTER FIVE.
- 5.1 SUMMARY
- 5.2 CONCLUSION
- 5.3 RECOMMENDATION
- REFERENCE
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This project examines the impact of product modification on the acceptability and sales performance of banking services in Nigeria. It aims to analyze the relationship between market research, product modification, and customer satisfaction in the context of a competitive banking market.
- The influence of market research on product modification decisions in the banking industry.
- The impact of product modification on sales and cash flow in Nigerian banks.
- The role of customer satisfaction in evaluating the success of product modifications.
- The importance of effective marketing research to identify market opportunities and customer needs.
- The competitive dynamics of the Nigerian banking industry and the need for banks to adapt their offerings.
Zusammenfassung der Kapitel (Chapter Summaries)
Chapter One provides an overview of the study's background, including the significance of product modification in the Nigerian banking sector. It presents the research questions and objectives, as well as the scope and methodology. Chapter Two explores the theoretical framework of marketing research, product modification, and customer satisfaction. It examines the objectives of marketing research, the services offered by banks in Nigeria, and the relationship between product modification and acceptability. It also discusses the potential effects of product modification on sales and cash flow, along with the consequences of failing to conduct market research effectively. Chapter Three delves into the research methodology employed in the study, detailing data collection methods, research design, sample selection, and data analysis techniques. Chapter Four presents the findings of the study, analyzing data collected through questionnaires and interpreting the results. The analysis focuses on the relationship between product modification, sales, and customer satisfaction. Chapter Five summarizes the key findings of the study, drawing conclusions about the impact of product modification in the Nigerian banking industry. It also provides recommendations for banks seeking to improve their product offerings and maintain a competitive advantage.
Schlüsselwörter (Keywords)
This study focuses on the key concepts of product modification, market research, customer satisfaction, sales, and cash flow within the context of the Nigerian banking industry. It examines the impact of product modification strategies on the performance of banks, considering the competitive landscape and the need for adaptability to meet customer needs.
- Quote paper
- Anonym (Author), 2023, Product Modification and Market Research. Key Strategies for Success in the Nigerian Banking Sector, Munich, GRIN Verlag, https://www.grin.com/document/1453219