Download complete project materials on Impact Of Product Development In Increasing Customer Base
CHAPTER ONE
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Introduction
Banking in Nigeria has weak growth and development over the years, there was massive licensing of new banks during 1986-1991 . The trend has been sustained to date and so there are over 22 commercial and 35 merchant banks operating in the country today.
This development has led to keen competition in the industry. The survival of any bank today depends on the types of service and products offered to the capture a share of the competitive market. The advent of universal banking which became operational from January 2002 has provided a “level playing field” for players in the industry.
This has made competition even keener. Commercial and merchant banks are now free to go into whole banking, retail banking, capital issues, insurance business as long as they have the capability and can meet the requirements of various and relevant authorities.
The dynamism in the banking industry level of awareness and stiff competition has made the bank customer to become “king”today. Hitherto, the customer is the one who knocks at the banks’ door to deposit his money for safe keeping, request for a loan to develop his business and see the bank as doing him a favor for providing these services.
Today, the position is the reverse. It’s the bank now who knocks at the customers door and wait on him for his deposit, offer him loan to develop his business, offer advisory services on how best to improve his business and enticing him so as to make him remain in the bank/win him over from another bank. The customer is aware of the prevailing situation and has therefore made himself a “king” indeed.
He now ask the bank what can they afford to him (in terms of services and products) to make him patronize the bank.
To remain relevant, productive and active in the industry, banks are engaged in product development in varying forms to create a riche for themselves and to capture a required market share to be successful.
In developing a new product, the bank has to identify the target market to be reached and the needs of that market. The bank developing a new product must at the same time be able to manage. Maintain and sustain their existing customers and services being offered. A product development today in the banking industry is a vital tool for enhancing the productivity and development of a bank in a competitive market. In developing a new product, the bank should apply it at the right place, time price in order to be successfully accepted and patronized.
Product development is not an easy task if not properly handed it can lead to product failure with attendant negative consequences and the organization. Banks should diversify their services base on new product development and should ensure their areas of strength are fully tapped, secure and protected. They should proceed in product development with caution and where there is failure they can still rely on their existing areas of strength.
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In other to develop a successful product a bank should watch and analyze the prevailing economic, political, social and cultural situation in it operating environment and tailored it product toward meeting customers demand, taking the above factors into confederation and projected cost. The projection should be made only on what can be delivered within the limit of available human technological and financial resources.
Henceforth in the banking industry, product development core competency. Computability of services offered meeting costumers needs; ability to be responsive to changing economic, political, social and cultural environment will determine which bank get sufficient bankable business.
In other words, the ability to retain and sustain existing customers and then pull in more business will be a function of superior relationship management proper marketing focus and grounded strategic planning. Small and midsized enterprises which understand their customers can competitive advantage and so benefit from lower prices and loyalty of customers. (Emilia Papulova and ZuzanaPapulova May 2014).
Product development embraces all activities that enable the organization to determine products to market. Among the marketing mix, product is the bedrock others are price,place,promotion and people. This is because product development gives raise to determination of all other mix.
The stiff competition and the challenging banking environmental prevailing today have made bank to go into aggressive research on the issue of product development and also marketability of same. Guaranty Trust Bank is being used as a case study to see how it is meeting challenges of over increasing product development so to survive in the banking business environment.
STATEMENT OF PROBLEMS
The unstable economic situation in the country and the stiff competition in the banking sector, have really pose great challenges to all banks to survival of the fittest in this sector of economy.
Similarly, the prevailing high rate of inflation which affects the purchasing power/ saving ability of costumer and the continuous changing pattern of costumers needs are further problems which banks have to grapple with so as to survive and which give rise to product development as a strategy to survival.
RESEARCH QUESTIONS
How does product development increase customer base?
How does product development increase bank profit?
What makes product development in bank to remain competitive and relevant?
How product development increase product life cycle?
RESEARCH OBJECTIVES
The main purpose of this study is to identify the impact of product development in increasing customer base.
The study will also make an attempt in examining how product development increase bank profit.
The study will aim at running an analysis on how product development makes banks to remain competitive in the market environment.
Finally, the study will analysis the impact of product development in increasing product life cycle.
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