CHAPTER
ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
Marketing
is a crucial human invention. It embraces the activities we engage into satisfy
our economic needs and wants. Early in man’s history it become clear that no
household could be economically self- sufficient for long, specialization,
production and exchange of items produced with items needed were introduced.
Thus, marketing was born therefore, the first marketing system we had at early
stages of our development is known as trade by barter.
The
core concept of marketing is the transaction which is the exchange of desired
objects by two parties. Such exchange could be goods for goods, services for
services. This system was faced with a multiplicity of problems such as double
coincidence of wants divisibility problem profitability problem’s e.t.c. all
these prevent marketing from taking place on modernized basis.
For
instance, if marketing is to take place, the following pre- requisites are
necessary:
a)
Two or more parties who have
unsatisfied wants.
b)
Some products or services and money
to exchange and
c)
Some means of communication
between the parties involved.
Definitions of marketing in the literature differ
primarily in terms of
a)
Relating Marketing to Society
(Macro- View Point) versus activities of firm or financial institutions (Macro-
View Point)
b)
Restricting the objects of
exchange to economic goods and services and its ultimate aims satisfying human
economic needs.
“Marketing is a set of activities that facilitates
exchange, transactions involving economic goods and services, For the ultimate
purpose of satisfying human needs”. From the given above, it is clear that
products and services have to be designed, developed produced and packaged,
information about the aspect of the services of the product such as
advertising and personal selling.
Effective marketing includes post- transaction
activities that ensure satisfaction with the product and services in use.
Furthermore, it is now clear that the objectives of
marketing is to satisfy the needs of the consumer at a profit. It is believed
that without a clear set of objectives the planning process is meaningless.
Hence marketer must plan present what to do in the future. It comprises both
the determination of the desired future and the steps necessary to bring it to
reality.
In a nutshell, marketing activities play a vital role in
the survival and growth of any business organization both within and outside
the country. The benefits of marketing activities cannot be over- emphasized.
Also, in Nigeria today, the development of marketing
activities has given room to the establishment of a programme “marketing of
financial services”.
The broad aim of this study is to inquire into the
marketing activities in financial institutions and how these activities have
affected the deposit mobilization and profitability of the institutions.
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