Fundamental Role of Marketing in the Banking Sector

Abstract

Marketing is the process of introducing and promoting the product or service to the market and encourages sales from the buying public. The study examines the fundamental role of marketing in the Nigerian Banking Industry. Nigerian banking sector has been characterized by an unethical marketing practices which have resulted to poor handling of customers of certain banks. The aim of the study is to ascertain the extent of marketing practices in Nigerian banks and the role marketing plays in bank’s performance. The study was designed around a survey research. Data collected were analyzed in tables and tested the research hypotheses with the analysis of variance (ANOVA) statistical techniques. Findings revealed a direct positive relationship between marketing and bank performance. It then concludes that Nigerian banks engage in marketing to a considerable extent and marketing plays a significant role in the banking sector. Hence, recommend that bank’s should increase their marketing efforts to enable them perform optimally and out perform competition.