THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY: A CASE STUDY OF BANK PHB

ABSTRACT

It’s necessary to review the need for marketing research in an industry. However, it does not have to be that way, but because many companies and even industries have failed to take marketing research important in product development.
Marketing managers and other professionals are now relying more on marketing research in product development to make better decision clearly, marketing research is vital to marketing decision making. Robert Ferber asserted that “before the product is produced, market survey must be conducted in other to ascertain the acceptance of the product in marketing sphere”. He went further to buttress his fact by sating that just as the efficiency of production is dependent on product research, so also the efficiency of marketing depends on marketing research.
Marketing research he notes refers broadly to the development of the most efficient means of marketing, that is the discovering of new and better methods of marketing, more economical means of distribution, new market, better means of selling and other marketing aids. Marketing concept has become firmly established in many organizations. Marketing research focus on understanding consumers buying habit in relation to development in product research.
A research of this nature will be incomplete without insight into existing related literature on the subject under study. Literature survey therefore, is described as “A research of strategies trade journals, Articles, Magazines, Newspapers and boos for data or for insight into the problem at hand”.
For the purpose of this study, the researcher has relied more on the contribution of authors from Britain and United State of America who have published articles on marketing research, also those of Nigeria contributions in this field of study.

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