CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The Banking Company now being the survival of the fittest has posed a lot of competitive problems on the survivors bank, both the old and new generation bank which have forced the marketing concept and its application in order to fight competition favorably and make more profit.

Marketing concept, the satisfying need and want of the target is better than the competitors at a profit, need not to be over emphasized. Marketing can also be in action or business of promoting and selling product or services. Though it was rarely practice in the past by services Company. The laggard posture of services marketers in applying this marketing philosophy could also be trace to inseparability nature of services.Apparently, owing to the very nature of banking service, it ought not to be treated in exactly the same way as other manufacturing firm

Banking marketing must essentially perform two different functions.

• it must attract deposit on one hand
• it must attract borrowers and users of services on the other hand.

The dualistic of banking business entails marking problem that is more complicated than those confronting after business concern.

However, in recent times, there have been  driven from the market due to their inability to meet up with the N25 billion capital base.

The banking Company now being the survival of the fittest has posed a lot of competitive problems on the survivors bank, both the old and new generation bank which have forced the marketing concept and its application in order to fight competition favourably and make more profit.

1.1    HISTORICAL BACKGROUND OF THE CASE STUDY

FirstInternational Bank Limited was established on 30 May 1990 and headquarters in Lagos Nigeria as a private Limited Liability Company, the Bank was Licensed to carry on the business of banking in June 1990. the bank name was changed to Firstbank Plc on 20 May 2004 to reflect its status as a public Limited Liability Company the bank’s shares was listed on the Nigeria stock exchange (NSE) on 21 October 2004 following a highly successful initial public offering (IPO) Nigeria institution and individuals numbering over a million currently own the shares of the bank. The bank’s main services delivery channels in Nigeria are its business offices which as at 2011 had risen to about 330 branches and over 218 cash offices. These are located in prime business and commercial centre in all states of the federation and the federal capital territory (FTC) Abuja. Within the first decade of operations, the bank made its mark in profitability and all other performance indices, and has maintained this prime position till date.

STATEMENT OF PROBLEMS

Since marketing concept and its application is still new in our business organization, researchers has noticed that some organizations are behind, because of the following problems.

• Not accepting the consumer as the king.
• Producing the product or service they could for customers to choose.
• Not adopting to the changing marketing environments
• Wrong application of marketing concept
• Not considering the positive impact created by the application of marketing concept.

RESEARCH QUESTIONS

This project is designed to tackle the following reach questions as it relates to the FirstBank of Nigeria Plc.

• to what extent had marketing concept created impact on banking Company?
• Would bank exist without applying marketing concept
• Could anything be done to improve customer’s services

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