THE APPLICATION OF MARKETING CONCEPT IN NIGERIAN BANKING INDUSTRY, (A CASE STUDY OF UNION BANK NIG LTD OWERRI)
CHAPTER ONE
INTRODUCTION:
The product or watchword for marketing has to be associated to “innovation or die.
This innovation attributes can become a philosophy compelling or almost parallel to that of the marketing concept (Stanton W.S 1981).
Definitions
- Offering new improved products for present markets.
- A strategy of selling a new product to existing markets.
- A state of creating new products that moves the product from concept to test phase and also involves the development of marketing mix (promotion, distributions and prices)
- A product market growth strategy in which a company develops new products to sell to its existing markets.
- Consist to of the companies seeking products for its current markets.
Development is often referred to as the technical side of business only. This interpretation or emphasis is not too concise as development itself is more than the application of scientific planning to ensure the progress of the enterprises as a whole
A clearer idea of the development functions is concerned with word “ improvement.” A firm that has decided to go into the manufacturing of a product that is in someway an improvement on those there competitors. If the firm wishes to have any success hey must exercise the development function right from the start.
The established business must pay a needed attention to give he product a better position in the market, otherwise it would be out runned or out stripped by vibrant competitors. Improvement in design performance, materials and processes by a progressive firm may have direct impact on their product. Again, the demand for a certain circle may be of uncertain demand especially where fashion is involved and hence product development is paramount and of vital importance.
New product may be introduced to checkmate or replace again (obsolete) or unsuccessful ones. The need to smooth out seasonal sales fluctuation, exploring new opportunities and using or maximum excess plant capacity. A new product can be a minor modification to the existing product features or in the packages of the product.
Product development can as well meaning item which is “totally” new in concept. The term “new” product depends on the view of the firm or company concerned. what may not be looked at as a new product by the leader in the industry may be referred to as “new” by some other companies within that particular industry.
The need for product development can also be seen when we realize that
30 to 40 percent of a firms current value .
sales and products do same from products that were not in the firms product portfolio twice years ago. New results to either utilizes excess plant capacity or as a need to have enough products to have care of the seasonality in sales.