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- No of Pages: 91

- No of Chapters: 05

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Introduction:

Abstract

This study examined the role of product Management of Marketing of Bank Service. Some of the objectives of this study were; to determine the effect of product management Bank on profitability. To offer possible solution and suggestion for addressing such problem or make recommendation that lead better customer relationship. To determine, if the management of the bank product leads to increase product leads to increase product quality. Based on these objectives, hypothesis were formulated , Data were sourced, extensive literature review on text book, journal and materials on the area if study was carryout while primary data sourced from respondent. The populations of the study include; Bank personnel and customer of the said band in Aba metropolis. Burly formular was used based on census figure of 1991 population the data collected were analyzed using simple percentage and statistical table. A careful study of data collected shown the following. The researcher agrees the managers and bank directors agrees that product management is very necessary in marketing activities of every organization or business. That services rendered by the said bank stagy the customer but not effective and efficiently as possible. It show that with a well organize product management will leads to increase in the adoption process of the product by the consumer with these it make it possible for them to complete effective with other organization in some business. The research following recommendations after careful study of the finding. The organization should seek support from customer of the organization needed for proper product development and management. That the organization should increase the activity that is associated with product management which will bring about increase in sales of the product and also organization image. The employee of the organization should be educated more of the importance of product management in an organization. In doing these, welfare department need to be in the organization. The research concluded that the organization should be up and doing in product management to produce services that will effectively and efficiently satisfy the customer needs.

Table of Content

CHAPTER ONE

INTRODUCTION



1.1 Background of the study



1.2 Statement of the Problem



1.3 Purpose of the study



1.4 Hypothesis/ Research Hypothesis



1.5 Significance of the study



1.6 Scope Delimitation of the Study



1.7 Definition of Terms

CHAPTER TWO



Review of related literature



2.1 Overview of Marketing Mix



2.2 Definitions of Marketing Mix



2.3 The Marketing Mix as Tools of Study



2.4 Importance of the Marketing Mix



2.5 Marketing Concept



2.6 Holistic Marketing

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY



3.1 Source of Data



3.2 Population of the Study



3.3 Research Instrument



3.4 Validity of Research Instrument



3.5 Questionnaire Allocation and Administration



3.6 Method of Data Analysis and Treatment

CHAPTER FOUR

Presentation, analysis, and interpretation



4.1 Presentation, Analysis, and Interpretation



4.2 Test of Hypothesis

CHAPTER FIVE



5.1 Summary of Findings



5.2 Recommendations



5.3 Conclusion



Bibliography



Questionnaire

Introduction

1.1 BACKGROUND OF THE STUDY



Product management embraces the task of adjusting the product throughout its life to match the ever-changing demands of the market place. Too many organizations make the mistake of thinking that consumers fed and act as they do ad share their wants.



The job of managing a product then is one of constantly monitoring the market and adjusting the products to meet the markets needs and wants. The better the product matches the needs of its market, the more successful it is likely to be.



Today, as product and service become more, and more commoditized many organization are moving to new level in creating value for their customer. To differentiate their offers, they are developing and delivering total customer, experience, whereas product are tangible and service are intangible, experience are memorable, whereas product and service are memorable when as product and service are external, experience are personal and take place in the minds of individual consumer. Organization that – market experience realize that customer are really buying much more than just product and service.



For a product to successful gain acceptance in the market environment a well organized product development and management must be there product management is the process of tilling the proposed product to the requirement and opportunities of the market (Rewold etal 1977) product management, involves the process of anticipating the needs of the market place initiating action towards the identification and production of product and service which will best satisfy the needs and wanT of the trapped market environment. Product management is internal factor in an organization. A product once, it is commercialized face the problem of management. The firm is not alone in the industry and its competitor will want to enter the market, if the product proves successful. It therefore, follows that the firm must manage it product right from the introduction state till the maturate or even declining stage (Buzzell 1966)



Product management is however, characterized by danger and uncertainties. The danger may be in washing financial and human resource with achieve success protection and market acceptance the uncertainties arise as to whether the product will service, face much competition or die on the introduct Anyanwu (1993).



Managing the product variable embraces planning and or service to be marketed by the company. The product mix element constitute the most important it is thus produce that every producer tries to conceptualize in the form most desired by the consumer in order to satisfy his needs for proper management of product, the organization must consider all the internal factors of the organization (Dick Barry 1981). This is because this factors will determine the success of the product in the marketing environment.



In product management process, the product life cycle provide useful information on how to apply the principles of marketing and management in organizing and in carrying out that activities that will successfully market the product. If a firms fact to manage its product, it plan, to fail in launching its, product. There are reasons why product fails in the marketing environment







They are as follows



1. Lack of distinctive advantage in product performance and price



2. Over estimation of the target market which may result in low demand



3. Inability to utilize company strength to capture profitable opportunities



4. Unpredictable change in consumer preference for goods and service



5. Product which facilitate competitive entry into the market by competitor,.



6. Lack of support from the marketing intermediaries



In order to avoid the above mentioned area, the firm must consider and evaluate the product satisfaction and acceptance in such a way that favours the consumer and the organization in general. (Anyanwu 1993) in managing a product especially in marketing Bank service, the function varies from organization objective to the other. But the basic functions in managing a product are the same with the principle function of management as it is stated in the management field. But the different is that product management are guided toward developing are organizing a successful product that will gain acceptance in the marketing environment the following are the basic function of product management.