This project work titled “The Impact of Market Segmentation and Product Positioning On Banking Service” with reference to United Bank for Africa Plc Ahmadu Bello way Kaduna. Contains six chapters. It a body of knowledge in the field of business, that marketing concept which are applied in the manufacturing industry are applicable in the banking sector. The focus of this project is base on the introduction of the subject matter, background of the subject matter, statement of the problem and the research of the objective for the study was also made. However, the research scope, significance of the study, including the limitation were highlighted and clarified, also definition of terms used during the study were stated. The literature reviews were carried out, also questionnaire were administered to collected data from the management and staffs of the bank and a simple percentage was used to analyze the collected data for easy understanding. Research population and sample size, a sample size of 12 were taken from the population of 24 of only the management and staff of the bank. The discussion of the result and proof of hypothesis have been carried out and the hypotheses are: the null and the alternate hypothesis.
Ho: United Bank for Africa does not apply market segmentation philosophy to realize its objective.
H1: United Bank for Africa apply market segmentation philosophy to realize its objective.
Proof Hypothesis: The Null hypothesis is rejected while the alternate hypothesis was accepted. The study conclusively discovered that segmentation and product positioning is a vital tool for any business, it is recommended that United Bank for Africa should continue to segment, this is because, the net effect will be sustainable profitability.
The most striking concept in the modern marketing is market segmentation, which is a customer-oriented philosophy. Consumer’s wants are the most vital reasons for any form of business operation. This philosophy of marketing is aiming at how best to reach the customer with the goods produced and services provided. For this study, product here refers to the services provided by the Banking industry.
This calls for a thorough and continuous study of consumers, as well as product positioning to satisfy, efficiently their numerous needs from time to time, forcing the marketers to resort to a lot of fundamental marketing strategies.
The market is heterogeneous in nature and consumers are widely spread and difficult to reach. No one business can produce and serve the whole market in its entirely. Therefore, it is more effective and efficient for any Bank to identify it’s sub-market(s) from the whole, select an d reach with distinct marketing mix within its available scarce resources.
Banking business entails investment in lump sum running to millions and billions of Naira. In segmenting the market, some certain, but fundamental questions should be addressed by the Manager, such as who are the customers?
Who are they?
What do they want?
Why and why do the buy?
Answer to these and other questions will assist the manager(s) in no small way to efficiently and effectively plan, implement and control all their operations.
Market segmentation can then be regarded as the act of dividing the entire market into distinct unit or segment, so that meaningful group of costumers might merit separate product within a given market. The impacts of market segmentation push a Bank or any business management to placed it product using unique marketing program suitable for each market segment.
The dynamism of marketing system and a competitive business environment ,require a continual refinement and increased sophistication in product positioning through market segmentation by managers, marketing scholars, authors and professionals have illustrate many a times the unlimited needs and diversity of consumers that necessitated this marketing philosophy.
In view of this, market segmentation concept is here applied to mean how an organization can determine and reach its sub-parts with its distinctive marketing mix (i.e.4ps product, price, promotion and place).
Kotler (1984) defines market segmentation “as act of dividing a market into distinct and meaningful groups of buyers who might merit separate product and or marketing mix”. He stressed that market segmentation requires the company to identify different basis for segmenting the market, develop profiles of the resulting market segmentation and as well as develop measures for the each segmented attractiveness.
This work is intended to reflect on the impact of market segmentation and product positing with a particular reference to United Bank for Africa plc Kaduna.
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