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AN ASSESSMENT OF PRODUCT DESIGN AND DEVELOPMENT PRACTICES ON CUSTOMER RETENTION IN COMMERCIAL BANKS IN NIGERIA( A CASE STUDY OF GTB, ABUJA)

MARKETING
Project Research
Pages: 50
Quantitative
Percentage/Frequency
1-5 Chapters
Abstract Available
APA 7th Edition
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NGN 5,000

Project Research Pages: 50 Quantitative Percentage/Frequency 1-5 Chapters Abstract Available APA 7th Edition Instant Download NGN 5,000

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Project Research Pages: 50 Quantitative Percentage/Frequency 1-5 Chapters NGN 5,000 Abstract Available APA 7th Edition Instant Download

CHAPTER ONE

INTRODUCTION

 

1.1 Background of study

Our world is currently undergoing a period of rapid globalization. Economic, social, cultural, political, environmental, and technical changes are all undergoing rapid transformations. As a result of this impact, numerous business-oriented businesses are attempting to adapt to the changing and inconsistent business environment in order to survive, outperform, and maintain their relative place in a specific industry. Customers nowadays have access to detailed information about various companies' products and services because of information technology. Because of these factors, the seller-customer relationship has moved radically from a mass-production notion to a customer-driven market, in which customers determine what they want, how they want it, when they want it, and how much they want to pay for the company's offering.

Commercial banks' ability to compete in certain business operations is largely determined by legislation (Sullivan, 1986). Large commercial banks now operate in a significantly more dynamic environment. The cost of financing changes rapidly, and competition from both within and outside the traditional banking business has intensified (Yang, 1990). The banking business and its products continue to be influenced by state legislation. Customers are becoming more intelligent, and the industry's rate of change is unabated (LeGrand, 1992). As a result of these quickly changing circumstances, traditional bank management has undergone a number of important modifications. The ability to manage numerous and often very diverse products and services, as well as developing a capacity to meet and exceed the performance levels of sophisticated competitors: a customer-focused marketing approach, a capability to measure both market performance and product profitability, and initiative and entrepreneurial thinking within their organizations, are all challenges that bank managers face (Cooper Ei, 1994).Understanding customer pain points is still crucial to developing and delivering a compelling customer value proposition that fits their different financial service requirements. Financial products and services are characterized by customer value propositions (CVPs) such as affordability, accessibility, ease of use, service reliability, and security, according to David-West et al., 2019. These CVPs are required by FSPs in order to gain and maintain customers. FSPs must constantly examine their customer value propositions and product fit in the face of changing consumer behavior in order to attain and maintain these features in their goods. One way is to assess product development procedures on a regular basis. This is undeniably true, particularly in an era when new non-bank financial technology (Fintech) firms are challenging incumbents and disrupting the financial services industry with novel value propositions.

 

1.2 Statement of problem

Many companies nowadays are focused on creating, developing, producing, and distributing their products to their target customers at a reasonable price, in a timely manner, and in a location that is convenient for them, with the ultimate goal of boosting customer happiness. Customers have a variety of tastes and requirements for each company's offerings as a result of today's technology advancements and easy access to information, resulting in forced customer-seller relationships. Companies that bring their customers' needs and wants into the activity of new product idea generation, idea screening, concept development, prototype development, test market, and commercialization processes benefit from the efficient use of scarce available resources, gain a competitive advantage, and are engaged in both profit and loss.

 

1.3 Objective of study

The following are primary objectives of this study:

1.To examine the impact of product design on customer retention at Gt Bank.

2.To determine how GT Bank improves marketability through the product design process.

3.To assess how product design methods affect Gt Bank's development practices. 

 

1.4 Research questions

1. What effect does product design have on customer retention at Gt Bank?

2. How does GT Bank improve marketability through product design?

3. What impact do product design methods have on Gt Bank's development practices?

 

1.5 Significance of study

The findings will help top executives of organizations make timely, effective, and exact business decisions about their products, product lines, production, market, financing, design and development, and technology. This research will assist businesses in developing a strong board of directors, as well as transparency and trust in their current/target market.It assists businesses in being customer-focused, capable of change, and reducing state-level maintenance and rigidity.

 

1.6 Scope of study

This study focuses on examining the impact of product design on customer retention in commercial banks. It also looks into how commercial banks improve marketability through the product design process. It also aims to assess how product design methods affect the development practices of commercial banks.This study is delimited by the GT Bank in Abuja.

 

1.6 Limitation of study

Availability of materials, finance and time constraints to combine research work and academic work were major challenges the researcher encountered during this research

 

1.7 Definition of terms

Product design: Product design as a verb is to create a new product to be sold by a business to its customers.

Customer retention: This refers to the ability of a company or product to retain its customers over some specified period.

AN ASSESSMENT OF PRODUCT DESIGN AND DEVELOPMENT PRACTICES ON CUSTOMER RETENTION IN COMMERCIAL BANKS IN NIGERIA( A CASE STUDY OF GTB, ABUJA)

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