THE ROLE OF PRODUCT MANAGEMENT IN THE MARKETING OF BANKING SERVICE
(A CASE STUDY FIDELITY, ABA BRANCH)
 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 CONTENTS
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
CHAPTER ONE
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.
Planning for the Product
Planning is the first product management function on which the other take bearing. It refer to as forecasting the product future circumstance and requirement, dealing product objective, and determine product to be followed and set  product  standard- planning in product management plays an important role because it determine the successful of the  product in the marketing environment.
Organizing the Product
How to accomplish, the goal is the next this organizing the product is the process of dividing and evaluating the product attribute and successfully accomplish the stated product objective.
Controlling the product ad the environment controlling the product is the process of ensuring that the product objective are reached and deviation from planning for the product are corrected controlling could be effective.  When report are got from the marketer and sales representative regarding area of deviation for correction purpose (Anyanwu 1993)
However, the organization must understand and monitor the actors and forces that effect the environment before organizing and co- ordination the product management process.
This is because the environment is a very dynamic one and it needs a well organized   structure, before any marketing activities can gain acceptance to the environment.
 1.2       STATEMENT OF THE PROBLEM
Fidelity has been making relentless efforts towards the management of product in Aba, Abia state, yet many of the products managed have all been able to satisfy the need of their target customer.  As a result of this, these product do not receive adequate patronage and resources wasted.  This affects bank profit negatively.
Moreover, there are many hard  nuts to crack in the management of product which make it difficult for management to introduce new product even when old ones lack patronage- and this effects the ratio at which Fidelity Bank manage product and hence slowness  in generating income.
Again, some of the target customers are not aware of  the  existence of some product of the bank which make such products lack patronage and even when patronized only a few people patronize them.  Hence banks effort in their management becomes futile. Furthermore, customer  of the bank are not adequate educated on the product managed and some bank staff are not properly equipped on the marketing  of financial service which makes it possible for profitable opportunities to be grasped in the bank such lack of education readers bank effort fruitless and resources used in managing such product wasted.
Finally, some management of banks find it difficult to segment market for their product in that the product go to  wrong of the market where the product receive little or no demand which in the end readers  banks effort unprofitable.   
1.3       OBJECTIVE OF THE STUDY
The rationale befriend this study is to examine different product of the Fidelity are discover for they are managed.  Other objectives are as follows:
1.           To find out the difficulties environment in the process of product management in first banks.
2.           To discover whether banks customer are really satisfied with bank products or not are why?
3.           To find out how best customer of the banks can be educated on the use of the bank product and how best to get them known about the existence of such products.
4.           To discover how best banks products market can be segmented for fruitful virtues.
5.           To determine the effect of product management bank on  profitability
6.           To determine if management of bank products leads to increased product qualify.
7.           To offer possible solutions/ suggestion for addressing such problem and /or make recommendation that may lead to better bank customer relationship, increase customer satisfaction and bank profitability for brighter future.
1.4       FORMULATION  OF HYPOTHESIS
In the process of consulting this research, the following hypotheses have been stated.     
Hypothesis I
Ho:   Fidelity products do not satisfy customer basic  at least            
Hi:    Fidelity products satisfy customer basic at least
          Hypothesis II
Ho:  The major problem encountered in product management is not
Wrong segmentation of target market
H2;  The major problem encountered in product management is wrong segmentation of target market
        Hypothesis III
Ho:  Effective management of bank product result increases profitability in banks
H3:  Effective management of bank product do not leads to increase profitability.
1.5    SIGNIFICANCE OF THE STUDY  
          This study will in a great way be of significance to the bank mangers, customers, individual wishing to engage themselves in banking business, unemployed graduate, government and corporate organization in Aba.
        To the government the result of the study will not only enable them find out a well defined administrative strategies and management problems of the bank firms of various state, but also would act as a panel to solving similar problems of  government.
        To the customer, it will expose them to the various marketing strategies that will lead to optimum banking business and high light problems facing the bankers so to prefer a better solution, it will also expose the advantages they stand to benefit from the bank service patronization.         
        To the corporate organization and other people or individual wishing to engage themselves into banking business, the study will enable them adopt the policy of consumer banker satisfaction as much as possible.  And also the possible suitable management procedure that will help them operate at the long run, since this is the motive behind every business .
        To the students, the study will enlighten their minds on the great importance of product to an effective and efficient marketing strategy through the roles bank services plays in the finance sector.
        Finally to the research, the study will enhance an indepth knowledge of product management marketing strategy, the management and operations while to the customer, to appreciate the marketing means through which they reach them and perhaps bear with them whether they live stock of expectation to problem beyond their control.
1.6       SCOPE OF THE  STUDY
This research work encompasses product management in all Fidelity in Aba as  at date.  Taking four branches of the bank in Aba in Abia state as a case study.  The effort they make toward managing such product and problems they consider in doing.
1.7       DEFINITION OF TERMS
1.      Bank:   Any person who carries  on  banking business and includes a commercial bank, an acceptance house, discount house and other financial institution.
2.    Product Management:  The tasks of adjusting the product throughout its life to match the ever- changing demand of the market place
3.     Markting:  The sensing and serving of consumer needs through an exchange relationship aimed at creating value in form of profit and satisfaction to the consumer.
4.     Marketing Segmentation:  The process of dividing the total heterogeneous market for a product into several submarket or segments each of which tends to be homogenous in all significant aspects.