THE IMPORTANCE OF CONDUCTING MARKETING RESEARCH IN THE BANKING INDUSTRY (A CASE STUDY OF ZENITH BANK PLC. OSOGBO, OSUN STATE)

The purpose of this research work is to examine the importance of conducting marketing research in the banking industry. The objective of the study is to examine the effect / extent of marketing research contribution to the banking industry. The outcome of this research work will be beneficial to members of the public, the government, students, and manufacturers. The data used were obtained from company workers in selected Zenith bank branches in Osogbo, Osun State. A sample of 150 questionnaires distributed, 142 were duly completed and returned while 8 were not returned. Three hypotheses generated in this study were tested with the use of chi-square (X2). The study revealed that marketing research plays a significant role for the development of banking industry by ensuring that the production of new products is successful and there is adequate demand existing in the market. Majority of the banking industries used different research instruments to conduct marketing research. The results of marketing research have made the production of services to be cheaper, thereby making them affordable to customers. Also, the quality of that product will be better, and can be able to meet consumer needs and taste. This can also increases the volume of sales of the newly developed products. In view of this finding the researcher recommended among others that manufacturers should adequately research before Developing methods of marketing research and that research centers should be built where information regarding the development of new products will be obtained easily.