THE IMPORTANCE OF MARKETING RESEARCH IN THE SERVICE INDUSTRY (A CASE STUDY OF FIRST BANK PLC OSHOGBO, OSUN STATE)

This study examined the importance of marketing research in the service industry, using First Bank Plc, Oshogbo, Osun State as a case study. Marketing research has remained a vital managerial tool for identifying customer needs, improving service delivery, and enhancing organizational competitiveness. The study focused on how marketing research activities carried out by First Bank Plc contributed to effective decision-making, improved customer satisfaction, and overall service improvement. It also investigated the challenges faced in implementing marketing research findings effectively within the bank. A descriptive research design was adopted. Data were collected through structured questionnaires administered to both staff and customers of First Bank Plc, alongside in-depth interviews with selected bank officials. The collected data were analyzed using descriptive statistical methods, which helped to identify trends, patterns, and insights relevant to service enhancement. Findings revealed that marketing research played a significant role in helping the bank understand customer preferences, evaluate service performance, and introduce new service innovations. The study further found that marketing research provided relevant feedback that assisted the bank in strategic planning, problem identification, and timely response to changes within the competitive banking environment. Furthermore, results indicated that effective use of marketing research enhanced customer satisfaction, improved service quality, and strengthened customer loyalty. However, the study identified challenges such as inadequate funding for research, insufficient staff training, and delayed integration of research findings into decision-making processes. The study concluded that marketing research was essential for improving service delivery in the banking sector and recommended that First Bank Plc increase investment in research activities, train staff on modern research techniques, and implement research outcomes promptly to achieve better service performance.