(A CASE STUDY OF FIRST BANK PLC, PORT HARCOURT)
Complete Material Cost #3,000
The study was determined to examine the role of marketing information system in a firms performance. Was adopted and survey method to empirically examine the role of marketing information system in a firm’s performance with emphasis to first bank Nigeria PLC, Port Harcourt. The population of the study is unknown. The sample size was 100 respondents a self design questionnaire was used to collect data from respondents. The simple percentage was used to analyze the response. The chi-square statistical techniques were used to test hypothesis. Findings reveal that there is a significant relationship between marketing information system and firm’s performance. Based on the finding of the summary , conclusion and recommendation were made that attention should be given to their marketing mix ( price, promotion, place and product) effective distribution of quality product are very paramount in insurance product marketing, apart from the sale representative and internal records as means (sources) of information practice, the management of insurance firms must pay great attention to the market research department, if the company want to perform the above average level and since the discoveries had revealed that there is greater need for marketing research in product development.
1.1 BACKGROUND OF THE STUDY
In carrying out Marketing Analysis, Evaluation and Distribution, Marketing Managers need timely and accurate information about customers, competitions, dealers and other forces in the market place. “To manage a business well is to manage its future and to manage the future is to manage information”. (Kolter 1988).
During the past century, most companies were small and knew their customers first hand, managers pick up marketing information by starting around people observing them and asking them questions. In this present century, many factors have increased the need for more and better information management. As companies extend into national and international markets, they need more information on large and more distant markets.
As income increase and customers become more selective, managers need better information about how customers behave to different products. Marketing managers need information on the effectiveness of their marketing tools. In today’s rapidly changing environments, managers need much better up- to -date information to make timely decision.
Marketing Information System (MIS) begins and ends with the marketing managers to assess their information needs and also develop the needed information from internal company records, marketing intelligence activities and marketing research process. In addition, the marketing information system distributes information to managers in the right form and at the right time to help them in marketing planning, implementation and control (Lancaster, K. 1993).
A good marketing information system balances the information managers would like to have against what they really need and what is feasible to offer. Sometimes MIS cannot supply all the information managers are requesting for. MIS must therefore, watch the marketing environment and provide decision makers with information they should have to make key marketing decisions. More so, developing information is required for making day to day planning, implementation and control decision. The development of information is subdivided into three (3): Internal Records (Report), Marketing Intelligence and Marketing Research.
Therefore, Marketing Information System (MIS) is the structure of people, equipment, and procedure to gather, sort, analyse, evaluate and distribute tools needed, timely and accurate information to marketing decision makers. According to Druker (1998) “The aim of MIS is to know and understand the customer so well that the product or services rendered will be key to marketing decisions.
Most companies today are faced with the problem of declining level of sales. Therefore, marketing information system as related to the marketing of Banks services improves the general level of awareness about product and services.
1.2 STATEMENT OF THE PROBLEM
Paramount problem as regards to the decline in the level of productivity in most organizations in Nigeria is due to insufficient marketing information system. This situation led the researcher to undertake a research work to know how to improve the standard of marketing information system, and to know the roles that could be played by marketing information system in enhancing performance in Nigerian organizations. The problem to be examined here is: How First Bank PLC Port Harcourt performance could be improved and maintained with Marketing information system.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine the role of marketing information system in a firm’s performance (A study of First Bank Nigeria, PLC). The specific objectives are as follows:
- To examine the ways of improving the effectiveness of marketing information system through internal record system, marketing intelligence, marketing decision support system and marketing research systemin a firms performance.
- To find out the extent to which marketing information system has improved firm’s performance.
- To find out the problems associated with marketing information system in a firm’s performance.
- To find solutions to the problems of marketing information system in a firm’s performance.
1.4 SIGNIFICANCE OF THE STUDY
The significance of this study cannot be over emphasized as it will assist the Banking sector in embarking on marketing information system in establishing a well rooted company through the enhancement of their services.
Secondly, other companies would make diligent reference to this work and it will enable them to meet up with contemporary marketing information system that will improve their level of services.
This study will be useful to practicing marketers of various organizations to succeed in their marketing activities, for those in the academic field, it will also be useful including students that would explore on the subject matter for future research.
1.5 RESEARCH QUESTIONS
In order to make an implicit work and to help in the analysis of the role of marketing information system in a firm’s performance the researcher frames these research questions based, of the objective of the study.
- What are the ways of improving the effectiveness of marketing information system through internal record system, marketing intelligence, marketing decision support system and marketing research system in a firms performance?
- What is the extent to which marketing information system has improved firm’s performance?
- What are the problems associated with marketing information system in a firms performance?
- Are there solutions to the problems of marketing information system in a firms performance?
1.6 RESEARCH HYPOTHESIS
Ho: There is no significant relationship between marketing information system and firm’s performance.
Hi: There is significant relationship between marketing information system and firm’s performance.
Ho: There is no significant relationship between marketing information system and a improved firm’s performance.
Hi: There is a significant relationship between marketing information system and a improved firm’s performance.
1.7 SCOPE OF THE STUDY
The scope of the study is to examine the role of marketing information system in a firm’s performance. The study limits scope to First Bank Nigeria PLC Port Harcourt.
1.8 LIMITATION OF THE STUDY
The study is limited to the following limitations:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work as difficult and this to a great extent limited the quality of research activity.
Time: The time allocated to the research work was not sufficient to give room for further intensive work on the field of study.
Organization Policy: Policies of the organization limited the level of information received. The personnel of the firms were not willing to give information, stating that it was against the organization’s policy.
1.9 DEFINITION OF TERMS
The researcher took the pains in giving the definitions of some uncommon terms used in this study; this is done in order to make it possible for the project work to have the full knowledge of marketing information system.
The following are some of the related terms used in the study:
Marketing: Marketing is a set of activities that facilitates the exchange of transaction involving “Economic goods and services,” for the ultimate purpose of satisfying human needs.
Information: Information is an acquired knowledge that has meaning. In most cases, information elicit some sort of reaction or responses on the part of the receiver.
Marketing Research: This may be defined as the objective and systematic collection, recording, analyzing interpretation and reporting of information about existing or potential market, marketing strategies and tactics, and the interaction between market, marketing methods and current or potential products or services.
Marketing Information System (MIS): Is the structure of people, equipment, and procedure to gather, sort, analyze, evaluate and distribute too needed, timely and accurate information to marketing decision makers.
Performance: The action or process of performing a task or function.
Complete Material Cost #3,000