THE IMPORTANCE OF MARKETING RESEARCH IN THE NIGERIAN BANKING INDUSTRY: A CASE STUDY OF BANK PHB
This study, sought to determine the impact of training on staff performance using RoseMore Hotel as a case study. The amount, and quality of training carried out varies from organization to organization due to factors such as the degree of external change and also the extent to which the organization supports the idea of internal career development. Simple random sampling was used to select staff for the study. A questionnaire was used to collect primary data from employees of Rosemore Hotel. A personal interview was held with the human resource manager as well as the training manager of Rosemore hotel. The study assessed the training process of RoseMore Hoteland whether it has improved the performance of staff. The results showed that RoseMore Hotelhas both on-the-job and off-the-job training programmes and employees are well informed about training and development programmes in the organization. Every employee, no matter their educational background or level within the company had benefited from a training programme. However, the findings revealed that training practices and methods at RoseMore Hotelare not handled systematically and comprehensively. For the organization to be able to meet the challenges of change as well as productivity, there is the need to introduce other forms of training and development that can equally equip staff to perform better. It was recommended among other things, that the methods involved in training be dully followed to equip staff to perform better on the job. The firm is also advised to ensure that training program is evaluated to ensure its compatibility with changes within the insurance industry.
1.1 BACKGROUND OF THE STUDY
The importance of Training and Development is obvious given the growing complexity of the work environment, the rapid change in organization and advancement in technology, among other things. Training and development helps to ensure that organizational members possess the knowledge and skill they need to perform their jobs effectively; take on new responsibilities, and adapt to changing conditions. Despite the recognition of the importance of training by management experts and government as expressed in white papers on various reforms in Nigeria, the experience of manpower training and development in the Nigerian public service has been more of ruse and waste. Until recently there has been a general resistance to investment in training in the public service because of the belief that “employee hired under a merit system must be presumed to be qualified, that there were already trained for their job, and that if this was not so, it was at fault” (Stahl, 1976).
According to Ejiofor (1987), training is indispensable to employee efficiency especially with the growth and modernization in the banking industry. He added that, they are essential for better labour utilization and planning of organizational goals.
Also, cloyd (1964) viewed that the evolution of training and development signal the wisdom of man desired toward industrial revolution couple with determination to pursue their national development. He said further that through this they invented tools, weapon, clothing and shelters to meet their standard of living. In 1957, there was sudden fallout of knowledge due to proportion of uncertainty, and absolute information which becomes invalid for human use. He concluded that training and development is an instrument for reduce deterioration and improved efficiency.
According to Cole(1997). Training was indispensable to the attainment of organizational goals because, employee who have not adequate training before assigned responsibilities lack the necessary confidence to execute its jobs. He cited example the aspect of difference in training between polytechnic and universities, which the polytechnic acquire more practical knowledge while, the universities is more of theoretical.
1.2 PROBLEM STATEMENT
Some organizations in Nigeria do not engage in proper training and development of its staff, resulting to low productivity and poor organizational performance. In most cases, these organizations are not fully aware of the impacts of employee training and development on the performance of their organization, and thus they do not undertake training and development exercises for their employees.
According to Cole (2002), ill trained employees will definitely be less productive, as they do not have the necessary and complete skills and knowledge to achieve maximum performance in the organization. Training of employees must be implemented in every organization that wishes to succeed, since training enhances skills, knowledge, attributes and competencies and ultimately worker performance and productivity in organizations.
1.3 OBJECTIVES OF THE STUDY
The objectives of this study are:
1. To identify existing training programs at RoseMore Hotels
2. To evaluate the effectiveness of these training programs.
3. To find out if the training programs have impacted on employee and the firm’s overall performance.
1.4 RESEARCH QUESTIONS
The following research questions were developed to guide the study:
1. What training programs does RoseMore Hotels have?
2. Are the training programs in RoseMore Hotels effective?
3. What is the impact that these training programs have had on employee performance?
1.5 RESEARCH HYPOTHESIS
The hypotheses for the study are:
1. Ho: Training programs of RoseMore Hotelsis not effectively administered to staff of the bank.
Hi: Training programs of RoseMore Hotelsis effectively administered to staff of the bank.
2. Ho: There is no significant impact between staff training and employee performance in RoseMore Hotelsbank.
Hi: There is a significant impact between staff training and employee performance in RoseMore Hotelsbank.
1.6 SIGNIFICANCE OF THE STUDY
The study will help firms understand the importance of training programs. It will also enable them structure their training programs to make them more effective in terms of helping to improve the efficiency of the workforce and lead to better performance. This also ensures the existence of a pool of skilled workforce who could be utilized for national development. Labour is a major input to the success of the company. If labour is efficient it will help improve the performance of the company. As companies perform better they are able to increase output and contribute more to the economy. They are also able to grow and hire more people thus helping to decrease the level of unemployment. As companies perform better, they are also able to compete better enabling the economy to remain vibrant.
The study will also be of great benefit to student researchers who wish to explore more into the impact training has had on the overall performance of employees in various organizations. The study will serve as a guide to these students who may further get more insights into the recommendations and findings from the study thereby, forming an empirical literature for them.
1.7 SCOPE OF THE STUDY
The study is limited to the role and impact that training have on the performance of employees of RoseMore Hotelsbank, using their branch office in Umuahia, Abia State as the focus point. The branch office constitutes an important location of RoseMore Hotelsand holds a large population of employees.
1.8 DEFINITION OF TERMS
Training: Training could be seen as an Organizational effort aimed at helping an employee to acquire basic skills required for the efficient and effective execution of the function for which he/she is hired for.
Planning: Is a strategy by which Organization ensures that right number of employees with the right talent/skill occupy the right position of the Organization. It is a deliberate effort put in place to attain a target goal.
Efficiency: This refers to an input-output relationship that is maximum work achieved for a minimum time or result. It is a notion of ‘Optimization’ whereby maximum satisfaction is obtained for a given out lay of resources.
Effectiveness: This is referred to how frequently and perfectly human or machine are able to carry out a task leading to a required output that always resulted to an Organizational efficiency. Effectiveness is therefore a means to an end”.
Organization: This is referred to as two (2) or more people working together in a co-ordinated manner to attain group results.
Performance: The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment of an obligation, in a manner that releases the performer from all liabilities under the contract.
Productivity: Productivity is the ratio of output to inputs in production; it is an average measure of the efficiency of production. Efficiency of production means production’s capability to create incomes which is measured by the formula real output value minus real input value.
Output: Output is the term denoting either an exit or changes which exit a system and which activate/modify a process. It is an abstract concept, used in the modeling, system(s) design and system(s) exploitation.
Employee: An employee is anyone who has agreed to be employed, under a contract of service, to work for some form of payment. This can include wages, salary, commission and piece rates.
Seminar: This is, generally, a form of academic instruction, either at an academic institution or offered by a commercial or professional organization. It has the function of bringing together small groups for recurring meetings, focusing each time on some particular subject, in which everyone present is requested to actively participate.
Workshop: a gathering of small group of individuals for academic conference or job training.
REVIEW OF LITERATURE
It’s necessary to review the need for marketing research in an industry. However, it does not have to be that way, but because many companies and even industries have failed to take marketing research important in product development. Marketing managers and other professionals are now relying more on marketing research in product development to make better decision clearly, marketing research is vital to marketing decision making. Robert Ferber asserted that “before the product is produced, market survey must be conducted in other to ascertain the acceptance of the product in marketing sphere”. He went further to buttress his fact by sating that just as the efficiency of production is dependent on product research, so also the efficiency of marketing depends on marketing research. Marketing research he notes refers broadly to the development of the most efficient means of marketing, that is the discovering of new and better methods of marketing, more economical means of distribution, new market, better means of selling and other marketing aids. Marketing concept has become firmly established in many organizations. Marketing research focus on understanding consumers buying habit in relation to development in product research. A research of this nature will be incomplete without insight into existing related literature on the subject under study. Literature survey therefore, is described as “A research of strategies trade journals, Articles, Magazines, Newspapers and boos for data or for insight into the problem at hand”. For the purpose of this study, the researcher has relied more on the contribution of authors from Britain and United State of America who have published articles on marketing research, also those of Nigeria contributions in this field of study.
THEORETICAL FRAME WORK
Marketing is generally interpreted today as including all those business activities concerned with the development, production and distribution of product to identifiable market, where they will provide satisfaction to those who buy them. Marketing research therefore, covers product development, identifying the market and suitable method of selling, distribution, promotion, pricing and sales service facilities. Marketing research has an advisory role in marketing management. It is used to acquire and analyze information and to make recommendations to management as to how marketing problems should be resolved. Tall and Hawken’s (1980:1)
Different association, group and organizations tried to solve the problem which the question “what is marketing” has created, but seems they looked at marketing from different perspective. In this study the following definitions by marketing scholars are considered. William J. Stanton, (1975) in his book, foundamentals of marketing, defines marketing as “ the total system of interacting business activities, designed to plan, price, promote, and distribute want-satisfying product and services to present and potential consumers ”. The American Marketing Association (AMA) in its own definition says that “marketing is the performance of business activities that direct the flow of goods and services from the producers to the consumers” The institution of marketing (London) defines marketing as the “management process which is responsible for identifying anticipating and satisfying consumer’s requirement profitably”. Marketing is about identifying and meeting human and social needs. The above definitions receive credit because they have considered marketing from identification of needs, wants, users, and effective communication to the level of satisfying them through effective promotion and distribution of these wants. RESEARCH The oxford advance learners dictionary defines research as careful investigation carried out in order to discover new facts, ideas and information’s about subject matter. Research is a process of finding out. It is a scientific method of controlling enquiry. It identifies problems and attempts to find solution to these problems. In doing this, research ask question, tells why is important, describes how it answered and interprets it briefly to the users. MARKETING RESEARCH Philips R. Cateora and John L. Graham (2005) defines marketing research as the systematic gathering, recording and analyzing of data to provide information useful in marketing decision making. British institute of management (1962) as “the objective gathering, recordings and analyzing of all fact about problems relating to the transfer and sales of goods and services from producer to consumer”. Geen and Tull (1970) define marketing research as consisting of a systematic and objective collection as well as appropriate analysis of information that will provide solution to all marketing problems. According to Philip Kotler 13th edition, marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing company. From the above definitions, on can say clear that marketing research as an essential management tool that executive can use in inducting the risk in the environment of operation by obtaining potential information and putting the resources at the disposed of the manager in order to move the organization forward.
THE MARKETING RESEARCH PROCESS
Effective marketing research follows six steps which is shown in the figure below.