Marketing assessment of leading banks in Lebanon. (c1994)

Abstract

Marketing has become a major field of interest in the 1990's. Whereas, a century ago, the term marketing was almost unknown. It has, over time, gained extensive application in most industries. The evolution of the marketing concept has reached such a stage as to implicate issues as global in nature such as society welfare and marketing of political careers. Then, the inclusion of services, especially those of the banking sector, as industries that not only need to be marketed rather live by means of marketing, would not be surprising. This project attempts to incorporate all issues of concern to those interested in venturing into marketing of bank services in Lebanon. The main purpose of the research is directed towards evaluating the marketing management process, in general, and the overall marketing activities of the Lebanese banks, in particular. The first chapter introduces the statement of the problem, the need, purpose and limitations of the study, and the methodology used for the assessment of bank marketing in Lebanon. The second chapter starts by classitying bank marketing among other service industries. Tables are used to enhance this classification. Then, a detailed discussion of how bank marketing differs from product marketing follows. After this stage, all elements of bank marketing mix are analyzed. The third chapter encompasses practical issues in bank marketing. First, the bank marketing environment is evaluated. Then, the new product and service development for banks follows. The fourth chapter concludes on the possible application of what is discussed to Lebanon. First, the environmental setting is portrayed. Then, basic proportions for marketing of Lebanese banks are intercepted. After this stage, a field survey is conducted by interviewing six leading banks' senior managers, in order to evaluate the existing marketing programs. Based on the results of the sample chosen for the study, it is concluded that the marketing programs adopted by the Lebanese banks are very limited and small in relation to the level of banking sector operations, and to the market coverage of the banks. By analyzing in depth the current states of marketing activities in the Lebanese banks, it is recommended that every bank operating in Lebanon should establish a marketing department, equipped with the necessary qualified staff.