TITLE PAGE                                                    

Certification                                                             i

Dedication                                                               ii

Acknowledgement                                                    iii


  1. Introduction                                                     1     
    1. Statement of the Problem                                4
    1. Research Question                                           5
    1. Significance of the Study                                 6
    1. Objective of the Study                                      6
    1. Hypothesis of the Study                                   7
    1. Scope of the Study                                           8
    1. Definition of Terms                                          8
    1. Organization of the Study                                        10


2.1   Literature Review                                             11

2.2   Product Modification and Acceptabilities         14

2.3   Project Processes and Services

Offered by Banks in Nigeria CBN (2004)             20

2.4   Effect of Production Modification on Sales or Cash Inflow       21

2.5   Effect of Failure of Research                            24


3.1   Research Methodology                                     28

3.2   Sources and Method of Data Collection           28

3.3   Research Design                                              29  

3.4   Population and Sample of the Sample             29

3.5   Method of Data Analysis                                  30


4.1   Presentation, Analysis and Interpretation of Data Analysis and Presentation of Data                        32

4.2   Data Presentation and Analysis                               32


5.1   Summary, Conclusion and Recommendation  47

5.2   Conclusion                                                      49

5.4   Recommendations                                           50

5.5   References                                                       52  



From the fact that changes is inevitable in taste, style and desire for new things bring out the underlying factor of the need of continuous research in a product the result of product research is now being used in developing new products and modifying existing ones to ensure that the overall objectives of the organization are achieved

The idea of product modification is to have a competitive advantage over competitors. Here product is modified to add new features that would expand the. Usefulness, safety and convenience which tend to make product unique.

It is a strategy to out play your opponent in the American financial firm; product is constantly subjected to modification having discovered that human beings prefer a convenience banking operation and their wants are unstable.

That is why they came out with credit card, debit cared, on-line banking, money transfer, automated teller machine e.t.c.

The idea of products modification theory must be complemented by the theory of the market dynamic that provide guidelines as to the structure of the total market and the kind of new attributed to which the market is ready to respond. Organizations that are innovative always have something new for the market to complete for before competitors start entering the market with similar of different products. They would have considered their investment.

On the other hand, product acceptability can be seen in the light of communication means put in place to ensure that the products modified are acceptable The advertising strategy and theme based on careful qualitative and quantitative research are carried through, in other forms of communication and all of the promotional activities that can play vital role in accepting the product. Product modification like new product starts idea generations, which are the result of innovative idea. The process starts with searching for ideas. Since all idea cannot be adopted, there is need to solve idea through idea screening, in screening, the company must avoid the error of dismissing a good idea; organization can use different rating devices to ensure that right idea is adopted.

The stage of the concept development involves surveying idea to be developed into product. A product concept is an idea of a product an organization sees itself offering to the market. A product concept is an elaborated version of the idea expressed in meaningful customer’s terms.

Concept positioning is determined on how the product modified would be acceptable. That is what is the rating of such product modified would be acceptable. The new product has to be tested in term of quality, convenience and how the benefit which customers derived.

Concept testing calls for testing the concept with appropriate customer group. The idea of product testing determines how successful that products is the rate ate which product would be acceptable would be measured in product testing and test marketing; it enables the organization to have ideas of whether the product has met the condition acceptable to customers.


The Nigeria economy is basically a seller market where the problem is not selling but producing and innovating product. Banks are not exempted from this. These necessities that the banks came out with innovative products that will set them a part form sales orientation which had characterized the market of financial service of the expenses of the consumers. The focus of this research will be to identify the effect of marketing research on product modification and acceptability in the banking industry.


In the case of the research work answers will be provide to the following research questions.

  • Is market research inevitable for product modification?
  • Does product modification enhance sale or cash flows?
  • To what extent does the Company product qualify or benefit strength is competitive stand in the market?
  • Does product modification guarantee acceptability?
  • Is marketing research on important toll in measuring acceptability of product modified?


The study would be of immense assistance to the stake holder in the banking industry as the research will throw more light on the issue that dynamic and progressive bank must seen the environment to identify requirement at a profit.


The objectives of marketing vary from the organization to organization however; the following are the objectives that are commonly to the purpose of marketing research. Objectives are;

  • To   have position al and reliable information about competitors…
  • To develop information files, on consumer. 
  • To find collective and sources information about future prospect and activities.
  • Identification of market opportunities customer need and want
  • To assists management in making decision about market strategy.
  • To collect information about sales activities cash flow
  • To measure product acceptability.

In making reference to relevant bank journals, magazines and other relevant materials.


The hypothesis of the study in the null hypothesis which are HYPOTHESIS 1:

HO: Marketing research is not significant in product modification HYPOTHESIS 2:

H1: The Company’s product quality or benefits does not strength the competitive stand in the market. If the calculated value which is x2 is less than tale value, it means that the null hypothesis (Ho) will be accepted and reject alternative hypothesis (H1) and vice versa.

1.7           SCOPE OF THE STUDY

The study focused on the effects of marketing research on product modification and acceptability in the banking industry, using access bank plc as a case study. The study will cover the period of 2007-2011 fiscal years.


 Marketing: according to Kotler (2008) marketing is a social and managerial process by which individuals and organization obtain what they need and want through crating and exchanging value with others.

Marketing Research: Philip (2009) defined marketing research as the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.

Product development: ADEDO and ABDULRAHEEM (2005) defined product development as a more limited term which encompasses the technical activities of product research, engineering and design.

 Distribution system: Wongelu (2000) defined distribution system as the channel which product or services passes through from producer to the final consumer.

In Nigeria defined products as the service rendered by banks to meet customer’s satisfaction. Product modification: Philip (2008) defines product modification as addition of new features that would expand the usefulness, safety and convenience which tends to make product unique.

Product Acceptability: Philip (2008) defined product acceptability as the communication means put in place to ensure that the products modified are acceptable.


This project is divided into five (5) chapters, the first chapter is the introduction chapter, it gives an insight introduction to the entire study.

Chapter two deals with the literature review i.e. the works that were do similar topic, which have to be reduced or add some introduction to it.

Chapter three consists of the historical background of the organization access bank plc, llorin) which the explanation of research methodology carrying out our observation method,

Chapter four comprises method of data collection which his primary secondary method collecting data.

Chapter five deals with the summary of the findings, conclusion recommendations.