THE EFFECT OF GLOBALIZATION ON SERVICE INDUSTRY IN NIGERIA A CASE STUDY OF MAGNUM TRUST BANK PLC. A RESEARCH PROJECT MATERIAL ON MARKETING
This research was carried out to primarily find out the effect of Globalization on service industry. It focuses on the globalization through trade agreement and market integration.
Concept and process of globalization and information technology and global interdependence and dynamic of globalization.
The related literature was reviecived only in major areas such as important and growth of service industry the achieving global synergies, Trends no globalization of the world economy and implications for Nigeria.
In the Process of the research valuable informal on will be obtained by the use of questionnaire administer to the customers of MTB also personal interview will be utilized in the process of gathering data.
Data was gathered with the use of the questionnaire and analyzed with some statistics tool like Chi – square (x2) the simple percentage and mean method. The investigation revealed that globalization brought the increase in productivity and profit level, it also enable service marketing to render their job effective and efficiently which brought customers satisfaction through been competition. The research also revealed that no nation or body can develop in isolation.
The study went on to discovered that Nigeria services industries have not yet exploited much in the globalization releases due to certain factors like economic instability, mis-management, Naria devaluating etc. Although the service industries are improving.
In the light of this, therefore the research recommend that service industry should try to exploit opportunities and compete more with the rest of the globe.
1.1 BACKGROUND OF THE STUDY
Globalization means the whole world is becoming a global village, the world are coming together to be one in unity, things are happening generally people don’t produce to satisfy the market people around them, but they produce for the whole market. What is happening at Saudi- Arabia, America, Europe etc. is happening in Nigeria, Ghana and parts of the whole world it is globalization. Globalization is a new world order that emphasis global perspective of the whole universe in further words that world market is tended toward a universal standard.
The world economy has undergone radical change during the past two decades, geographical and cultural distances have shrunk with advent of jet planes, fax machines, global computer and telephone, look ups, world Television satellite, broad casts and other technical advances. This has allowed companies to greatly expand their geographical market coverage purchasing and manufacturing. The result is a vastly more complex marketing environment for both companies and customers. Today almost every company, large or small is touched in some way by global competition. From the neighbourhood florist that buys its flowers from Mexican Nurseries, to the small New –York clothing retailer that sources its merchandized competing in its home markets with giant Japanese rivals to the large American consumer goods producer introduce new products into emerging markets abroad.