CHAPTER ONE
1.1 INTRODUCTION
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.
1.2 STATEMENT OF THE PROBLEM
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.
1.3 RESEARCH QUESTIONS
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?
1.4 SIGNIFICANCE OF THE STUDY
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.
1.5 OBJECTIVES OF THE STUDY
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.