Achieving Optimum Sales Target And Profitability In Financial Services Marketing Through Effective Marketing Strategies (A Case Study Of United Bank For Africa Kaduna)

Project and Seminar Material for Marketing

Achieving Optimum Sales Target And Profitability In Financial Services Marketing Through Effective Marketing Strategies (A Case Study Of United Bank For Africa Kaduna)


Abstract


This research is directed to examine “achieving optimum sales target and profitability in banking industries through effective promotional strategies” a case study of united bank for Africa in Kaduna. The research work is divided into five chapters, with each chapter structured in such a manner as to easy understanding of its contents and issue raised. The first chapter deals with the background of the study, statement of hypothesis, significance of the study, historical background and definition of terms. Chapter two deals with literature review, evolution of marketing strategy, element of marketing strategy, types of promotional tools used in banking industry, requirements for successful marketing in a bank, Role of marketing strategy in banking industry, services rendered by united bank for Africa, types of marketing strategy and effect of marketing strategy on the banks. Chapter three explains research methodology, research design, research population, sample size and sample techniques, method of gathering data, justification of method used, method of data analysis and justification of instrument used. Chapter four deals with the data presentation and analysis, test of hypotheses. Chapter five deals with the summary of findings conclusion and recommendations among which the research recommended that the bank staff should be made to be more respectful to its customers in order to minimize customer complaints.


Chapter One


Introduction

1.1 Background of the Study

Promotional strategies are one of the most important ingredients, which enhance growth, development, and survival of any organization. Therefore, for any business enterprise to succeed in the market there is the need for it to always device new promotional techniques to meet the challenges of times. One of the biggest challenges facing services industries such as bank today is how to maintain their market share in today’s largely dynamic and competitive environment.

Before going further, it will be important to point at the fact that customers are the live wire of any organization and they are the primary session why an organisation survives without their repeated patronage, the organisation cannot go beyond the initial turnover of the promoter’s equity. If an organisation does not treat customer well they will move to the next competitions.

In the past the use of promotional concept or techniques were not considered necessary due to the shortage of supply of product and services, whatever was produced was consumed up. The service industry did not realize the importance or even the relevance of finding out what customers wanted or needed and then producing a product or service that best satisfies the need and want of the customer. The promotional concept holds that the key to achieving organizational goals consist in determining the desired satisfactions” Kotler (1984:67).

The banking industry employ a variety of promotional mix strategies in that suit their product offerings for example, the banks are moving away from their traditional range of products such as ordinary current account, granting loans. Overdraft corporate finance to move customers orientated products. In this direction banks have gone to segment (device) the large nitrogenous market into homogeneous sub-market to banks also specialized in specific services to cater for the few segment. Due to the increased level and complexity of Competition and that changing characteristics of the market, Services industry such as the bank have now restored to Intensive promotional strategies.


1.2 Statement of General Problem

The Nigerian banking industry is highly competitive and participating banks have the task of designing and implementing appropriate promotional strategy to ensure survival and growth within.

To specific extent, UBA is amongst the leading banks in Nigeria, but its competitive strength is being weakened by a number of factors, thus including the following:

Poor commitment to organized promotional research to determine, on continuous basis evading threats and emerging opportunities within the industry, Poor customer relationship management resulting in customer attrition and lost of vital resources, In appropriate choice of promotional and promotional strategy to suite the dynamic banking services promotional.

In view of these constraints, this research project makes an attempt at determining the causes and effect of these shortcomings and to provide realistic solutions to them to enhance the banks’ performance within the Nigerian banking sector.


1.3 Objectives of the Study

The main objectives of this study are to identify the promotional strategies in the service industry with focus on banking industry that apply not only computerization but promotional concepts and techniques in its promotional activities.

  1. To identify the promotional strategies that is peculiar to the promotional of banking industry.
  2. To examine the implementation of promotional techniques, principles and other promotional strategies in the promotional activities of UBA.
  3. To find out the prospects in term of sales profitability of the bank since the application of marketing strategies in its promotional strategies in its marketing activities.
  4. To identify the problems facing financial services industries. In its promotional environment particular in Northern State of Nigeria.

1.4 Scope of the Study

For the purpose of this research work, the researcher limits the study to UBA branch at Yakubu Gowon Way, Kaduna North local government area. The researchers also cover some areas like element of promotional strategies; procedure for effective promotional strategies, benefits derived form promotional mix etc.


1.5 Statement of Hypothesis

Hypothesis is a testable, tentative probable explanation of the relationship between two or more variables that create a state of affairs.

The following hypothesis is formulated to facilitate the research objectives;

  • Hi: The promotional strategies have effect on the profitability of banking industries
  • Ho: The promotional strategies do not have effect on the profitability of banking industries

1.6 Limitation of the Study

In a research like this, it ought to encounter one problem or the other. In view of this, it is expected that not all staff of United Bank for Africa (UBA) respond to the questionnaire administered to them. Also the researcher find it difficult to combine class activities with the research work with the short time frame. Other miscellaneous expenses also affect the researcher financial position.

This work has greatly limited the time available for leisure and rest as serious reading and writing was carried out to meet the challenges associated with project such as this one.

Despite these constraints the objectives of this study were achieved.


1.7 Definition Of Terminologies

Marketing:

Is the process of planning and executing the conception, pricing, promotional and distribution of ideas, goods and services to create exchange that satisfy individual and organizational objective.

Satisfaction:

This is a state of mind which demonstrate an emission of positive emotional feelings towards and object or ideas.

Marketing Research:

Is the systematic design, collection, analysis and reporting of data and finding s relevant to a specific marketing situation facing the company.

Marketing concept:

Is a business philosophy that focuses primary attention to the needs and wants of customer and channels the effort towards satisfying their needs and want.

Sales concept:

Is a business philosophy, which rests on the assumption that customers will not buy goods or services unless the seller makes a substantial effort to stimulate their interest on its product.

Sales Promotion:

Are those marketing strategies that is used to stimulate consumers to buy more and stimulate distributors and sales reps to sell more.

Market:

Is a group of people or individual who have demand for the product and have the money and are willing to pay for the product.

Marketing Mix:

Is the controllable element which markets uses to influence consumers responses.

Marketing strategies:

Is a coincident appropriate and feasible set of principles through which a particular company hopes to derives its own objective.

Advertising:

Any paid form of non-personal presentation and promotion of ideas, goods and services by and identified sponsor.

Competitive Environment:

Is a business that operates within other competing firms in an industry.

Promotion:

All activities that have the sale aim of communication.

Strategy:

As a consistent action plain or more to achieve the firms long-term objectives.

Goals:

Achieving the expected result.

Concepts:

An abstraction from observation event

Promotion:

Selling and promotion are normally defined synonymous, although promotion is a more appropriate language. For many people, selling and suggests only transferring or only the activities and other methods of stimulating demands while promotion include advertising personal selling, publicity and others.

Competitive environment:

A business situation that is full rivalry, which call for directing of all of a small segment of the environment.

Marketing mix:

Apportionment of effort; the combination the designing and the integration of the elements of marketing to achieve the objectives of an enterprise (product, pricing, promotion and place).


Chapter Five


Summary of Finding, Conclusion and Recommendations

5.0 Introduction

This chapter presents the summary of this research project, the conclusion and some important recommendations.


5.1 Summary of Findings

In the course of this research project, a number of important findings have been made. This includes the following.

  1. The study discovered that through the organisation growth can be marketing strategies; combination of grand strategies is required most of the time particularly in the marketing services especially in dynamic and turbulent marketing environment such as Nigeria. These grand strategies include market penetration, market development, and product development and diversification.
  2. It was also found out that in a depressed economy like Nigeria marketing activities of banking industries are hampered by a number of factors including low patronage as a result of lack of fund in the party of individuals and organisation low level of awareness on the part of people in Nigeria banking services resulting in negative attitude towards the services in generation.
  3. The study revealed that formulating a given marketing strategies require a through knowledge and understanding of the external environment such as the level of competition in the industry, government, policies, economical factor, political factors, and socio-cultural environment, other key imputes includes setting out clearly goals objectives or the organisation’s mission statement and how these can be accomplished through the implementation of a given marketing strategy.
  4. It was also discovered that through the existing marketing strategies of United Bank for Africa PLC have significantly raise the sales volume, profit earning, employee satisfaction and the amount of corporate social responsibilities to the area of applying a combination of grand marketing strategies to ensure greater result both in the short-term and long term.
  5. Finally, it was also found that the management of United Bank for Africa has not done enough to justify it claim Unalloyed commitment to social responsibilities.

5.2 Conclusion

Base on the above findings it can be concluded that the Nigerian business environment has changed so tremendously that business organisation generally banking industries particularly have no option but to shapen their marketing tools, strategies understanding, practice marketing concept in its operation. The success and survival of banking industries more ever depend largely on their ability to critically review their respective marketing effectiveness periodically selection and implementation of appropriate marketing strategies and programs.


5.3 Recommendations

Based on the above mentioned findings and conclusions, it is recommended that:

  1. The management of United Bank for Africa should strive despite odds to maintain their already highly rated success records by marketing programs with actions.
  2. The organisation should continue to have watchful eye on the environment since the cost of doing so is in estimated.
  3. The long-term cost of achieving customer satisfaction at the expense of employee satisfaction is inestimable. To run the organisation successfully people in the organisation must be well developed and motivated to realize their fill potentials to human resources base, which remain the most important elements of the total management mix.
  4. The bank should embark on a comprehensive staff training re-orientation and development. A well trained staff will be in better position to effectively handle customers’ complaint and contribute dedicatedly to achieving organisational objectives by being more efficient in his or her duties.
  5. Effort should be geared towards reducing to the beeriest minimum customer waiting time thus important objective can be achieved through recruiting qualified and adequate staff and a proper structural outfit that can accommodate more staff to cope with the increasing customer.
  6. There is need for a total computerization of the banks operations for efficiency and reduction in customers waiting time. Computer is known to do better jobs or work than man with regards to efficiency, quality service and ability to do more work than man. Therefore, computerization of the bank operations for efficiency is inevitable if the bank must maintain the increasing number of customers. The importance of this is that it will also help the bank to do more work fact and able to attend to more customer at any given time etc.
  7. Staff should be more courteous to customers. The bank staff should be made to be more respectful to its customers in order to minimize customer complaints. This can be done in way that they can be monitored by the management.

Finally, if all the above variables recommendation are taken and implemented, there is no doubt that UBA Plc will attain a greater height than it is in the present.


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