Advertising As An Effective Promotional Tool In The Delivering Of Banking Service
This study on “Advertising as an effective promotional tool in the delivering of banking services has tries to seek answer to the crucial question that plagues the memory of researchers question on how co-operate advertising acts as an effective promotional tool in the marketing of banking service , its value and importance’s. Chapter one deals with the general introduction of the study, its background and analysis, statement of the study significance the research question and most importantly the definition of terms. Chapter two of the study examines extensively difficult views such as literature review, observation and comments of economist on the effectiveness of co-operate advertising the third chapter is about the method to be used in conducting the research study. The type of method of study to e used which is survey method, design, sample size and population. Chapter four is about data analysis and result. Chapter five summarizes the study and deals with recommendations
1. 1 Background of Study
Business is like a bicycle, either you keep moving or you fall down. Over the century, man has been able to achieve many fear is the ability to like the whole world together invisible thread called Communication. Without communication, we utterly be isolated groups without the coordination we have today. In prehistoric times, communication was haphazard and primitive, with however the need for a better organized and developed system of communication became more and more crucial. In marketing, the need for communication can not be over emphasized. When a firm has developed the perfect product or services, have price of it attractively and has model accessible to the target customers, yet the customers are unaware of all these, the success of such effort may be unwanted. Marketing is used to achieve these aim, and various tools are used to achieve the firm’s communication objectives such tools are advertising, sale promotion, personal selling and publicity, it has been used by firms in the marketing communication, however advertising has often being employed, it reaches a much wider audience than any other tool would normally reach. Cyman (1969), contends that advertising is concerned with conveying a product or services and, companies producing that goods or services to the potential buyers.
Banks provides a way of services to the customers. It is hence necessary to communicate these services, their benefits and new features a customer considering the financial aspect of the banking services, banks also have to build an image to respect ability and viability through co-operative advertising. When there is confidence response in banks, the customers should be better disposed to have dealings with them, hence a bank to constantly inform its customers (present and potential) about its services and about itself in order to build an image.
1.2 Statement of the Problems
Banks are custodians of customer trust. They don’t simply provide financial services they also provide peace of mind to the customers with this on mind, the bank corporate advertising plans should ensure that the customer is well informed about its offers, solution to solve problems. A number of banks are seeing the importance of advertising, but some are still adhere after not something that should be done all of the time based on the above, this study aims at examining the extent to which banks carry-out advertising co-operative and the effectiveness of such campaign.
1.3 Purpose of the Study
This study is aimed at finding out the extent to which certain has gone in exchanging co-operative advertising as a part of the marketing strategy used, the effect by some bank customers marketing recommendation for effective co-operative advertising banks.
1.4 Significance of the Study
The age-old banking tradition was to sit down and wait for customer, such a step should be suicidal. A bank with state of the art facilities and services may still not make such heavy profit if it does not talk. And with problem arise step to correct the situation, may take a little too late. It is hoped that through this study, insight can be gained to established, maintain and improve line of communication between the bank and its public. When its public understand policies aspiration etc, a more efficient banking system can be hoped for with room-still for further improvement.
1.5 Research Questions
It is that research works should be able to provide answers to the following research questions.
- Do bank advertise from head office?
- Are banks truthful in their corporate advertising?
- Does corporate advertising influence the customer choice of banking?
- Which of the promotional tool is the most effective for bank marketing?
- Does corporate advertising by banks increase their customer awareness?
In carrying out the study, the researcher will work with the under listed hypothesis so formulated shall be the end of the study.
- The customer awareness of bank activity is not to increase with more corporate advertising.
- Customer awareness is not the most effective promotional tool in the corporate advertising
1.7 Scope of the Study
Through literature have not been written on the topic corporate advertising as all effective promotional tools in the marketing of banking service, there is banking business the foundation of which is trust means that a bank can not afford to pay lip services will tend to be tough. The only way to stay in business is to move profit and corporate advertising help to achieve the profit goals.
Banks can only continue to make profit in so far its public that it is deserves to continue it operation by corporate advertising generally seeks to achieve the following.
1.8 Definition of Terms
This is an organization authorized by the central Bank of Nigeria (CBN) through the insurance banking license to accept deposit from members business generally.
Banking can be said to be the business of receiving money from outside source as deposit irrespective of the payment of the interest and grating of money, loan and acceptance of credit or the purchasing and sales of security for the amount of others or the incurring of the obligation on the acquire claims in respect of loan prior to their maturity or the assumption of the guarantee and other warranties for others or the effecting of transfer and clearing, and such other transaction are the commissioners may on the recommendation of the central bank by other published in the federal Gazette Designates as banking business.
The creation and delivery of customers satisfying service at a profit. Bank marketing is called to develop a distinctive brand image which is considered the capital reputation of financial institution.
It is a promotional strategy that is designed to not only interest customers in product and service offered by the company, but also to cultivate a positive reputation among consumers and others within the business world.
Summary of Findings, Conclusion and Recommendations
5.1 Summary of Findings
This chapter presents a frame work of how the findings are discussed, conclusion were also drawn based on the finding will also be discussed and if necessary relate them to current body as presented in chapter two literally review.
After drawing conclusions, recommendation will be the researchers findings. This closes the suggestion for further research. Banks are very important to the economy of any country not only they are original and primary custodians of financial trust, they also create money and help improve the standard of living. Their services are very important and the advertising programme should present bank in fair light, also the customers should not be left in the bank service and activities.
The findings from research question 2 research hypothesis one left us with no doubt as to the importance of corporate advertising in its, are of customers awareness 90% of the respondent to the research question answered in the affirmative. The researches were used.
From the fore-going analysis the following conclusions were made from commercial bank in Delta state are lacking in the corporate advertising most divisions of commercial banks are not engaged in any form of advertising. The quality of banking services in most banks are shown below. Some banks treat advertising virtually in isolation.
However banks can improve their relation with their customers through coordination application of marketing principles to banking.
Findings of the study above shows that corporate advertising as an effective promotional tools in marketing banking services however, corporate advertising is not as per they obtain do not apply the marketing concepts. The following recommendations are made in order to improve the banks corporate advertising.
Better quality staffing: it is important that while recruiting staff to manage the bank advertising on marketing department effort should be made, recruit those staff that are better of quality in terms of learning and experience, individuals who major in marketing related discipline should be placed on high list for various interviews. The research found out that many bank executives were of such or related as geology, architecture and religion. Thus they not likely to have that training which prepares them for challenges in advertising.
Improve services: Banks should also ensure that they upon the present level of their services. A situation where interest rate is low and so on does not acquire any form of corporate advertising.
Better Advertising Management: Advertising management refers to the planning analysis and control of the advertising control of the advertising function, effort should be made by bank management to get more involved in advertising.
Advertising like a major asset is part investment may not always be reflected in the firms balance sheet. This does not obtain indicate failure of the programme but may be fulfillment of other objectives with obtain ultimate local to profit. Thus more firms should be allocated carry out various advertising programs.
Evaluation: Bank must also as matter of policy ensure that any form of advertising that comes out of their stable must be motive. Bank executive in the view indicate that they did nit engage in serious evaluation. This is a dangerous approach because sub-programme. The banks should ensure that its market custom the advertising is men for any case of the activity.
5.4 Limitations of the Study
The research observed that enough literature review has not been written in response to the research problem. High level of illiteracy among the staff B & C bank services. Pose a lot of limitation to the research as they could not understand English. So the research of the project lack effective. There was no time to carry the research work. The research worker would not mind other branches B & S Bank services due to limitation of problem.
5.5 SUGGESTION FOR FURTHER RESEARCH
Further studies using the same instruction could be undertaken. This may extend to insurance firms or the industries. The relative size of the sample should increase when distributing questionnaire to the bank care should be taken not be done so at period or immediately after their annual general meeting or during the first week of the month this is when statement of account for the previous months are being collected. One area that needs some, teaching however is the role corporate advertising in multination at corporations.
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