An Analysis Of Promotional Techniques And Their Fit With Some Selected Private Sector Organization In Kano Metropolis

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An Analysis Of Promotional Techniques And Their Fit With Some Selected Private Sector Organization In Kano Metropolis


Abstract


This study was carried out on an analysis of promotional techniques and their fit with some selected private sector organization in Kano Metropolis. The population comprised of selected private sector organization in Kano Metropolis, from which 50 respondnets were selected. The main instrument used for data collection was the questionnaire. The statistical technique used for the study involves the chi-square X2 that will be used in testing the hypothesis concerning the difference between the observed frequencies of the sample taken and a set of expected. The determinants of choice of promotional techniques in the marketing of services and products in Nigeria are greater impact and supported by the collected and collated data and questionnaire observed in the data presentation and analysis given above. It state the various factors determining the choice and necessity of a particular mix i.e promotional tools, strategy to be adopted used by the selected private sector organizations test to 100% and so quantitative analysis of the respondents has testified to positive impact of the promotional mix strategies to positive impact of the competitive strength, level, and status of the company in the market place.Also confirmed by the adopted hypothetical technical techniques of chi-square (X2), tested to some level of significance to state in its various decisions and conclusion the relationship, impacts, roles, benefits and importance, also the determinant of choice of promotional mix variables to the accomplishment of the organization goals and objectives in the market place. From the study, it was recommended that there are several areas where we can effectively and efficiently handle those factors determinants of promotional techniques as such requires a well-integrated, intellectual, competence and skillful body of knowledge to guide the manages in policy decision in this area. • Further research is needed on market characteristics, product characteristics and level of vital in determining the choice of promotional techniques of the firm. This is necessary so as to reduce the rate of product failure or rejection and to improve the return on funds investment in the new promotional mix activities or budget.


Table of Content


Chapter One

1.0 Introduction

  • 1.1 Background to the Study
  • 1.2 Statement of the Problem
  • 1.3 Objectives of the Study
  • 1.4 Research Question
  • 1.5 Research Hypothesis
  • 1.6 Significance of the Study
  • 1.7 Scope of Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organisation of the Study

Chapter Two

2.0 Literature Review

  • 2.1 Conceptual Review
  • 2.2 Concept of Promotion
  • 2.3 Promotional Techniques in the Private Sector
  • 2.4 Roles of Promotional Techniques to Organizational Services
  • 2.5 Determinants of Choice of Promotional Techniques
  • 2.6 Promotional Techniques for Tangible and Financial Product
  • 2.7 Importance of Marketing Strategies
  • 2.8 Problems of Marketing Strategies:

Chapter Three

3.0 Research Methodology

  • 3.1 Research Design
  • 3.2 Population
  • 3.3 Sample and Sampling Technique
  • 3.4 Instrument for Data Collection
  • 3.5 Validity of the Instrument
  • 3.6 Reliability of the Instrument
  • 3.7 Method of Data Collection
  • 3.8 Data Analysis

Chapter Four

4.0 Results and Discussion

  • 4.1 Result
  • 4.2 Discussion

Chapter Five

5.0 Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • References
  • Appendix

Chapter One


1.0 Introduction

1.1 Background to the Study

In Nigeria where the importance of marketing is yet to be fully appreciated, people talk of marketing their products as if they are referring to a particular problem. A successful marketing strategy must tell an organization where they would want to be on a long-term basis, that is why it is often said that marketing strategy is a continuous process. It must rest on a carefully but well planned action, Baker (1995: 17)

The strategy aspect of the plan should be based on what is known of the competitor’s strength and weakness, the physical characteristics of the battle ground, the friendly or hostile sentiment of those who occupied the territory, and of course, the nature of resources available to the organization, Stanton (1982: 35).

In the business organization, there is safely no activity where the marketer must not therefore make the right decision about the four components of the marketing mix – price, product, place/distribution and promotion through the employment of marketing strategy. These key components must be co-ordinated and moved into a unified effective strategy if the product must perform well in the market, Kotler (1997: 315)

The analog to business strategies is direct and useful in business and in marketing, the terrain is the market place in particular and economic, political, social and technological environment in general. The resources are personnel with wide-ranging skills and expertise as well as factory laboratories, transportation system, financial resource and the corporate reputation, Henry (1984: 72)

More so, depending on the nature of business, strategies may have other dimensions as well. At the heart of any business strategy is marketing strategy. Businesses exist to deliver products to the markets to an extent that they serve this purpose efficiently through profit maximization.

All these are marketing efforts. The objectives of an organization have to be considered, particularly on customers’ satisfaction and increasing their sales volume at profits making.

No one knows who you are, where you are, what you worth and what you have to offer until you tell, display or disclose your identity, and this can only be achieved through an effective promotional strategy promotion here helps to communicate and disseminate necessary information about a firm, its operation and its offering to the targeted market or customers.

Product planning, pricing and distribution are marketing activities that are performed mainly within the company or between the company its “partners” however, through its promotional activities, to beat the drum about its product the purpose of the study is to deal with the management and the determinant of promotional mix variable that is the combination of advertising, personal selling, sales promotion and publicity and also public relations used to reach the goals of the marketing programs.

A company’s total communications is marketing mix also called its promotional mix consists of specific blend of advertising, sales promotion, personal selling and direct-marketing tools that the company use to pursue its advertising and marketing objectives as postulated by Philip motler and Gary Arnstrong (2006).

Promotion is highly required in order to market financial services because this section has become highly competitive nowadays that they need to embark on aggressive promotional activities to position than selves in the mind of the consumes promotion of financial services differs from physical goals in learns of total marketing program and the media-mix that is used. The clence of media-mix to advertise or promote financial services must be those ones that have staying power that is such message that will be imprinted in the memory of psycho of the prospective customer advertising, sales, promotion, public relation, worth of marth, direct mail, persimmon marketing are all promotional mix that can simply be employed or combined in the marketing of financial services product.


1.2 Statement of the Problem

In almost every organization the choice of promotional mix variables account for a large proportion of their operations. It has a strategic role to play in the economic development of industrial less advanced relations. Economic like ours (Nigeria) and remain important in the economy of the more highly important in the economy of the more highly industrialized nations.

However financial organizations (banks mostly) are finding it difficult to choose from the promotional mix variables that one is most fitting and that helps in efficient and effective operation and realization of the firm’s objective. The problem areas hold to the fact that some of the firm fail to take into consideration those possible factors that determines the choice of promotional mix variable that helps to compare the operations and activities of the firm with the variables choice to know the one that fits the firm.

Also considered here is the financial strength of the firm which claims to be one of the factors that determine the choice of promotional mixes it determines the amount of capital appropriated to promotion department, sector or budget in the organization.


1.3 Objectives of the Study

The aim of this study is to conduct an analysis of promotional techniques and their fit with some selected private sector organization in Kano Metropolis. Specifically, the objectives of the study include to;

  1. To examine the relationship between promotional techniques and organizational performance in private sector organizations in Kano Metropolis.
  2. To identify and highlight factors that determine the private sector organizations’ choice of promotional techniques in the marketing of their services
  3. To identify strategies to promote the effectiveness of promotional techniques for efficiency in operation of private sector organizations in Kano Metropolis

1.4 Research Question

The following research questions are formulated to guide this research:

  1. What is the relationship between promotional techniques and organizational performance in private sector organizations in Kano Metropolis?
  2. What are the factors that determine the private sector organizations’ choice of promotional techniquesin the marketing of their services?
  3. What are the strategies to promote the effectiveness of promotional techniques for efficiency in operation of private sector organizations in Kano Metropolis?

1.5 Research Hypothesis

  1. HO1: There is no significant relationship between promotional techniques and organizational performance in private sector organizations in Kano Metropolis
  2. HA1: There is a significant relationship between promotional techniques and organizational performance in private sector organizations in Kano Metropolis

1.6 Significance of the Study

This research work would be of importance to many parties who are interested. This importance would include the following.

  1. It would serve to bring to know the importance and the effect of promotional strategies and techniques or communication in the marketing of financial services in private sector organizations in Nigeria
  2. It would be of importance to the limited bank for Africa as the case study as it helps to know take into consideration before the choice of any promotion al variable.
  3. It would be of importance to the researcher as it should help or enable them to combat any problem that may arise as a result of selecting promotional mix variable in case they found themselves in such position later in future.
  4. It would serve as a useful purpose to the consumer as it makes them have more knowledge of them have more knowledge of the firm and its offerings every day to know how to make their decision compare to that of competitors.
  5. It would also help other financial sectors or to know how best to handle and manage their promotional department as to be fit into the market.
  6. Finally, the study would also services as a secondary data source to other researchers later.

1.7 Scope of Study

This research work is limited to selected private sector organizations in Kano Metropolis, Kano state. The study focused on conducting an analysis of promotional techniques and their fit with some selected private sector organization in Kano Metropolis. As a result of the limited time, the data obtained will be within a span of a year and the validity of the outcome can only be tenable for the duration of (3) three year as a result of changing in marketing condition.


1.8 Limitation of the Study

This part of the study explain or highlight the possible factors limiting the scope and success of the study. Some of these factors are:

  1. Lack of financial capacity: this is one of the crucial factors affecting the functionality of the study as it denies the researcher through financial strength to conduct the necessary research based on the success of the study.
  2. Lack of materials: Scarcity and inadequate required data and information has always been one of the generally factor acting against the success of many research study in Nigeria. Few available secondary data cells for the use of primary data, which involves huge financial strength.
  3. Poor communication and transportation system is another factor that limits the scope of the study as it disallows the researcher the right to cover some other aspects of the population for the study.

Also limiting against the study is the lack of co-operation of the respondent supplying false data duet to saliency, ignorance of illiteracy.


1.9 Definition of Terms

Promotion:

In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature. The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.

Marketing:

Marketing is the process of intentionally stimulating demand for and purchases of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging to be more attractive to buyers; selection of the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand.

Promotion Techniques:

A consistent, appropriate, and feasible set of principles through which a particular company hopes to achieve its long – run customer satisfaction and profitability objectives in a particular competitive environment.

Private Sector:

The private sector is the part of the economy that is run by individuals and companies for profit and is not state controlled. Therefore, it encompasses all for-profit businesses that are not owned or operated by the government.


1.10 Organisation of the Study

This study is organized into five chapters. Chapter one included the background of the study, research problem, research objectives and questions as well as limitation of the study. Chapter two contains the literature review. Chapter three includes the methodology and study area. Chapter Four contains the results and discussion of key findings of the study. Chapter Five finally looks at the summary, conclusions, and recommendations based on the findings.


Chapter Five


5.0 Summary, Conclusion and Recommendation

5.1 Summary

The market nature and characteristics is one of the factors that determine the choice of promotional techniques of the selected private sector organizations. Product nature and characteristics, as in the technicality, perish ability, and availability of the product crucial factor determining the firms’ choice of promotional techniques. Another viewed factor is the company’s size policies and financial capability which all dictate the choice of promotional nix variable or budget of the firm.

The level of competition and the environment at which the company operates is another factor that determines the firm choice of promotional techniques, as they will want to outstand rivalry or competition in the market.

The consumers’ income, lifestyle and cultural exposures also create impact on the firm choice of promotional mix variable.

Also the nature, extent of coverage and the accessibility of the promotional nix variables also affects the company’s choice of promotional techniques. Based on the above factors or summary, it has been viewed that the firm was able to make the right decision in the type of promotional techniques to use that best fit the intangible nature of the product.


5.2 Conclusion

To put in conclusion, the attempts made in this write up as one of the objective of the study is to highlight those factors that determine the company’s choice of promotional techniques in the marketing of their services products with a view to encourage the industrialist or other financial institution to adopt the promotional strategy that best fit and help the marketing and communication objectives in the market place as the exploit the advantage of dynamic environment.

Also, attempts to examine or deal with the management of promotional techniques in the private sector as it help to aid and increase performance. It has been supported by the date analysis that banking industries like other pharmaceutical industries has been using the best promotional mix strategies so far to penetrate predetermined markets and provide more awareness, benefits, varieties of services to customers in other to minimize the organization profits.

To examine the various determining factors of the firm and also analyses the various variable adopted by the products or services within factor considered in the research work. This helps to evaluate the impacts, roles, strength and importance of promotion to the marketing of financial services products of the bank.

It has been attested to by the data analysis and presentation that the impact, effect and roles of the quality and price of the company’s new idea, product and services has help to increase consumers satisfaction and also help to have greater parent age or proportion of the total market share.


5.3 Recommendation

Based on the findings of this study, the following are recommended;

  1. From the study, there are several areas where we can effectively and efficiently handle those factors determinants of promotional techniques as such requires a well-integrated, intellectual, competence and skillful body of knowledge to guide the manages in policy decision in this area.
  2. Further research is needed on market characteristics, product characteristics and level of vital in determining the choice of promotional techniques of the firm. This is necessary so as to reduce the rate of product failure or rejection and to improve the return on funds investment in the new promotional mix activities or budget.
  3. While many factors is the contribution to the high failure rate, a major factor is the ability to predict consumer responds to raw promotional strategy, then an elaborate research should be conducted to find out how quickly consumers can adopt new promotional mix strategy.
  4. The federal ministry of commerce and industries should enlighten the country’s existing research institutes and connection with discovering local materials that may serve as substitute for the existing ones.

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