Corporate Advertising As An Effecting Promotional Tool In The Marketing Of Banking Services (A Case Study Of Selected Commercial Bank)
This study on “Co-operate Advertising as an effecting promotional tool in the marketing of banking services, has tried to seek answers to the crucial question that plaques the memory of readers. Questions on how co-operate advertising acts as an effective promotional tool in the marketing of banking services, its values and importance. Chapter one of the study deals with the general introduction of the study, it’s background and analyses, statement of the study, significance, the research question and most importantly the definition of terms. Chapter two of the study examines extensively different views such as literature review, observations 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 be used which is survey method, design, sample size and population. Chapter four is about data analysis and result. Chapter five summarizes it and deals with recommendation.
1.1 Background of the Study
Business is like a bicycle either you keep moving or you fall down.
Over the century, man have been able to achieve so many fears, one of those great fears is the ability to like the whole world together through invisible thread called communication, without communication we would merely be isolated groups without any coordination we have today. In prehistoric time communication was haphazard and primitive. With time however the need for a better organized and developed system of communication become more and more crucial.
In marketing, the need for communication cannot be over emphasized. When a firm has developed the perfect product or services, have priced it attractively and has made I accessible to the target customers yet they customers are unaware of all these, the success of such effort may be unwanted.
Marketing communication is used to achieve these aims and various tools are employed to achieve the firms communication objectives such tools are advertising, sales promotion, personal selling and publicity, it has been used by firms in the marketing communication, however advertising has often been employed, it reaches a much wider audience than any of other tools would normally reach. Ceyman (1969). Contends that advertising is concerned with conveying about a product or service and the company producing that product or services to the potential buyers.
Bank provide array of services for the customers. It is hence necessary, to communicate information about these service, their benefit and new features a customer considering the financial aspect of the banking services, bank also have to build up an image of respect ability and viability through co-operation advertising . When confidence reposed in banks the customers would be better disposed to have dealings with them. Hence a bank has 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 Problem
Banks are custodians of the customer trust. They don’t simply provide financial service’ they provide peace of mind of the customer with this on mind, the banks corporate advertising plans should ensure that the customer is well inform of its offers, solution to solve problem. A good number of banks are seeing the importance of advertising, but some still see it as an adhere affair not something that should be done all of the time based on the above, this study aim 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 aim at finding out the extent to which certain have gone in exchanging corporate advertising as a part of the marketing strategy used the effect by some bank customer.
Making recommendation for effective corporate advertising in banks.
1.4 Significance of the Study
The age-old banking tradition was to sit down and wait for customers. Such a step those days would be suicidal. A bank with state of the art facilities and service my still not make such heavy profit if it does not talk. And with problem arise step to correct the situation may be taken a little too late. It is hoped that through this study, insight can be gained as to how to effectively established, maintained and improve line of communication between the bank and its public. When its public understand a bank policies aspiration etc a more efficient banking system can be hoped for with room still for further improvement.
1.5 Research Question
It is expected that research work should be able to provide answers to the following research question.
- Do bank advertise from head office?
- Are bank truthful in their corporate advertising?
- Does corporate advertising influence the customer’s choice of bank?
- Which of the promotional tools is the most effective for bank marketing?
- Does corporate advertising by banks’ increase their customer’s 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 Customers awareness of bank activity is not increase with more corporate advertising.
- Customers awareness is not the most effective promotional tools in the marketing of bank service. Banks are not truthful in the corporate advertising?
1.7 Scope of the Study
Through literatures have not been written on the topic corporate advertising as all effective promotional tools in the marketing of banking services. 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 sough. The only way to stay in business is to move profit and corporate advertising help to achieve the profit goal.
Bank can only continue to make profit in so far as its public that it is deserves to continue its operation by corporate advertising generally seeks to achieve the following.
1.8 Definitions of Terms
This is an organization authorized by the central bank of Nigeria [C B N]. Through the insurance banking license to accept deposit from members of the public as well as to carry out the banking 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 granting of money, loan and acceptance of credit or the purchase of bills and cheques or the purchase and sales of securities for the account of others or the incurring of the obligation to the acquire claims in respect of loans prior to their maturity or the assumption of 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 Gazett Designates as banking business.
The creation and delivery of customers satisfying services at a profit.
This is advertisement focused on the creation of good image for the company in the minds of the public.
Summary, 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 literature review.
After drawing conclusion, recommendation will be the researcher finally.
The closes with 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 country standard of living.
Their services are very important and the advertising programme should present bank in fair light to the customers. Customers should not be left in the dark as 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 research were used to.
From the fore-going analysis the following conclusions are made from commercial bank in Delta State are lacking in their corporate advertising.
Most division of commercial bank are not engaged in any from of advertising. The quality of banking service is most banks are below, some banks treat advertising virtually in isolation. However, banks can only improve their relation with their customer through co-ordination application of marketing principles to banking.
Findings of the study above show that corporate advertising an effective promotion tools in the marketing of banking service.
However, co-operate advertising in Delta State is not as per. They obtain do not apply the marketing concepts.
The following recommendations are made in order to improve bank co-operate advertising.
Better Quality Staff
It is important that while recruiting staff to man the bank advertising on marketing department effort should be made, recruit those staff that are better quality in terms of learning and experience.
Individuals who majored in marketing or marketing related discipline should be placed high on the list from various interviews.
The research found not that many banks executive were graduate of such or related as geology, architecture and religion.
Thus, they are not likely to have that training which prepared them for challenges in advertising.
Bank should also ensure that they improve upon the present level of their service. A situation where interest rate is low and so on does not acquire any form of corporate advertising.
Better Advertising Management
Advertising management refer to the planning analysis and control of the advertising function effect should be made by bank management to get more involve 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 which obtain ultimately load to profit. Thus more firms should be allocates to carry out various advertising programme.
Bank must also a matter of policy ensure ½ that any form advertising that comes out of their stable must be monitor. Bank executive interviewed indicate that they did not engage in serious evaluations. This is a dangerous approach because sub-sequent advertising programme will be executed in a vacuum evaluating its advertising programme. The bank should ensure that its market (whom the advertising is meet for any case the activity involve).
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 & S bank services.
Pose a lot of limitation to the research as they could not understand English. So the research finds it difficult to ask the illiterate staff question. 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 be increased. When distributing questionnaire to the banks care should be taken not be do 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 reaching however is the role of co-operate advertising in multinational co-operations.
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