The Determinant Of Choice Of Promotional Mix In The Marketing Of Financial Services In Nigeria (A Case Study Of UBA)
Marketing activities cannot said to be complete a effectives if the consumer did not get the message or where the message did not reach the target audience (market) an effective message needs to pass across the market so that consumer will be aware of the company’s product, where the company is what exactly the company produce and benefit to be derived from using the products. No doubt consumers want satisfaction and the company needs to find all ways in satisfying the consumter that is why this is need to plan and check which of the promotional mix will be effectives for conveying message to the targeted market. Promotional mix can be explained as all strategy, ways, it may be through the following took: advertising, sales promotion, personal selling publicity and public relations, which ever close by a company have to delivered what the company’s what it to achieve and that is why one has to planned ahead in determining which are will be effective. In Nigeria financial services such as the bank and insurance home use different means in creating awareness and promoting their service because they are aware that they can not succeed by sitting down in their offices and expecting customer to come, so they use either personal selling or sales promotion in marketing sure customers patronize their bank. In course of determining the right choice to adopt, this study will evaluate the usefulness of promotional mix and agin carryout research by testing some hypothesis through either primary source or secondary source which means questionnaire will be relevant, hastly, the research work will deal with all promotional mix before choosing which one is most suitable for financial services.
1.1 Background of the Study
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 Problem
In almost every banking or financial 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 possivle 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 main purpose of this study is to deal with the management of promotional mix variables in the financial (Banking sector as it helps to aid and increase performance, taking the united Bankd for Africa as a case study.
Also aim to identify and highlight factors that determine the firm’s choice of promotional mix in the marketing of their services (i.e. financial services problem)
And also to look into the future-anticipate, forecast and predict the future stand of the united bank for Africa in the market place, to make appropriate recommendation for efficiency and effectiveness in operation
1.4 Significance of the Study
This research work would be of importance to many souls who are interested. This importance would include the following.
- It would serve to bring to know the importance and the effect of promotion or communication in the marketing of financial services in banking sectors in Nigeria
- It would be of importance to the limited bank for Affrica as the case study as it helps to know take into consideration before the choice of any promotion al variable.
- It would be of importance to the researcher as it sould help or enable them to combat any problem that may arise as a result of selecting promotional mix variable in case they found them selves in such position leter in future.
- 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 everyday to know hoe to make their decision compare to that of competitors.
- It would also help other financial sectors or to know hoe best to handle and manage their promotional department as to be fit into the market.
- Finally, the study would also services as a secondary data source to other researchers later.
1.5 Scope of the Study
of promotional tools to choose or select as it applies to the marketing performance in the marketing of financial services is a broad scope which includes:
1.5.1 Theoretical Scope
The area of coverage of this research work is contered on the mix in the marketing of financial services in Nigeria the impact of this marketing strategy will be analyzed.
1.5.2 Geographical Scope
The area covered in terms of location is a very wide range where there are numerous consumers whome make use of U.B.A services right from kwara state to other state where U.B.A are being delivered their services across the countries.
1.5.3 Industrial Scope
This research work will cover the banking industries using U.B.A as a references point of the banking industries that either produces services to satisfy consumers or delivered their services in terms of and other means for consumer satisfaction.
1.5.4 Time Scope
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.
1.6 Limitation of 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:
- 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.
- 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.
- 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.
5.0 Summary Conclusion and Recommendation
This project work has been conducted through verbal interview in the united bank for [UBA] and we have been able to identify various factors that determine the choice of promotional mix variable conducted, we arrived at the following findings.
5.1 Summary of Project
The market nature and characteristics is one of the factors that determine the choice of promotional nix variable of the UBA bank.
Product nature and characteristics, as in the technicality, perish ability, and availability of the product crucial factor determining the firm’s (UBA) choice of promotional nix.
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 nic, as they will want to outstand rivalry or competition in the market.
The consumer’s 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 UBA choice of promotional nix.
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 nix to use that best fit the intangible nature of the product.
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 companys choice of promotional mix variable 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 that a country like Olgeric offers.
Also, attempts to examine or deal with the management of promotional mix variables in the financial industries or sectors 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 penerate 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 alested 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.
In chapter two, our view indicated that are several areas where we can effectively and efficiently handle those factors determinants of promotional mix variables as such requires a well integrated, intellectual, competence and skillful body of knowledge to guide the manages in policy decision in this area.
Several areas for future research are suggested by this study. Further research is needed on market characteristics, product characteristics and level of vital in determining the choice of promotional mix variable 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.
While many factors is the contribution to the high gailure 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.
The federal ministry of commerce and industries should enlighten the country’s existing research institutes, like the federal institute of industrial research, Oshodi (FILPO) and connection with discovering local materials that may serve as substitute for the existing ones.
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