Staff Perception Of The Effectiveness Of Marketing Strategies In Commercial Banks

Project and Seminar Material for Marketing

Staff Perception Of The Effectiveness Of Marketing Strategies In Commercial Banks


Abstract


This study is on staff perception of the effectiveness of marketing strategies in commercial banks. The total population for the study is 200 staff of first bank and zenith bank in Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made human resource managers, accountants, marketers and customer care officers were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies.


Chapter One


Introduction

1.1 Background to the Study

Marketing is the direct way in which an organization tries to reach its public. This is performed through the five elements of the marketing mix. With the growing importance of the financial sector, pressures are escalating for more effective marketing management of the financial services. Effective marketing strategies are the key to frontline sales performance. Financial institutions typically use a variety of sales tools and processes to achieve their sales goals. Among the best practices of those with highly successful sales programs is having the marketing strategies provided to management and front line staff at all branches that describes tools and processes in detail, helping to ensure that everyone involved in sales, no matter how remotely, operates on a coordinated basis. The banking industry is highly competitive, with banks not competing with each other, but with non banks and financial institutions. Most banks product development is easy to increase and when banks provide nearly similar services, they can only distinguish themselves based on price and quality. Therefore, customer marketing strategies is an effective and important tool that banks can use to gain a strategic advantage and service in today’s ever increasing banking competitive environment. Banks offer wide range of financial services, to personal and business customers; some of these services which are bank account, guarantor ship, and investment adviser are needed by an appreciable number of customers, but many other financial services such as import/export services, money transfers, credit cards and soon have to be brought to the attention of potential users, who then must be persuaded to use them (Abolaji, 2009, Eckie, 1973).Many services offered by banks are also offered by ‘rival’ organizations Building societies have developed customer accounts which are similar in many ways to a bank account. Thrift and cooperative societies provide lending services to their numerous members and indirectly to the society at large. Solicitors act as executors, and trustees and accountants give advice and so on. Banks not only compete with each other but also have to contend with challenges from other types of organization in the market (Soyinbo, 1988). To do this successfully, bankers need an understanding of the process of marketing which will aid in improving banks performance. Marketing is an area of activity infamous for re-inventing itself and its vocabulary according to the times and the culture.


1.2 Statement of the Problem

The banking industry is highly competitive, with bank not only competing with each other, but also with non banks and financial institutions. In Nigeria most banks product are similar hence they provide nearly similar service, they can only distinguish themselves base on price and quality. Therefore, bank marketing strategies are developing base on similar criteria. As such staff of first bank and Zenith bank perception of their organization’s strategy is centered on the formulation of strategic plans aimed at acquiring new customers than retaining existing customers hence the subject of customer retention and loyalty is relatively an issue in these banks. As such the problem of customer deflection is high and the banks incur high cost of acquiring customer to replace those who have been lost


1.3 Objective of the Study

The objectives of the study are;

  1. To identify how first bank and Zenith bank staff perceives the marketing strategy of the organization
  2. To determine staff perception on the optimal marketing mix used in attaining organizational objective in first bank and zenith bank
  3. To ascertain the responsiveness of first bank and Zenith bank staff to their marketing strategy
  4. To identify the factors militating against the marketing strategy used by first bank and Zenith bank

1.4 Research Hypotheses

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

  1. H0: first bank and zenith bank staff do not respond positively to their marketing strategy
    H1: first bank and zenith bank staff respond positively to their marketing strategy
  2. H02: there are no factors militating against the marketing strategy used by first bank and Zenith bank.
    H2: there are factors militating against the marketing strategy used by first bank and Zenith bank

1.5 Significance of the Study

This study will give clear insight on staff perception of the effectiveness of marketing strategies in commercial banks. The study will be beneficial to commercial banks and the general public. The study will bring out ideas on marketing strategies and the factors militating against marketing strategy in the banks. The study will also serve as a reference to other researchers that wants to embark on this topic


1.6 Scope and Limitation of the Study

The scope of the study covers staff perception of the effectiveness of marketing strategies in commercial banks. The researcher encounters some constrain which limited the scope of the study;

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

c) Organizational Privacy:

Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities


1.7 Definition of Terms

Perception:

The ability to see, hear, or become aware of something through the senses.

Effectiveness:

The degree to which something is successful in producing a desired result; success.

Marketing:

Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management the other being Innovation.

Marketing Strategy:

After setting the goals marketing strategy or marketing plan should be developed. The marketing strategy plan provides an outline of the specific actions to be taken over time to achieve the objectives.

Commercial Bank:

A commercial bank is an institution that provides services such as accepting deposits, providing business loans, and offering basic investment products. Commercial bank can also refer to a bank, or a division of a large bank, which more specifically deals with deposit and loan services provided to corporations


1.8 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows

  1. Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
  2. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
  3. Chapter three deals on the research design and methodology adopted in the study.
  4. Chapter four concentrate on the data collection and analysis and presentation of finding.
  5. Chapter five gives summary, conclusion, and recommendations made of the study

Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was to ascertain staff perception of the effectiveness of marketing strategies in commercial banks. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of staff perception of the effectiveness of marketing strategies in commercial banks


5.2 Summary

This study was on staff perception of the effectiveness of marketing strategies in commercial banks. Four objectives were raised which included: To identify how first bank and Zenith bank staff perceives the marketing strategy of the organization, to determine staff perception on the optimal marketing mix used in attaining organizational objective in first bank and zenith bank, to ascertain the responsiveness of first bank and Zenith bank staff to their marketing strategy, to identify the factors militating against the marketing strategy used by first bank and Zenith bank. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of first bank and zenith bank in Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made human resource managers, accountants, marketers and customer care officers were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies


5.3 Conclusion

Based on the finding of the study, it can be seen that strategic marketing has strong place in the operations of banks. Most especially, strategic marketing tools are needed in the marketing of financial services and products Banks who have recognized the paradigm shift from old marketing of selling to the market to the customer concept, which emphasizes customer satisfaction will benefit in the long run. Given the volatile nature of banking environment coupled with competition marketing concepts and principles become the only answer that can help banks to remain a lot in business. In carrying out her intermediations services’ a bank needs to employ resulted-oriented marketing strategies, such as customizing services/products, bringing in more innovations and above all retraining her staff especially, the font office staff (cashier) in the new techniques of scouting for customers. Finally, we conclude that marketing strategies have been recognized world over as among the antidote that can represent a bank for a greater test ahead. Its contribution cannot be over-stressed.


5.4 Recommendation

The following recommendations are made in the instance of the findings and conclusion:

  1. Banks which have not really explored the advantages of strategic marketing in the performance of financial inter-mediatory role should do so. The earlier the better because the business in which the banking industry operates is faced with stiff competition.
  2. Banks should confine to adopt sound and ethical marketing practices in the savings mobilizations. They should also adopt the new marketing concept, which aims at satisfying customer needs at profit.
  3. Both bank executives and cashiers should always be retrained to meet up with marketing challenges of banking services.
  4. Total quality service or product should be the hallmark of the banking industry’s total market offerings. If there is no quality in the service delivery of a bank, there is every prospect that the customer will not be this satisfied. They may likely turn their back against that particular bank.

How To Get The Complete Material For Staff Perception Of The Effectiveness Of Marketing Strategies In Commercial Banks


Project Material Download


3,000 Naira


The complete material will be sent to your email address after payment
( Quick & Simple)

FOR CLIENTS IN NIGERIA:
CLICK HERE to make purchase (₦3,000)

FOR CLIENTS OUTSIDE NIGERIA:
CLICK HERE to make purchase ($15)

  Contact Our Help Desk


⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Disclaimer


This research material “Staff Perception Of The Effectiveness Of Marketing Strategies In Commercial Banks” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “Staff Perception Of The Effectiveness Of Marketing Strategies In Commercial Banks” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.