TABLE OF CONTENTS
CHAPETR ONE
1.0
INTRODUCTION
1.1 Background of the
study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the
study
1.6 Scope and limitation
of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO
2.0
LITERATURE REVIEW
CHAPETR THREE
3.0 Research methodology
3.1 sources of data
collection
3.3 Population of the
study
3.4 Sampling and sampling
distribution
3.5 Validation of research
instrument
3.6 Method of data
analysis
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.1 Introductions
4.2 Data analysis
CHAPTER FIVE
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
Appendix
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
of 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 cardsandsoonhave 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;
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
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
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. Chapter two
highlights the theoretical framework on which the study is based, thus the
review of related literature. Chapter three deals on the research design and
methodology adopted in the study. Chapter four concentrate on the data
collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and
recommendations made of the study
