THE INFLUENCE OF ADVERTISING AND PERSONAL SELLING IN THE NEW PRODUCT OF COMMERCIAL BANKS.(A CASE STUDY OF UBA PLC OWERRI IMO STATE)
ABSTRACT
In today’s highly competitive marketing environment marketers do not stop at developing a new product, pricing, pricing it attractively and making it readily available to the target customers, they must communicate it to the target audience for them to succeed. This research work has therefore been made to appraise the influence of advertising and personal selling on new products of commercial banks in Owerri metropolis with specific interest on united banks for Africa (UBA) Plc. Generally speaking, economic growth is closely related to the commercial banks as their concern is to provide services to their customers, new product development and innovation is deemed necessary by operators so as to meet the immediate needs of its customers for minimum satisfaction yet, customer show no sign of improved favourable relationship even at the instance of radical improvement that has taken place in the product itself and the promotional tools via advertising and personal selling. In carrying our this research work, the researcher identified his objectives as follows;
- To identify the area of neglect by the commercial bank operators.
- To analyze the impact of advertising and personal selling on new products of commercial banks.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE
1.0 Introduction.
1.1 Background of the study
1.2 Statement of the problem
1.3 Objectives of the study
1.4 Research question
1.5 Statement of Hypothesis
1.6 Significance of the study
1.7 Scope of the study
1.8 Limitation of the study
1.9 Definition of terms
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
2.2 Advertising
2.3 History and development of advertising in Nigeria
2.4 Personal selling and its techniques
2.5 New product commercialization
2.6 Hierarchy of response models
2.6.1 AIDA model
2.6.2 Triangular model
2.6.3 Hierarchy of effect model
2.6.4 Communication process model
References
CHAPTER THREE
3.0 Research Design and Methodology
3.1 Introduction
3.2 Research Design
3.3 Sources/Methods of data collection
3.4 Population and sample size
3.5 Sample Technique
3.6. Validity and reliability of measuring instrument
3.7 Method of data analysis
CHAPTER FOUR
4.0 Presentation and analysis of data
4.1 Introduction
4.2 Presentation of data
4.3. Analysis of data
4.4 Test of hypothesis
4.5 Interpretation of results
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendations
5.1 Introduction
5.2 Summary of findings
5.3 Conclusion
5.4 Recommendations
References
Appendix
CHAPTER ONE
Any organization that creates a product or a service and them sets back and wait for things to happen. Usually discovered that not much does happen. The organization needs to tell its story to communicate with it potential customers. The fact is that the best (new) product have been created brilliantly packaged, rightly priced, magnificently distributed and well positioned to best suit the needs of the customer all those marketing effort would be a waste if, it has not been brought to the notice of the customers (current and potential) such is the essence of advertising and personal selling amongst others.
New products or ideas as the case may be, are not just produced to fulfill the creative instincts of man but to fill the demand gap originally, discovered through research. This however, justifies the notion that marketing begins and ends with consumers.
In the main time, it should be emphasized and not be over emphasized of the basic goals and objectives of business as was established by capitalist theorist, hence, the emergence of cut-throat competition in business today. It is this unbridled struggle that has persists among cooperate bodies in the quest for survival that necessitated various strategic measures for maximizing interest.
These strategic not only covers product creation and improvement, but extends to asking the question “how do people get to know that we have something new”. This knowledge however give rise to advertising which form the best possible means of transmitting the desired appeal to sensitize people of that which will satisfy their pressing needs. A time came when the issues are no more routed to awareness creation in relation to existence of a new product owing to intense advertisement this unfavourable eruption gave rise to the question, “how do we reach consumers and make sure that over products reach them at maximum satisfaction. The bothering concern on this, necessitated the adopted of personal selling which has of recent become a traditional adage among corporate bodies that innovates all these however, are the validation that advertising and personal selling have some anticipated positive effects on new products.
Any organization that creates a product or a service and then sets back and wait for things to happen usually discovered that not much does. The organization needs to tell its story to communication with its potential customers. The fact is that after the best (new) products have been created brilliantly packaged, rightly priced magnificent distributed and well positioned to best suit the nees of the customers, all these marketing efforts would be a waste if, it has not been brought to the notice of the customer’s (currents and potential). Such is the essence of advertising and personal selling amongst others.
New products or ideas as the case may be, are not just produced to fulfill the creative instincts of man but to fill the demand gap originally discovered through research. This however, justifies the notion that marketing begins and ends with consumers.
In the main time, it should be emphasized and not be over-emphasized of the basic goals and objectives of business as was established by capitalist theorist, hence, the emergence of cut-throat competition in business today. It is this unbridled struggle that has persists among cooperate bodies in the guest for survival that necessitated various strategic measures for maximizing interest.
These strategie not only covers product creation and improvement, but extends to asking the question “how do people get to know that we have something new”, this knowledge however gives rise to advertising which form the best possible means of transmitting the desired appeal to sensitize people of that which will satisfy their pressing needs. A time came when the issues are no more routed to awareness creation in relation to existence of a new product owing to intense advertisement, this unfavourable eruption gave rise to the question, “how do we reach consumers and make sure that our products reach them at maximum satisfaction. The bothering concern on this, necessitated the adoption of personal selling which has of recent became a traditional adage among corporate bodies that innovates. All these however, are the validation that advertising and personal selling have some anticipated positive effects on new products.
To this end, the researchers therefore want to know the pattern of behavior of these concepts and what they can profer if applied accordingly. For this purpose therefore, the researcher work analysis is limited on united bank for Africa Plc, in Owerri metropolis.
HISTORICAL BACKGROUND OF UNITED BANK FOR AFRICA (UBA) PLC
United Bank for Africa Plc (UBA) is a public limited liability company incorporated in Nigeria.
OVERVIEW
UBA Is a rage financial service provide in Nigeria with subsidiaries in 20 sub-Saharan countries, with representative offices in France, the united kingdom and the united states of America. It offers universal banking service to more than 7 million customers across 750 brunches. Formed by the merger of the commercially focused UBA and the retail focused standard trust bank in 2005, the bank purports to have a clear ambition to be the dominant and leading financial services provider in African. Listed on the Nigerian stock exchange in 1970, UBA claims to be rapidly evolving into a pan- African full service financial institution. The group adopted the holding company model in July 2011, as of December 2011. The US $ 12.3 billion (NGN: 1.94 trillion) with shareholder equity of about US $ 1.07 billion ( NGN : 170 billion).
HISTORY
UBA’s history dates to 1949 when the British and French bank limited (BFB) commenced business in Nigeria following Nigeria independence from britiain , UBA was incorporated in 1961 to take over the business of BFB. Today’s United Bank for African plc (UBA) is the product of the merger of Nigeria’s 3rd and 5th largest banks, namely the old UBA and the former standard Trust Bank plc, and a subsequent acquisition of the erstwhile continental Trust Bank limited (CTB).
OWNERSHIP
The stock of UBA and its subsidiaries (the UBA group) is listed on the Nigeria stock exchange, where it is publicly trade under the symbol UBA. The detailed shareholding in the stock of the company is not publicly known at this time.
CORPORATE PROFILE
Since its historical emergence from the merger of former standard Trust bank and UBA plc, the UBA group has position itself to be Nigeria’s dominant bank and a leading player on the African continent. In 2000 purpose frontline finance and economy magazine, euro money named UBA the best domestic bank in Nigeria, in recognition of the banks exponential growth in the past couple of years and the comparatively higher inflow of investment from global finance players. In 2007, pan- African newsmagazine awarded UBA the merging global bank award indicative of the international bank which has most positively influenced the African continent.
UBA has consistently positioned itself as the bank to beat in Nigeria’s financially strong banking industry. It has grown its total assets by over 345 percent in the last five years. Up from NGN 198.68 billion ($1.656 billion) in 2002 to NGN 884 . 14 billion ($ 7.368 billion) in 2006. more recently, at the end of the 2008 financial year, it recorded gross earnings of NGN 169.6 billion, profit before tax and exceptional items of NGN 56.8 billion, profit after tax of NGN 40.8 billion and total assets of NGN 2.2 trillion.
UBA has the largest distribution network in Nigeria with over 6.5 million customers in personal, commercial and corporate market segments. As of 30th September, 2008, it has over 650 business offices, 296 deployed POS and 1332 ATMs and pioneered cheque acceptance ATMs in Nigeria. Its over 14,000 staff globally are also referred to as “lions and lionesses” regionally; the group has a presence in 18 African countries and in all major financial centers. The bank currently Uganda, Benin, Burkina Faso and Senegal and has unfolded plans to expand its banking operations to 15 additional countries in African come 2009. records indicate that UBA is the only sub-Saharan bank with dual presence in the U.S and the UK with a U.S regulated branch presence in new York since 1984, UBA capital *Europe ) in London which was established as UK regulated investment banking operation in January 2008 and a representative office in Paris France.
ORGANIZATION
UBA groups operating structure is organized around seven strategic business unit (SBUs) and for strategic support units (SSUs) informed by the need to reinforce its leadership in service delivery, relationship management and the execution of its strategy. In addition, the GMD/ CED is support by the group executive office consisting of the strategy office, the corporate transformation office, the chief of staff and advisers to the GMD/CEO.
The primary concern of commercial bank is to provide services to its customer. New product development and innovations is borne out of the genuine desire by operators to take a fresh look at their customers needs while ensuring maximum satisfaction and returns for their customer. It would be fallacious to say that advertising and personal selling have not been adequately does not apply nor its merits and demerits not considered before application, yet the following problems.
- Advertising does not seem to have a favourable effect on new products of commercial banks.
- It seems as if the aims and objectives of increasing advertising turn up and patronage seem to have remained the same.
- Many advertising media has been used, yet members of the society seem to have not been reached.
- Customers show no sign of improved favourable relationship even at the instance of radical improvement that had taken place in the product itself and the promotools-advertising and personal selling.
- It was due to these problems stated above that the researcher intends to carryout this research.
THE INFLUENCE OF ADVERTISING AND PERSONAL SELLING IN THE NEW PRODUCT OF COMMERCIAL BANKS.(A CASE STUDY OF UBA PLC OWERRI IMO STATE)
