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Project Topic:

MARKETING STRATEGIES AND BANK PERFORMANCE IN JALINGO METROPOLIS

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 102 ::   Attributes: Questionnaire, Data Analysis,abstract, table of content, references ::   142 people found this useful

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

 A market-focused organization first determines the potential customer’s desire, and then builds the products or services. To achieve a set of organizational goals and objectives, companies conceptualize, design, and implement various strategies. These strategies can be corporate, business, or functional. Marketing strategies constitute one of the functional strategies amenable to application by contemporary companies in order to enhance performance. Marketing has been defined and conceptualized in various ways, depending on the author’s background, interest, and education. For example, marketing can be seen as a matrix of business activities organized to plan, produce, price, promote, distribute, and market goods, service, and ideas for the satisfaction of relevant customers and clients. marketing strategy is important for the success of any organization, whether service- or product-oriented.

Marketing strategy is a method by which a firm attempting to reach its target market uses to attract customers. Marketing strategy starts with market research, in which needs, attitudes and competitor’s products are assessed and the firm concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Nymous, 2006). Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost however quantifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issue facing decision makers. Marketing performance is central to success in today’s fast moving competitive markets, and measuring marketing performance is critical to managing it effective (Chiliya, 2009).

In order to measure marketing strategy effectiveness, a business has to break down its marketing function into constituent parts, along with a mechanism through which to analyse the interaction between those parts. By doing this, decision-makers will finally be in a position to relate marketing expenses to shareholder value and to understand how to tie marketing initiatives back into the value created for the company. Decision-makers will be able to understand the internal motives that propel the marketing value of the business. The manipulation of the following marketing variables namely price variation and price promotion, research, advertising, product differentiation, quality, packaging and place will yield in-creased returns for firms.

Marketing strategies in commercial banks serve as the fundamental component of marketing plans designed to fill market needs and reach marketing objective. Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include marketing mix, plus performance analysis and strategic constraints. While external environmental factors include customer analysis, competitive analysis target market analysis as well as evaluation of the element of technological, economic, cultural or political/legal environment likely to impact success.

Marketing strategy in commercial banks in Nigeria is basically designed to direct the flow of banking services profitably to target customers. The need for an effective marketing strategy stems from intense competition, not just from bank but other financial organization. Therefore banks strategize there marketing to create customer value as well as to establish customers need and to provide such needs in order to add more value to their service and gain competitive advantage.

1.2 STATEMENT OF RESEARCH PROBLEM

The major problem in the Nigeria banking industry is that bank services are still lacking in so many spheres in Nigeria, yet the banks perception of marketing has not shifted from mere advertising until recently as a result of stiff competition brought about by reforms. Banks fail to focus on marketing research and new product development that could attract the unbanked thereby leading to inadequate exploitation of its benefits as well as not giving appropriate value to the banking public.

1.3 AIM AND OBJECTIVES OF STUDY

The main aim of the research work is to examine marketing strategies and bank performance in Jalingo metropolis. Other specific objectives of the study are:

  1. to determine the effect of marketing strategies on the customer base and customer satisfaction of Nigeria banks in Jarlingo metropolis
  2. to investigate on the factors affecting the marketing of banking services in commercial banks in Jarlingo metropolis
  3. to determine the relationship between marketing strategies and banks performance
  4. to proffer solution to the above stated problems

1.4 RESEARCH QUESTIONS

The study came up with research questions so as to ascertain the above stated objectives of the study. The research questions for the study are:

  1. What is the effect of marketing strategies on the customer base and customer satisfaction of Nigeria banks in Jarlingo metropolis?
  2. What are the factors affecting the marketing of banking services in commercial banks in Jarlingo metropolis?
  3. What is the relationship between marketing strategies and banks performance?

1.5 STATEMENT OF RESEARCH HYPOTHESIS

Hypothesis 1

H0: there is no significant relationship between marketing strategies and bank performance in Jarlingo metropolis

H1: there is significant relationship between marketing strategies and bank performance in Jarlingo metropolis

1.6 SIGNIFICANCE OF STUDY

The study on marketing strategies and bank performance in Jalingo metropolis will be of immense benefit to the entire banking sector in Nigeria, the customers in Jarlingo metropolis and other researchers that desire to carry out similar research on the above topic as the findings of the study will educate the above population on marketing strategies, the four p’s in marketing, the factors affecting marketing strategies and bank performance. Finally the study will contribute to the body of existing literature and knowledge in this field of study and provide a basis for further research

1.7 SCOPE OF STUDY

The study on marketing strategies and bank performance will be limited to gtbanks Jalingo metropolis. The study will cover on marketing strategies, the four p’s in marketing, the factors affecting marketing strategies and bank performance

1.8 LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

1.9 DEFINITION OF TERM

Marketing strategy: This is a method by which a firm attempts to reach its target markets.

Marketing mix: Four Ps of marketing; price, promotion, product and public relation.

Marketing: The performance of business activities that direct the flows of goods and services from the manufacture to the consumer.

Price: Price refers to the monetary values of product.

Product: Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes objects, services, person’s places, organization and ideas.

Service: Is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product.

Consumer value: Is the different between the values the customer’s gains from owing and using a product and the cost of obtaining the product.

Customer satisfaction: The extent to which a product perceived performance matches a buyer’s expectations. If the product does not perceive performance, the buyer is dissatisfied. If performances match or exceed expectations, the buyer is satisfied or delighted.

Re-engineering – re-design of work process

Workflow – work process or procedures

Process innovation – Introduction of new technique in work procedure

Process improvement–This is the incremental, gradual and constant change or innovation in workflow

 

 


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Paper Information

Format:ms word
Chapter:1-5
Pages:102
Attribute:Questionnaire, Data Analysis,abstract, table of content, references
Price:₦3,000
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