Effectiveness of Strategic Marketing in Nigerian Banks

 – Effectiveness of Strategic Marketing in Nigerian Banks –

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ABSTRACT  

The research project focuses on the effectiveness of strategic marketing in Nigerian Banks. Three selected banks namely All States Trust Bank. Citizens bank and Afribank Plc were used as case study. Some of the objectives of the study included;  

(i) To determine whether the use of strategic marketing strategies enable banks to achieve financial intermediation objectives.  

(ii) To find out the strategic marketing tools banks use most in building/sustaining customer confidence in the banking industry.  

(iii) To also ascertain whether banks’ adoption of strategic marketing tools has increases customer patronage.  

(iv) And to, find out, if the adoption of strategic marketing principles builds a favourable corporate image of banks.

Literature on strategic marketing topics, customer relations, banking industry was extensively reviewed. Both primary and secondary data were used for the study. Initially some high ranking officers of the three banks were interviewed and information obtained from them quite useful in pursuing certain area of inquiring and which later formed the basis for the construction of the questionnaire and formulation of hypothesis. 

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BACKGROUND OF THE STUDY  

Given the trend of every aspects of economic activities globally and particularly Nigeria, it is imperative for business entities to adopt measures that should strategically reposition them so as to remain afloat. With much increase in the level of customer awareness in response to their needs and wants or satisfaction, firms should also discuss their old marketing strategies that are not result-oriented. They should acknowledge the paradigm shift from old marketing concept to the new marketing concept, which is a customer driven, technology-driven era in modern marketing management (Johnson, 1990:48).

One of the industries which have gradually started repositioning its operation to suit customer’s needs and wants is the banking industry Nigerian banking system is characterized by internal and external competition. The upsurge of new banks created room for innovation and further market sharing. A proxy to determine the extent of competition is the intensity of advertising by banks in recent times. The system has witness sophistication in the style and designing of new financial products (Anyafo, 1999:137) concluding the charting of the prospects of the banking industry in Nigeria.

A few years ago, bank did not see the need for providing adequate service and encouraging patronage. It is a common knowledge that the Nigerian banking system has over the nineteen-decade and part of 20th century been experiencing a crisis of confidence a situation in which customers doubt the integrity of the banking system in delivering the financial intermediation services under such circumstances has strategic marketing any role towards the restoration of mutual confidence between the operators in the banking system and the customer public and shareholder publics. 

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BIBLIOGRAPHY

Albercht, K and R (1985), Service America Homewood, Illinois, DowJones, Irwin.

Chapman, R. W. (1969), Marketing Today, London: International
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Kogan, Irvin S. (1973), Public Relations (Modern Business Services),
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Kotler, Philip (1988), Marketing Management: Analysis, Planning
Implementation and control New Jersey: Prentice Hall Inc.

Kurtz, I. Boone (1977), Foundations of Marketing, London The Dryden.
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Lipsey, Richard G. (1983), An Introduction to Positive Economics (6th
ed.), London: EL/Bs/Wiedenfield and Nicolson.

Marsh, John (1988), Marketing Financial Services (1st Ed.) London:
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Mc Carthy, Jerome E. (1982), Essentials of Marketing, Illinois Chicago
Richard D. Irwin.

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StudentsandScholarship Team.