THE INFLUENCE OF ADVERTISING AND PERSONAL SELLING ON NEW PRODUCT

THE INFLUENCE OF ADVERTISING AND PERSONAL SELLING ON NEW PRODUCT OF COMMERCIAL BANKS IN OWERRI (A STUDY OF UBA NIG PLC) 

ABSTRACT

In today’s highly competitive marketing environment, marketers do not stop at developing a good product, 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 Bank for African (UBA) Nig. 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 are deemed necessary by operators so as to meet the immediate needs to its customers for minimum satisfaction, yet, customers show no sign of improved favourable relationship even at the instance of radical improvement that has taken place in the product itself and promotional tools via advertising and personal selling. In carrying out this research work, the researcher identified some objectives he tends to achieve. However, to achieve the goal of the study, the data needed for the analysis were collected through questionnaire. The researcher made use of frequency tables and percentage in data presentation which chi-square and analysis of variance were used to test the hypothesis formulated. After the analysis, it was discovered that commercial banks still have to put more efforts on advertising and personal selling. It was also discovered that commercial banks do expose their advert messages on bill boards and radio while the prospects are mostly exposed to television. Recommendations were also made via the findings. The commercial banks were advised to create a separate marketing department who will identify their advertising efforts and also embark on media research together with recruitment and selection.

TABLE OF CONTENTS

Title page –     –      –      –      –      –      –      i

Certification page – –      –      –      –      –      ii

Dedication –    –      –      –      –      –      –      iii

Acknowledgement –       –      –      –      –      –      iv

Abstract –       –      –      –      –      –      –      –      v

Table of contents – –      –      –      –      –      vi

CHAPTER ONE

• Introduction- –      –      –      –      –      1-4
  • Background of the study- –      –      –      4-6
  • Historical background of the firm – – 7-11
  • Statement of the problem – –      –      12-13
  • Objective of the study – – –      –      14
  • Research questions – –      –      –      14-16
  • Statement of hypothesis – –      –      17
  • Significance of the study – –      –      18
  • Scope of the study – –      –      –      –      19
  • Limitation of the study – – –      –      20
  • Definition of terms – –      –      –      –      21-24

CHAPTER TWO

• Literature review- –      –      –      –      25-26
  • Introduction – – –      –      –      –      27
  • An overview of advertising – –      –      28-38
  • An overview of personal selling – –      39-58
  • Motivation – –      –      –      –      –      58-61
  • Supervision and performance appraisal 61-65
  • Situational factors/external marketing

environment – –      –      –      –      –      66-68

• Performance measures – – –      –      68
• New product commercialization- –      69-71
• Hierarchy of response model – –      –      72-79

Reference –     –      –      –      –      –      80-81

CHAPTER THREE

3.0  Research methodology-  –      –      –      82

• Introduction – – –      –      –      –      82-83
• Research design- –      –      –      –      84 -85
• Methods of data collection- –      –      86-88
• Population  of the study-      –      –      –      88-94
• Sampling techniques- –      –      –      95-97
• Validity and reliability of measuring

Instrument-    –      –      –      –      –      98

• Method of data analysis – –      –      –      99-101

Reference-      –      –      –      –      –      102

CHAPTER FOUR

4.0  Presentation, analysis and interpretation

of data-  –      –      –      –      –      –      103

4.1  Introduction- –      –      –      –      –      103

4.2  Presentations of data-   –      –      –      104-118

4.3  Analysis of data –  –      –      –      –      119-121

4.4  Test of hypothesis –      –      –      –      122-130

CHAPTER FIVE

• Summary, conclusion and

Recommendation-  –      –      –      –      131

• Introduction – – –      –      –      –      131
• Summary of the findings – –      –      132
• Conclusion – –      –      –      –      –      133-134
• Recommendations – –      –      –      135-138

Reference –     –      –      –      –      –      139-140

Appendix –      –      –      –      –      –      141

Questionnaire- –      –      –      –      –      142-146

CHAPTER ONE

• INTRODUCTION

Advertising is a particular promotional tool that attracts the greatest controversy as to roles and contributions in social, economic and ethical spines. It is not the only communication tool which organizations utilize  in trying to communicate the existence and quality of their products to the potential and/ or prospective buyers but, it is the most commonly used and the most noticed of all the promo tools.

It is the only one that gets to the greatest number of the firm’s target audience at the same time. It is not done by profit oriented organizations alone but, politicians, government and even non- profitable organization do adverts.

Advertising can therefore be defined as any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor. The word “any paid form” distinguishes advertising from publicity because every organization that wants to advertise will surely purpose space or time in the chosen medium to tell the story about a product or service. “Non-personal” distinguished advertising for personal selling because advertising reaches large number of audience through mass media which are non-personal and do not have the chance for immediate feedback as personal selling does. Ideas, goods and services established that advertising is not restricted to tangible products but also intangible products. Advertising is used by profit and non-profit making organization to promote their products. “An identified sponsor” indicates that the source of every advertising messages is always made public and this differentiates advertising from propaganda and rumor (Adilika , Ebua and Nnolim, 1996).

On the other hand, personal selling is a direct personal communication (face-to- face or over the phone) aimed at influencing purchase decision. Personal selling derives its undisputable unique importance from the business maxim which says that “production is not complete until consumption takes place”. Personal selling is seen as the last bus stop in the promotional journey. The overall marketing objective or goal is to increase profitable sales of an organization’s offering.

Of all the promotional functions, personal selling stands out as the singular element that can get buying action and transfer of title. It must however be noted that personal selling must work in tandem with other elements of the promotional mix to gain full expectations of the strategic marketing goal. Personal selling dominates the promotion policy of most firms, and attracts more expenditure than any other marketing function.  Personal selling is likely to carry the bulk of the promotional load in a situation where.

• The market is concentrated geographically in a few industries or in a few customers
• The product has a high unit value, is quite technical in nature or requires demonstrations.
• The product must be fitted to an individual customer’s needs as in the case of securities and insurance.
• The sale involves a trade in.
• The product is in the introductory stage of its life cycle.
• The organization does not have enough money to sustain an adequate advertising campaign.

In contrast, advertising may be most effective in achieving awareness and encouraging the buyer’s initial interest in the product or service, but it takes personal selling to convince the customer of the product’s unique attributes as against competitive alternatives. Personal selling presentation is flexible and can be tailored to the peculiar needs and behaviour of each customer. With personal selling, customer’s reaction to a particular sales message can be discovered and necessary adjustments made without delay.

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THE INFLUENCE OF ADVERTISING AND PERSONAL SELLING ON NEW PRODUCT OF COMMERCIAL BANKS IN OWERRI (A STUDY OF UBA NIG PLC)