EFFECTIVENESS OF STRATEGIC MARKETING IN NIGERIAN BANKS:
A STUDY OF SOME SELECTED BANKS
TABLE OF CONTENTS
Title Page………………………………………………………………………………….. i
Certification……………………………………………………………………………… ii
Dedication………………………………………………………………………………. iii
Acknowledgement……………………………………………………………………. iv
Abstract…………………………………………………………………………………… v
Table of Contents……………………………………………………………………… vii
CHAPTER ONE: 1
- Background of the Study…………………………………………………….. 1
- Statement of the Problem…………………………………………………….. 2
- Objectives of the Study……………………………………………………….. 3
- Hypotheses Formulation……………………………………………………… 4
- Significance………………………………………………………………………. 4
- Scope of the Study……………………………………………………………… 5
- Limitation of the Study……………………………………………………….. 5
- Definition of Terms……………………………………………………………. 5
References……………………………………………………………………….. 7
CHAPTER TWO: Literature Review 8
- Introduction………………………………………………………………………. 8
- History of the Banking Industry in Nigeria…………………………….. 8
- The Banking Industry in Nigeria: Review of Major Contextual
and Theoretical Underpinning……………………………………………… 9
- Understanding the Application of Marketing Principles in the
Banking Industry…………………………………………………………….. 14
- Strategic Marketing Objectives of Banks……………………………… 20
- Strategic Marketing Planning (SMP)……………………………………. 21
- Services of Banks…………………………………………………………….. 22
- Marketing in Nigerian Banks……………………………………………… 25
- Marketing Concept in the Banking Industry…………………………. 28
- Tips for Front – Line Officers on How to Relate with the Customers
and Other Key Publics at the Branch Level…………………………… 30
References………………………………………………………………………. 33
CHAPTER THREE 37
- Research Methodology……………………………………………………… 37
- Introduction…………………………………………………………………….. 37
- Research Design………………………………………………………………. 37
- Population of the study……………………………………………………… 37
- Sampling and Sampling Techniques……………………………………. 38
- Data Collection/Gathering Instruments………………………………… 38
- Reliability/validity of Research Instrument…………………………… 39
- Methods of Data Analysis………………………………………………….. 39
- Methods of Data Analysis………………………………………………….. 40
References………………………………………………………………………. 41
CHAPTER FOUR 42
- Data Presentation and Analysis…………………………………………… 42
- Introduction…………………………………………………………………….. 42
- Allocation of Questionnaire ad rate of returns………………………. 42
- Analysis of Bio-Data of Respondents………………………………
- Analysis of Relevant Questions………………………………………….. 43
- Testing of Hypotheses……………………………………………………….. 49
CHAPTER FIVE 58
- Summary of Major Findings, Conclusion and Recommendations 58
- Summary of Major Findings………………………………………………. 58
- Conclusion……………………………………………………………………… 58
- Recommendation…………………………………………………………….. 59
- Suggestions for Further Research………………………………………. 60
Bibliography……………………………………………………………………. 61
Appendix 1……………………………………………………………………… 64
Appendix 11……………………………………………………………………. 65
CHAPTER ONE
- 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 re position 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 for the 1980s and beyond (Vincent, 1980:19) envisaged that the service demanded of the banking industry will ground more sophisticated in response to change in the nature of the business they are called upon to finance and as their customers become more knowledgeable and discriminating.
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 inter mediation 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 public.