CHAPTER ONE: INTRODUCTION
1.1 Background to the Study - - - - - - - 1
1.2 Statement of the Problem - - - - - - - 3
1.3 Research Questions - - - - - - - - 3
1.4 Objective of the Study - - - - - - - 4
1.5 Significance of the Study - - - - - - - 4
1.6 Statement of Hypothesis - - - - - - - 5
1.7 Scope of the Study - - - - - - - - 6
1.8 Definition of Terms - - - - - - - - 6
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction - - - - - - - - - 8
2.2 Concept of Marketing Strategies - - - - - - 8
2.3 Types of Marketing Strategy - - - - - - - 10
2.4 Strategic Marketing Models - - - - - - - 13
2.5 Theoretical Framework - - - - - - - 19
2.6 Empirical Literature Review - - - - - - - 34
2.7 Marketing Strategies in Banking - - - - - - 38
2.8 Challenges Militating against Marketing
Strategies - - - - 43
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction - - - - - - - - - 45
3.2 Research Design - - - - - - - - 45
3.3 Population of the Study - - - - - - - 45
3.4 Source of Data Collection - - - - - - - 46
3.5 Method of Data Collection - - - - - - - 46
3.6 Method of Data Presentation and Analysis - - - - - 47
CHAPTER FOUR: DATA PRESENTATIONA ND
ANALYSIS
4.1 Introduction - - - - - - - - - 48
4.2 Respondent Characteristics - - - - - - - 48
4.3 Data Presentation and Analysis - - - - - - 50
4.4 Test of Hypotheses - - - - - - - - 61
4.5 Summary of Findings - - - - - - - - 69
CHAPTER FIVE: SUMMARY, CONCLUSION
AND RECOMMENDATION
5.1 Summary - - - - - - - - - 70
5.2 Conclusion - - - - - - - - - 71
5.3 Recommendations - - - - - - - - 71
5.4 Limitations of the Study - - - - - - - 72
References - - - - - - - - - 73
Appendix - - - - - - - - - 79
ABSTRACT
The study
examines the staff perception of marketing strategy of First Bank and zenith bank. Out of the total
population of 235, 100 persons were selected as the sample size. To determine
the sample size the simple random sampling technique was used. The survey
method constitute the research design. Questionnaire design by the researcher
in five likert scale constitute the research instrument. The mean scores was
used to analyze data. The analysis indicates that the marketing strategy
adopted by FBN and ZBN are basically customer service strategy, advertising,
quality improvement as well as unique packaging and effective distribution
channels. Marketing strategy of FBN and ZBN affect it productivity through the
enhancement of customer value which facilitate increase in sales but inspite of
this, marketing strategy of FBN and ZBN is constraint with problems arising
from the inability of FBN and ZBN to combine numerous models and tools of
marketing used in order to stand dynamism inherent in strategic implementation
due to changing marketing environment as well as lack of integrated views of
planning and development of marketing strategy. In view of the findings it is
clear that the marketing strategy of FBN and ZBN is effective but constraint
with complexity of policy formulation and implementation due to poor human
capital that can effectively manage the marketing of FBN and ZBN. It was
recommended that Complete “paradigm shift” in managerial thinking, in terms of
service quality delivery through continuous education and training of staff in
field such as customer satisfaction and customer.
CHAPTER ONE
INTRODUCTION
1.1
Background
to the study
Marketing
strategy is a method by which a firm attempting to reach its target market
adopt to attract and retain 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 effectiveness (Chiliya, 2009).
Marketing
strategies 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.
The
banking industry is highly competitive, with banks not only competing among
each other, but also with non-banks and other financial institutions. Most
banks product developments are easy to increase and when banks provide nearly
similar services, they can only distinguish themselves based on price and
quality. Therefore, customer marketing strategy is an effective and importance
tool that banks can use to gain a strategic advantage and survive in today’s
ever increasing banking competitive environment.
The
Subject of marketing strategy is relatively global issue. It is more rational
to keep customers as well as acquiring customers to replace those who have been
lost. The main factors influencing marketing strategy of First bank and Zenith
bank include the range of services, rates, fees and prices charged . It is
clear that superior service, alone, is not sufficient to satisfy customers.
Prices
are essential, if not more important than service and relationship quality.
Therefore, service excellence, meeting client needs and also providing
innovative products are essential to earn success in the banking industry. Most
private banks claim that creating and maintaining customer relationships are
important to them and they are aware of the positive values that relationships
provide . While there have been several studies confirming the significance of
marketing strategy in banking industry , there has been little research
regarding staff perception of marketing strategy in their organization.
It
is against this, that the researcher considered the subject matter worthy of
investigation.
1.2
Statement
of the Problem
The
banking industry is highly competitive, with banks not only competing among
each other, but also with non-banks and other financial institutions. In Nigeria
It
is against this that the researcher sees the subject matter of this research
worthy of being investigation.
1.3
Research
Questions
The
following research question guided this study:
i)
What is the perception of FBN and ZBN
staff on the marketing performance of their organization?.
ii)
How do staff perceive the optimal marketing mix used in attaining
organizational objective in FBN and ZBN?
iii)
How do the staff of FBN and ZBN respond
to their marketing strategy?
iv)
What are the factors militating against
the marketing strategies used by FBN and ZBN?.
1.4
Objective
of the Study
The
central objective of this study is to examine the perception staff of FBN and
ZBN on their organisations’ marketing strategies on. The specific objectives
are to:
i)
Identify how FBN and ZBN staff perceives
the marketing performance of their organization.
ii)
Determine staff perception on the
optimal marketing mix used in attaining organizational objective in FBN and
ZBN
iii)
Find out the responsiveness of first FBN
and ZBN’s staff to their marketing
strategy
iv)
Identify the factors militating against
the marketing strategies used by FBN and ZBN.
1.5
Significance
of the Study
The
study will give insight on strategic planning to attract and retain existing
customer in banking industry most especially First bank and zenith bank. This
is in accordance with the views of Okoh (2009) who opined that Marketing
strategy plays a central role in winning and retaining customers, ensuring
business growth and renewal, developing sustainable competitive growth and
renewal, developing sustainable competitive advantages, and driving financial
performance through business processes
This
study will contribute to existing body of knowledge on the subject matter by
showing the relationship between marketing strategy and productivity. As such
it will be a good reference material to students, scholars and the general
public.
The
study would also be beneficial to first bank, by way of improving their
strategic planning especially as they utilize the finding of this study.
The
research will also be beneficial to students, members of the public and
individual who may wish to undertake their own research as it will be a
springboard and a basis for further study.
1.6
Statement
of Hypothesis
1.
HO: FBN and ZBN staff
perceive the marketing performance of their organization to be ineffective.
H1: FBN and ZBN staff perceive the marketing
performance of their organization to be very effective.
2.
Ho: The optimal marketing mix
used in attaining organizational objective in FBN and ZBN is not centered on product and pricing policies.
H1:The
optimal marketing mix used in attaining organizational objective in FBN and
ZBN is centered on product and pricing
policies.
3.
Ho: FBN and ZBN’s staff do not respond positively to their marketing
strategy.
H1: FBN and ZBN’s
staff respond positively to their
marketing strategy.
4.
Ho: There are no threats
militating against the marketing strategies used by FBN and ZBN.
H1: There
are no threats militating against the marketing strategies used by FBN and ZBN.
1.7
Scope
of the Study
The
study covers the examination of marketing strategies of first bank and zenith
bank in Kaduna metropolis of Kaduna Nigeria
1.8 Definition of Terms
Marketing
strategy: This is a method by which a firm attempts to reach
its target markets.
Productivity:
The rate at which a firm produces and markets its products
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.
PLC:
Public Limited Company.
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 any thing. 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.
Manufacturer:
the owner of a factory or company that produced goods or services for sale to
consumers.
Distribution:
The function of disbursing the goods manufactured or warehouse to the location
where they will be consumed or received
by consumers.
Re-engineering
– re-design of work process
Workflow – work process or procedures
BPR – This is an acronym for business process
re-engineering
BPM – This is an acronym for business
process management
Process
innovation – Introduction of new technique in work procedure
Process improvement–This
is the incremental, gradual and constant change or innovation in workflow
TQM
– This is an acronym for total quality management
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