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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.
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 most banks product developments are similar hence they provide nearly similar services, they can only distinguish themselves based on price and quality. Therefore, bank marketing strategies are develop based on similar criteria. As such staff of First bank and Zenith Bank perception of their organization’s strategy is centered around the formulation of strategic plans aimed at acquiring new customers than retaining existing customer. Hence The Subject of customer retention and loyalty is relatively an issue in these banks. As such the problem of customer deflection is high and the banks incur high costs of acquiring customers to replace those who have been lost .
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.
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