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Promotional
strategies has proved to be the only logical basis for the sustenance
of the financial institution such a s Afribank (NIG) PLC.
The
promotion mix variables should be properly integrated in this ever
changing marketing environment. The purpose of carrying out this
researcher work was to find out the problems of afribank (NIG) PLC, and
recommend solutions to the problems.
Based on the researcher topic,
the researcher reversed related literature to the topic, red have a
better understanding of effective promotional strategies an how they
could apply to the organisation. Research conducted revealed that for
promotional strategies to be effectively and efficiently implemented the
company should consider its position in the Economy of the country, the
production/ service life cycle, the product strategies prancing
strategies, its distributional activities and promotion tools
Data
were collected from there primary and secondary sources. A pilot survey
of the population was cindery to determine the sample size using TOPMAN
formula census technique, 33 was arrived for consumers.
In the course
of the analysis, many problems which hamper the marketing activities of
afribank PLC, were identified and the major findings were centred
around the implementation o the marketing activities .
1. the Afribank does we have goods and qualified promotion professionals
2. there is need for maintaining high quality service that will be rendered to customers.
3. Afribank Nigerian PLC, promotional strategies are not effectively integrated.
4. Afribank ‘ distribution activities are also not effectively integrated.
However
, certain recommendation were given for improvement. These
recommendations also centred around marketing activities, they include:
1. the case company should communicate the planned marketing strategies to all the key decision markers.
2. they should also evelop a good and catching promotional strategies.
3. they sued make sure that marketing strategies contribution and reflect the objectives of the company.
4.
they should maintain high service quality finally, the bank should
carefully study its problem as enumerated in the project follow it’s
various recommendations and implement them to action it’s co-operate
goals.
BACKGROUND OF THE STUDY
One of the fillers of
marketing id the provision of good and service to satisfy the needs and
wants of the consumer at a profit to the satisfacus of the consumer or
customer is the focus of marketing making price it right, distributed it
well and position i.e. to best meet the needs of customers, you must
have wasted all the marketing skills if nobody knows you have done
these. Your customer will only know through promotional activities.
It
becomes imperative that firms must not only create high quality goods
that meets the expectations of the target market but tell success
stories, that is , disseminate information about the product attribute
and benefits to the target market.
Engle (1983:16) defines promotion
as a controlled integrated programme of communication method and
materials designed to present a company and its products to prospective
customers to communication need satisfying attributes. Promotion is a
vital ingredient of survival and development, without adequate promotion
product may not sale, where they sell their continuity is in doubt . no
wonder much of the budgets of some companies is spent on promotion
However, this may involve determine the optional combinations of the promotional mix,
Advertising, sales promotion, personal selling, public relation publicity to achieve it’s promotional objectives.
According
to onal and Nnolim (1998:9) decisions with these components of
promotional mix should be consistent with other variable mix in order to
accomplish the objectives of any given organisation of the company
including banking industries, manufacturing industries and the producers
of goods and services are were that promotion does only inform or
persuade but can strive towards profit making through increased sales.,
there is a lot of competitions in the banking industries, and this is
affecting the patronage of Afribank. Many firm today have seen that
promo tools serves as a supremacy vehicle of competition.
Meanwhile,
it is because of the importance of promotion not only as a tool for
informing the company that the researcher try’s to examine promotional
strategy in a service industry a case study of Afribank.
1.2 STATEMENT OF THE PROBLEM
In as much as the
world is dynamic, things changes every passing day competition was not
so intensive among business some years ago. But today because every
business wants to be at the top of the ladder, so many developments have
arisen. This has lead to tremendous technological innovations like
commuters, cell phones, automatic machines and many others. The business
sector devised several means to market their products and service to
achieve a manful results. This manifests itself as many organisations
now embrace on milliohm Naira advertising campaign, training of high
rate salesman, modification of their products, innovations in service
rendering all are aimed at matching with the chafing trend are to
provide products/ services that can withstand competition and enhance
profitability.
Therefore the problem of most banks with especial
reference to Afribank is that they do not really know the implications o
poor promotional message in their effort to market bank products/
service. And this study intends to elucidate those things especially as
it affects Afribank PLC.
1. Is the customer influenced by the any promotional strategy in the patronage of banking service?
2. do customers receive the promotional message effective form any specific medium?
3.
do other service factors such as bank charges, availability of service
and quality of service influence customers patronage of Afribank? These
and many more forms the task of this research work.
1.3 OBJECTIVE OF THE STUDY
The purpose of this research work is as follows
1. To find out if the product promotion affects customer patronage of bank service.
2. To measure the effectiveness of advertising in creating awareness of bank services.
3. To determine whether promotional strategy used by Afribank increases customer patronage.
4. to evaluate the promotional strategies of Afribank in increasing profitability
5. to measure the impact of persona selling strategy on the marketing of bank services
6. to recommend promotional measures to improve on the performance of Afribank.
1.4 HYPOTHESES OF THE STUDY
The following hypothesis have been formulated in other to ensure in objective analysis of the study.
1. Hoi: consumers are satisfied with the quality of service rendered by Afribank
Hoi: consumers are not satisfied with the price chare of Afribank services.
2. Hoi: consumers are not satisfied with the price chare of Afribank service
HO2 Hoi: consumers are satisfied with the price chare of Afribank service
3. HO3: Afribamk is readily and accessible in their service offering to consumers.
HO3: Afribamk is not readily and accessible in their service offering to consumers.
1.5 SIGNIFICANCE OF THE STUDY
The importance or significance of the study cannot
be
overemphasized. The researcher believes strange that this work will
serve as a reference point and consultative material to other banks and
would be most effective and efficient promotional strategy to adopt, so
as to enhance customer patronage of Afribank services.
It will
equally be if great benefit to readers and researchers as it may farm a
base for further research an moreover it will widen their scope of
understanding and knowledge in promotion
SCOPE OF THE STUDY
This study under took an
in-depth look at the effectiveness of promotional strategies in
industry. Again the study was limited to Afribank operation within Enugu
metropolis. Questionnaires were distributed and collected from
marketers and consumers of Afribank PLC in this area
1.7 DEFINITION OF TERMS
LIMITATIION OF THE STUDY
A lot of constraints have limited the scope of this study, some of them are.
1.
FINANCIAL CONSTRAINTS inadequate financial resources is a limitation to
this work be cause nwney is required in almost every aspect of this
work.
2. DISTANCE: this is another factor, there should be adequate
designed time because the research have to be in the particular place of
research to get respondents to enable the research progress
3. TIME
CONSTRAINTS: limited time to execute this study comprehensively is one
of the limitation of this study, adequate time for deserting this
project should be properly considered for the effective smoothing of
this work.
4. inadequate co-operation of consumers: this is another
hindering along to enable appropriate research work in the aspect of
questionnaire, if the consumers refuse to comply in corresponding flimsy
excuses like time there will be problem.
1.8 DEFIINITION OF TERMS
1. promotional strategy:
it is a controlled integrated programme of communication method and
materials designed to present a company and its products to prospective
customers.
2. Advertising : a marketing functions of making know what
we to sell or buy. It presents the most persuasive possible selling
massage to be right prospective for the product or service at the lowest
possible cost. More so, advertising must use identifies, it must not be
personal it must use the maze media and it must be paid for.
3 sale
promotion: this consist o all the activities aimed at promoting
immediate sale. It is designed to achieve fast sales or consumer repose.
4.
personal selling : face to face interaction with one or more
prospective purchase for the purpose of making presentation, answering
questions and producing orders.
5. direct marketing: this consists of
direct communications with carefully target individual consumers to
both obtain an immediate response and cultivate lasting customer
relationships.
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