ACHIEVING OPTIMUM SALES TARGET AND PROFITABILITY IN FINANCIAL SERVICES MARKETING THROUGH EFFECTIVE MARKETING STRATEGIES
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ACHIEVING OPTIMUM SALES TARGET AND PROFITABILITY IN FINANCIAL SERVICES MARKETING THROUGH EFFECTIVE MARKETING STRATEGIES
Chapter one
INTRODUCTION
1.1 Background of the Study.
Promotional plans are one of the most significant components that contribute to the growth, development, and survival of any organisation. To flourish in the market, each business enterprise must always devise fresh advertising strategies to meet the difficulties of the times.
One of the most difficult issues that service sectors, such as banks, face today is maintaining market share in today’s ever changing and competitive economy.
Before proceeding, it is crucial to note that consumers are the lifeblood of every organisation, and they are the major reason why an organisation endures. Without their recurring patronage,
the organisation cannot grow beyond the original turnover of the promoter’s equity. If an organisation does not serve its customers well, they will move on to the next rival.
Previously, the adoption of promotional concepts or strategies was deemed unnecessary due to a scarcity of products and services; whatever was created was consumed.
The service industry underestimated the importance, if not the relevancy, of determining what customers desired or required and then delivering a product or service that best met the customer’s need and desire.
According to the promotional concept, the key to accomplishing organisational goals is to identify the required satisfactions. Kotler (1984:67).
The banking business employs a number of promotional mix techniques that are appropriate for their product offerings. For example, banks are shifting away from their conventional range of products such as basic current accounts and loans.
Overdraft corporate finance to move customer-centric products. In this direction, banks have segmented (deviced) the huge nitrogenous market into homogeneous sub-markets, with banks additionally specialising in certain services to cater to a small section.
Due to increased competition and changing market conditions, the services industry, such as banks, has returned to intensive promotional methods.
1.2 Statement of the General Problem
The Nigerian banking market is highly competitive, and participating banks must develop and implement effective promotional strategies to secure their survival and growth.
To a large extent, UBA is one of Nigeria’s top banks, although its competitive power is being reduced by a number of issues, including the following:
Poor commitment to organised promotional research to determine, on a continual basis, avoiding dangers and developing possibilities in the sector. Poor customer relationship management leads to client attrition and the loss of valuable resources.
In selecting a suitable promotional and promotional plan to complement the dynamic financial services promotional.
Given these limits, this study project attempts to identify the reasons and effects of these shortcomings, as well as to give viable alternatives to improve bank performance in the Nigerian banking system.
1.3 Objectives of the Study
The primary goals of this study are to identify promotional methods in the service business, with a focus on the banking industry, that incorporate not only computerization but also promotional concepts and techniques into their promotional operations.
– Identify the unique promotional methods used in the banking business.
– Examine the use of promotional tactics, principles, and other promotional strategies in UBA’s promotional efforts.
– Determine the bank’s sales profitability possibilities as a result of the use of marketing strategies in its promotional plans and marketing activities.
– To identify the issues confronting the financial services industries. In its advertising atmosphere, particularly in the Northern State of Nigeria.
1.4 Scope of the Study
For the purposes of this study, the researcher focuses on the UBA branch on Yakubu Gowon Way in Kaduna North local government area. The researchers also discuss various topics such as elements of promotional strategies, procedures for effective promotional strategies, benefits received from promotional mix, etc.
1.5 Statement of Hypothesis
A hypothesis is a tested, probable explanation of the link between two or more variables that result in a state of circumstances. The following hypothesis is developed to facilitate the research objectives:
Hi: Promotional techniques affect the profitability of the banking industry.
Ho: Promotional methods do not affect the profitability of banking enterprises.
1.6 Limitations of the Study
In this type of research, one or more problems should arise. Given this, it is likely that not all United Bank for Africa (UBA) employees would reply to the questionnaire.
Furthermore, the researcher finds it challenging to mix class activities with research activity given the short time frame. Other extraneous expenses have an impact on the researcher’s financial status.
This activity has significantly reduced the time available for leisure and rest because serious reading and writing were required to handle the obstacles connected with projects like this one.
Despite these limits, the aims of this investigation were met.
1.7 Definition of Terminologies
Marketing is the process of planning, pricing, promoting, and distributing ideas, goods, and services to achieve individual and organisational objectives.
Satisfaction is a pleasant emotional response to an object or idea.
Marketing research involves collecting, analysing, and reporting data about a specific marketing scenario for a corporation.
Marketing is a corporate philosophy that prioritises client needs and wants, directing efforts towards satisfying them.
§ Sales concept: A business theory that assumes customers would not purchase goods or services unless the supplier makes a significant effort to spark their interest in the product.
Sales promotion refers to marketing methods that encourage consumers to buy more and distributors and sales representatives to sell more.
§ Market: – A group of individuals with a demand for a product and the financial means to purchase it.
§ Marketing Mix: Marketers employ controllable elements to affect consumer responses.
§ Marketing strategies are a set of concepts that help a firm achieve its goals.
Advertising refers to paid non-personal presentation and promotion of ideas, goods, and services by an acknowledged sponsor.
§ Competitive Environment: refers to a business that competes with other enterprises in its industry.
§ Promotion: any activity aimed at increasing sales through communication.
§ Strategy is a consistent action plan to attain the firm’s long-term objectives.
§ Goals: obtaining expected results.
§ Concepts: An abstraction from the observing event.
§ Promotion:- Selling and promotion are often used interchangeably, although promotion is a more appropriate term. Many individuals associate selling with merely transferring or generating wants, whereas promotion includes advertising, personal selling, publicity, and other approaches.
§ Competitive environment: – A business condition with intense competition necessitating the management of a limited portion of the market.
Marketing mix refers to the design and integration of marketing aspects to fulfil company objectives, including product, pricing, promotion, and place.
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