MPACT OF PROMOTIONAL ACTIVITIES ON THE MARKETING OF GOLDENMORN PRODUCTS IN ENUGU METROPOLIS
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MPACT OF PROMOTIONAL ACTIVITIES ON THE MARKETING OF GOLDENMORN PRODUCTS IN ENUGU METROPOLIS
ABSTRACT
Banks are founded to generate profits. Are these gains gained at the expense of customers, or are they the result of the seminars offered by these banks?
This study seeks to emphasise the major elements that different bank managements will consider when selecting branch sites, as well as consumer preferences for which banks to service them. This allows banks to focus on the essential factors that influence market preferences.
The study was conducted utilising a survey research design, with a questionnaire serving as the major data collection tool. A total of 1000 and 200 questionnaires for bank customers and officials were completed and analysed. Based on the analysis of the developed hypotheses, they were assessed at the 95% level of significance with two proportion tests.
The following are some of the important findings of the study, management of Banks seek to locate their branches in large marketplaces such as Lagos and Aba.
Banks’ marketing initiatives in these significant regions are focused on protecting and developing their revenue streams in these locations. Banks in both markets explain their banking operations in terms of the products and services they provide, as well as their information technology capabilities.
Based on these findings, the report proposes that banks have a profitable and diverse product portfolio, as well as continual product and service developments and upgrades.
Banks should constantly invest extensively in information technology to be relevant and profitable. Banks must open branches in these areas, thus it is appropriate for them to rely on their customers and win their trust and confidence.Chapter one
INTRODUCTION: BACKGROUND OF THE STUDY
Deregulation of Nigeria’s economy began in 1986. By that time, Nigeria’s banking industry was one of the most vibrant and attractive to investors. According to Nwankwo (1991:2),
the number of commercial and merchant banks increased from 33 (thirty three) commercial banks and 15 merchant banks in 1987 to 65 (sixty five) and 47 (forty seven), respectively, in 1991.
The banking industry entered this decade with less caution, although it was nonetheless conscious of global economic shifts. According to Clausen (1990:12),
the industry entered the new decade well aware that the world was going to change, but in retrospect, it did not completely comprehend the scope of that shift, let alone its velocity and impact.
Over the next six years, the sector was unable to respond quickly enough to the wrenching disruption caused by deregulation, tough new competition, and an unsteady global economy. The crisis emerged in the first quarter of this decade, and the situation deteriorated in the following areas:
1. The industry has been losing money, with no losses in the billions since the mid-1990s.
2. Some banks have ceased payment of dividends on their common stocks.
3. Some banks faced hostile takeover attempts by regulatory organisations (NDIC and CBN).
4. Regulatory bodies have urged some banks’ boards of directors to address the deteriorating capital base and
5. Concerns were expressed regarding some of the banks’ abilities to function independently.
Marketing in Nigeria’s banking business today owes much to the survival strategies of some new generation commercial and merchant banks following the banking crisis of 1992-1996.
This evolution responds to societal tastes and expectations, which stimulates competition and creates selling opportunities and incentives. Banking practices have extended among the socioeconomic groups.
New services have been developed as a response to competition, to address gaps in their service offering, or to steal a march on the competition by attempting to uncover and serve the demands of new niche markets.
Business consumers have also felt the wind of change as banks’ valuations rose in their highly profitable corporate markets. As a result, competition and a drive to win market share have pushed the banks’ marketing competence forward. It has also been driven ahead by its consumers’ demand for more flexible, reasonably priced, and extensive facilities.
Any bank cannot disregard the demands of existing and prospective customers, particularly in bigger markets such as Lagos and Aba. Relying solely on selling existing services is, at best, a short-term solution, as market attitudes, preferences, technology, and environmental factors are continually shifting.
Banks must make a profit in order to survive, and part of that process includes cost minimization when selecting the most profitable markets to exploit. As a result, banks’ resources must be directed towards potentially more profitable “banking markets,”
which necessitates choosing between larger markets such as Lagos, Aba, Kano, Onitsha, Kaduna, and so on. The ability to identify the optimal resource balance necessitates marketing abilities such as research, planning, and assessment.
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