ABSTRACT
The challenges of measuring marketing strategy in
relation to productivity has been
inadequately address by previous researches and marketing text in Nigeria.
Hence this study examines the effect of
marketing strategy of First Bank. Out of
the total population of first bank, Kaduna main branch with a staff strength of
135 persons were selected as the sample size. 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 First Bank are
basically customer service strategy, advertising, quality improvement as well
as unique packaging and effective distribution channels. Marketing strategy of
First Bank affect it productivity through the enhancement of customer value
which facilitate increase in sales but inspite of this, marketing strategy of
First Bank is constraint with problems arising from the inability of First Bank
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. As such it was recommended that there should be 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 retention.
TABLE OF CONTENTS
Title page - - - - - - - - - - i
Declaration - - - - - - - - - - ii
Certification - - - - - - - - - - iii
Approval - - - - - - - - - - iv
Dedication - - - - - - - - - - v
Acknowledgment - - - - - - - - - vi
Table of Contents - - - - - - - - - vii
Abstract - - - - - - - - - - viii
CHAPTER ONE
INTRODUCTION
1.1
Background to the study - - - - - - - 1
1.2
Statement of the problem - - - - - - - 3
1.3
Objective of the study - - - - - - - - 3
1.4
Significance of the study - - - - - - - 4
1.5
Research questions - - - - - - - - 4
1.6
Definition of terms - - - - - - - - 5
1.7
Scope of the study - - - - - - - - 5
CHAPTER
TWO
LITERATURE
REVIEW AND THEORITICAL FRAMEWORK
2.1 Introduction - - - - - - - - - 7
2.2 Conceptual Framework - - - - - - - 7
2.2.1 Concept of Marketing Strategies - - - - - - 7
2.2.2 Types of Marketing Strategy - - - - - - - 9
2.2.3 Strategic Marketing Models - - - - - - - 12
2.2.4 Marketing Strategy Models - - - - - - - 13
2.2.5 Marketing Mix and Strategy Development - - - - - 19
2.3 Theoretical Framework - - - - - - - 22
2.3.1 An Overview of Resource Advantage Theory - - - - 22
2.3.2 Resource-Based Strategy and R-A Theory - - - - - 25
2.3.3 Competence-Based Strategy and R-A Theory - - - - 27
2.3.4 Industry-Based Strategy and R-A Theory - - - - - 28
2.3.5 Brand-Equity Strategy and R-A Theory - - - - - 29
2.3.6 Market-Orientation Strategy and R-A Theory - - - - 30
2.3.7 Market-Segmentation Strategy and R-A Theory - - - - 30
2.3.8 Relationship-Marketing Strategy and R-A
Theory - - - - 31
2.3.9 R-A Theory and Conceptual Frameworks - - - - - 32
2.3.10 Schematic of R-A Theory - - - - - - - 33
2.4 Empirical Studies - - - - - - - - 35
2.4.1 Marketing Strategies in Banking - - - - - - 36
2.4.2 Marketing Tasks in Banks - - - - - - - 37
2.4.3 Strategic Issues in Services Marketing - - - - - 37
2.4.4 Challenges Militating Against Marketing
Strategies - - - - 41
2.5 Summary - - - - - - - - - 42
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction - - - - - - - - - 43
3.2 Resign Design - - - - - - - - 43
3.3 Population
and Sampling Technique of the Study - - - - 43
3.4 Source of Data Collection - - - - - - - 44
3.5 Method of Data Collection - - - - - - - 45
3.6 Method of Data Presentation and Analysis - - - - - 45
3.7 Justification of Method of Data
Collection and Analysis - - - 46
3.8 Summary - - - - - - - - - 46
CHAPTER FOUR
DATA PRESENTATION AND
ANALYSIS
4.1 Introduction - - - - - - - - - 47
4.2 Respondent
Characteristics - - - - - - - 47
4.3 Data
Presentation and Analysis - - - - - - 48
4.4 Major
Findings of the Study - - - - - - - 55
4.5 Summary - - - - - - - - - 56
CHAPTER FIVE
SUMMARY, CONCLUSION AND
RECOMMENDATION
5.1 Summary - - - - - - - - - 57
5.2 Conclusion - - - - - - - - - 57
5.3 Recommendations - - - - - - - - 58
5.4
Limitation of the Study - - - - - - - 59
References - - - - - - - - - 60
Appendix
I - - - - - - - - - 65
Appendix II - - - - - - - - - 66
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
To
achieve a set of organizational goals and objectives, companies conceptualize,
design, and implement various strategies. These strategies can be corporate,
business, or functional. Marketing strategies constitute one of the functional
strategies amenable to application by contemporary companies in order to
enhance performance. Marketing has been defined and conceptualized in various
ways, depending on the author’s background, interest, and education. For
example, marketing can be seen as a matrix of business activities organized to
plan, produce, price, promote, distribute, and market goods, service, and ideas
for the satisfaction of relevant customers and clients. marketing strategy is
important for the success of any organization, whether service- or
product-oriented.
Marketing
strategy is a method by which a firm attempting to reach its target market uses
to attract 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 effective (Chiliya, 2009).
In
order to measure marketing strategy effectiveness, a business has to break down
its marketing function into constituent parts, along with a mechanism through
which to analyse the interaction between those parts. By doing this,
decision-makers will finally be in a position to relate marketing expenses to
shareholder value and to understand how to tie marketing initiatives back into
the value created for the company. Decision-makers will be able to understand
the internal motives that propel the marketing value of the business. The
manipulation of the following marketing variables namely price variation and
price promotion, research, advertising, product differentiation, quality,
packaging and place will yield in-creased returns for firms.
Marketing
strategies in commercial banks 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.
Marketing
strategy in commercial banks in Nigeria is basically designed to direct the
flow of banking services profitably to target customers. The need for an
effective marketing strategy stems from intense competition, not just from bank
but other financial organization. Therefore banks strategize there marketing to
create customer value as well as to establish customers need and to provide
such needs in order to add more value to their service and gain competitive
advantage.
However,
there are challenges in measuring marketing strategies in relation to
productivity. Indeed several researchers
indicate that there is a gab in this regard (okoh, 2009). It is against this,
that the researcher considered the subject matter as a problem worthy of
investigation.
1.2 STATEMENT OF THE PROBLEM
Marketing
strategies are dynamic and interactive. They are partially planned as such;
most organizations do not adhere strictly to their organization planned
strategy sequel to influence of micro and micro environmental factors. As such
most organizational component of marketing strategy is not inline with the
company’s overarching mission hence marketing strategy is vague and complex to
comprehend. As such implementing strategic marketing plan in most organization
becomes a big constraint. This is
evident in the fact that there are challenges in measuring marketing strategies
in relation to productivity which several marketing literatures as well as
journals have fail to address. Indeed
several researchers indicates that there is a gab in this regard (okoh, 2009).
It
is against this that the researcher sees the subject matter worthy of investigation. Therefore the study addresses the challenges
of measuring marketing strategy in relation to productivity which has not been
address by previous researches and marketing text in Nigeria.
1.3
OBJECTIVE
OF THE STUDY
The
central objective of this study is to examine the impact of marketing strategies
on productivity . Other specific objectives are to:
i.
Find out the marketing strategy adopted by
corporate organizations in Nigeria.
ii.
Determine the optimal marketing mix used
in attaining organizational objective
iii.
Ascertain how marketing strategies affect productivity.
iv.
Identify the factors militating against
the marketing strategies.
1.4
RESEARCH
QUESTIONS
The
following research question guided this study:
i.
What kind of marketing strategy does first
bank use?
ii.
What is the optimal marketing mix used in attaining
organizational goal in first bank?
iii.
How does the marketing strategy of first
bank affect its productivity ?
iv.
Are there threats to the marketing
strategies used by first bank?
1.5
SIGNIFICANCE
OF THE STUDY
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 banking industry, by way of improving their
strategic planning especially as they utilize the finding of this study. The
study will also serve as a basis for policy formulation to central bank of
Nigeria in area of marketing in commercial bank.
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
SCOPE
OF THE STUDY
The
study covers the examination of marketing strategies of first bank. In this
regards the researcher shall examine the strategic marketing model adopted by
first bank as well as the optimal marketing mix used in attaining
organizational goal in first bank. The study equally identifies the factors
threatening marketing strategies used by banks in Nigeria. The study covers a
period of ten years spanning from 2002 – 2011.
1.7 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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