ABSTRACT
The researcher investigates “Personal Selling And Advertisement On The Diffusion Of Bank Products (A Case Stu dy Of First Banks In Owerri)”. The researcher evaluates the effect of advertising and personal selling on the diffusion of banks new product and to understand how it influences the perception of bank customers. In order to achieve the stated objective, primary data was collated from questionnaires that were through a field survey. The data collected was analyse using single percentage method and the analysis of variance statistical technique(ANOVA) used for further statistical inference. This work is a touch store to sensitizing researchers, academic practitioners and professional on the need for research work and further studies especially on the area of diffusion and innovation, advertising and personal selling for it will lead to the development of our social and economic conditions as well as our technical expertise. Finally, both the industrial and consumer market, the entire banking industry, governmental and non governmental organizations and other institutions, particularly first banks will find this of immense benefit. This is so because this work will establish the most economic and viable means of audience response in terms of clientele.
TABLE
OF CONTENTS
Title
page i
Declaration
ii
Certification iii
Dedication
iv
Acknowledgment v
Table
of contents vi
List
of Tables viii
List
of figures ix
Abstract x
CHAPTER
ONE
INTRODUCTION
1.1 Background
Of The Study 1
1.2
Statement Of Problem 4
1.3 Objectives
Of The Study 5
1.4 Research Questions 6
1.5 Research
Hypotheses 6
1.6 Significance
Of The Study 7
1.7 Scope
Of Study 8
1.8 Definition
Of Terms 8
CHAPTER
TWO
REVIEW
OF RELATED LITERATURE
2.1 Historical Background Of The First Bank 10
2.2
Critical Analysis Of
Advertising Organization 13
2.3
The ACCA Model 13
2.3.1 Three Phase Psychological
Model 15
2.3.2 The
Triangular Model Of Advertising 16
2.4 Advertising ` 17
2.4.1 Media – Their Advantages And Disadvantages 22
2.5 Personal
Selling
26
2.6 Diffusion 32
2.7 Innovation 34
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.0 Preamble 39
3.1 Research
Design 39
3.2 Population
Of The Study 40
3.3 Sample
Design 41
3.3.1
Sample Unit 41
3.3.1.1 Sample
Size 42
3.3.2 Sampling
Procedure 44
3.3.3
Sampling Method 44
3.4 Sources
Of Data 44
3.5 Validity
Reliability And Of Sampling Instrument 45
3.6 Instrument
Of Data Collection 45
3.7 Statistical Techniques 46
CHAPTER
FOUR
PRESENTATION, ANALYSIS
AND INTERPRETATION OF DATA
4.1 Preamble 49
4.2 Questionnaire
Analysis 50
4.3 Test
Of Hypotheses 62
4.3.1 Hypotheses
Two 66
CHAPTER
FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATION 71
5.0 Preamble 71
5.1
Summary Of Findings 71
5.2
Conclusion 72
5.3
Recommendations 73
5.4
Suggestion For Further
Studies 74
References
75
LIST OF TABLES
Table
4.1 Analysis of questionnaire distribution 50
Table
4.2 Sex of respondent 51
Table
4.3 Age of respondents 51
Table
4.4 Qualification of respondents 52
Table
4.5 Years of Experience of Respondents 52
Table
4.6: Relevance of Advertising to bank productivity. 53
Table
4.7: Relevance of personal selling to bank productivity 54
Table
4.8 Effectiveness of bank advertising style. 55
Table
4.9: Relationship between advertising, personal
selling and diffusion of banks. 56
Table
4.10 Relationship between mode of advertising and
personal selling and bank
productivity. 57
Table
4.11 Management importance to advertising and
personal selling activities 58
Table
4.12 Training on personal selling procedures 59
Table
4.13: Advertising and increase customer base 60
Table
4.14: Personal selling and increased customer base 61
Table
4.15 Advertising and personal selling and improved
productivity. 62
LIST OF
FIGURES
Figure 2.5 The Stages Of The Selling Process 29
Figure 3.1 ANOVA TABLE 48
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
One
of the most widely hold theories of communication in marketing is diffusion
theory. Roger (2012) in his view noted that diffusion is a special type of
communication such that messages are concerned with an innovation, something
new to the members of the society. The diffusion literature have developed
across a number of disciplines to explicate the flow of new ideas and
practices, new, improved and modified products are not left out throughout the
social system.
Diffusion
consists of four basic elements which were identified as the channel, the
social system in which the in innovation impacts, the innovation to be diffuse
and time. Of all these elements, diffusion main focal point is the means
through which information about an innovation is disseminated to or within the
social system and specifically in mass media and interpersonal communication
channels as was noted by Inyanga (2001) in literature notes on motivation which
form the pivot of this research work.
The
influence of personal communication, advertising and personal selling is seen
as key factors accounting for rate of spaced of products among or within the
social system. Overtime, it is perhaps quite imperative to note that
communication is the process facilitating the exchange of feelings and information
among individual, groups of people that enhances mutual understanding. If
communication involves the transmission of innovation (new ideas, products,
services etc) from one end to another and stimulates action to adopt the
innovation, then it is diffusion of innovation.
These
new products or ideas as the case may be are not just produced for imaginary
beings or were they made or produced to waste and fail the creative instinct of
man, they were made specifically to fill the demand gap which was originally
discovered through research that caused marketing process to be at paramount
state. This however justifies the notion that marketing begins and ends with
consumers.
For
a wide range of new products and brands organic promotion and elementary public
relation may be all that is required to earn the loyalty of a small dedicated
group of innovators and early adopters. However, it is typically only with
support of advertising that a new brand can reach “main stream” success, making
the highly important jump to adoption by the early majority – a concept termed
“crossing the chasm”. Moore (1999)
It
can never invariably be denied that most firms, the banking industry not
exempted, are however embracing innovative strategies that circumvent the
mournful consequences that negate the favorable maintenance of the market lead.
Most firms who fail to include the industry among the financial institutions, recognize
that these albatross, hovering their growth should be skillfully skimmed, will
either not see light or get sunk in the abyss. It is on this note that the
professional ingenuity of marketers are sought for, responsively, the marketing
mix elements were artistically articulated to permeate bank customers such that
the long dreamed clientele would be recognized to achieve this, advertising and
personal selling were introduced to effect the adequate diffusion of the
prescribed innovation. To them that applied it, it is a strategy break through
but to us in the citadel of learning, it is not yet because in most cases, the expectations
from the application of these concepts are not always realized. The research therefore wants to know the
pattern of behavior of these concepts and what they can proffer if applied
accordingly for this purpose and to poetize this goal, the renew of literature
with regards to theories and models as well as their applications for effective
marketing of commercial banks products taking First Bank Nig Plc as a case
study.
1.2 STATEMENT
OF PROBLEM
The
primary concern of commercial banks is the provision of service to customers in
the opinion of manage quitting “this day 25th September 2002” New
products development and innovation is born out of the genuine desire by
operators to take a fresh look at their customers’ needs. While ensuring
maximum satisfaction and return for their customers. It would be fallacious to
say that advertising and personal selling have not been adequately applied nor
its merits and demerits not considered before application yet problems subsist.
The
advertising is almost widely practiced by many companies but the quarry of
these adverts seems not to have a favorable effect on the diffusion of new
products. Many member of the society do not seem to be reached even after the
use of many advertising media. These affect the aims and objectives of
increasing advertising problems and they are considered as not been worth whole
since customers turn up and patronage remains the same. Customers show no sign
of improved favorable relationship even at the instances of radical improvement
that had taken place in the product itself and the promo tools – Advertising
and personal selling it is these problems that the researcher intends to evaluate
and find out its effect on the diffusion of commercial banks new product.
1.3 OBJECTIVES
OF THE STUDY
The
objectives of the research work are to;
1. Analyze
the effect of advertising on the diffusion of commercial banks products.
2. Determine
the impact of advertising on profit maximization of commercial banks in Imo
State.
3. Analyze
the contribution of personal selling towards the maximization of profit of
commercial banks in Imo State.
4. Identify
the effect of personal selling on the diffusion of commercial banks products in
Imo State
1.4 RESEARCH QUESTIONS
In
the face of problems, numerous questions do crop;
1. What
effect does advertising have on the diffusion of banks new product?
2. Does
an increase in advertising lead to a positive increase in profits of the
commercial banks?
3. What
effect does personal selling have on the maximization of profit in the bank.
4. Does
an increase in personal selling effort of the bank result to a positive
increase in the number of customers?
1.5 RESEARCH HYPOTHESES
H0:
Advertising does not have effect on the diffusion of new products in banks.
H02:
Personal selling does not have an effect on the product diffusion of commercial
banks in Imo State.
H03:
Personal selling does not contribute to the profit maximization of commercial
banks in Imo State.
H04:
Advertising does not contribute to the profit maximization of commercial banks
in Imo State.
1.6 SIGNIFICANCE
OF THE STUDY
This
study which focuses on the analyses of ‘the effect of advertising and personal
selling on the diffusion of commercial banks new products” and understand how
it influences the perception of bank customers.
The
work would be of immense benefit to stakeholders in the field of business and
other productive concerns especially the marketing practitioners as well as
those in the academic field given that the researcher is making his first
contribution to the stock of knowledge. Invariably, it would be to posterity on
inspiration of ingenious commitment.
This
work is a touch store to sensitizing researchers, academic practitioners and
professional on the need for research work and further studies especially on
the area of diffusion and innovation, advertising and personal selling, for it
will lead to the development of our social and economic conditions as well as
our technical expertise.
Finally,
forms, both in the industrial and consumer markets, the entire banking
industry, governmental and non-governmental organization, other institutions
who engage in innovation or production of commercial services and particularly
first bank, will find this of immense benefit. This is because this work will
establish the most economic and viable means of audience response in terms of
clientele.
1.7 SCOPE
OF STUDY
This
study investigates the effect of advertising and personal selling on the
diffusion of commercial banks new products, due to factors beyond the control
of the researcher thus research is unavoidably limited to first bank branches
located in Owerri.
1.8 DEFINITION
OF TERMS
Advertising;
According to Anyanwu A. (1999:194) advertising is defined as any paid form of
non-personal presentation and promotion of ideas, goods and service by an
identified sponsor.
Diffusion:
According
to Inyanga (1998) is the spread of information about an innovation or the
spread of innovation itself throughout a market.
Innovation:
According
to Inyanga J.I (2013:68) Innovation is anything (good, or idea) that is
perceived by someone as new, irrespective of its long life history but in as
much as the person perceives it as new.
Personal
selling:
According
to Okpara (1999) is a face to face contact or relationship between a person
(individual representing him or an organization) and his prospects who may be
an individual potential buyer or group of buyers, and all other efforts orally
made in an exchange process to make sales.
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