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THE IMPACT OF STRATEGIC MARKETING PLANNING IN BOOSTING THE DEPOSITS AND MARKET SHARE OF BANKS IN NIGERIA (A CASE STUDY OF UNITED BANK OF AFRICA).

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RESEARCH INFORMATION

: THE IMPACT OF STRATEGIC MARKETING PLANNING IN BOOSTING THE DEPOSITS AND MARKET SHARE OF BANKS IN NIGERIA (A CASE STUDY OF UNITED BANK OF AFRICA).
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This study,THE IMPACT OF STRATEGIC MARKETING PLANNING IN BOOSTING THE DEPOSITS AND MARKET SHARE OF BANKS IN NIGERIA (A CASE STUDY OF UNITED BANK OF AFRICA). contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.

Keywords:THE IMPACT OF STRATEGIC MARKETING PLANNING IN BOOSTING THE DEPOSITS AND MARKET SHARE OF BANKS IN NIGERIA (A CASE STUDY OF UNITED BANK OF AFRICA).


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RESEARCH BODY

Chapter one

1.0                                                    Introduction

The purpose of business as asserted by PeterDrucker (2008) is to create customers and provide them with two basic functions of marketing and innovation. In today’s intense competitive business environment, these words ring more bells. A well-designed strategic marketing planning can make all the difference between success and failure in the marketplace. While marketing is commonly associated with consumers andgood companies such as Nokia Company, it would be myopic to restrict the relevance of marketing to such instances alone. Marketingultimately is about understanding and shaping behavior(Amitav, 2012). Consequently, banks and other financial institutions, government, medical and non-profit organization from those that design and sell financial product to those that implement government policy(i.e. those saddle with reducing drunk driving) have all found out that a well thought out strategic marketing can be critical to the success or failure of business in the marketplace. It is almost undoubted that it has become more deeply and widely for global integration of economy and financial system, presently the international competence of the banks in Nigeria cannot keep up with the foreign banks. In market economyin which Nigeria economy can be related, analysis and evaluation of strategic marketing performance is objective request of enterprise, investor and creditors. The process of evaluating and analyzing marketing  performance  can reveal the impact of an enterprise strategic marketing planning, judge its  marketing efficiency, analyze the cause for its success or failure which is of great significance towards the improvement of  enterprise management, enhancing the effectiveness of marketingdecision making (Andy, 2012). Marketing is becoming increasingly necessary in today’s banking competitive environment, intensified  rivalry from other  financial institutions has caused the banks to think seriously  about how they compete effectively and increased attention on strategic marketing planning and techniques.

The successof a bank depends upon the ability to satisfy customer`s financial needs. An effective use of strategic marketing planning isbecoming recognized as a vital instrument to a successful banking operation. Traditionally, many service industry and company’s executivesare not oriented towards marketing and have been slow in adopting various strategic marketing plans and methods in their activities. The need for a strategic marketing in banks started because of intense competition, not only from other banks, but also from other financial companies, government loan scheme, credit unions, insurance companies, building society etc. Also this competition within and outside the banking sector had resulted into reforming strategies i.e. strategic marketing.

Baker (2008) simply defined strategic marketing “as a process that can allow organization to concentrate it limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage”.A strategic marketing planning also referred to a strategy that integrate an organizational goal into a cohesive whole, ideally drawn  from market research, it focus on the ideal product mix to achieve maximum profit potential (businessdictionary.com, 2014).It serve as the fundamental underpinning marketing plans designed to fill market needs and reach marketing objectives. Strategic marketing  are developed as a multi-year plans with a tactical plan detailing specific actions to be perform in the current year, however the speed at which the environmental change increases shorten this time horizon(Baker, 2008). Strategic marketing involve a dynamic process i.e.  It is partially planned or sometimes unplanned. Strategic marketing also involve a careful scanning of the internal and external environment (Hausman, 2000). The internal environment factors to be scan include the marketing mix (4P`s) performance analysis and strategic constraint. External environmental factors include customer analysis, competitor analysis, target market analysis as well as evaluating the element of technological, economic, cultural, or political/legal environment that are likely to influence the organization success. Strategic marketing planning is often drawn from marketing research. A marketing research is a systematic  gathering, recording and analysis of data about issue relating to marketing, product and services, the goal of marketing research is to assess how changing elements of the marketing mix impacts customers behavior.

An effective strategic marketing i.e. process of designing sound portfolio of business and product that is best for the company (i.e. deposit banks) usually help to determine the organization performance and market share. The performance of deposit bank or any organization can be measure in terms of its effectiveness, efficiency, market share, liquidity and profitability; these tools are used by organization to determine the impact of strategic marketing on its performance. Organization performance is a major tool use to determine the success, growth capabilityof the organization, which in turn ensures survival of the organization. The key function of strategic marketing is often to keep marketing activities in line with the overarching mission statement (Baker, 2008).

After completing the scanning process, a strategic plan will be develop to identify business alternatives, establish challenging goal and determine the optimal mix to attain these goal. The marketing mix consist of the 4p`s of product price promotion and place and the   additional 4p`s of physical evidence, process, people and planet(environment).

Effective strategic marketing involve the use of different strategy such as promotional strategy (e.g.advertising, personal selling,sales promotion, communication etc.), product strategy (branding and packaging, customer satisfaction, product design, specification, reliability, and after sales service), pricing strategy (discount, bonuse, skimming price etc.), distribution strategy, (channel of distribution, transportation location etc)  megamarketing strategy (i.e the use of  economic, psychological, political and public relation skills,)  etc..These tools are geared towards strategizing the organisation toward improve and enhanced performance, therby boosting her market share.

This research work however will tend to evaluate the impact of strategic marketing planning in boosting the deposits and market share of banks in Nigeria, using United bank of Africa as a case study.

1.1BACKGROUND INFORMATION OF UNITED BANK OF AFRICA

United Bank for Africa Plc (UBA) is a public limited company incorporated in Nigeria in 1961 and headquartered in Lagos. It is one of Africa’s leading financial institutions offering universal banking to more than 7 million customers across 750 branches in 19 African countries and a presence in New York, London and Paris. Formed by the merger of the commercially focused UBA and the retail focused Standard Trust Bank in 2005, the Bank purports to have a clear ambition to be the dominant and leading financial services provider in Africa. Listed on the Nigerian Stock Exchange in 1970, UBA claims to be rapidly evolving into a pan-African full service financial institution. The Group adopted the holding company model in July 2011.

Today’s United Bank for Africa Plc (UBA) is the product of the merger of Nigeria’s third (3rd) and fifth (5th) largest banks, namely the old UBA and the erstwhile Standard Trust.Bank Plc (STB) respectively, and a subsequent acquisition of the erstwhile Continental Trust Bank Limited (CTB). The union emerged as the first successful corporate combination in the history of Nigerian banking.

UBA’s history dates back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria and the erstwhile STB and CTB both in 1990. Following Nigeria’s independence from Britain, UBA was incorporated in 1961 to take over the business of BFB. Although today’s UBA emerged at a time of industry consolidation induced by regulation, the consolidated UBA was borne out of a desire to lead the domestic sector to a new era of global relevance by championing the creation of the Nigerian consumer finance market, leading a private/public sector partnership at supporting the acceleration of Nigeria’s economic development, and growing the institution from a banking to a one-stop financial services institution, while spreading its footprints across Africa to earn the reputation as the face of banking in the continent.

Today, United Bank for Africa Plc, having adopted the Holding company model is one of Africa’s leading financial institutions offering universal banking to more than 7.2 million customers across 750 branches in 18 African countries. With presence in New York, London and Paris and assets in excess of $19bn, UBA is your partner for banking services for Africans and African related businesses globally.

Therefore, with these nobles and efficacy, United Bank of Africa can be confidently used as sample (case study) and represent the population (commercial banks in Nigeria) and no bias result.

1.2    statement of the problem

It has beenobserved that banking services are not necessarily provided to suit the needs of customers but to push services to the customers with the hope of making profit.

Quality customer service also observed to be  lacking in most banks as customers spend unnecessary time and hours waiting in the queue to be served or attend to, this sorry state can be seen in terms of a situation where a customer have to wait for about averagely of 1-2 hours before been attend to. The current competition in the banking sector due to the re-organization and the restructuring of the banking sector in Nigeria had also bring about the need to use strategic marketing for  improving performance in terms of attracting customer to the organization and hence increase the market share. For instance, the apex bank (CBN, 2014) recently advice deposit banks to adopt an efficient and effective strategic marketing not for profit motive alone but for customers satisfaction, which in essence can improve service delivery in the banking sector.

Strategic marketing planning takes several aspects of company marketing and promotion into consideration which is also lacking in the contemporary deposit banking system and has also take a paramount and salient feature in determining the survival of bank among its competitors. The aspects that contribute to strategic marketing planning include identifying promotional opportunities and evaluating the marketing opportunities; researching, analyzing and identifying the target markets; developing a strategic position for the company to pursue and how to implement the strategy; preparation and implementation of marketing plan; and measuring and evaluating the marketing efforts of the company.  Most of these banks failed to choose effective mediums in their strategic marketing planning process to counter their competitors in the banking industry.

Similarly, the wrong application of strategic marketing planning on a certain segment of the market were such application require a careful use of the marketing mix had also been observed as  one of the limiting factors against the  achievement of an improve performance in the banking sector. Most deposit banks performance has been hindered because they failed to conspire and place high importance on thesestrategic marketing planning that can boost their deposits and market share.

1.3       objectives OF THE RESEARCH

Every research work is tailored to achieve certain objective, but for the purpose of this research, the following objectives are to be attained:

  1. To determine if quality customer service of bank is a major consideration in boosting deposits and market share of banks.
  2. To determine if strategic marketing planninghave significant impact on boosting deposits and market share of banks
  3. To determine how wrong application of market strategy affects deposits and market share of banks

1.4    significance of the study

This research work is of immense importance to marketing managers as it serve as a reference for them in terms of finding solution to most problems that hinder the development of banking service. The research is also  of importrance to the staff of the bank(United Bank Of Africa) as it provide and empower them on how to improve their services rendered to customer and to market these services better.

The study is also important to the management of United Bank of Africa and other banks as it will give an insight into some of the problems that retard profitability, efficiency, and effectiveness which bring about low performance level experienced in banking institutions. Effective strategic marketing planning can help improve the performance level of banks, thereby boosting their deposits and market share.

Being  an academic research, the study will be of great importance to the academic community as it  will contribute to the existing knowledge in the area of strategic marketing planning, other researcher will also benefit from this research work as it will enhanced their knowledge , perception and understanding of marketing  strategy concept. The research will also serve as a basis for further research into marketing variables that influence performance.

1.5 RESEARCH questions / HYPOTHESIS

This research work is design to answer the following specific questions;

  1. Is quality customer service of bank isa major consideration in boosting deposits and market share of banks?
  2. Does strategic marketing planninghave significant impact on boosting deposits and market share of banks?
  3. Does wrong application of market strategy affects deposits and market share of banks?

statement of hypotheses

Asika (1991) describe hypothesis simply as a tentative statement about relationship that exists between two (2) or more variables, a conjectural statement about relationship that needs to be tested and subsequently accepted. Below is the hypothesis that constitutes the bottom line of this research with regards to the study objective.

Hypotheses One

Ho: Quality customer service of a bank is not a major consideration in boosting deposits and market share of banks.

Ha: Quality customer service of a bank is a major consideration in boosting deposits and

market share of banks.

Hypotheses Two

Ho:Strategic marketing planning does not have significant impact on boosting deposits and market share of banks

Ha:Strategic marketing planning have significant impact on boosting deposits and market share of banks

1.6       scope AND LIMITATIONS of the study            

The gamut of this study will cover the deposit banks in Nigeria as a major catalyst to economic growth in Nigeria with an emphasis on United Bank of Africa, Sabongari market, Kano State. All other financial institution will not be covered by the scope of this study.

The research will limit itself to studying the impact of strategic marketing planning in boosting the deposits and market share of banks only; all other variables that affect performance of banks in Nigeria will not be considered.

However, in view of the dynamic and ever changing business environment this study will examine a period of 5years i.e. from 2009 -2015 to which the research can cover.

1.8       definition of key terms

In  other to make the research more meaningful and for the purpose of simplicity, the following words are considered to mean the same thing as expresses below;

Strategic marketing planning:

This is the process that the operational and managerial staff of a company goes through to

create and implement effective marketing strategies.

Differentiation Basics

As the root word “different” suggests, differentiating your product means making it distinct from other products that are competing for the same customers. While it is important to have a product that is of good quality and offers excellent benefits, you also need something that allows consumers to recognize it as unique. If 10 companies all offer “good” products that are very similar and are marketed similarly, it is difficult for customers to make a choice. This leaves your potential for purchase largely up to random chance. Differentiation is a key element of positioning, which is creating a unique image of your brand in the mind of your target audience.

Segmentation Basics

Market segmentation is intended to help you optimize efficiency with your advertising investments. It is derived from the basic adage “you can’t be all things to all people.” Companies may target one distinct target market, or go after several different ones. Market segmentation allows you to target markets that either have different needs, want different benefits, or require different messages delivered through different media. In essence, segmentation overcomes the inability to impact all possible customers with one advertising campaign or message.

Keywords: THE IMPACT OF STRATEGIC MARKETING PLANNING IN BOOSTING THE DEPOSITS AND MARKET SHARE OF BANKS IN NIGERIA (A CASE STUDY OF UNITED BANK OF AFRICA).


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