The Impact of Marketing Strategies on Customers Patronage of Commercial Bank Services in Enugu Metropolis.
ABSTRACT
This study is on the impact of marketing strategies on customers’ patronage of commercial bank services in Enugu Metropolis. The data collected, were tabulated and tested using the chi-square statistical method.
The findings include: The Nigeria banking sector has undergone tremendous competition since the introduction of the Structural Adjustment Programme (SAP) on 1st of July, 1986, which has led to inflexible competition in the banking industry.
The study focuses on the use of primary and secondary sources of data by using administering of questionnaire both to the employee of the bank and also to the customer of the bank and observation method was also used in obtaining data. T-test was employed to test the various hypotheses formulated.
The hypotheses are five in number. at the end of the study, it was revealed that marketing strategy does not only have impact on marketing of physical product alone, but also on marketing of service in order to achieve the overall organization objective and growth which is the priority of every business especially the banking industry.
This is because marketing strategies is an all rewarding innovative marketing concept that guarantees business survival and maximization of profit.
TABLE OF CONTENTS
Title Page i
Certification ii
Approval Page iii
Dedication iv
Acknowledgements v
Abstract vii
Table of Contents viii
CHAPTER ONE: Introduction
- Background of the Study 1
- Statement of Problems 6
- Objectives of The Study 7
- Research Questions 8
- Hypotheses Formulation 9
- Significance of The Study 10
- Scope and Limitations of The Study 10
- Definition of Key Terms 11
References 13
CHAPTER TWO: Review of Related Literature
2.1 Marketing Strategies and Programmes 14
Bank Customers and Their Needs 19
- Production Development Strategies 22
- Electronic Banking Products 24
- Corporate Image Strategy 31
- Building Relationship 32
References 39-40
CHAPTER THREE: Research Methodology
Research Design 41
Study Setting 43
Population 43
Sample Size 43
Sample Method Used 45
Data Collection Method 46
Instruments Used And Questionnaire Administration 46
Data Analysis 48
Reference 50-51
CHAPTER FOUR: Data Presentation and Analysis
Data Presentation, Analysis And Discussion 52
Questionnaire Distribution And Return 52
Analysis of Data 53
Testing of Hypothesis 59
4.3.1Testing of Hypothesis 1 (H1) 59
- Test of Hypothesis 2 (H2) 66 63
- Test of Hypothesis 3 (H3) 65
4.2 Discussion 68
Strategies and Commercial Banks Profitability Options 69
Strategies That Work in Commercial Banks 70
- When and How Commercial Banks Employ Strategy 73
- Strategies and Customer Patronage of Commercial Bank Services 73
CHAPTER FIVE: Summary of Findings, Conclusion and Recommendation
Summary Conclusion And Recommendation 77
Summary 77
- Conclusion 80
- Recommendation 81
Bibliography 83
INTRODUCTION
In Nigeria, commercial banks in the past were not market oriented; all their efforts were directed at selling what they (the commercial banks) can offer rather than what the customers actually needed.
This insensitivity to the need of the customer (market) was what Sanusi Lamido Sanusi, CBN Governor (2011) was referring to when he said” even now many Nigerian banks still fail to appreciate that the market may be less” turned on” and may even moving in a different direction.
He went on to say that they (the commercial banks) cling to this “marketing myopia” and undue concentration on the offering rather than consumer needs and assume that they are offering the right services, even as customers are complaining.
However, with the trend of competition as a result of the deregulation, the banking industry has witnessed a rapid transformation in recent years
“The degree of competition within the industry has been pushed to the highest level such that banks have had to look for alternative ways of competition” (first bank Business and Economic Report October, 2010).
According to onyebuagu (1995: p.43) “All organizations must stimulate or create utility if they are to survive”.
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