APPLICATION OF MARKETING STRATEGIES FOR IMPROVING PERFORMANCE OF SELECTED MONEY-DEPOSIT BANKS IN IMO STATE NIGERIA

DANDY SAMUEL OKORO MOUAU/11/19686 | 71 pages (15618 words) | Projects

ABSTRACT

 A market focused organization first determines the potential customer’s desire, and then builds the products or services. Marketing theory and practice are justified in the belief that customers use a product or service because they have a need, or because it provides a perceived benefit. With the increase of non-performing accounts in the Nigerian banking industry, the profits of banks are getting thinner. For instance some of the banks such as Afribank, Spring Bank and Bank PHB have been taken over by the Central Bank of Nigeria (CBN) in 2011 because of their poor performance.  The study examined the application of marketing strategies for improving performance of selected money-deposit banks in Imo state Nigeria using united bank of Africa, first city monument bank, keystone bank and mainstreet bank in Imo state. The specific objectives of the study is to examine the impact of marketing strategies on sales volume of money-deposit banks, determine the impact of marketing strategies with increase in the customers’ satisfaction, and investigate the impact of marketing strategies with increase in customers’ patronage in banks. A sample size of 250 was computed from a population of 362 using Taro Yemen’s formula. With a survey research design, Pearson Correlation analysis test statistics was formulated to incorporate three hypotheses of interest. A total copy of 250 questionnaires was administered, 40 to staff and 210 to customers but only 220 were found valid for this study and descriptive analysis was used to analyze the 220 retrieved questionnaires. The researcher adopted simple correlation coefficient to assess the relationship between application of marketing strategies and performance of money-deposit banks and to know if improving performance of banks can be measured by sales volume, customers’ satisfaction and customers’ patronage. Our findings revealed a close relationship exists between marketing strategies and performance of money-deposit banks. That is to say that the application of marketing strategies is significant in performance of banking industry. We therefore recommend that all banks should start making use of (OPEX marketing strategies) a proving international transactional risk management software provider to protect and facilitates transaction effectively. This will help reduce fraudulent practices and poor performance in banks.  


TABLE OF CONTENTS

Title …...………………………………………………………………………..i

Declaration……………………………………………………………………..iii

Certification…………………………………………………………................iv

Dedication………………………………………………………………………v

Acknowledgements...…………………………………………………………...vi

Table of Contents……………………………………………………..................x

List of Tables..………………………………………………………………….xi

Abstract………………………………………………………………...............xii

CHAPTER ONE: INTRODUCTION

1.1     Background to the study………………………………...………………..1

1.2      Statement of the problem………………………………...………………4

1.3   Objectives of the study...……………………………………….………….5

1.4     Research questions……………………………………………………….5

1.5        Research hypotheses…………………………………………................5

1.6        Significance of the study……………………………………………….6

1.7     Scope of the study………………………………………………………..7

1.8 Definition of the terms……….……………………………………………..7

1.9 Limitations of the study……………………………………………………..8


CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1.1      Introduction…………………………………………………………9

2.1.2 Nature and Meaning……………………………………………………9

2.2.1 What Is a strategy?...................................................................................10

2.2.2 The Hierarchies of strategies……………………………………………11

2.3 Theoretical Framework……………………………………………………12

2.3.1 Historical background of commercial bank in Nigeria……………..……12

2.3.2 History of united bank of Africa (UBA)……………………………........14

2.3.3 History of First City Monument Bank (FCMB)…………………………15

2.3.4 History of Keystone Bank Limited………………………………………15

2.3.5 History of Mainstreet Bank Limited (MBL)………………………..........16

2.3.6 Problems of Bank Marketing…………………………………………….17

2.3.7 Factor Influencing Bank Industries and its Remedy……………………..17

2.4 Theories and models……………………………………………………….17

2.4.1 Marketing strategies……………………………………………………...18 

2.4.2 Types of marketing strategies……………………………………………19

2.4.3 Introduction of CRM…………………………………………………….21

2.4.4Focus on Customer Satisfaction …………………………………………21

2.5.1 Academic Review………………………………………………………..24

2.5.2 Summary of literature……………………………………………………24


CHAPTER THREE: RESEARCH METHOLOGY

3.1 Research Design…………………………………………………………25

3.2 Study area………………………………………………………………..25

 3.3Population of the study…………………………………………………..26

3.4 Source of data ……………………………………………………………26

3.4.1 Sampling plan………………………………………………………….27

3.4.2 Sampling unit…………………………………………………………..27

3.4.3 Sample size…………………………………………………………….28

3.4.4 Sampling procedure……………………………………………………29

3.4.5 Sampling method……………………………………………………….29

3.5 Statistical/Analytical Technique………………………………………….30

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1 Presentation of Data………………………………………………………32

4.2 Descriptive Analysis of Data……………………………………………..33

4.3 Test of Hypotheses……………………………………………………….44

CHAPTER FIVE:  SUMMARY, CONCLUSION AND RECOMMENDATION 

5.0 Introduction ……………………………………………………………….53

5.1Summary of Findings……………………………………………………….53

5.2 Conclusion …………………………………………………………….......54

5.3 Recommendations………………………………………………………….54

REFERENCES

APPENDIX


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APA

DANDY, M (2020). APPLICATION OF MARKETING STRATEGIES FOR IMPROVING PERFORMANCE OF SELECTED MONEY-DEPOSIT BANKS IN IMO STATE NIGERIA. Repository.mouau.edu.ng: Retrieved Dec 23, 2024, from https://repository.mouau.edu.ng/work/view/application-of-marketing-strategies-for-improving-performance-of-selected-money-deposit-banks-in-imo-state-nigeria

MLA 8th

MOUAU/11/19686, DANDY. "APPLICATION OF MARKETING STRATEGIES FOR IMPROVING PERFORMANCE OF SELECTED MONEY-DEPOSIT BANKS IN IMO STATE NIGERIA" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 01 May. 2020, https://repository.mouau.edu.ng/work/view/application-of-marketing-strategies-for-improving-performance-of-selected-money-deposit-banks-in-imo-state-nigeria. Accessed 23 Dec. 2024.

MLA7

MOUAU/11/19686, DANDY. "APPLICATION OF MARKETING STRATEGIES FOR IMPROVING PERFORMANCE OF SELECTED MONEY-DEPOSIT BANKS IN IMO STATE NIGERIA". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 01 May. 2020. Web. 23 Dec. 2024. < https://repository.mouau.edu.ng/work/view/application-of-marketing-strategies-for-improving-performance-of-selected-money-deposit-banks-in-imo-state-nigeria >.

Chicago

MOUAU/11/19686, DANDY. "APPLICATION OF MARKETING STRATEGIES FOR IMPROVING PERFORMANCE OF SELECTED MONEY-DEPOSIT BANKS IN IMO STATE NIGERIA" Repository.mouau.edu.ng (2020). Accessed 23 Dec. 2024. https://repository.mouau.edu.ng/work/view/application-of-marketing-strategies-for-improving-performance-of-selected-money-deposit-banks-in-imo-state-nigeria

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