BUDGETING STRATEGIES IN ADVERTISING BANKING SERVICES: A CASE STUDY OF INTERCITY BANK PLC
BUDGETING STRATEGIES IN ADVERTISING BANKING SERVICES: A CASE STUDY OF INTERCITY BANK PLC
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Date
1999-04
Authors
OWOH, JUDITH
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Abstract
Many methods are used for budgeting funds for adverting in a bank.
Business executives attitude towards the advertising budget is that they will
spend more money as long as they can be assured that it will bring in a
profit.
Banking services are basically marketing of their services and many
marketers agree that without budgeting for advertisements in an
organization, like bank, the marketing plan will be affected, advertising will
then be very difficult to carryout if not impossible and done haphazardly
without much achievement.
The organization should consider some marketing warfare in order to
get it's own marketing shares. Such warfare like offensive, defensive,
flanking and guerilla warfare when budgeting for it's advertisements so as to
know how to allocate funds based on the activities of it's competitors.
Analysis show that organizations and banks especially use various
methods in allocating funds for advertisements in their companies, these
methods are:
Percentage - of-sales method, share of market method, Task or objective
method, sales respond decay model, Empirical Research method, available
funds method.
Advertising as one of the four promotional tools others being
(personal selling, publicity and sales promotion) is very relevant in this age
and time when communication is needed for the creation of awareness of
bank's numerous services, therefore the power of advertising to inform,
enlighten, and educate customers of the availability of services offered and
it's power to reach a wider audience faster makes it the best promotional tool
preferred by banks.
In view of this power of advertising on selling banking services to the
public, a good and sizeable amount of funds must be set aside by bank
Directors for the purpose of advertising their services frequently to that of
their competitors in the industry. In this competitive era, only a sustained
advertising and good advertising budget can win patronage for a bank..
The Nigerian citizenry are more exposed as ever; therefore, banks
marketing departments must not over look good, innovative, and attractive
strategies of budgeting for advertising that will give them a good market
share.
This study will find out in general what strategies used by
organizations, like banks, to set advertising budgets in banking services
using Intercity Bank plc as a case study.
Description
A PROJECT SUBMITTED TO THE POSTGRADUATE SCHOOL
AHMADU BELLO UNIVERSITY, ZARIA IN PARTIAL
FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF
MASTER OF BUSINESS ADMINISTRATION (MBA)
DEPARTMENT OF BUSINESS ADMINISTRATION
INSTITUTE OF ADMINISTRATION
AHMADU BELLO UNIVERSITY
ZARIA, NIGERIA.
Keywords
BUDGETING,, STRATEGIES,, ADVERTISING,, BANKING SERVICES,, CASE STUDY,, INTERCITY BANK