MARKETING OF BANKING SERVICES IN A COMPETITIVE ENVIRONMENT CASE STUDY OF FIRST BANK OF NIGERIA PLC
MARKETING OF BANKING SERVICES IN A COMPETITIVE ENVIRONMENT CASE STUDY OF FIRST BANK OF NIGERIA PLC
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Date
1999-11
Authors
OKEGBOLA, OLUBUNMI
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Abstract
The development in the banking industry in the present age are fast changing and at the same
time taking an aggressive posture whereby success in the industry is only for the most
aggressive and innovative operators in the game. The dramatic changes taking place in the
industry have further hardened the competition, therefore making it intensive and a survival of
the fittest. The zero sum nature of the competition resulting from the interactors of complex
environmental factors such as political, social, cultural and economical, all operate to influence
the operators in the industry. Banks whether commercial or merchant, big or small, government
or private-owned, cannot be stagnant in their operations especially in the area of rendering
services to the public. But as a necessity has to strive to keep pace with the changes in the
industrial competitive environment.
As a result of the generic environmental influences, most banks are involved in the practice of
strategic marketing in order to achieve their desired objectives. For example, most of these
new generation banks are adopting aggressive marketing strategy as an optimum strategy to
reach to their customers. This objective is achieved if bank management can find out the needs
and wants of their target customers and at the same time, fashioning out products and services
to meet the needs of these target customers at a profit to the bank. In the present day, banks
especially First Bank of Nigeria Plc practice strategic marketing in diverse ways such as in new
product development, by providing special incentives to stimulate customers' patronage.
Gone are the days when banks rely heavily on their capital base as a prerequisite for
customers' patronage. The idea of marketing is to tell people about the product on sale, the
benefits and the reasons why the product is preferable to others. Therefore, for any bank to
achieve appreciable degree of success in the banking sector in Nigeria competitive business
environment, it must devote a lot of time, personnel and money to seek and service their
customers satisfactorily more than their competitors.
The central focus in the project is to ascertain the effectiveness of marketing of banking
services in a competitive environment using First Bank of Nigeria Plc as a case study. The
Bank as one of the banks in the industry, has developed and introduced some technologies in
the banking sector especially in areas of customer services, efficiency and general operations
to stimulate staff to put in more efforts towards her customers satisfaction which is the
foundation for her existence.
It is indisputable fact that the industry is so competitive that survival is for the fittest, therefore
achieving the objectives of any bank, especially First Bank in the set up, and at the same time
meeting up the demands of teeming customers, is not mere practicing the banking business.
That is, it goes beyond the mere banking operations, it includes carving out marketing
strategies to get to and maintain their target customers and attract prospective ones.
Furthermore, major strategic marketing policies of the bank will be reviewed and the
advantage
to be of high value to both the bank and her customers in general and marketing students in
particular, because of its literary contribution to knowledge.
Description
A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF
BUSINESS ADMINISTRATION, INSTITUTE OF ADMINISTRA TION,
AHMADU BELLO UNIVERSITY, ZARIA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF
THE DEGREE OF MASTER IN BUSINESS ADMINISTRATION {MBA}
Keywords
MARKETING,, BANKING SERVICES,, COMPETITIVE ENVIRONMENT,, FIRST BANK,, NIGERIA