CHAPTER ONE (INTRODUCTION)

1.1

BACKGROUND OF THE STUDY

The financial institutions particularly the banks are economic decision units established
for the purpose of providing financial services to its target market, with a primary
objectives of making adequate returns or profits to investors without neglecting other
social objectives to the society. For the overall corporate objectives of prosperity, growth
and continued life of the business, bank needs to conscientiously structure their services
in a way that can cater for the financial needs of not only the present customers but also
the prospective ones. It is in the long-term interest of the banks to increase the customers
confidence. Thus, the need for this makes market increasingly important and necessary in
todays banks competitive environment and to pay particularly attention to relevant
marketing strategies.

Obviously, due to the nature of services in general, which Stanton (1981) describes as
intangible, inseparable, heterogeneous, perishable and fluctuating demand; and banks
services in particular marketing in this sector cannot be treated in exactly the same way
as for physical products of manufacturing firms. It is important to recognize the two
fundamentally different perspectives. In marketing bank services, bank must attract
depositors on one hand, and also attract the borrowers on the other hand, this double
sided nature of banks business brings marketers of other physical products. The
individual objective is to maximize satisfaction while that of the organization is to
maximize profit.

Marketing strategies cannot be discussed fully without talking about marketing mix and
marketing segmentation. Kotler (1995) defines marketing mix as the set marketing tools
1

that the firm uses to pursue its marketing objectives in the target market. These variables
are referred to as the four Ps of marketing product, price, promotion, place/distribution.
Market segmentation is based on the fact that each group of buyers has certain
characteristics in common when making a buy decision. These characteristics/features are
considered while segmenting a market. It is the task of breaking the total market into
divisions that share common proprieties. A market could be segmented according to
customers size (large, Medium and small). Customers buying criteria (quality, price and
service) and so on.

A bank that has genuine marketing department or unit should be able to provide all level
and segments of line management with relevant information about customers attitude
and needs, about their legal constraints, about changes in market conditions, about
competitive activities as a basis for business development of new services or approaches
related to identified customers needs or market conditions, sales communication
materials designed to help achieve business development within and outside the
organization, education of banks employee in those marketing skills which are necessary
for the effective and efficient performance of this jobs.

The level of profit is strongly and directly dependent on the type of marketing strategies
put in place. How perfectly are these strategies combined and implemented varying from
one organization to the other. The more perfectly implemented there are, the better tends
to be the profitability of any bank. Hence, we find some financial organizations being
more successful than others. In essence, profit level of any financial institution is
influenced positively or negatively by the sort of marketing strategies in existence.

The marketing strategy lay down the plan to be followed for the achievement or
attainment of the organization objectives. It is highly dynamic; hence, the marketing
managers sit down from time to time to redefine and improve on an already set strategy
in line with the changes in the society. In doing this, sound marketing tactics, budget and
controls are also necessary to be put in place before a strategy is set the target marketing
must be known. These are the group of customers that the organization intends to focus
on as per the sale of its product or services, other outside the group are of secondary
importance.

1.2

STATEMENT OF THE PROBLEM

Despite the fact that most banks engage in rigorous marketing of their product and also
go extra mile to win customer to their favors, it is observed that majority of these are not
captured by these strategies. The infused efforts, time and money expended on marketing
yield rewards compared to the resulting generated profit.
The reasons for this inverse relationship between marketing strategies and profit could be
traced to certain circumstances, the reason include tardy response to customers complain,
arrogance of staff, in conducive banking environment, strict competition, poor
management and many ;others pertinent reasons may lead to unsuccessful marketing
strategies. It has also been observed that in the face of a strict competition and taking into
cognizance the dynamism and sophisticated nature of modern banking services marketing
strategy coupled with other auxiliary factors are needed for good performance and
consolidation of any bank. Just of recent the CBN announced that out of the 25 banks
presently operating in the country, less than half of these banks could complete favorably

within the economy let alone the international market. The role of marketing strategy
cannot however be over emphasized here.

1.3

OBJECTIVES OF THE STUDY

The main purpose of this study is to discuss the impact of marketing strategy on the
profitability of banks in Nigeria, others are:
To identify role of banks in the economy and the things put in place to perform
these functions.
To gain insight into the relationship between marketing strategy and profitability.
Evaluate activities embark upon by banks to sell products and the problems
encountered in marketing them.
Evaluate marketers performance towards the achievements of the main corporate
objectives of the organization (profit maximization).
Profit recommendations for improvements of overall performance of bank.

1.4

RESEARCH QUESTIONS
Why do bank market their products?
Is banks market strategy in line with the organizations objective?
Are strategic marketing formulations in line with the trends in the business

environment?
Are the effects of banks marketing strategies on customers brand perception?
Would marketing strategies influence customers brand switching?
Is there any correlation between promotion of bank products and profitability?
Do marketing strategies of a bank has effect on the quality of services rendered to
customers?

1.5

RESEARCH HYPOTHESES

The hypotheses for be tested for the purpose of determining the effects of marketing
strategy on banking effectiveness.
HYPOTHESIS I
H0:

Marketing strategies do not influence customers patronage.

H1:

Marketing strategies influence customers patronage.

HYPOTHESIS II
H0:

There is no relationship between marketing strategy and banks

performance
H1:

1.6

There is relationship between marketing strategy and banks performance

RELEVANCE OF THE STUDY

The importance of this study is basically to explore the core of marketing and its
usefulness to attainment of organizational objectives. More so it is to allow the research
to know more about these strategies and it relevance .finally, it is to contribute to the
existing knowledge on the role of marketing strategy on profitability, which is the subject
matter.
This piece is however expected to be useful to students, managers, professional and
others who are likely to be interested in knowing more on the subject matter.

1.7

SCOPE AND DELIMITATION OF THE STUDY

This project will examine the impact on marketing strategies on the profitability of banks.
The research work will also focus on areas like various marketing strategies of banks,
5

ways of mobilizing deposits and effect of marketing strategies on the overall performance
of the bank.
This will also attests to the fact that marketing strategy is crucial in address the problem
of dwindling productivity in Nigeria organizations. The study will therefore focus on:

The importance of marketing strategies on organizational performance in relation

to its growth and survival.

It is also geared towards highlighting various strategic measures for achieving

effectiveness in an environment driven by competition and globalization.

1.8

LIMITATION OF THE STUDY

The study shall be limited to the organization selected as case study due to:

Financial implement because the study of this nature requires huge amount of
money which might be outrageous to independent research

Time: The time allocated for this study is definitely short coupled with nonchallenges attitude of the respondents towards the study.

1.9

DEFINITION OF TERMS
Marketing:

This has been defined as the creation of profit to the bank or

the organized effort on the part of a business to find tomorrows market

opportunities today.

 Market:

A market concept is an important substance of feature of

modern marketing. Kotler (1988) points out that marketing concept as a

business philosophy hold the key in achieving organizational goals.
Marketing research:

Can be defined as the objective gathering, recording

and analyzing of all facts about problems relating to the transfer and sales of
goods and services from producer to consumers.
Marketing mix: This consists of those controllable variables, which a firm can

use to influence consumer respond favorably and stimulate profitable sales.

Promotion:

This is a key ingredient in marketing campaigns; it consists of

diverse collections of incentives tools, mostly short term designed to stimulate

quicker or greater purchase of particular product or service by consumer or
trader.
Market segmentation: This is the breaking down, building up of potential

buyers of product, service or idea into group, portion or segment.

Market strategy:

This is concerned with market (group of buyers) and

development of programs to reach the market.

Advertising:

This is defined as any paid form of non-personal presentation

of ideas, goods and services by an identified and sponsor.

1.10

HISTORICAL BACKGROUND OF FIRST BANK OF NIGERIA PLC

First Bank of Nigeria Plc. is a leading bank in Nigeria with over one hundred years of
banking experience, industries and resilience behind it. Founded in 1894 by a shipping
7

magnate from Liverpool, Sir Alfred Jones, the bank commence as a small sized
organization in the office as Eider Dempster and co. in Lagos. Today First Bank of
Nigeria Plc. has diversified into a wide range of banking activities and has become potent
factor in the development of the financial service sector of the economy.
A limited liability company founded on the 31st March 1894, with head office in
Liverpool under the name Bank of British West Africa with a paid up capital 12,000.It
started business after it has absorbed its predecessor, African Banking Corporation, which
was established earlier in 1892.
This signalled the beginning of pre-eminent position which the bank was established on
the banking industry in West Africa. The bank in its early years grew rapidly working in
close cooperation with the colonial government in performing the traditional role of as
central bank, such as issue of species in the west African sub-region. In 1896 a branch
was opened in Accra, Gold Coast (now Ghana) while another was established in
Freetown, Sierra Leone in 1899.This marked the banks international operation hereby
justifying its West Africa operation coverage. The second branch in Nigeria was opened
in the old Calabar in 1900 and two years later, services had extended to the Northern
region with a branch network of 491 in 2010, spread throughout the federation, including
London.

The bank has the largest number of branches in the industry. it has experienced
phenomenal growth over the years with share capital of =N=55.6 million in 1980 which
rose to =N= 926 million including a bank reserve of=N=84million in 1996.The capital
base of the bank is in excess of =N=50 billion naira supported by a strong assets base and
network local and international bank branches including 3 European countries, the recent
classification of banks by the Central Bank classified First Bank as global bank
First Bank Plc. earnestly began a re-engineering process in 1994 with attendant linkage of
all branches for real-time on-line services is early 2000;in response to increased
8

competition that necessitated a considerable re-organization of the bank with attendant

decentralization structures introduced to enhance operational and reporting structure. This
signalled the era of globalization in First Bank, a brand with aggressive banking,
decentralized decision making process and responsive directorate system is now a pillar
of the current an efficient operation mode.

The bank has maintained its leadership in financing long-term development of economy,
which started in 1974 with long term colonial affiliation. Today, the Bank boasts of
diversified portfolio to various sector of the economy. Its rural banking records facilitate
through community farming loan scheme to corporate and international products is
commendable for it has accorded the bank a recipient of various awards. The truly the
first bank is a five recipient of the CBN farmers merit award and other notable local and
international awards for efficiency. The story of First Bank is in essence the story of
banking in Nigeria.
A dynamic and well managed pioneer bank with wide network of branches embraces the
international market scene with the establishment of a wholly owned subsidiary in the
United Kingdom in the name of FBN (UK) Limited, this was followed up with the
establishment Paris office to serve as a marketing base to service francophone West
African and also a representative office in South Africa in 2007.

Its mission is to remain true to its name by providing the best financial services possible
and its embraced a vision of being a clear leader and Nigeria bank of first choice. Its
strategic priorities revolve around Growth, service, operational excellence, performance
management and talent.

REFERENCES
Anderson, Pail F. (1982): Marketing, Strategic Planning and the Theory of the Firm:
Journal of Marketing, 46 (Span), 15 26 Day, George (1994), The Capabilities of
Marketing Driven Organizations: Journal of Marketing, 58 (October), 37 52.
Dickson, Roger, and others(1986) Marketing Concept and Consumer Orientation:
European Journal of Marketing Concept, Marketing, 20 (10), 18 23.

10

CHAPTER TWO
LITERATURE REVIEW

2.1

INTRODUCTION

This chapter of the study shall critically examine literature of other theorists or authors
from journals, textbooks; articles act in order to get their perception on the research work
as it affects organizational performance in Nigeria.
Successful organizations are those that most efficiently correspond with their
environment. The responsibility of this environmental contact typically lies within the
domain of marketing and the development of appropriate marketing strategies.

The area of marketing strategy has received considerable attention in the last two decades
both in the marketing literature and in the business world. The reasons for this growing
interest in this area are varied, but mostly due to the dramatic changes in the overall
business environment.

11

2.2 GENERAL FRAMEWORK OF THE STUDY

The general frame work of the current study hypothesize that the credibility of marketing
strategy depends on the external business environments, and its formulation process. The
credibility of marketing strategy and the strategy formulation, in turn, determine the
effectiveness of the marketing strategy implementation. The strategy implementation
affects the organizational performance.

Strategy
formulation,
Innovative, culture,
Analytical Capability

External
Environment,

technological,
change,
marketing
competitivene
ss,

Strategic
Implementatio
n marketing
managements
compitment
evaluation and
control

Credibility of
marketing
strategy

12

Organizatio
nal
performanc
e financial
and
strategic
performanc
e

External environments are the surrounding conditions in which decisions are made and
actions taken. These includes external business environment such as market
attractiveness, technologies changes and market competitiveness credibility of market
strategy refers to the quality of marketing strategy. It also indicates the realism, accuracy,
specificity, consistency, completeness, and validity of the marketing strategy.
Strategy formulation refers to the process of developing, the marketing strategy.It is a
multidimensional process, which involve the internal organizational conditions such as
innovating culture, top management support on the formulation process, the analytical
dimension e.t.c
Strategies implementation refers to the actions initiated by the organization to realize the
formulated marketing strategy.
Performance refers to the functioning of the organization as a result of the
implementation of the marketing strategy. The results are measured by economic terms,
seen as sales and profit.

The firm consists of unique business units, each offering an extensive array of products
and services. Strategies and implementation strategies must be developed and executed at
the corporate, business unit, and product levels. Overall, strategy and long term planning
are guided by the firms visions are stated in their mission statement. At the business level,
planning begins with an examination of the current situation, including technologies
changes and competitive effects. From this analysis, both treats and new business
opportunity are identified. Decisions to pursue new opportunity are followed by the
establishment of objectives, often stated in terms of market shear, sale volume or
portability. Subsequently, business and marketing strategies are designed to achieve those
objectives. Effective execution of strategy implementation must then occur for objectives
to be realized.

13

Organizations can be classified into corporate, business, and functional levels and discuss
strategy planning and strategic decision making at each level. Our focus is based on the
role of marketing.

2.3 ORGANIZATIONAL VALUES

The corporate level is the highest level on organization. Corporate managers address
issues concerning the overall organization, and their decisions and actions affects all
other organizational levels. The business level consists of units within the overall
organization that are generally managed as self-contained business. The idea is to break
complex organizations into smaller units to be operated like independent business. This is
the level at which competition take places; that is, business units typically compete
against competitor business units, not corporate level versus corporate levels.
The functional level includes all the various functional area, within business units. Must
of the work of a business units is performed in its different functions.
A typical university provides good illustration of different organizational levels. The
presidents, vice presidents, and other central administrations positions represent the
corporate levels. The different colleges within the universities, such as college of business
or college of art and science, can be considered business units. There are also different
functions performed within each college. The typical functions are teaching, research,
and administration carried out by faculty, staff, and administrators.

2.4 ORGANIZATIONAL STRATEGIC PLANNING

Strategic planning for multi business, multiproduct organizations typically occurs at each
organizational level. Strategic plans at higher organizational level provide directions for
14

strategic plans at lower levels. In a sense, lower levels plans are developed to execute
higher level plans. Because of this relationship, strategic planning must be integrated and
consistent throughout level.
A study of U.S and South African firms provides a general description of strategic
planning. These firms reported that the major benefit of strategic planning are improved
performance relative to objective and a better organizational focus and vision. Must of
the firm prepare formal strategic plans at the corporate, business and product levels, with
different functional managers participating in the planning process? These include sales
managers, product managers, marketing researchers, productions managers and financial
managers. Many firms also incorporate costumers into the process.
Types of Strategic Plans
The different types of strategic plan and important strategic decisions are illustrated on
corporate strategic plan provide guidance for strategic planning at all other organizational
levels. Important corporate strategy decisions concern development of a corporate vision,
formulation of corporate objectives, allocation of resources, determination of how to
achieve desired growth, and establishment of business units. These decisions determine
what types of company the firm is and want to be come.
A business strategic plan indicate has each business unit in the corporate family expects
to compete effectively in the market place, given the vision, objectives, and growth
strategies in the corporate strategies plan. Differences within the same organization are
likely to have different objective and business strategies.

Organizational Strategic Plans

Organizational

Types of strategic plan

Level

15

Key strategic Decision

Corporate

Corporate strategic plan

Corporate vision
Corporate objective and
resource allocation
Corporate growth
strategies
Business unit
composition

Business

Business strategic plan

Market scope

Competitive advantages
Marketing

Marketing strategic plan

Target market approach

Marketing mix
approach

Product marketing plan

Specific target market

Specific marketing mix
Execution action plan

The strategic Planning process

Although individual organization will differ in the way they approach strategic planning a
general price is illustrated. This process applies to strategic planning at every level. We
present it as a step by step approach to make it easier to understand strategic planning.
In the business world, most organztions are involved indifferent stages of the process
simultaneously and do not necessarily follow such a step-by-step approach.
16

General strategic planning process.

Examine
current
situation

Identify
potential
threats and
opportunities

Set
objectives

Develop
strategies

Execute

The Role of Marketing

Marketing plays an important role in the strategic planning process for many
organizations. Although some marketing positions are represented at the corporate level,
most are at the functional level within the business units of an organizational strategic
marketing describes marketing activities that affect corporate, business, and marketing
strategic plans. Strategic marketing activities can be classified in to three basic functions.
Firstly, marketers help client everyone in the organizational toward markets and
customers. Thus, they are responsible for helping organizations execute a marketing
philosophy throughout the strategic planning process. Marketers help gather and analyze
information required to examine the current situation, identify treads in the marketing
environment, and assess the potential impact of these trends. This information and
analysis provide input for corporate, business and marketing strategic plans.
Marketers are involved in the development of corporate business and marketing strategic
plans. Marketing influence varies across organizations. For organization driven by a
marketing philosophy, marketing necessarily plays a key role in strategic decision
making. The trend toward pushing strategic planning responsibility further down the
organization in increasing marketing clouts in an organizations strategic planning
process.

17

Marketing management relate to specific product marketing strategies. It differs from

strategic marketing in its basic orientation. Strategic marketing focuses on broad strategic
decisions at the corporate and business levels. Marketing management is concerned, by
contrast, with specific strategic decisions individual products and the day-to-day
activities needed to execute these strategies successfully. At the operating level,
marketing managers must focused on the four ps of marketing mix: price, product,
promotion and place (distribution) the strategic role of marketing and marketing
management are now in a period of considerable change and evolution. These changes
are due to a number of important environment phenomena that are effective the way
many firms do business. On the supply side, the modern-day unlike does very little
manufacturing of its own and focuses largely on marketing. In this view companies such
as this are actually embedded in business networks comparison strategic alliances among
suppliers, distributions and the marketing firm.

Role of Marketing in strategic planning

Rate of
Marketin
g

Strategic
marketin

Marketing
Manageme
nt

ggg

Marketin
g
philosop
hy
executio
n

Analysis
Informatio
n

Corporate
business &
marketing
strategy
decisions

Analysis
Informatio
n
18

Executive
product
marketing
plans

2.5. CORPORATE STRATEGY DECISIONS

The key corporate strategy decision and corporate vision, corporate objectives and
resources allocation, corporate growth strategies and business unit composition

CORPORATE VISION
A corporate vision represents the basic values of an organization. This vision specifies
what the organization stands form, where it plans Togo, and how it plans to get these. A
comprehensive vision should be address organization market, principal products and
services, geographic domain core competencies, objectives, basic philosophy, selfconcept, and desired public image. The ability to develop vision depends on the company
is understanding of what should be enduring and what is subject to change. Companies
that enjoy enduring success, such as Hewlett-Packard, Motorola and Procter & Gamble,
have core values and core purposes that remain fixed, but they endlessly adapt their
strategies and practices to a changing world. A companys core values are the smallest of
guard principles that represent that endure tenants of an organization. Core purpose
reflects the companys reason for being or its idealistic motivation for doing work.
Sometimes organizations develop a formal mission statement to communicate the
corporate vision to all interested parties. A mission statement can be unimportant element
in the strategic planning process because its specifies the boundaries within which
business units, marketing and other functions must operate.

19

Corporate Vision Component.

- Markets
- Product and services
- Geographic domain
- Core competencies
- Organizational objectives
- Organizational philosophy
- Organization and self-concept.
- Desired public image.
The statement emphasis the importance of quality products, company performance and
employee success, and the social responsibility aspects of business one study found that
companies, with a formal vision out performed similar companies, without a formal
vision by more than six to one. This are list functions that a firm top managers should
continually ask themselves in efforts to install a corporate vision for effectively
competing in the future. The last two questions form the basis for recent views of
successful competition; that is the firms comparative advantages and distinctive core
competencies are the resources for competitive advantage. Core competency reflects a
bundle of skills that are possesses by individuals across the organization. The core
competency federal express possess in package routing and delivery rests on the
integration on bad technology, wireless communications and network management.
Questions leading to an effective corporate vision.
i.

Which customers will you be effective corporate vision?

20

ii.

Through which channels will u reach customers ion the future?

iii.

Who will be your competitors in the future

iv.

Where will your margins come from in the future

v.

In what end product markets will you participate in the future

vi.

What will be the basis for your competitive advantage in the future?

vii.

What skills or capability will make eyou unique in the future?

Corporate Objectives and Resource Allocation

The major corporate strategy decision area involves setting objectives for the entire
organization and assigning, objectives and resources to business units and products.
Although the corporate provides general overall direction for the organization, corporate
objectives specify the achievement of desired levels of performance during a particular
time period.

Corporate growth strategies

Corporate growth strategies describe the general approach for achieving corporate growth
objective. The basic strategic alternatives involve uniting corporate operations to the
same products and markets or expanding into new ones. A market penetrating strategy
represents a decision to achieve corporate growth objectives with existing products
within existing markets. A market expansion strategy entails marketing existing products
to new market.

21

Markets
New Same

PRODCUTS
SAME

NEW

Markets penetration

Product expansion

Markets expansion

Diversification

A product expansion strategy calls for marketing new products to the same market. The
organization unit to generate more business forms the existing customer base.
A diversification strategy requires forming to expand into new oviducts and new
marketers. This is the riskiest growth strategy, because the organizational cannot build
directly on its strengths in its current marketers or with its current products.

A corporate growth strategy is important to an organization long-term performance.

Many firms employ severed growth strategies, simultaneously. However, other firms
pursue one basic corporate growth strategy.

Business Unit Composition

In pursuing its corporations growth strategy, an organization may operate in a number of
different product and market area. It does so through business units designed to
implement specific business strategies. A strategic business unit focuses on a single
product or brand, a line of product or mix of related product that meet a common market
need or a group of related needs, and the units management is responsible for all (or
most) of the basic business functions.

22

Marketing strategy is the emphasis at the strategy business that (SBU) level where the
focuses is on market segmentation, targeting and positioning in defining how the firm is
to compete in its chosen business. Historically, the configuration of firms business units
has been evaluated in terms of market share and market growth using some variation of
the bottom consulting group growth share matrix.

The matrix classifies the companys Part olio of strategy business units into four
categories: stars, cash dogs and question mark. Cash cows have large market share in
slower- growth market, Dogs, candidates for deletion or divestment have midst market
shares in low-growth market. The remaining category question marks, includes strategic
business that are problems. Ideally these units with low markets share but residence in
high- growth markets should be supported and invested into spur market share.

This view has proven useful over the years as a method for organizing and evaluating the
mix of strategic business unit contained in company product/business part olio.
Consideration of strategy at the business unit level enables management to stay in closer
truth with customers competitors and cost and to maintain strategic focus.

23

Product - Market Growth (percent)

Simple Growth Share Matrix

High
Star

Question Mark

Cash Cow

Dog

2.6. BUSINESS
LowSTRATEGY DECISIONS
The basic objective of a business strategy is to determine how the business unit will
High

Low

complete successfully that is, how the business units skills and resources can be
translated into positioned advantages in the market place.

24

A business strategy consists of a general strategy as well as specific strategies for the
different business function such as market. The general strategy is based on two
dimensions: market scope and competitive advantage.
Market scope
Market scope refers to how broadly the business views its target market. At one extreme,
a business unit can select a broad market scope and by to appeal to most consumer in the
market. The business might consider all customers part of one mass market; mores likely,
it will divide the total market into segments and target all or most of those.
Competitive advantage
Competitive advantage refers to the way a business tries to get consumers to purchase its
products over those offered by competitors. Two basic strategies are again possible. A
business can try to compete by offering similar products and services as competitors, but
at lower prices. Succeeding in a low-price strategy typically requires the business unit to
have a lower cost structure then that of competitors.
A business may also complete through differentiation that is offering consumer
something, different from and better than competitors products. If it is successfully in
achieving the desired differentiation, the business can typically charge higher price than
its competitors do.

2.7. MARKETING STRATEGY DECISIONS

A marketing strategy addresses the selection of a target market and the development of a
marketing mix. Marketing strategies are developed as functional; strategies at the
business unit level and as operating strategies at the product level. The two strategies
differ in specificity of decision. Business strategy decisions are relatively general,
25

intended to provide direction for all business level marketing activities. Product strategy
decisions are very specific, because they guide the actual execution of marketing
activities for individual product.

BUSINESS MARKETING STRATEGIES.

A business marketing strategy must be consistent with the general business strategy. For
example, if the general business strategy includes a focused market scope, the target
market strategy must concentrate on only a view market segment, perhaps only one. If the
general business strategy is low price, the price strategy must be low price. Aside from
these obvious constraints several strategic options are typically available in each
marketing strategies product marketing strategies.

PRODUCT MARKETING STRATEGIES

Product marketing strategies require very specific decisions. The target market is defined
in detail, the product futures and portions specified, exact prices established, actual
dealers and a detailed communication programmed developed.
These decisions must be consistent with both the general business and the business
marketing strategies. The unit decides on each product within the business product line,
sets price within the business product guideline, use appropriate dealers and develops a
communication strategy similar to the business communication strategy.
Business and product marketing strategies
Decision area

Business marketing strategy

26

Product marketing

strategy
Target market

Segmented or mass approach

Specific definition of
target marked to be saved

Product

Number of different product

Specific features of each

product

Price

General competitive price level

Specific price

Distribution

General distribution policy

Specific distributor

Marketing

General emphasis on marketing

Specific marketing

communication

communication tools

communication programs.

International Marketing Strategies

Marketers must address two keys area a when developing international marketing
strategies. Selecting an entry strategy and deciding on a strategic orientation
Entry strategy
An entry strategy is the approach used to market product in an international market. The
basic options include exporting, joint venture, and direct investment.
Exporting is a method so selling products to buyers in international markets. The exporter
might sell directly to internationally buyer are used intermediaries, such as exporting
firms from the home country or importing firms in that foreign country. Direct
investment, where the marketer invests in production, sales, distribution or other
operations in the foreign country.
27

In between these extreme are various joint-venture approaches. Joint ventures include any
arrangement between two or more organizations to market product in an international
market.
International Strategic Orientation
Firms operating in international markets can use two different orientations towards
marketing strategy. With a standardized marketing strategy, a firm a develops and
implements the same product, price distribution, and promotion programmers in all
international markets. With a customized markets strategy, a firm develops and
implements a different marketing mix for target market country.

2.8. EXECUTING STRATEGIC PLANS

Developing strategic plan is one thing: executing them effectively is another. One route to
effective execution of strategies plans is encouraging individuals within organization to
work together to achieve organizations objectives, inflecting the development of
relationship within the organization. Two firm of teamwork are important: across the
different functional areas and within the marketing functions. in addition co marketing
alliances enable pursuit of strategic objectives under certain conditions.

Cross-functioned Teamwork
Traditionally, the different functions within an organization worked largely in isolation.
The problem is that if an organization does not produce products that consumer will
purchase, it does not matter how low production costs are. More and more organizations
are realizing this and adopting a marketing philosophy, which means that everyone within
the organization focuses on satisfying customer needs and requires teamworks within an
organization. The objectives is to promote teamwork among employees from different
28

functional area to develop a customer focus in all functional areas to collect useful
marketing information about customer and to improve customer relationship.

Marketing Teamwork
Even within marketing functions, teams works is not universal. Different marketing
functions often operate somewhat independently advertising people perform advertising
activities, sale people sell product, brand manager managed their branch, and marketing
researches engage manage research. Many firms have little coordination among the
different marketing functions. Today, however, the leading organizations are coordinating
their marketing efforts and requiring closer contact among the different marketing
functions.

Co-marketing alliances
Co-marketing alliance include contractual arrangements between companies offering
complementary products in the market place. The alliance between Microsoft and IBM
was instrumented in the growth of Microsoft. Such alliances are increasing in frequency
and enable firms to gain specialized resources from previously competing organizations.
The success of co-marketing alliances is dependent on the care exhibited in partner
selection and the expectant to which relationship are balanced in power and benefit in
both partner. Like in relationship between suppliers, customers and employees, Trust and
commitment to the relationship in a co-marketing alliance engender cooperation and
profitable network performance
REFERENCES
Anderson, C.R and C.P Zeithaml (1984) stage of product life cycle, business strategy
and business performance academy of management journal, 17 (1) 5-24
29

Briggaduke E.R (2001) the contribution of marketing to strategic management

academy of management review 6(4) 621-32
Day G.S (1997) Aligning the organization to the market in Reflections on the futures of
marketing Lehman, D.R and K.E Jocs, Eds Cambridge: Marketing Science
Institute, 67-93
Deshpande, R and J.F.E Webster (1989), organizational culture and marketing: defining
the research agenda journal of marketing 53 (Jan), 3-15
Linus Osuagwu (1996):

Fundamentals of marketing for Nigerian students Lagos:

Grey Resources Limited

Nwankwo .G.O (1990):

The Nigerian Financial System, London. Macmillan

Publishers
Olashore.O, (1995): Perspective on Financial, Banking and Economics policyIn Nigeria
Lagos Heinemann Education Books (Nig). Ltd p.3
Stanton,W.J (1983): Fundamentals of marketing. New York. McGraw hill Books
Company
Azhar Kazmi (2009) Strategic management and Business policies. 3rd edition, New
Delhi, Tata McGraw Hill publishing co.
Thompson A.A. & Strickland A.J (2000) Strategic management (Concepts and causes) 12
editions, New York, McGraw- Hill publishing.
Alli, J.O (1992)New Product Development a Strategic Management Approach to
Marketing of bank Services: A case study of Trade Bank Plc, MBA thesis
unpublished.
Ansoff, H.I (1997) The changing shape of the strategic problem

30

Schendel D.E and Hoffer C.W. (Eds), Strategic Management, Boston, Little Brown and
Company.
Ansoff, H.I & McGonnell, E. (1990) Implanting strategic management (2nd Edition)
Prentice Hall.
Child, J. (1972) Organization structure, Environment and Performance: The role of
strategic choice sociology (6) pg 1-22.
Glueck, W. F. And Jauch, L.R. (1984) Business Policy and Strategic Management,
Singapore McGraw-Hill International Book
Grundy T. (1995) Break Through Strategic for Growth: Financial Times Management,
London.

31

CHAPTER THREE
RESEARCH METHODOLOGY

3.1

RESEARCH DESIGN

Asika N (2004); defined research design as a frame work for conducting the research
project by obtaining the required information that are necessary in solving identified
problem in research. It involves the determination of a suitable method of gathering
information about a phenomenon.
There three types of research design: exploratory design, descriptive design and empirical
design. Exploratory design focused on finding information about a phenomenon by
carrying out feasibility study on the project before embarking on it; descriptive design is
method of providing systematic information about a phenomenon as they exist while
empirical design is a means of gaining knowledge by means of direct observation or
experience.
The study shall be carried out using descriptive design with the aid of a well-designed
questionnaire. This will be presented to the respondents to proffer answers to the outlined
questions. The responses will then be analyzed as a basis of forming opinion on the study.

32

3.2

POPULATION OF THE STUDY

Population is the aggregate number of objects in the study area; in other words, it is
regarded as the total number of respondents penciled down for the study and it forms the
basis for generalization.
Therefore, the population consists of the members of staff of First Bank of Nigeria Plc.
The Bank has staff strength of 6,634 spread across 492 branches all over Nigeria.
However, a sample frame will be drawn to constitute the working population in order to
aid critical evaluation and serve as the basis for generalization of the study. The sample
frame, therefore, shall constitute the nominal role of the entire staff of the Lagos
Directorate of the Bank spread across 60 branches in Lagos state. The Directorate is made
up of 1,017 personnel cut across the hierarchy of top level, middle level and lower level
cadre.

3.3 SAMPLE SELECTION/SIZE

Sample is a small portion of a population, which is selected for observation. It involves
systematic choosing of a limited number of units to represent the total population of First
Bank Lagos Directorate. The sample becomes a basis for predicting fact regarding a
bigger population.
Sampling size is the number or percentage of the population, which are selected by
sampling method as samples for investigating the entire population. Therefore, a sample
size of 70 respondents will selected from the entire staff of First bank plc. Lagos
Directorate, through a random selection from the population. Random sampling is chosen
in order to minimize cost and time of the research

3.4

SAMPLING TECHNIQUES
33

The sampling design used for the study is probability sampling in which the respondents
are selected at random without bias for age, sex, or hierarchical status of the respondents.
However, stratified sampling technique involving grouping of respondents into junior
level, middle level and top level management will be used. It is mainly to get the
responses of the respondents on the issue.

3.5 INSTRUMENTATION
Collection of data is a very crucial step in research process. Findings cannot be validated
without appropriate data. In this research work, the main instrument for data collection is
close ended questionnaires with scale questions using a three-point scale style to assess
the degree of intensity of issue in the respondents feeling and perception. A questionnaire
is a list of questions that are being arranged in a logical order for the purpose of
collecting data required in solving a particular problem at hand. The questionnaires are
distributed to the respondents that are expected to supply required information.
The questionnaire will be divided into two parts viz:
-

SECTION A: The bio-data section is meant to obtain data relating to the

respondents background as a basis for obtain a balanced view of the respondents on the
subject.
-

SECTION B: Contained a well-constructed questions relating to the impacts of

management controls on organizational effectiveness. These will form the basis of

obtaining information on the subject and provide a basis for evaluation and test of
hypothesis

3.6 PILOT STUDY

34

Pilot study will be conducted as a pre-test of the study. This is to ensure the adequacy of
the instrument to provide sufficient information for answering research questions and test
hypothesis; therefore, pilot study shall entail the distribution of 20 copies of the draft
questionnaires and shall be subsequently retrieved to validate the adequacy of the
instrument.

3.7 ADMINISTRATION OF INSTRUMENTS

The major instrument for this research work is questionnaires. A total of 70

questionnaires were administered; its target were the members of staff of the organization
chosen for the study and it is administered with bias for gender, status in the organization
and years of experience.
The researcher will administer the instruments and retrieve it immediately for the purpose
of interpretation and evaluation.

3.8 VALIDITY AND RELIABILITY TEST

In assessing the validity of the questionnaire used for gathering information from the
respondents, a pilot test will be conducted and validated in the process; and then a sample
of 70 respondents from the entire population and the questionnaires administered on
them. However, the study shall be tested for reliability at 0.05% level of significance to
show the correlation between independent and dependent variables.

3.9

PROCEEDURE FOR DATA ANALYSIS

35

The data generated in the course of the study shall be analyzed via simple percentage
while hypothesis shall be tested with the use of chi-square statistical analysis.
The formula for chi-square test statistics is written below:
X2 = F E

(fo-fe)2
Fe

Where Fo = Frequency Observed

Fe = Frequency Expected
E = Summation
X2 = Chi- Square
3.10

DECISION RULE

The decision rules stipulated that alternative hypothesis should be accepted if the
calculated value is greater than the table value and reject the null hypothesis.

36

REFERENCES

Asika N (1991) Research Methodology in behavioral science,Ibadan: Longman

publisher

Ibikunle, S. O.(2006) Research Methods and Statistics, Theory and Applications, Lagos:
Ablek Enterprises and co.

37

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS

4.1

INTRODUCTION

This chapter provides detailed analysis of administration of respondents bio data and
individual statement. Insight will also be given on text of hypothesis and discussion of
findings.

4.2

ADMINISTRATION OF RESEARCH INSTRUMENTS

The questionnaire were administered by the researcher to the employees of the

organization used as case study, out of seventy (70) questionnaires administered, sixty
(60) were effectively filled and returned.

4.3

ANALYSIS OF RESPONDENTS BIO-DATA

Table 4.3(1) sex distribution

38

Sex

Code

Responses

Percentage

Male

40

67

Female

20

33

60

100

Total
Source: Field survey

The analysis shows that 40 respondents are male while 20 respondents are Female
representing 67% and 33% respectively.
Table 4.3(2) Age Distribution
Age

Code

Responses

Percentage

21-30

10

17

31-40

35

58

41-50

08

13

51 above

07

12

60

100

Total
Source: Field survey

The table above show that 10 respondents within the age bracket of 21-30 years and
respondents are between 31-40 years 35 respondents are 41-50 years while 7 respondents
above 51 years representing 17% 58% 13% 12% respectively.

Table 4.3(3) marital status distributions

Marital status

Code

Responses
39

Percentage

Single

45

75

Married

15

25

60

100

Total
Source: Field survey

The analysis shows that 45 respondents are Single while 15 respondents are Married
representing 75% and 25% respectively.

Table 4.3(4) Educational Background

Education

Code

Frequency

Percentage

Gce/Waec

20

33

Nd/Nce

15

25

Hnd/BA/B.sc

12

20

MBA/MSC

13

22

Professional

60

100

Total
Source: Field survey

The table above shows that 20 respondents had WACE/GCE certificate representing 33%,
15 respondents are ND/NCE holder representing 25%, 12 respondent are HND/B.sc
Graduate representing 20% while 13 respondents are master holders representing 22%.

40

Table 4.3(5): Years in organization

Responses

Code

Frequency

Percentage

1-5

35

58

6-10

15

25

10 above

10

17

60

100

Total
Source: Field survey

The table indicates that 35 respondents spent between 1-5 years with the organization, 15
respondents spent between 6-10 years with the organization, while 10 respondents spent
between 17years and above with the organization representing 58%, 25% and 17%
respectively

Table 4.3(6) Status in the organization

Status

Code

Responses

Percentage

Junior

15

25

Senior

35

58

Management

10

17

60

100

Total
Source: Field survey

The table indicates that 15 respondents are junior staff with the organization, 35
respondents are senior staff with the organization, while 10 respondents are Management
with the organization representing 25%, 58% and 17% respectively.
41

4.4 ANALYSIS OF RESPONDENTS RESPONSES

Question 1: My bank has a well- documented marketing policy.
Table 4.4(1)
Responses

Code

Frequency

Percentage

Yes

50

83

No

10

17

Undecided

60

100

Total
Source: Field survey

The table show that 50 respondents answered Yes while 10 respondents answered No
representing 83% and 17% respectively. Thus, it can be concluded that the maintained a
well- documented policy for its marketing activities.
Question 2: The marketing strategies and policy is drawn in line with the events in
the environment
Table 4.4(2)
Responses

Code

Frequency

Percentage

Yes

30

50

No

22

37

Undecided

13

60

100

Total
Source: Field survey

42

The table shows that 30 respondents answered yes while 22 respondents answered
No while 8 respondents were undecided representing 50%, 37% and 13%
respectively. Thus, it can be decided that the bank strategic formulation reflects
trends in the business environment.

Question 3: The bank uses multi-various strategies to win customers patronage.

Table 4.4(3)
Option

Code

Frequency

Percentage

Yes

40

67

No

20

33

Undecided

60

100

Total
Source: Field survey

The table show that 40 respondents answered Yes while 20 respondents answered
No representing 67% and 33% respectively. Thus, it can be concluded that the
bank use multi-various strategy to win customers appeal.

Question 4: The marketing strategies are in line with the overall objectives of the bank
Table 4.4(4)
Option

Code

Frequency

Percentage

Yes

40

67

Female

18

30

Undecided

43

Total

60

100

Source: Field survey

The table show that 40 respondents answered yes, 18 respondents answered No
while 2 respondents answer undecided representing 67%, 30% and 3%
respectively. Thus, it can be concluded that the strategic marketing formulations
are in line with the overall strategies and objectives of the bank.

Question 5: The banks market strategy is friendly and customer oriented

Table 4.4(5)
Option

Code

Frequency

Percentage

Yes

35

58

No

20

33

Undecided

60

100

Total
Source: Field survey

The table show that 35 respondents answered yes, 20 respondents answered No while 5
respondents answer undecided representing 58%, 33% and 8% respectively. Thus, it can
be concluded that market strategies are effective if it is friendly and customers- centered.
44

Question 6: The market strategy influences the overall performance of the banks
products
Table 4.4(6)
Option

Code

Frequency

Percentage

Yes

30

50

No

20

33

Undecided

10

17

60

100

Total
Source: Field survey

The table shows that 30 respondents answered yes, 20 respondents answered No while 10
respondents are undecided representing 50%, 33% and 17% respectively. Thus, it can be
concluded that strategic marketing influences products performance.

Question 7: Customers often patronize the banks services due to it marketing policy.
Table 4.4(8)
Option

Code

Frequency

Percentage

Yes

45

75

No

15

25

Undecided

60

100

Total
Source: Field survey

45

The table show that 45 respondents answered Yes while 15 respondents answered No
representing 75% and 25% respectively. Thus, it can be concluded that strategic
marketing influences customers brand appeal.

Question 8: Marketing strategies enhance the overall performance of the bank.

Table 4.4(8)
Option

Code

Frequency

Percentage

Yes

35

58

No

25

42

Undecided

60

100

Total
Source: Field survey

The table shows that 35 respondents answered yes while 25 respondents answered No
representing 58% and 42% respectively. Thus, it can be concluded that effective strategic
marketing enhance organizational performance.
Question 9: Marketing strategies affects the banks decision making process.
Table 4.4(9)
Option

Code

Frequency

Percentage

Yes

50

83

No

10

17

Undecided

60

100

Total
Source: Field survey

46

The table shows that 50 respondents answered yes while 10 respondents answered No
representing 83% and 17% respectively. Thus, it can be concluded that strategic
marketing influences organizations decisions.

Question 10: Marketing strategies improve the banks competitiveness

Table 4.4(10)
Option

Code

Frequency

Percentage

Yes

30

50

No

20

33

Undecided

10

17

60

100

Total
Source: Field survey

The table shows that 20 respondents answered yes, 10 respondents answered No while 30
respondent answered undecided representing 33%, 17% and 50% respectively. Thus, it
can be concluded that strategic marketing formulation and implementations enhances
competitiveness of an industry.

4.4

TEST OF HYPOTHESIS

HYPOTHESIS I
47

H0:

Marketing strategies do not influence customers patronage.

H1:

Marketing strategies influence customers patronage.

Responses

Oij

Eij

Oij-Eij

(oij-eij)2

(oij-eij)2 /eij

Yes

50

26.67

23.33

544.2889

20.41

No

10

26.67

-16.67

277.8889

10.42

Undecided

26.67

-26.67

7112.2889

26.67

Total

60

57.50

X2 = 57.50

Degree of Freedom
df = (n-1)
(R-1) (C-1)
(3-1) (2-1)
(2) (1)
2

Decision Rule
Accept null hypothesis if the calculated value is less than the critical value and reject null
hypothesis, if it is less than the calculated value.

48

Therefore, since the critical is less than the calculated value, null hypothesis (Ho) that
marketing strategies do not influence customers patronage is rejected while the
alternative hypothesis (Hi) that marketing strategies influence customers patronage is
accepted.

Hypothesis II
HYPOTHESIS II
H0:

There is no relationship between marketing strategy and banks

performance

H1:

There is relationship between marketing strategy and banks performance

Responses

Oij

Eij

Oij-Eij

(oij-eij)2

(oij-eij)2 /eij

Yes

30

26.67

3.33

11.01

0.41

No

24

26.67

-2.67

7.13

0.27

Undecided

26.67

-20.67

427.25

16.02

Total

60

16.70

X2=16.70
Degree of Freedom
df = (n-1)
(R-1) (C-1)
(3-1) (2-1)
(2) (1)
2

49

Accept null hypothesis if the calculated value less than the critical value and reject null
hypothesis if it is less than the calculated values.
Therefore, since the critical is less than the calculated value, null hypothesis (Ho) that
there is no relationship between marketing strategy and banks performance is rejected
while (Hi) That says there is relationship between marketing strategy and banks
performance is accepted.

50

CHAPTERFIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1. SUMMARY OF THE STUDY
The research study aimed at the impact of marketing strategies on the profitability of
financial institution. How the marketing strategies can be effectively applied to enhance
the performance of banks and thereby provides selective solution to customers problems
and build long-term satisfactory relationship with them so as to realize the strategic
corporate objectives on the long-run.
The study shows that marketing strategy has been seriously considered as a vital and
reasonable tool to improve banking performance in a highly competitive business
environment (world), as it reveals various strategic plans necessary at all organizational
levels, as integrated marketing effort developed through marketing research to satisfy
customers so that bank can achieve its corporate goals, that particularly these affecting
shareholders.
It describes the relationship between companys strategy and its performance, as well as
the influence of the external and internal environments well as these strategy, tactics and
performance. It needs that the strategy determines the company performance, while the
strategy itself is shaped by market structure and competitive position of the firm. The
study also depicts that besides influencing the strategies competitive position (advantage)
and market structure have a direct impact on a banks performance.

51

3.2.

CONCLUSIONS DRAWN FROM THE FINDINGS

It can be concluded from the research that the essence of marketing strategies is to
enhance organizational performance thereby sustain the confidence of the customers by
providing their service requirement thus make them enjoy diversified product range and
quality service so as to yield productivity and profitability.
In addition, an intense literature review in the fields of industries organization,
organization studies, organizational behavior, strategic management and strategic
marketing identifies, guidelines to develop a research model of factors and variables
relationship considered being essential; in the marketing strategy and performance
relationship.
The strategy formulated (develop) at the general strategies planning process indicate what
an organization plans to do to meet its objective.

3.3.

RECOMMENDATIONS BASED ON THE CONCLUSIONS

According to the findings, the inferences shows that marketing strategies have
engendered competition in the business world of which Nigerian business organizations
must improve their performances strategically so as to gain competitive advantage in a
highly competitive market place
THE FOLLOWING RECOMMENDATIONS:
The management should pay more attention to marketing strategies as tools
for surviving in a competitive environment.
All levels of management should be fully involved in the implementation of
strategy
52

 Environmental factors should be well designed and reflect in the

organization strategic planning process.
Marketing strategies should be set as a yardstick in which the bank
performance would be determined.
Strategic marketing should be planned in such a way that the primary
objectives of the organizations will be realized rather than the marginal or
secondary objectives.
To this end if the above mentioned comment can be materialized, the Nigerian banking
environment will be able to create a strategic marketing platform for business
organization to improve their performance thereby providing customers satisfaction and
maximize profitability.

BIBLIOGRAPHY
Andersan, C.R and C.P. Teithaml, (1984), stage of product life cycle business strategy
and Business performance, academy of management Journal, 27(1), 5-24.
Andersen, Paul F. (1982): Marketing Strategic Planning and The Theory Of The Firm:
Journal of Marketing, 46 (Spring), 15-26.

53

Briggadike, E.R (2001), the contribution of marketing to strategic management,

academy of management review, 6 (4) 621-32
Day, George (1994),

the capabilities of market driven organizations, journal of

marketing. 58 (October), 37-52

Day, G.S. (1997), Aligning the Organization to the Market, In Refection on the futures
of Marketing, Lehman, O.R. and K.E. Jocs, Eds. (Cambridge: Marketing Science
Institute, 67 93.
Deshpande, R and J.F.E Webster (1989), organizational culture and marketing: Defining
the Research Agenda, journal of marketing,. 53 (Jan), 3-15.
Dickson, Roger & Others (1986):Marketing Concept and Computer Orientation
European Journalof Marketing, N0. 20 (10) 18-23
Asika, N. (1991):Research Methodology in the Behavioral Sciences Nigeria Longman
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Kerin and Peterson (1990): Marketing and Competitive M.J. ed London. Macmillan
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Kotler .P, and Armstrong .G. (1995): Principles of Marketing New Delhi. New Delhi
India Private Limited 6th edition, Prentice Hall.
Linus Osuagwu (1996):

Fundamentals of marketing for Nigerian students Lagos:

Grey Resources Limited

Nwankwo .G.O (1990):

The Nigerian Financial System, London.Macmillan

Publishers
Olashore.O, (1995): Perspective on Financial, Banking and Economics policyIn Nigeria
Lagos Heinemann Education Books (Nig). Ltd p.3

54

Stanton,W.J (1983): Fundamentals of marketing. New York. McGraw hill Books

Company
Azhar Kazmi (2009) Strategic management and Business policies. 3rd edition, New
Delhi, Tata McGraw Hill publishing co.
Thompson A.A. & Strickland A.J (2000) Strategic management (Concepts and causes) 12
editions, New York, McGraw- Hill publishing.
Alli, J.O (1992)New Product Development a Strategic Management Approach to
Marketing of bank Services: A case study of Trade Bank Plc, MBA thesis unpublished.
Ansoff, H.I (1997) The changing shape of the strategic problem
Schendel D.E and Hoffer C.W. (Eds), Strategic Management, Boston, Little Brown and
Company.
Ansoff, H.I & McGonnell, E. (1990) Implanting strategic management (2nd Edition)
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Child, J. (1972) Organization structure, Environment and Performance: The role of
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Glueck, W. F. And Jauch, L.R. (1984) Business Policy and Strategic Management,
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56