CHAPTER ONE
1.1 INTRODUCTION
No one knows who you
are, where you are, what you worth and what you have to offer until you tell,
display or disclose your identity, and this can only be achieved through an
effective promotional strategy promotion here helps to communicate and
disseminate necessary information about a firm, its operation and its offering
to the targeted market or customers.
Product planning, pricing and
distribution are marketing activities that are performed mainly within the
company or between the company its “partners” however, through its promotional
activities, to beat the drum about its product the purpose of the study is to
deal with the management and the determinant of promotional mix variable that
is the combination of advertising, personal selling, sales promotion and
publicity and also public relations used to reach the goals of the marketing
programs.
A company’s total communications is
marketing mix also called its promotional mix consists of specific blend of
advertising, sales promotion, personal selling and direct-marketing tools that
the company use to pursue its advertising and marketing objectives as postulated
by Philip mottle and Gary Armstrong (2006).
Promotion is highly required in order to
market financial services because this section has become highly competitive
nowadays that they need to embark on aggressive promotional activities to
position than selves in the mind of the consumes promotion of financial
services differs from physical goals in learns of total marketing program and
the media-mix that is used. The clence of media-mix to advertise or promote
financial services must be those ones that have staying power that is such
message that will be imprinted in the memory of psycho of the prospective
customer advertising, sales, promotion, public relation, worth of mirth, direct
mail, persimmon marketing are all promotional mix that can simply be employed
or combined in the marketing of financial services product.
1.2 STATEMENT OF PROBLEM
In almost every banking
or financial organization the choice of promotional mix variables account for a
large proportion of their operations. It has a strategic role to play in the
economic development of industrial less advanced relations. Economic like ours
(Nigeria) and remain important in the economy of the more highly important in
the economy of the more highly industrialized nations.
However financial organizations (banks
mostly) are finding it difficult to choose from the promotional mix variables
that one is most fitting and that helps in efficient and effective operation
and realization of the firm’s objective. The problem areas hold to the fact
that some of the firm fail to take into consideration those possible factors
that determines the choice of promotional mix variable that helps to compare
the operations and activities of the firm with the variables choice to know the
one that fits the firm.
Also considered here is the financial
strength of the firm which claims to be one of the factors that determine the
choice of promotional mixes it determines the amount of capital appropriated to
promotion department, sector or budget in the organization.
1.3 OBJECTIVES OF THE STUDY
The main purpose of
this study is to deal with the management of promotional mix variables in the
financial (Banking sector as it helps to aid and increase performance, taking
the united Bank for Africa as a case study.
Also aim to identify and highlight
factors that determine the firm’s choice of promotional mix in the marketing of
their services (i.e. financial services problem)
And also to look into the
future-anticipate, forecast and predict the future stand of the united bank for
Africa in the market place, to make appropriate recommendation for efficiency
and effectiveness in operation
1.4 SIGNIFICANCE OF THE STUDY
This research work
would be of importance to many souls who are interested. This importance would
include the following.
1.
It would serve to bring
to know the importance and the effect of promotion or communication in the
marketing of financial services in banking sectors in Nigeria
2.
It would be of
importance to the limited bank for Africa as the case study as it helps to know
take into consideration before the choice of any promotion al variable.
3.
It would be of
importance to the researcher as it should help or enable them to combat any
problem that may arise as a result of selecting promotional mix variable in
case they found them selves in such position letter in future.
4.
It would serve as a
useful purpose to the consumer as it makes them have more knowledge of them
have more knowledge of the firm and its offerings everyday to know hoe to make
their decision compare to that of competitors.
5.
It would also help
other financial sectors or to know hoe best to handle and manage their
promotional department as to be fit into the market.
6.
finally, the study
would also services as a secondary data source to other researchers later.
1.5 SCOPE OF THE STUDY
Determinant of
promotional tools to choose or select as it applies to the marketing
performance in the marketing of financial services is a broad scope which
includes:
1.5.1 THEORETICAL SCOPE
The area of coverage of
this research work is centered on the mix in the marketing of financial
services in Nigeria the impact of this marketing strategy will be analyzed.
1.5.2 GEOGRAPHICAL SCOPE
The area covered in
terms of location is a very wide range where there are numerous consumers whom
make use of U.B.A services right from Kwara state to other state where U.B.A
are being delivered their services across the countries.
1.5.3 INDUSTRIAL SCOPE
This research work will
cover the banking industries using U.B.A as a references point of the banking
industries that either produces services to satisfy consumers or delivered
their services in terms of and other means for consumer satisfaction.
1.5.4 TIME SCOPE
As a result of the
limited time, the data obtained will be within a span of a year and the
validity of the outcome can only be tenable for the duration of (3) three year
as a result of changing in marketing condition.
1.6 LIMITATION OF STUDY
This part of the study
explains or highlight the possible factors limiting the scope and success of the
study. Some of these factors are:
v Lack of financial
capacity: this is one of the crucial factors
affecting the functionality of the study as it denies the researcher through
financial strength to conduct the necessary research based on the success of the
study.
v Lack of materials: Scarcity
and inadequate required data and information has always been one of the
generally factor acting against the success of many research study in Nigeria.
Few available secondary data cells for the use of primary data, which involves
huge financial strength.
vPoor
communication and transportation system is another factor that limits the scope
of the study as it disallows the researcher the right to cover some other
aspects of the population for the study.
Also
limiting against the study is the lack of co-operation of the respondent
supplying false data duet to saliency, ignorance of illiteracy.