Full Project – THE ROLES OF PROMOTIONAL TOOLS AS A MEANS OF CREATING CUSTOMERS’ PATRONAGE IN BANKING INDUSTRY
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CHAPTER ONE
1.1 INTRDUCTION:
Many people consider “selling” and “marketing” as synonymous terms but actually selling is only one of the components of marketing. Selling is defined as “the personal or impersonal process of assisting and or persuading a prospective customers to buy a commodity or a service or to act favorably upon an ideal that has commercial significance to the seller”.
Selling and promotion are used synonymously, although promotion is the preferred term. This preference is based on the belief of some people that selling suggests only the transfer of title or the use of personal salesman and does not include advertising or other methods of stimulating demands.
We are saying that promotion includes advertising, personal selling, sales promotion, and publicity and other selling tools. While the two words may be unfortunately similar; it should be noted particularly that “promotion” and “sales promotion” are different. Promotion is the all-inclusive term representing the broad field under discussion here and sales promotion is only one part of it.
Inline with the systems approach, a company should treat all its promotional efforts as a complete system within the total marketing system. This means co-coordinating the sales force activities, the advertising programs, and other promotional efforts. Unfortunately, today in many firms those activities still are fragmented, and management in the advertising and sales force areas often conflict and compete with one another.
In economic theory terms, the essential purpose of promotion is to change the location and shape of the demand {revenue} curve for a company’s product. Through the use of promotion, a company hopes to increase a product’s sales volume at any given price. It also hopes that promotion will affect the demand elasticity for the product, making the demand inelastic in the face of a price increase and elastic when the price goes down. Basically, promotion is an exercise in information, persuasion, and influence. These three are related in that to inform is to persuade and conversely. If a person is being persuaded, he is probably also being informed Many years ago, Prof. Neil Borden, of Harvard University, recognized the pervasive nature of persuasion and influence in our socioeconomic system, he said that “the use of influence in commercial relations is one of the attributes of a free society. Just as persuasion and counter persuasion are exercised freely in many walks of life in our free society – in the home, in the press, in the classroom, in the pulpit, in the court rooms, in the political forum. Etc.
1.2 STATEMENT OF PROBLEM.
Until recently the banking industry was, and probably is still be-labored with disturbing distress some of the depositors who were customers of these banks only had their faith to blame while others today view banks with skeptical attitudes. The wake of distress however, has today more than ever before, created a serious problem for the industry leading to the need for the application of promotional tools as not only survival strategy, but also one to give the industry the success it may presently require.
Thus the identification of the application of the promotional tools and its roles in the Nigeria Banking Industry is necessary.
1.3 PURPOSE OF THE STUDY
Having identified the problem necessitating this research, the researcher seeks to accomplish the following:
1. To explore the use of promotional tools in the industry.
2. To investigate the impact of promotional tools in banking industry, on the customers of the Banks.
3. To examine the extent to which promotional tools can assist the growth of the industry in Nigeria.
4. The challenges faced by the industry on the application of promotional tools in Nigeria.
5. To recommend a more useful way of promotional tools in the industry.
It is hoped that the study would go a long way in exposing the possibilities of applying promotional tools or concept in the banking industry. In turn, it will ensure the successful accomplishment of customers oriented services that would result in more returns and at lower cost of running while the society is kept satisfied with the services rendered by the banking industry.
1.4 RESEARCH QUESTIONS
What type of promotional tools does your industry uses to approach its target audience?
What type of advert does your industry use to approach its customers on a new product?
Do you agree that promotional tools are essential in achieving organizational objectives of creating awareness of the needs and wants of customers?
Do you agree that promotional tools give directions to other activities within the industry?
Do you agree that customers are always satisfied with the activities and services being rendered to them by the industry?
In introducing a new product, what language does the industry use to communicate with its target audience?
Do you agree that media are very effective in creating customer patronage in the banking industry?
Do you agree that Western money transfer is also a means of creating customers patronage in the industry?
1.5 SIGNIFICANCE OFTHE STUDY
This research work would offer immense benefits to co – students, banking industries and other organizations. Fellow students will find the content of this research very useful in their research work in marketing and in enhancing their wealth of knowledge on the subject. Researcher interested in carrying out research work in a similar or related area will also find the fact made available in this project useful as a source of information and as a challenge to them in their research mission.
Bankers would utilize the facts in and suggestions offered here in smoothing and using in better marketing promotional tools in business performances in the economy and enhancing their operational activities as well. More so, customers and entrepreneurs would be encouraged and made to realize the significance and, or important of employing marketing promotional tools in their business operations.
Lastly, the impact of promotional tools in the banking industry is way of stimulating business growth vital for the enhancement of the country’s economic state, and would as well be appreciated through the fact noted in this project.
1.6 SCOPE OF THE STUDY
The application and roles of promotional tools in the banking industry has gained prominence in recent times. This is evident in the manner that banking industry now invites consumer-oriented services being offered to the public. The researcher therefore sees the topic interesting and challenging. However, due to the banking industry being too large for the researcher to cover, the researcher limits herself to the study of UBA Bank, Gboko Branch.
Specifically, the researcher further made studies on the application of promotional tools in the operations of new generation banks in Nigeria, and decided on a case study of UBA bank, Gboko Branch.
1.7 LIMITATION OF STUDY
However, there were constraint imposed on the researcher this includes the following.
a. Time: a study of this nature, needs a relatively long time during which information for accurate or at least near accurate inferences could be drawn. The period of the study was short, hence time posed as a constraint to the researcher.
b. Cost: The researcher would have extent the survey to areas. But limitations here included cost of transportation to source for materials and cost of typesetting the already completed work.
c. Dearth (Scarcity) of statistical data:
Commercial banks adhere strictly to the rule of secret; in banking thus they refused to release information.
1.8 Definition of terms
BANK: a financial institution that acquires deposit from savings surplus unit and gives out loans to savings deficit units.
PROMOTION: A promotion is the advancement of an employee or customer’s rank or position in an organizational hierarchy system in regard to his or her patronage
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Full Project – THE ROLES OF PROMOTIONAL TOOLS AS A MEANS OF CREATING CUSTOMERS’ PATRONAGE IN BANKING INDUSTRY