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ADVERSTISING AS AN EFFECTIVE PROMOTIONAL TOOL IN THE DELIVERING OF BANKING SERVICE

CHAPTER ONE

INTRODUCTION

BACKGROUND OF STUDY

When it comes to business, it’s like riding a bicycle: either you keep moving or you fall off. Over the course of a century, man has accomplished numerous feats, one of which is the capacity to knit the entire world together through an invisible thread known as communication. We would be completely isolated groups without the coordination we have now if we didn’t communicate. Communication in early times was haphazard and crude; yet, the necessity for a more organized and established system of communication became increasingly important. The importance of communication in marketing cannot be overstated. When a company develops a perfect product or service, prices it reasonably, and makes its model available to target clients, but the customers are oblivious of all of this, the endeavor is a success.

Marketing is used to achieve these goals, and various tools are used to achieve the firm’s communication objectives, such as advertising, sale promotion, personal selling, and publicity. It has been used by businesses in marketing communication, but advertising is frequently used because it reaches a much larger audience than any other tool. According to Cyman (1969), advertising is involved with transmitting a product or service, as well as the companies that produce those goods or services, to potential purchasers.

Customers are served by banks in a variety of ways. As a result, it is critical to convey these services, their benefits, and new features to customers. When it comes to the financial component of banking services, banks must also establish a reputation for respectability and viability.

STATEMENT OF THE PROBLEMS

Customers’ trust is entrusted to banks. They don’t just give financial services; they also provide consumers with peace of mind. With this in mind, bank corporate advertising strategy should ensure that customers are properly informed about the bank’s offers and problem-solving solutions. Although many banks recognize the value of advertising, some continue to believe that it is not something that should be done all of the time. Based on the foregoing, this study aims to investigate the extent to which banks cooperate in advertising and the success of such campaigns.

PURPOSE OF THE  STUDY

This study aims to determine the amount to which certain has gone in exchanging co-operative advertising as a component of the marketing strategy employed, as well as the impact of marketing recommendations for effective co-operative advertising banks from some bank customers.

SIGNIFICANCE OF THE STUDY

The age-old banking culture of sitting and waiting for customers should be considered suicidal. Even if a bank has cutting-edge facilities and services, it may not generate as much money if it does not communicate. And when a problem arises, taking action to fix the issue may be too late. It is believed that this research would provide insight into how to create, maintain, and strengthen communication between the bank and its customers.

 RESEARCH QUESTIONS

It is expected that research projects will be able to answer the following research questions.

a) Does the bank advertise from its headquarters?

b) Do banks tell the truth in their corporate advertisements?

c) Does corporate advertising influence a customer’s banking decision?

d) In terms of bank marketing, which promotional tool is the most effective?

a) Does bank corporate advertising help to raise customer awareness?

 HYPOTHESIS

The researcher will conduct the investigation using the following hypothesis, which will be the study’s conclusion.

a. More corporate advertising will not raise customer knowledge of bank activity.

b. In corporate advertising, customer awareness is not the most effective promotional strategy.

 SCOPE OF THE STUDY

Through literature has not been produced on the topic of corporate advertising as all successful promotional methods in the marketing of banking services, there is banking business the foundation of which is trust, which means that a bank cannot afford to pay lip services and will be harsh. Profit is the only way to stay in business, and corporate advertising aids in achieving profit targets.

Banks can only continue to make money in proportion to the public’s belief that it is worthy of continuing to operate. Corporate advertising normally aims to achieve the following goals.

 DEFINATION OF TERMS

Bank: A bank is an entity that has been granted permission by the Central Bank of Nigeria (CBN) to accept deposits from members’ businesses under the insurance banking license.

Banking can be defined as the business of receiving money from outside sources as a deposit, regardless of interest payment, and grating of money, loan and acceptance of credit, or the purchasing and selling of security for the amount of others, or the incurring of the obligation to acquire claims in respect of loan prior to maturity, or the assumption of the guarantee and other warranties for others, or the effecting of transfer and clearing, and sui generis.

Designates as a banking firm in the federal Gazette.

Bank marketing is the creation and implementation of profitable customer-satisfying services. Bank marketing is responsible for creating a distinct brand image that is regarded the financial institution’s most valuable asset.

Corporate advertising is a marketing technique that aims to pique customers’ interest in the company’s products and services while also cultivating a positive reputation among consumers and others in the business sector.

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