Strategic Marketing Of Banking Services In Nigeria

Strategic Marketing Of Banking Services In Nigeria

Abstract

The proliferation of banks in Nigerian frugality redounded in Machiavellian competition among banks, the marvels in informed the decision to probe into how banks vend their fiscal services. In other words, the focus of this work is to find out the marketing strategies espoused by banks to produce mindfulness of their products. To guests, it also sought to know the significance of marketing in the liquidity and profitability position of banks. The effect of marketing strategies and ways on the being guests and prospective bones was also a subject for consideration.

still, since there are numerous banks in Nigeria spread over the thirty- six( 36) countries of the confederation and the civil capital home, Abuja to use all banks for the purpose of the study would be clumsy and fallacious.

Four branches of the bank positioned in Lagos were used for the purpose of data collection interviews system was espoused with the use of two separate interview schedules, one for bank officers and the other for guests of the branches.

Chapter One

Preface

Background Of The Study

This study is concerned with request of fiscal services in the banking assiduity of the profitable. It’s generally concentrated on the changes that have taken place in the fiscal terrain, and how banks have replied to these changes, the planning involved and the creation of new services to meet their client’s requirements.

The Nigeria banking assiduity, it must be argued has come a long way in serving as a mecca of fiscal intermediation process in the entire development of an frugality, more so of a developing one, utmost of necessity institutes largely functional and effective fiscal system. The banking assiduity is thus important in the process of development.

The fiscal sector has thus come one of the fastest growing sectors in the frugality cutting across the financial authorities, the banking institutions over the times, the marketing conception before now had a confined meaning of conditioning, which relates the buying and selling of goods. See buyers or merchandisers of services. This believes could be attributed to the position of mindfulness among the Nigerian request. still, in proposition product marketing deals of goods and services, selling similar as provision of bank and insurance services are the same.

Marketing strategies are now being used in all sectors of the frugality and the marketing blend; that’s the blending of the( 4) Ps ’( product, price, place and creation) of marketing to achieve the ideal for which a company is established, has come a necessity for variable companies in the frugality.

The trend in the banking assiduity moment provides an intriguing illustration of a service assiduity that has in the once neglected the marketing conception, which stipulates that a request acquainted company must seek the need and wants of the consumers should be at the command of the company.

As a result of the growth in number of banks in Nigeria( marketable and trafficker) before 1983 and 1990 from thirty- five( 35) to one hundred and nineteen( 119), they were now awakened to realize that in order to continue in business they must get a reasonable chance of the banks being guests and acquire further of the implicit guests by turning them into full guests.

Also to attract guests and deposits, utmost banks like other business outfits resorted to dynamic and motivating marketing strategies could be defined as the means and ways through, which association attempt to promote their products with a view to enhance their image in order to get a large chance of the assiduity request, to achieve the ideal of the association, marketing conception and strategies also come important as effective provision of fiscal services by the banks.