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.
!bviously, due to the nature of services in general, which "tanton #$%&$' describes as
intangible, inseparable, heterogeneous, perishable and fluctuating demand( and banks
services in particular marketing in this sector cannot be treated in e)actly the same way
as for physical products of manufacturing firms. It is important to recogni*e 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 ma)imi*e satisfaction while that of the organi*ation is to
ma)imi*e profit.
+arketing strategies cannot be discussed fully without talking about marketing mi) and
marketing segmentation. ,otler #$%%-' defines marketing mi) 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 /s of marketing 0 product, price, promotion, place1distribution.
+arket segmentation is based on the fact that each group of buyers has certain
characteristics in common when making a buy decision. These characteristics1features are
considered while segmenting a market. It is the task of breaking the total market into
divisions that share common proprieties. 2 market could be segmented according to
customers si*e #large, +edium and small'. 3ustomers buying criteria #quality, price and
service' and so on.
2 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
organi*ation, 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. 4ow perfectly are these strategies combined and implemented varying from
one organi*ation to the other. The more perfectly implemented there are, the better tends
to be the profitability of any bank. 4ence, we find some financial organi*ations 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 e)istence.
2
The marketing strategy lay down the plan to be followed for the achievement or
attainment of the organi*ation 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 organi*ation 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
5espite the fact that most banks engage in rigorous marketing of their product and also
go e)tra 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 e)pended 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
cogni*ance the dynamism and sophisticated nature of modern banking services marketing
strategy coupled with other au)iliary factors are needed for good performance and
consolidation of any bank. 6ust of recent the 378 announced that out of the 9- banks
presently operating in the country, less than half of these banks could complete favorably
3
within the economy let alone the international market. The role of marketing strategy
cannot however be over emphasi*ed 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 8igeria, 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.
;valuate activities embark upon by banks to sell products and the problems
encountered in marketing them.
;valuate marketers performance towards the achievements of the main corporate
objectives of the organi*ation #profit ma)imi*ation'.
/rofit recommendations for improvements of overall performance of bank.
1.4 RESEARCH QUESTIONS
<hy do bank market their products=
Is banks market strategy in line with the organi*ations objective=
4
2re strategic marketing formulations in line with the trends in the business
environment=
2re the effects of banks marketing strategies on customers brand perception=
<ould marketing strategies influence customers brand switching=
Is there any correlation between promotion of bank products and profitability=
5o marketing strategies of a bank has effect on the quality of services rendered to
customers=
1. RESEARCH HYPOTHESES
The hypotheses for be tested for the purpose of determining the effects of marketing
strategy on banking effectiveness.
4>/!T4;"I" I
4?: +arketing strategies do not influence customers patronage.
4$: +arketing strategies influence customers patronage.
4>/!T4;"I" II
4?: There is no relationship between marketing strategy and banks
performance
4$: There is relationship between marketing strategy and banks performance
1.! RELEVANCE OF THE STUDY
5
The importance of this study is basically to e)plore the core of marketing and its
usefulness to attainment of organi*ational objectives. +ore so it is to allow the research
to know more about these strategies and it relevance .finally, it is to contribute to the
e)isting knowledge on the role of marketing strategy on profitability, which is the subject
matter.
This piece is however e)pected to be useful to students, managers, professional and
others who are likely to be interested in knowing more on the subject matter.
1." SCOPE AND DELIMITATION OF THE STUDY
This project will e)amine the impact on marketing strategies on the profitability of banks.
The research work will also focus on areas like various marketing strategies of banks,
ways of mobili*ing deposits and effect of marketing strategies on the overall performance
of the bank.
This will also attests to the fact that marketing strategy is crucial in address the problem
of dwindling productivity in 8igeria organi*ations. The study will therefore focus on:
@ The importance of marketing strategies on organi*ational performance in relation
to its growth and survival.
@ It is also geared towards highlighting various strategic measures for achieving
effectiveness in an environment driven by competition and globali*ation.
1.# LIMITATION OF THE STUDY
The study shall be limited to the organi*ation selected as case study due to:
@ Financial implement because the study of this nature requires huge amount of
money which might be outrageous to independent research
6
@ Time: The time allocated for this study is definitely short coupled with non-
challenges attitude of the respondents towards the study.
1.$ DEFINITION OF TERMS
M%&'()*+,- This has been defined as the creation of profit to the bank or
the organi*ed effort on the part of a business to find tomorrows market
opportunities today.
M%&'()- 2 market concept is an important substance of feature of
modern marketing. ,otler #$%&&' points out that marketing concept as a
business philosophy hold the key in achieving organi*ational goals.
M%&'()*+, &(.(%&/0- 3an be defined as the objective gathering, recording
and analy*ing of all facts about problems relating to the transfer and sales of
goods and services from producer to consumers.
M%&'()*+, 1*2- This consists of those controllable variables, which a firm can
use to influence consumer respond favorably and stimulate profitable sales.
7

P&313)*3+- 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.
M%&'() .(,1(+)%)*3+- This is the breaking down, building up of potential
buyers of product, service or idea into group, portion or segment.
M%&'() .)&%)(,4- This is concerned with market #group of buyers' and
development of programs to reach the market.
A56(&)*.*+,- This is defined as any paid form of non-personal presentation
of ideas, goods and services by an identified and sponsor.
1.17 HISTORICAL BACKGROUND OF FIRST BANK OF NIGERIA PLC
First 7ank of 8igeria /lc. is a leading bank in 8igeria with over one hundred years of
banking e)perience, industries and resilience behind it. Founded in $&%A by a shipping
magnate from Biverpool, "ir 2lfred 6ones, the bank commence as a small si*ed
organi*ation in the office as ;ider 5empster and co. in Bagos. Today First 7ank of
8
8igeria /lc. has diversified into a wide range of banking activities and has become potent
factor in the development of the financial service sector of the economy.
2 limited liability company founded on the C$st +arch $&%A, with head office in
Biverpool under the name D7ank of 7ritish <est 2frica with a paid up capital E$9,???.It
started business after it has absorbed its predecessor, 2frican 7anking 3orporation,
which was established earlier in $&%9.
This signalled the beginning of pre-eminent position which the bank was established on
the banking industry in <est 2frica. 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 2frican sub-region. In $&%F a branch
was opened in 2ccra, Gold 3oast #now Ghana' while another was established in
Freetown, "ierra Beone in $&%%.This marked the banks international operation hereby
justifying its <est 2frica operation coverage. The second branch in 8igeria was opened
in the old 3alabar in $%?? and two years later, services had e)tended to the 8orthern
region with a branch network of A%$ in 9?$?, spread throughout the federation, including
Bondon.
The bank has the largest number of branches in the industry. it has e)perienced
phenomenal growth over the years with share capital of H8H--.F million in $%&? which
rose to H8H %9F million including a bank reserve ofH8H&Amillion in $%%F.The capital
base of the bank is in e)cess of H8H-? billion naira supported by a strong assets base and
network local and international bank branches including C ;uropean countries, the recent
classification of banks by the 3entral 7ank classified First 7ank as global bank
First 7ank /lc. earnestly began a re-engineering process in $%%A with attendant linkage of
all branches for real-time on-line services is early 9???(in response to increased
competition that necessitated a considerable re-organi*ation of the bank with attendant
decentrali*ation structures introduced to enhance operational and reporting structure. This
9
signalled the era of globali*ation in First 7ank, a brand with aggressive banking,
decentrali*ed 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 $%IA with long term colonial affiliation. Today, the 7ank boasts of
diversified portfolio to various sector of the economy. Its rural banking records facilitate
through community farming loan scheme to corporate and international products is
commendable for it has accorded the bank a recipient of various awards. The truly the
first bank is a five recipient of the 378 farmers merit award and other notable local and
international awards for efficiency. The story of First 7ank is in essence the story of
banking in 8igeria.
2 dynamic and well managed pioneer bank with wide network of branches embraces
the international market scene with the establishment of a wholly owned subsidiary in the
Jnited ,ingdom in the name of F78 #J,' Bimited, this was followed up with the
establishment /aris office to serve as a marketing base to service francophone <est
2frican and also a representative office in "outh 2frica in 9??I.
Its mission is to remain true to its name by providing the best financial services possible
and its embraced a vision of being a clear leader and 8igeria bank of first choice. Its
strategic priorities revolve around Growth, service, operational e)cellence, performance
management and talent.
10
REFERENCES
2nderson, /ail F. #$%&9': +arketing, "trategic /lanning and the Theory of the Firm:
6ournal of +arketing, AF #"pan', $- 0 9F 5ay, George #$%%A', .The 3apabilities of
+arketing 5riven !rgani*ations: 6ournal of +arketing, -& #!ctober', CI 0 -9.
5ickson, Koger, and others#$%&F' +arketing 3oncept and 3onsumer !rientation:
;uropean 6ournal of +arketing 3oncept, +arketing, 9? #$?', $& 0 9C.
11
CHAPTER T8O
LITERATURE REVIE8
2.1 INTRODUCTION
This chapter of the study shall critically e)amine literature of other theorists or authors
from journals, te)tbooks( articles act in order to get their perception on the research work
as it affects organi*ational performance in 8igeria.
"uccessful organi*ations are those that most efficiently correspond with their
environment. The responsibility of this environmental contact typically lies within the
domain of marketing and the development of appropriate marketing strategies.
The area of marketing strategy has received considerable attention in the last two decades
both in the marketing literature and in the business world. The reasons for this growing
interest in this area are varied, but mostly due to the dramatic changes in the overall
business environment.
2.2 GENERAL FRAME8ORK OF THE STUDY
12
The general frame work of the current study hypothesi*e that the credibility of marketing
strategy depends on the e)ternal business environments, and its formulation process. The
credibility of marketing strategy and the strategy formulation, in turn, determine the
effectiveness of the marketing strategy implementation. The strategy implementation
affects the organi*ational performance.
;)ternal environments are the surrounding conditions in which decisions are made and
actions taken. These includes e)ternal business environment such as market
13
Strategy formulation,
Innovative, culture,
Analytical Caa!ility
"#ternal
"nvironment,
tec$nological,
c$ange,
mar%eting
cometitivene&&,
Cre'i!ility of
mar%eting
&trategy
Strategic
Imlementation
mar%eting
management(&
comitment
evaluation an'
control
)rgani*ationa
l erformance
financial an'
&trategic
erformance
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.
"trategy formulation refers to the process of developing, the marketing strategy.It is a
multidimensional process, which involve the internal organi*ational conditions such as
innovating culture, top management support on the formulation process, the analytical
dimension e.t.c
"trategies implementation refers to the actions initiated by the organi*ation to reali*e the
formulated marketing strategy.
/erformance refers to the functioning of the organi*ation 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 e)tensive array of products
and services. "trategies and implementation strategies must be developed and e)ecuted at
the corporate, business unit, and product levels. !verall, strategy and long term planning
are guided by the firms visions are stated in their mission statement. 2t the business
level, planning begins with an e)amination of the current situation, including
technologies changes and competitive effects. From this analysis, both treats and new
business opportunity are identified. 5ecisions to pursue new opportunity are followed by
the establishment of objectives, often stated in terms of market shear, sale volume or
portability. "ubsequently, business and marketing strategies are designed to achieve those
objectives. ;ffective e)ecution of strategy implementation must then occur for objectives
to be reali*ed.
14
!rgani*ations can be classified into corporate, business, and functional levels and discuss
strategy planning and strategic decision making at each level. !ur focus is based on the
role of marketing.
2.3 ORGANI9ATIONAL VALUES
The corporate level is the highest level on organi*ation. 3orporate managers address
issues concerning the overall organi*ation, and their decisions and actions affects all
other organi*ational levels. The business level consists of units within the overall
organi*ation that are generally managed as self-contained business. The idea is to break
comple) organi*ations 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. +ust
of the work of a business units is performed in its different functions.
2 typical university provides good illustration of different organi*ational 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 ORGANI9ATIONAL STRATEGIC PLANNING
"trategic planning for multi business, multiproduct organi*ations typically occurs at each
organi*ational level. "trategic plans at higher organi*ational level provide directions for
strategic plans at lower levels. In a sense, lower levels plans are developed to e)ecute
15
higher level plans. 7ecause of this relationship, strategic planning must be integrated and
consistent throughout level.
2 study of J." and "outh 2frican 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 organi*ational focus and vision. +ust 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. +any firms also incorporate costumers into the process.
T4:(. 3; S)&%)(,*/ P<%+.
The different types of strategic plan and important strategic decisions are illustrated on
corporate strategic plan provide guidance for strategic planning at all other organi*ational
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.
2 business strategic plan indicate has each business unit in the corporate family e)pects
to compete effectively in the market place, given the vision, objectives, and growth
strategies in the corporate strategies plan. 5ifferences within the same organi*ation are
likely to have different objective and business strategies.
O&,%+*=%)*3+%< S)&%)(,*/ P<%+.
!rgani*ational
Bevel
Types of strategic plan ,ey strategic 5ecision
3orporate 3orporate strategic plan 3orporate vision
16
3orporate objective and
resource allocation
3orporate growth
strategies
7usiness unit
composition
7usiness 7usiness strategic plan +arket scope
3ompetitive advantages
+arketing +arketing strategic plan Target market approach
+arketing mi)
approach
/roduct marketing plan "pecific target market
"pecific marketing mi)
;)ecution action plan
T0( .)&%)(,*/ P<%++*+, :&3/(..
2lthough individual organi*ation will differ in the way they approach strategic planning a
general price is illustrated. This process applies to strategic planning at every level. <e
present it as a step 0 by 0 step approach to make it easier to understand strategic planning.
In the business world, most organ*tions are involved indifferent stages of the process
simultaneously and do not necessarily follow such a step-by-step approach.
17
G(+(&%< .)&%)(,*/ :<%++*+, :&3/(...

T0( R3<( 3; M%&'()*+,
+arketing plays an important role in the strategic planning process for many
organi*ations. 2lthough some marketing positions are represented at the corporate level,
most are at the functional level within the business units of an organi*ational strategic
marketing describes marketing activities that affect corporate, business, and marketing
strategic plans. "trategic marketing activities can be classified in to three basic functions.
Firstly, marketers help client everyone in the organi*ational toward markets and
customers. Thus, they are responsible for helping organi*ations e)ecute a marketing
philosophy throughout the strategic planning process. +arketers help gather and analy*e
information required to e)amine 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.
+arketers are involved in the development of corporate business and marketing strategic
plans. +arketing influence varies across organi*ations. For organi*ation 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
organi*ation in increasing marketing clouts in an organi*ations strategic planning
process.
18
"#amine
current
&ituation
I'entify
otential
t$reat& an'
oortunitie&
Set
o!+ective&
,evelo
&trategie&
"#ecute
+arketing management relate to specific product marketing strategies. It differs from
strategic marketing in its basic orientation. "trategic marketing focuses on broad strategic
decisions at the corporate and business levels. +arketing management is concerned, by
contrast, with specific strategic decisions individual products and the day-to-day
activities needed to e)ecute these strategies successfully. 2t the operating level,
marketing managers must focused on the four ps of marketing mi): 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. !n 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.
R3<( 3; M%&'()*+, *+ .)&%)(,*/ :<%++*+,
19
-ar%eting
$ilo&o$
y
e#ecution
Analy&i&
Information
Cororate !u&ine&&
. marketing
&trategy 'eci&ion&
Kate of
-ar%eting
Strategic
marketingg
g
+arketing
-anagemen
t
Analy&i&
Information
"#ecutive
ro'uct
mar%eting lan&
2.. 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
2 corporate vision represents the basic values of an organi*ation. This vision specifies
what the organi*ation stands form, where it plans Togo, and how it plans to get these. 2
comprehensive vision should be address organi*ation market, principal products and
services, geographic domain core competencies, objectives, basic philosophy, self-
concept, 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. 3ompanies
that enjoy enduring success, such as 4ewlett-/ackard, +otorola and /rocter L Gamble,
have core values and core purposes that remain fi)ed, but they endlessly adapt their
strategies and practices to a changing world. 2 companys core values are the smallest of
guard principles that represent that endure tenants of an organi*ation. 3ore purpose
reflects the companys reason for being or its idealistic motivation for doing work.
"ometimes organi*ations develop a formal mission statement to communicate the
corporate vision to all interested parties. 2 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.
20
C3&:3&%)( V*.*3+ C31:3+(+).
- +arkets
- /roduct and services
- Geographic domain
- 3ore competencies
- !rgani*ational objectives
- !rgani*ational philosophy
- !rgani*ation and self-concept.
- 5esired 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 si) 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. 3ore competency reflects a
bundle of skills that are possesses by individuals across the organi*ation. The core
competency federal e)press possess in package routing and delivery rests on the
integration on bad technology, wireless communications and network management.
Q>(.)*3+. <(%5*+, )3 %+ (;;(/)*6( /3&:3&%)( 6*.*3+.
i. <hich customers will you be effective corporate vision=
ii. Through which channels will u reach customers ion the future=
21
iii. <ho will be your competitors in the future
iv. <here will your margins come from in the future
v. In what end product markets will you participate in the future
vi. <hat will be the basis for your competitive advantage in the future=
vii. <hat skills or capability will make eyou unique in the future=
C3&:3&%)( O?@(/)*6(. %+5 R(.3>&/( A<<3/%)*3+
The major corporate strategy decision area involves setting objectives for the entire
organi*ation and assigning, objectives and resources to business units and products.
2lthough the corporate provides general overall direction for the organi*ation, corporate
objectives specify the achievement of desired levels of performance during a particular
time period.
C3&:3&%)( ,&3A)0 .)&%)(,*(.
3orporate 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 e)panding into new ones. 2 market penetrating strategy
represents a decision to achieve corporate growth objectives with e)isting products
within e)isting markets. 2 market e)pansion strategy entails marketing e)isting products
to new market.
PRODCUTS
22
-
a
r
%
e
t
&
/
e
0

S
a
m
e
"2+; 8;<
+arkets penetration /roduct e)pansion
+arkets e)pansion 5iversification

2 product e)pansion strategy calls for marketing new products to the same market. The
organi*ation unit to generate more business forms the e)isting customer base.
2 diversification strategy requires forming to e)pand into new oviducts and new
marketers. This is the riskiest growth strategy, because the organi*ational cannot build
directly on its strengths in its current marketers or with its current products.
2 corporate growth strategy is important to an organi*ation long-term performance.
+any firms employ severed growth strategies, simultaneously. 4owever, other firms
pursue one basic corporate growth strategy.
B>.*+(.. U+*) C31:3.*)*3+
In pursuing its corporations growth strategy, an organi*ation may operate in a number of
different product and market area. It does so through business units designed to
implement specific business strategies. 2 strategic business unit focuses on .a single
product or brand, a line of product or mi) 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.
+arketing strategy is the emphasis at the strategy business that #"7J' level where the
focuses is on market segmentation, targeting and positioning in defining how the firm is
23
to compete in its chosen business. 4istorically, 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 matri).
The matri) classifies the companys /art olio of strategy business units into four
categories: stars, cash dogs and question mark. 3ash cows have large market share in
slower- growth market, 5ogs, 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 organi*ing and evaluating the
mi) of strategic business unit contained in company product1business part olio.
3onsideration of strategy at the business unit level enables management to stay in closer
truth with customers competitors and cost and to maintain strategic focus.
24
S*1:<( G&3A)0 B S0%&( M%)&*2
2.!. BUSINESS STRATEGY DECISIONS
The basic objective of a business strategy is to determine how the business unit will
complete successfully that is, how the business units skills and resources can be
translated into positioned advantages in the market place.
2 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.
25
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+arket scope refers to how broadly the business views its target market. 2t one e)treme,
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.
C31:()*)*6( %56%+)%,(
3ompetitive 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. 2
business can try to compete by offering similar products and services as competitors, but
at lower prices. "ucceeding in a low-price strategy typically requires the business unit to
have a lower cost structure then that of competitors.
2 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.". MARKETING STRATEGY DECISIONS
2 marketing strategy addresses the selection of a target market and the development of a
marketing mi). +arketing 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. 7usiness strategy decisions are relatively general,
intended to provide direction for all business level marketing activities. /roduct strategy
decisions are very specific, because they guide the actual e)ecution of marketing
activities for individual product.
26
BUSINESS MARKETING STRATEGIES.
2 business marketing strategy must be consistent with the general business strategy. For
e)ample, 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. 2side from
these obvious constraints several strategic options are typically available in each
marketing strategies product marketing strategies.
PRODUCT MARKETING STRATEGIES
/roduct marketing strategies require very specific decisions. The target market is defined
in detail, the product futures and portions specified, e)act 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.
B>.*+(.. %+5 :&35>/) 1%&'()*+, .)&%)(,*(.
5ecision area 7usiness marketing strategy /roduct marketing
strategy
Target market "egmented or mass approach "pecific definition of
target marked to be saved
27
/roduct 8umber of different product "pecific features of each
product
/rice General competitive price level "pecific price
5istribution General distribution policy "pecific distributor
+arketing
communication
General emphasis on marketing
communication tools
"pecific marketing
communication programs.
I+)(&+%)*3+%< M%&'()*+, S)&%)(,*(.
+arketers must address two keys area a when developing international marketing
strategies. "electing an entry strategy and deciding on a strategic orientation
E+)&4 .)&%)(,4
2n entry strategy is the approach used to market product in an international market. The
basic options include e)porting, joint venture, and direct investment.
;)porting is a method so selling products to buyers in international markets. The e)porter
might sell directly to internationally buyer are used intermediaries, such as e)porting
firms from the home country or importing firms in that foreign country. 5irect
investment, where the marketer invests in production, sales, distribution or other
operations in the foreign country.
In between these e)treme are various joint-venture approaches. 6oint ventures include any
arrangement between two or more organi*ations to market product in an international
market.
28
I+)(&+%)*3+%< S)&%)(,*/ O&*(+)%)*3+
Firms operating in international markets can use two different orientations towards
marketing strategy. <ith a standardi*ed marketing strategy, a firm a develops and
implements the same product, price distribution, and promotion programmers in all
international markets. <ith a customi*ed markets strategy, a firm develops and
implements a different marketing mi) for target market country.
2.#. ECECUTING STRATEGIC PLANS
5eveloping strategic plan is one thing: e)ecuting them effectively is another. !ne route
to effective e)ecution of strategies plans is encouraging individuals within organi*ation
to work together to achieve organi*ations objectives, inflecting the development of
relationship within the organi*ation. 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.
C&3..D;>+/)*3+(5 T(%1A3&'
Traditionally, the different functions within an organi*ation worked largely in isolation.
The problem is that if an organi*ation does not produce products that consumer will
purchase, it does not matter how low production costs are. +ore and more organi*ations
are reali*ing this and adopting a marketing philosophy, which means that everyone
within the organi*ation focuses on satisfying customer needs and requires teamworks
within an organi*ation. The objectives is to promote teamwork among employees from
different functional area to develop a customer focus in all functional areas to collect
useful marketing information about customer and to improve customer relationship.
29
M%&'()*+, T(%1A3&'
;ven within marketing functions, teams works is not universal. 5ifferent 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. +any firms have little coordination among the
different marketing functions. Today, however, the leading organi*ations are
coordinating their marketing efforts and requiring closer contact among the different
marketing functions.
C3D1%&'()*+, %<<*%+/(.
3o-marketing alliance include contractual arrangements between companies offering
complementary products in the market place. The alliance between +icrosoft and I7+
was instrumented in the growth of +icrosoft. "uch alliances are increasing in frequency
and enable firms to gain speciali*ed resources from previously competing organi*ations.
The success of co-marketing alliances is dependent on the care e)hibited in partner
selection and the e)pectant to which relationship are balanced in power and benefit in
both partner. Bike 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
2nderson, 3.K and 3./ Neithaml #$%&A' .stage of product life cycle, business strategy
and business performanceO academy of management journal, $I #$' --9A
7riggaduke ;.K #9??$' .the contribution of marketing to strategic managementO
academy of management review F#A' F9$-C9
30
5ay G." #$%%I' .2ligning the organi*ation to the marketO in Keflections on the futures of
marketing Behman, 5.K and ,.; 6ocs, ;ds 3ambridge: +arketing "cience
Institute, FI-%C
5eshpande, K and 6.F.; <ebster #$%&%', .organi*ational culture and marketing: defining
the research agenda journal of marketing -C #6an', C-$-O
Binus !suagwu #$%%F': Fundamentals of marketing for 8igerian students Bagos:
Grey Kesources Bimited
8wankwo .G.! #$%%?': The 8igerian Financial "ystem, Bondon. +acmillan
/ublishers
!lashore.!, #$%%-': /erspective on Financial, 7anking and ;conomics policyIn 8igeria
Bagos 4einemann ;ducation 7ooks #8ig'. Btd p.C
"tanton,<.6 #$%&C': Fundamentals of marketing. 8ew >ork. +cGraw hill 7ooks
3ompany
2*har ,a*mi #9??%' "trategic management and 7usiness policies. Crd edition, 8ew
5elhi, Tata +cGraw 0 4ill publishing co.
Thompson 2.2. L "trickland 2.6 #9???' "trategic management #3oncepts and causes' $9
editions, 8ew >ork, +cGraw- 4ill publishing.
2lli, 6.! #$%%9'8ew /roduct 5evelopment a "trategic +anagement 2pproach to
+arketing of bank "ervices: 2 case study of Trade 7ank /lc, +72 thesis
unpublished.
2nsoff, 4.I #$%%I' The changing shape of the strategic problem
"chendel 5.; and 4offer 3.<. #;ds', "trategic +anagement, 7oston, Bittle 7rown and
3ompany.
31
2nsoff, 4.I L +cGonnell, ;. #$%%?' Implanting strategic management #9nd ;dition'
/rentice 4all.
3hild, 6. #$%I9' !rgani*ation structure, ;nvironment and /erformance: The role of
strategic choice sociology #F' pg $-99.
Glueck, <. F. 2nd 6auch, B.K. #$%&A' 7usiness /olicy and "trategic +anagement,
"ingapore +cGraw-4ill International 7ook
Grundy T. #$%%-' 7reak Through "trategic for Growth: Financial Times +anagement,
Bondon.
32
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 RESEARCH DESIGN
2sika 8 #9??A'( 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: e)ploratory design, descriptive design and empirical
design. ;)ploratory 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 e)ist while
empirical design is a means of gaining knowledge by means of direct observation or
e)perience.
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 analy*ed as a basis of forming opinion on the
study.
33
3.2 POPULATION OF THE STUDY
/opulation 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 generali*ation.
Therefore, the population consists of the members of staff of First 7ank of 8igeria /lc.
The 7ank has staff strength of F,FCA spread across A%9 branches all over 8igeria.
4owever, a sample frame will be drawn to constitute the working population in order to
aid critical evaluation and serve as the basis for generali*ation of the study. The sample
frame, therefore, shall constitute the nominal role of the entire staff of the Bagos
5irectorate of the 7ank spread across F? branches in Bagos state. The 5irectorate is
made up of $,?$I personnel cut across the hierarchy of top level, middle level and lower
level cadre.
3.3 SAMPLE SELECTIONESI9E
"ample 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
7ank Bagos 5irectorate. The sample becomes a basis for predicting fact regarding a
bigger population.
"ampling si*e is the number or percentage of the population, which are selected by
sampling method as samples for investigating the entire population. Therefore, a sample
si*e of I? respondents will selected from the entire staff of First bank plc. Bagos
5irectorate, through a random selection from the population. Kandom sampling is chosen
in order to minimi*e cost and time of the research
3.4 SAMPLING TECHNIQUES
34
The sampling design used for the study is probability sampling in which the respondents
are selected at random without bias for age, se), or hierarchical status of the respondents.
4owever, 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. INSTRUMENTATION
3ollection 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. 2
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 e)pected to supply required
information.
The questionnaire will be divided into two parts vi*:
- ";3TI!8 2: 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.
- ";3TI!8 7: 3ontained a well-constructed questions relating to the impacts of
management controls on organi*ational effectiveness. These will form the basis of
obtaining information on the subject and provide a basis for evaluation and test of
hypothesis
3.! PILOT STUDY
35
/ilot 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 9? copies of the draft
questionnaires and shall be subsequently retrieved to validate the adequacy of the
instrument.

3." ADMINISTRATION OF INSTRUMENTS
The major instrument for this research work is questionnaires. 2 total of I?
questionnaires were administered( its target were the members of staff of the organi*ation
chosen for the study and it is administered with bias for gender, status in the organi*ation
and years of e)perience.
The researcher will administer the instruments and retrieve it immediately for the purpose
of interpretation and evaluation.

3.# 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 I? respondents from the entire population and the questionnaires administered on
them. 4owever, the study shall be tested for reliability at ?.?-P level of significance to
show the correlation between independent and dependent variables.
3.$ PROCEEDURE FOR DATA ANALYSIS
36
The data generated in the course of the study shall be analy*ed 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:
Q9 H F ; #fo-fe'9
Fe
<here Fo H Frequency !bserved
Fe H Frequency ;)pected
; H "ummation
Q9 H 3hi- "quare
3.17 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.



37
REFERENCES
2sika 8 #$%%$' Kesearch +ethodology in behavioral science,Ibadan: Bongman
publisher
Ibikunle, ". !.#9??F' Kesearch +ethods and "tatistics, Theory and 2pplications, Bagos:
2blek ;nterprises and co.
38
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 te)t of hypothesis and discussion of
findings.
4.2 ADMINISTRATION OF RESEARCH INSTRUMENTS
The questionnaire were administered by the researcher to the employees of the
organi*ation used as case study, out of seventy #I?' questionnaires administered, si)ty
#F?' were effectively filled and returned.
4.3 ANALYSIS OF RESPONDENTS BIODDATA
Table A.C#$' se) distribution
39
"e) 3ode Kesponses /ercentage
+ale $ A? FI
Female 9 9? CC
Total F? $??
"ource: Field survey
The analysis shows that A? respondents are male while 9? respondents are Female
representing FIP and CCP respectively.
Table A.C#9' 2ge 5istribution
2ge 3ode Kesponses /ercentage
9$-C? $ $? $I
C$-A? 9 C- -&
A$--? C ?& $C
-$ above A ?I $9
Total F? $??
"ource: Field survey
The table above show that $? respondents within the age bracket of 9$-C? years and
respondents are between C$-A? years C- respondents are A$--? years while I respondents
above -$ years representing $IP -&P $CP $9P respectively.
Table A.C#C' marital status distributions
+arital status 3ode Kesponses /ercentage
40
"ingle $ A- I-
+arried 9 $- 9-
Total F? $??
"ource: Field survey
The analysis shows that A- respondents are "ingle while $- respondents are +arried
representing I-P and 9-P respectively.
Table A.C#A' ;ducational 7ackground
;ducation 3ode Frequency /ercentage
Gce1<aec $ 9? CC
8d18ce 9 $- 9-
4nd17217.sc C $9 9?
+721+"3 A $C 99
/rofessional - ? ?
Total F? $??
"ource: Field survey

The table above shows that 9? respondents had <23;1G3; certificate representing
CCP, $- respondents are 85183; holder representing 9-P, $9 respondent are 48517.sc
Graduate representing 9?P while $C respondents are master holders representing 99P.
41
Table A.C#-': >ears in organi*ation
Kesponses 3ode Frequency /ercentage
$-- $ C- -&
F-$? 9 $- 9-
$? above C $? $I
Total F? $??
"ource: Field survey
The table indicates that C- respondents spent between $-- years with the organi*ation, $-
respondents spent between F-$? years with the organi*ation, while $? respondents spent
between $Iyears and above with the organi*ation representing -&P, 9-P and $IP
respectively
Table A.C#F' "tatus in the organi*ation
"tatus 3ode Kesponses /ercentage
6unior $ $- 9-
"enior 9 C- -&
+anagement C $? $I
Total F? $??
"ource: Field survey
The table indicates that $- respondents are junior staff with the organi*ation, C-
respondents are senior staff with the organi*ation, while $? respondents are +anagement
with the organi*ation representing 9-P, -&P and $IP respectively.
42
4.4 ANALYSIS OF RESPONDENTS RESPONSES
Muestion $: +y bank has a well- documented marketing policy.
Table A.A#$'
Kesponses 3ode Frequency /ercentage
>es $ -? &C
8o 9 $? $I
Jndecided C ? ?
Total F? $??
"ource: Field survey
The table show that -? respondents answered >es while $? respondents answered 8o
representing &CP and $IP respectively. Thus, it can be concluded that the maintained a
well- documented policy for its marketing activities.
Muestion 9: The marketing strategies and policy is drawn in line with the events in
the environment
Table A.A#9'
Kesponses 3ode Frequency /ercentage
>es $ C? -?
8o 9 99 CI
Jndecided C & $C
Total F? $??
"ource: Field survey
43
The table shows that C? respondents answered yes while 99 respondents answered
8o while & respondents were undecided representing -?P, CIP and $CP
respectively. Thus, it can be decided that the bank strategic formulation reflects
trends in the business environment.
Muestion C: The bank uses multi-various strategies to win customers patronage.
Table A.A#C'
!ption 3ode Frequency /ercentage
>es C A? FI
8o 9 9? CC
Jndecided $ ? ?
Total F? $??
"ource: Field survey
The table show that A? respondents answered >es while 9? respondents answered
8o representing FIP and CCP respectively. Thus, it can be concluded that the
bank use multi-various strategy to win customers appeal.
Muestion A: The marketing strategies are in line with the overall objectives of the bank
Table A.A#A'
!ption 3ode Frequency /ercentage
>es C A? FI
Female 9 $& C?
Jndecided $ 9 C
44
Total F? $??
"ource: Field survey
The table show that A? respondents answered yes, $& respondents answered 8o
while 9 respondents answer undecided representing FIP, C?P and CP
respectively. Thus, it can be concluded that the strategic marketing formulations
are in line with the overall strategies and objectives of the bank.
Muestion -: The banks market strategy is friendly and customer oriented
Table A.A#-'
!ption 3ode Frequency /ercentage
>es C C- -&
8o 9 9? CC
Jndecided $ - &
Total F? $??
"ource: Field survey
The table show that C- respondents answered yes, 9? respondents answered 8o while -
respondents answer undecided representing -&P, CCP and &P respectively. Thus, it can
be concluded that market strategies are effective if it is friendly and customers- centered.
45
Muestion F: The market strategy influences the overall performance of the banks
products
Table A.A#F'
!ption 3ode Frequency /ercentage
>es C C? -?
8o 9 9? CC
Jndecided $ $? $I
Total F? $??
"ource: Field survey
The table shows that C? respondents answered yes, 9? respondents answered 8o while $?
respondents are undecided representing -?P, CCP and $IP respectively. Thus, it can be
concluded that strategic marketing influences products performance.
Muestion I: 3ustomers often patroni*e the banks services due to it marketing policy.
Table A.A#&'
!ption 3ode Frequency /ercentage
>es C A- I-
8o 9 $- 9-
Jndecided $ ? ?
Total F? $??
"ource: Field survey
46
The table show that A- respondents answered >es while $- respondents answered 8o
representing I-P and 9-P respectively. Thus, it can be concluded that strategic
marketing influences customers brand appeal.
Muestion &: +arketing strategies enhance the overall performance of the bank.
Table A.A#&'
!ption 3ode Frequency /ercentage
>es C C- -&
8o 9 9- A9
Jndecided $ ? ?
Total F? $??
"ource: Field survey
The table shows that C- respondents answered yes while 9- respondents answered 8o
representing -&P and A9P respectively. Thus, it can be concluded that effective strategic
marketing enhance organi*ational performance.
Muestion %: +arketing strategies affects the banks decision making process.
Table A.A#%'
!ption 3ode Frequency /ercentage
>es C -? &C
8o 9 $? $I
Jndecided $ ? ?
Total F? $??
"ource: Field survey
47
The table shows that -? respondents answered yes while $? respondents answered 8o
representing &CP and $IP respectively. Thus, it can be concluded that strategic
marketing influences organi*ations decisions.
Muestion $?: +arketing strategies improve the banks competitiveness
Table A.A#$?'
!ption 3ode Frequency /ercentage
>es C C? -?
8o 9 9? CC
Jndecided $ $? $I
Total F? $??
"ource: Field survey
The table shows that 9? respondents answered yes, $? respondents answered 8o while C?
respondent answered undecided representing CCP, $IP and -?P respectively. Thus, it
can be concluded that strategic marketing formulation and implementations enhances
competitiveness of an industry.
4.4 TEST OF HYPOTHESIS
4>/!T4;"I" I
48
4?: +arketing strategies do not influence customers patronage.
4$: +arketing strategies influence customers patronage.
Kesponses !ij ;ij !ij-;ij #oij-eij'
9
#oij-eij'
9
1eij
>es -? 9F.FI 9C.CC -AA.9&&% 9?.A$
8o $? 9F.FI -$F.FI 9II.&&&% $?.A9
Jndecided ? 9F.FI -9F.FI I$$9.9&&% 9F.FI
Total F? -I.-?
Q9 H -I.-?
5egree of Freedom
df H #n-$'
#K-$' #3-$'
#C-$' #9-$'
#9' #$'
9
5ecision Kule
2ccept null hypothesis if the calculated value is less than the critical value and reject null
hypothesis, if it is less than the calculated value.
49
Therefore, since the critical is less than the calculated value, null hypothesis #4o' that
marketing strategies do not influence customers patronage is rejected while the
alternative hypothesis #4i' that marketing strategies influence customers patronage is
accepted.
4ypothesis II
4>/!T4;"I" II
4?: There is no relationship between marketing strategy and banks
performance
4$: There is relationship between marketing strategy and banks performance
Q9H$F.I?
5egree of Freedom
df H #n-$'
#K-$' #3-$'
#C-$' #9-$'
#9' #$'
9
50
Kesponses !ij ;ij !ij-;ij #oij-eij'
9
#oij-eij'
9
1eij
>es C? 9F.FI C.CC $$.?$ ?.A$
8o 9A 9F.FI -9.FI I.$C ?.9I
Jndecided F 9F.FI -9?.FI A9I.9- $F.?9
Total F? $F.I?
2ccept null hypothesis if the calculated value less than the critical value and reject null
hypothesis if it is less than the calculated values.
Therefore, since the critical is less than the calculated value, null hypothesis #4o' that
there is no relationship between marketing strategy and banks performance is rejected
while #4i' That says there is relationship between marketing strategy and banks
performance is accepted.
51
CHAPTERFIVE
SUMMARYF CONCLUSION AND RECOMMENDATIONS
-.$. "J++2K> !F T4; "TJ5>
The research study aimed at the .impact of marketing strategies on the profitability of
financial institutionO. 4ow 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 reali*e 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 organi*ational
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 e)ternal 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.
52
C.9. 3!83BJ"I!8" 5K2<8 FK!+ T4; FI85I8G"
It can be concluded from the research that the essence of marketing strategies is to
enhance organi*ational 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 organi*ation,
organi*ation studies, organi*ational 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 organi*ation plans to do to meet its objective.
C.C. K;3!++;852TI!8" 72";5 !8 T4; 3!83BJ"I!8"
2ccording to the findings, the inferences shows that marketing strategies have
engendered competition in the business world of which 8igerian business organi*ations
must improve their performances strategically so as to gain competitive advantage in a
highly competitive market place
T4; F!BB!<I8G K;3!++;852TI!8":
The management should pay more attention to marketing strategies as tools
for surviving in a competitive environment.
53
2ll levels of management should be fully involved in the implementation of
strategy
;nvironmental factors should be well designed and reflect in the
organi*ation strategic planning process.
+arketing strategies should be set as a yardstick in which the bank
performance would be determined.
"trategic marketing should be planned in such a way that the primary
objectives of the organi*ations will be reali*ed rather than the marginal or
secondary objectives.
To this end if the above mentioned comment can be materiali*ed, the 8igerian banking
environment will be able to create a strategic marketing platform for business
organi*ation to improve their performance thereby providing customers satisfaction and
ma)imi*e profitability.
BIBLIOGRAPHY
2ndersan, 3.K and 3./. Teithaml, #$%&A', .stage of product life cycle business strategy
and 7usiness performance,O academy of management 6ournal, 9I#$', --9A.
54
2ndersen, /aul F. #$%&9': +arketing "trategic /lanning and The Theory !f The Firm:
6ournal of +arketing, AF #"pring', $--9F.
7riggadike, ;.K #9??$', .the contribution of marketing to strategic management,
.academy of management review, F #A' F9$-C9O
5ay, George #$%%A', .the capabilities of market driven organi*ations, journal of
marketing. -& #!ctober', CI--9
5ay, G.". #$%%I', .2ligning the !rgani*ation to the +arketO, In Kefection on the futures
of +arketing, Behman, !.K. and ,.;. 6ocs, ;ds. #3ambridge: +arketing "cience
Institute, FI 0 %C.
5eshpande, K and 6.F.; <ebster #$%&%', .organi*ational culture and marketing: 5efining
the Kesearch 2genda,O journal of marketing,. -C #6an', C-$-.
5ickson, Koger L !thers #$%&F':+arketing 3oncept and 3omputer !rientationO
;uropean 6ournalof +arketing, 8?. 9? #$?' $&-9C
2sika, 8. #$%%$':Kesearch +ethodology in the 7ehavioral "ciences 8igeria Bongman
/lc.
,erin and /eterson #$%%?': .+arketing and 3ompetitiveO +.6. ed Bondon. +acmillan
/ress Btd.
,otler ./, and 2rmstrong .G. #$%%-': /rinciples of +arketing 8ew 5elhi. 8ew 5elhi
India /rivate Bimited Fth edition, /rentice 4all.
Binus !suagwu #$%%F': Fundamentals of marketing for 8igerian students Bagos:
Grey Kesources Bimited
8wankwo .G.! #$%%?': The 8igerian Financial "ystem, Bondon.+acmillan
/ublishers
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!lashore.!, #$%%-': /erspective on Financial, 7anking and ;conomics policyIn 8igeria
Bagos 4einemann ;ducation 7ooks #8ig'. Btd p.C
"tanton,<.6 #$%&C': Fundamentals of marketing. 8ew >ork. +cGraw hill 7ooks
3ompany
2*har ,a*mi #9??%' "trategic management and 7usiness policies. Crd edition, 8ew
5elhi, Tata +cGraw 0 4ill publishing co.
Thompson 2.2. L "trickland 2.6 #9???' "trategic management #3oncepts and causes' $9
editions, 8ew >ork, +cGraw- 4ill publishing.
2lli, 6.! #$%%9'8ew /roduct 5evelopment a "trategic +anagement 2pproach to
+arketing of bank "ervices: 2 case study of Trade 7ank /lc, +72 thesis unpublished.
2nsoff, 4.I #$%%I' The changing shape of the strategic problem
"chendel 5.; and 4offer 3.<. #;ds', "trategic +anagement, 7oston, Bittle 7rown and
3ompany.
2nsoff, 4.I L +cGonnell, ;. #$%%?' Implanting strategic management #9nd ;dition'
/rentice 4all.
3hild, 6. #$%I9' !rgani*ation structure, ;nvironment and /erformance: The role of
strategic choice sociology #F' pg $-99.
Glueck, <. F. 2nd 6auch, B.K. #$%&A' 7usiness /olicy and "trategic +anagement,
"ingapore +cGraw-4ill International 7ook
Grundy T. #$%%-' 7reak Through "trategic for Growth: Financial Times +anagement,
Bondon.
4ammermesh, G. #$%%C' +aking strategy <ork: 4ow +anagers /roduce results, 6ohn
<iley, 8ew >ork
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4ill, <.B. and 6ones, G.K. #$%%&' "trategic +anagement Theory: 2n Integrated
2pproach, fourth edition.. honghton +uffiliu, 8ew 4ersey J.".2. p. $9
6ohnson, G. 2nd "choles, ,. #$%%C' ;)ploring corporate strategy, Crd ;dition,
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/orter, ;.+. #$%&-' 3ompetitive 2dvantage, the Free /ress, Bondon.
Ibikunle ".! #9??F' Kesearch methods and statistics: Theory and applications, Bagos,
2blek ;nt. L 3o.
Fagbemiye ;.! #$%%%': Guidelines for writing assignments( Bagos: Jniversity of Bagos
press.
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