TESTING OF THE HYPOTHESIS
Ho:The development and implementation of marketing strategy have no relationship whatsoever with the survival of the bank.
Hi:The development and implementation of marketing strategy have relationship with the survival of the banks.
Using the contingency chi-square test, we therefore reject the null hypothesis since X2C > X2t 0.05 i-e. 14.78 > 9.488 and accept the alternative hypothesis (Hi) at 0.95 level of significance.
X2C = computed value and X2t 0.05 = table value.
The policy implication of this decision is that the development and the implementation of marketing strategy have relationship with the survival of the selected banks. Henceforth, the continuing existence and survival of these banks in the face of competition is based on the different kinds of marketing strategies being used by them.
Management of banking institutions in Nigeria, should understand the role of marketing in their business so as to be able to develop effective marketing strategies for their financial services.
Based on the research findings the following recommendations are drawn.
There is need for integrated banking service. This strategy will assist these banks in their marketing efforts. This will also assist the customer to have interbank transaction easily.
There is also need for incorporation of Automated Teller Machine (ATM) in their computerization scheme. This will eventually reduce the waiting times of customers. It will also assist customer to deposit and withdraw outside the official banking hours:
Effective marketing strategy will also be achieved if staff member are encouraged to attend on-the-job training. This training and retraining of employees must be done on continuous and regular basis so that a successful implementation of strategic marketing can be guaranteed and also that employees are knowledgeable and skilled in marketing strategy and marketing environment analysis.
This study has attempted to examine the level of strategic marketing development and implementation in Nigeria's banking industry. The study established a strong direct relationship between performance and strategic marketing implementation and that strategic marketing of banking services involves the process of examining both the present and future marketing environments, formulating organizational objectives, making, implementing and controlling decisions focused on objectives accomplishment. It can be concluded from the study that marketing strategy has direct relationship with the survival of the banks. Therefore, managements of these institutions are encouraged to pursue the use of strategic marketing with rigour so that these organisations can achieve a sustainable competitive advantage strategy to ensure that the continuing existence of their organizations is guaranteed.