STRATEGIC ROLE OF MARKETING IN THE NIGERIAN BANKING INDUSTRY
By. Dr. J. O. Olujide & Aremu, Mukaila Ayanda
Department of Business Administration, University Of llorin, llorin.
Competition was more or less unknown in the immediate past banking era, there was little or no need for marketing strategy which include, innovation, product development, public relation, promotion, and marketing research. The banks then concentrated mainly on advertising as their only marketing strategy. The trend in the banking industry in recent times provides an interesting example of a service industry that has in the past paid very little attention to the development of strategic marketing for marketing banking services.
The objective of this study is to examine the relevance of marketing strategy as a tool for business survival and also to suggest the various marketing strategies for the banking industry- so that their objectives can be achieved. The study was based on information collected from selected banks in Nigerian banking industry. Data collected were analyzed using statistical summarization technique and contingency test of chi-square. Findings revealed that marketing strategy- development and implementation are important for continuing growth and survival of business organizations in this volatile Nigerian marketing environment.
Marketing strategy is increasingly been adopted in virtually all the sectors of the economy, particularly the service sector. Marketing strategy has been a major determinant of any organization's short run and long run success and differential advantage in any marketing environment. The need for marketing strategy in any organization can not be over emphasized, strategy is particularly important in the banking industry in Nigeria today because of the volatility, highly competitive and the turbulent nature of the marketing environment. Therefore, each of the banking institutions must use marketing strategy to develop a competitive advantage.
The role of marketing strategy in the organisation is to assist in proffering alternative solutions to the problems encountered in the marketing of their services.
Thus, the success and differential advantages in marketing of banking services
ADVANCES IN MANAGEMENT
Vol. 4 No. 1 (2004)
(A Journal of Department of Business Administration, University of llorin, llorin Nigeria).