could be attained when an organization can determine the needs and wants of the customer and directs its marketing effort towards those needs and wants.
In the light of the foregoing, this research work is designed to examine the role and contribution of strategic marketing to performance in the banking industry.
OBJECTIVE OF THE STUDY
The major objective of the study is to examine how selected banks have used marketing strategy as a tool of competition in the volatile Nigerian marketing environment.
General Motors first practiced the business philosophical strategy that emerged in the market place in the 1950's. It starts with the identification of need it is a long-term commitment with many binding and limiting requirements. This concept therefore places the organization's product or service in a dynamic situation in which the organization has to keep scouting the environment to see whether its products or services are still satisfying a need, and to know how they are coping with emerging needs of the consumer (Kotler, 1997).
In recent years, the idea of strategy has received increasing recognition in management literature. Series of publications have appeared dealing with product line strategy, marketing strategy, diversification strategy, and business strategy. They also suggested appropriate changes in the product/service strategy based on the economic climate and business cycle (CuILwick 1975, Hannal et al 1975). This interest grew out of a realization that an organization needs a well-defined scope and growth direction, that objectives alone do not meet~this~Beed but requires additional decision rules in order to enable an organization to have orderly and profitable growth. This kind of arrangement and guidelines has been defined as strategy.
Kotler (1996) defined strategy as "the broad principles by which the business units expect to achieve its marketing objectives in a target market. It consists of basic decisions on total marketing expenditure, marketing mix and marketing allocation."
Duro (1999) posited that the most successful companies are those that take strategic marketing seriously and strive very hard to have competitive edge or advantage. Marketing strategies match products and services with customer needs, decide where and when to sell and promote products and set prices (Stoner 1989). The approaches to marketing strategy depend on:
(1)Whether the product is new or already established.
(2)Whether the company is addressing existing customers or is trying to attract new ones.
Thus, marketing strategy is a set of objectives, policies and rules that guide the organization's marketing effort over time. This involves response to changing environment and competitive conditions employing all resources of an organization towards attaining the desired goals in terms of sales, pricing and distribution. Marketing strategy statement comprises of two elements: Marketing target and marketing mix. They comprise of the following ingredients: