The Project File Details
- Name: THE ROLES OF ADVERTISEMENT IN NIGERIA BANKING SYSTEM
- Type: PDF and MS Word (DOC)
- Size: [64 KB]
- Length:  Pages
TABLE OF CONTENT
TABLE OF CONTENT
- STATEMENT OF THE PROBLEM
- OBJECTIVES OF THE STUDY
- RESEARCH QUESTION
- RESEARCH HYPOTHESIS
- SIGNIFICANT OF THE STUDY
- DEFINITION OF TERMS
- PLAN ORGANIZATION OF THE STUDY
- LITERATURE REVIEW
- HISTORICAL BACKGROUND OF SKY BANK PLC
- DEVELOPMENT OF ADVERTISEMENT
- THE NEED FOR COMMUNICATION
- OBJECTIVE OF ADVERTISEMENT
- ADVERTISING MEDIA
- IMPLICATION OF ADVERTISING FOR THE BANKING INDUSTRY
- GETTING ATTENTION
- RESEARCH METHODOLOGY
- SOURCES OF DATA
- SAMPLE DESIGN
- METHOD OF DATA COLLECTION
- TECHNIQUE OF DATA ANALYSIS
- DATA PRESENTATION
- DATA ANALYSIS
- INTERPRETATION OF DATA
1.1 BACKGROUND OF THE STUDY
As human approaches 21st century with it owe-inspiring problems and opportunities company’s institutions and nations continually centre their attention on the growth of marketing sectors. In the years gone by there had been agrarian economy where people were self sufficient. With time however, division of labour set n contemporary society have now evolved specialized sectors as the banking sector the focus of this research work.
The immense of marketing in the banking sectors has for long been obvious what more there in Nigeria content with the coming of colonials along with their European culture featuring the establishment of African Banking Corporation in 1892. Then, it was shouldered with the function of distributing England notes (pounce sterling) in 1894. Commercial Banking activities began when Bank of British West Africa (BBWA) now First Bank of Nigeria Plc began operation in Lagos. Among many other banks that commence they were bank of America also known as Savana Bank then before liquidation as is well as Skye Bank Plc.
From the onset these banks have to rival the pre-existing traditional institution using. The fad of that time was News paper and radio which gave these banks competitive over the traditional institutions of using via advertisement. This seems a form of marketing communication to stimulate sales.
At this point, the emphasis of the pre-dominance of banks and other related financial intermediaries as commercial banks mortgage institutions e.t.c. is quite observable in any economic development of importance arc the laudable role they play in saving mobilization and surveyors of credits like every other business enterprises, they as well parade some product and services ‘which contribute to the economy of any country.
THE PRODUCT RANGE INCLUDES:
– Personal Loans
– Overdraft Loans
– Project Finance
– Loan Syndication
– Share loan Scheme
FINANCIAL ADVISORY SERVICES
– International Banking
– Dominance Accounts
– Specialized Schemes
– Agricultural Finance
– Housing Loan Schemes
– Warehouse Finance
In as much as bank keep on offering their products and services they need to undertake special efforts to inform and persuade potential market towards patronizing in their favour. However, the evolving circumstances have posed many challenges on banks management. In the 1970’s the idea of rural banking scheme laws introduced by the Central Bank to discourage the inclination of banks toward urban orientation during the course to the ripple in the sake of this policy, the market place ‘was stirred by aggressive selling through serious advertisement medium undertaken by banks then Radio took the lead in the different media because of its fastest reach than other in rural areas.
It was not until the 1980’s and afterward that marketing made its full entrance into banking operation in Nigeria the Federal Military Government put up failed bank noted as well that the introduction of SAP Structural Adjustment Programme in 1986 played a positive role in increasing the number of banks, the reason is in the objectives of SAP, for its desire was to deregulates the economy and achieve economy recovery through the interplay of monetary satiable like money supply, interest rates etc hence by 1997. the number of licensed banks had gone up to 120 (excluding the development of specialized banks like NIDC, NBCI, NACB) the people banks finance houses e.t.c observable in this step increase in banks number is the entrance of new generation banks. Therefore, with this high number of stiff competition becomes the plight of banks.
The traditional big four had their domination, United Bank for Africa, Union Bank, First Bank and Skye Bank changed offered cheque encashment, saving deposit e.t.c and high tech marketing communication of course their regulations were inter put up but already the wheels of high tech advertisement has been set rolling and the role it plays, as marketing communication medium is immeasurable. Actually, advertisement is regarded as the marketing press visible feature in any form of non-personal presentation of product service or ideas by an identical sponsor is referred to as advertisement. These advertisement could either be on Radio, Television, Newspaper, Magazines, Billboard e.t.c. it can further be said that advertisement is investment which is properly conceive and executed that bring gratifying returns.
1.2 STATEMENT OF THE PROBLEMS
Banking business and the banking industry generally faced with certain problems in marketing their banking services. Among these problems are:
- Low quality product (service):- the quality so services provided by the financial institutions (banks) these days are very low quality.
- Inadequate promotional activities:- promotional activities like advertisement and publicity are still lacking people have not been quality enough on packages available from these financial institution.
- Unappealing price:- users of the services of the bank usually consider the prices charged by these institutions for their services not appealing.
1.3 RESEARCH QUESTIONS
The focus of this topic is to identify the effects and role of advertisement in Nigeria Banking Industry. Hence in the cause of the study effort has been made to find solution to the following problem.
- What is the historical background of role and advertisement in Nigeria banking industry?
- What are the developments of advertisement?
- What are the main purposes of advertisement?
- What are the various advertisement media?
- What are the implications for the banking industry?
1.4 OBJECTIVES OF THE STUDY
The starlight of this research study is focused on the role played by advertisement stimulating demand for bank service and related products. It is on the premise of marketing communication that this study precedes. Actually banks adopts the concept and practices of marketing the quality of promotional communication to the market increase media base expands message context changes and responsibility for bank communication tends to rest with specialist.
With the globalization of business activities around the world the banking industry face more challenges the industry has been involving a number of strategies in order to effectively manage market and improve its banking service getting increasing tense that business organizations are seeking to gain the attention and ultimately the patronage of customer/customers.
Banking business and the banking industry generally in Nigeria has witness some changes and or improvement in the nature scope structure and method of doing business more so in the past two decades. Similarly the banking public for services all these changes have impliedly brought about new culture altogether from this premise the following underlined the motive of this study
- How to identifying the various types of advertisement applicable in marketing communication in banking operation (industry).
- Investigating the appropriate of advertisement and its chose types of the basic business mission which shapes and guided their strategies actions.
- Calculating advertisement strategies considering the variable in the market environment predominant in the issues.
From the above, the study shall be useful to the extent that it will help marketers to determine expected sales return from advertisement expenditures. As well it shall assist in the determination on appropriate marketing mix that optimize sales and reduces marketing expenditure more so, considering the extent to which advertisement is intended to.
1.5 RESEARCH HYPOTHESIS
The general hypothesis that will be tested in the course of this project is as follows:-
Ho: The Roles of advertisement has no correlation with profitability and efficiency in Nigeria banking system.
Hi: The Roles of advertisement has correlation with profitability and efficiency in Nigeria banking system.
1.6 SIGNIFICANCE OF THE STUDY
This section will examine the significant of this study in respect to surrounding circumstances. Noticeable light will be throw on such issue how does advertisement add to good and service the increasing interference of government as a shareholder in banks and their operation e.t.c
In the recent past precisely the past decade the banking industry has been witnessing a transition from being provides of a limited range of customer and specialist service such as current and saving account in banks to a broader provision of financial services. Hence, there has been a convergence of the laps and range of financial services which they promote and sell; universal banking and ordinance enacted by federal government gives legal banking to this hence the competition in the wake of this de development as merchant bank now introducing and marketing services initial the domain of commercial banks such as IMB’s Intercontinental.
Diamond fund and NAL’s previous earning paper (PEP) this development points to one thing that banks especially commercial banks have to be innovative and responsiveness hence the new trends of separate marketing department with efforts concentrated on marketing communication advertisement.
The business environment especially banking business of today is changing very fast, it is demanding for more profits improve customer’s turnover of its teen resources as well as setting vision of breakthrough performance in competitive environment. The conclusion significance attributable to this study
Is the imperative application by which government ensures conformity to guidelines as stated by Central Bank of Nigeria emphasis of the need for a study of advertisement in case study of this research discuss is strictly adherence to this regulation.
1.7 SCOPE AND LIMITATION OF THE STUDY
The scope covers marketing department to know how to generate more income to the bank through the advisement also the aims and objective of the study make us understand how important is the advertisement in Nigeria banking sector is important, if a bank place on advert, it will make to have more customer and the customer what is there in the banking services and it also encourage the customer to patronized the bank
The scope of the studs stretches the entire activities undertaken in the marketing department within the range of marketing communication as of recent; banks are ruffling over one another in establishing marketing department to oversee customers patronage stimulation programme precisely, this study consist of five chapter in which the chapter one considers background information of the study.
The aims and objectives of the study is judiciously explained as well in first chapter within the same chapter the scope of the study i.e. its limitation and justification of the study were also discussed
Chapter two seek to review the literature with respect to both published and unpublished materials like Journal, textbook, Articles as other sources were also taken into consideration of this area also cover the definition of advertising the advert of marketing in banking industry as well as considering the event promoting the need. All these concepts of advertisement message media target market controlling factors are all clearly studied from the premise of the study role of advertisement in banking industry.
The research methodology and its all tools of instrument of gathering relevant information was introduced in chapter three. A details is taken on how the studs will proceed either will be administered, effort is taken to highlight all the aspect of its anal sis. Basically the sample design definition and selection procedure for data collection measuring instruments and techniques for data analysis are all explained before proceeding to chapter four where the analysis w ill he taken
The chapter four is the data analysis interpretation and discussion section in chapter four here, the analysis of the data collected were analyzed, the analysis will be in such way that it covers the view opinion and established fact from the employee marketing department staff the intermediaries as in the case of agency relationship and the customer. Intra as frequency reaches it cetera will be tested as to choice of advertisement in checking the clearness appropriateness achievement of the role played by advertisement in a medium of marketing communication.
Finally, chapter five sums up the facts gotten in the summary of the data collected conclusion and recommendations. Here the opinion and view will be propose from those premises recommendation will be made.
This stated the types of data to be collected on the sources. What instrument to be used for data cot lee ii and data analysis. The topic is role of advertisement in Nigeria banking industry with emphasis on sky Bank of Nigeria Plc. The instrument to be employed to collect the primary sources which include questionnaire and interview while secondary include text books, internet, journal, current annual report etc.
The primary data are obtained directly through face-to-face interview, observation and questionnaire sampling, population are the staff and customer of Skye Bank Nigeria Plc while both description and inferential statistics has been employed to present and analyze the data collected.
1.8 DEFINITION OF WORDS
ADVERTISEMENT: Advertisement is very important in used to communicate both with customer and other business are the ultimate consumer of a product or if other business play an important role in getting the product to the consumer. Advertisement can be using media such as television, newspaper, radio and magazine is impersonal.
ECONOMIC DEVELOPMENT: Economic development is very importance are the laudable role that play in saving mobilization and surveyors of credits like other business enterprises, the> also as “.sell parade some product and services which contribute to the economics of the country.
AGRICULTURAL FINANCE: Banks make some impact to contribute their effort the agricultural finance, by keep on offering their product and services they need to undertake special effort.
1.9 PLAN AND ORGAMSAT1ON OF THE STUDY
This spells out the organization structure of the topic with a brief not or summary of what expected in each chapter. it is divided into five chapters, each chapter contain the following:
chapter one will have the background of the study, statement of the research problem, aim and objectives, justification for the study, scope and limitation of the study, research methodology and organization of the study.
Chapter two will treat theoretical framework meaning and historical background of advertisement in Nigeria banking industry development of advertisement objective of advertisement various advertisement media implication for the banking industry.
Chapter three discusses brief history of the case study research methodology sample design source of data procedure for data collection and techniques of data analysis.
Chapter four centres on the data analysis interpretation and discussed data collection and personal data analysis.
Chapter five will discuss the findings, summary, conclusion and recommendations.