The Impact of Promotional Activities on the Marketing of Goldenmorn Products
The origin of marketing could be toned to the development and growth of the society from the pre- industrial era which was then largely African and highly individualized to an economy built around division of labour. This was followed by the emergence of mass production of different products, which led to surplus.
As Stanton (1984: 5) right pointed out wherever people make more than surly want or want more than they make, the foundations is laid for trade, and trade (ie exchange) is the heart of marketing” As man’s needs became more diverse he could no longer produce all that he needed. To order the Complete Project Material, Pay thr Sum of N3,000 to: BANK NAME: FIRST BANK PLC ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM ACCOUNT NUMBER: 3066880122 Then send the Project Topic, Your Email Address and Full Name to 07033378184.
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Drucker (1983:63) regards it as being so basic that it cannot be a separate function “the whole business seen form the point of view of its final result, that is from the customer point of view.
Weyer (1985:12) which highlights many of the practical aspect of marking financial service thus.
Marketing is identifying the most profitable market now and in the future needs of customers”. It involves selling business goals, mating plans in such a way that these plans meet them and managing services in such a way that plans are achieved. It also necessitates adapting to a changing environment in the market place.
Agbonifon et al (1998:1), marketing consist of individual and organizational activities aimed at facilitating and expecting exchange within a set of dynamic environmental forces they also defined marketing as consisting of individual and organizational activities designed to sense and serve the consumers needs and to facilitate and expedite exchanges with a view to achieving the goals of the individual or organization through the satisfaction of the consumer’s needs.
Nwokoye (1981:2) observed that marketing is “the set of activities that facilitate exchange transaction involving economic goods and service for the ultimate purpose of satisfying human needs”.
Mbah (2000:3) also observed that marketing is about identifying anticipating, conducting and managing the delivery of values in exchange process that benefits or satisfies both parties and their society.
Bartels (1968:18) posits that “marketing is the process whereby society, in order to supply it’s consumption needs, evolves distributive system composed of participants, who, interacting under social and economic constraints. Create transactions or flows which resolve market separation. He maintained that the creation of transaction or flows result in exchange and consumption.
Mercer (197:15) that the aim of successful marketing “should be to establish, maintain and enhance long term customer relationship at a profit, so that the objectives of both parties involved is met”.
Nwankwo (1991:227)(1992:18) indicate that marketing is
- “The planned creation of customers for profit.
- The creation and delivery of customer-satisfying service at a profit to the bank”.
- “The organized effort on the part of a business to find tomorrow’s market opportunities today.
- As a disciplined analysis of the needs wants perceptions and preferences of target and intermediary markets which forms the basis for effective product designs, pricing, communications and distribution”.
- It is identifying the most profitable market, now and in the future needs of customers, setting business goals, making plans to meet them and managing service in such a way that these plans are achieved and adapting to a changing environment in the market place from the foregoing definitions it can be argued that the main purpose of marketing is to identify customer need and then mobilized all the require resources to satisfy those needs as a profit. Truly it should be stated that a number of concept or philosophic preceded the marketing concept. Thus we had the production concept, the product concept and the selling concept. But we shall only examine the marketing concept.
Kelechi (1999:140) added that marketing is the various sit of human activities aimed at satisfying human needs and want through exchange process.
Berkowity (1990:49) sees marketing as a business philosophy which starts with the customers in the belief and understanding that most profitable business can only come through or conscious effort to identify anticipate and satisfy customer needs and wants.
The marketing concept is a business philosophy which states that consumer want satisfaction for the existence of any organization.
Stanton (1984:8) Thus, the marketing concept proposes that the consumers customer are the “King”. This should be the pivot point about which all business activities must revolve in operating for the best overall balance interest of both the producers/sellers and the customer/buyers.
Levitt, (1984:20) noted that “selling focuses on the needs of the seller, marketing on the needs of the buyer with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating delivering and finally consuming it”.
Drucker (1985:81) makes the contrast even more extreme there will always be need for some selling”. But the aims of marketing is to know and understand the customer so well that the product or service fit him and sells itself”.
Glueck and Jauch (1984:8) defined strategy as a unified comprehensive, and integrated plan that related the strategic advantage of the firm to the challenges of the environment and that is designed to ensure that archived through proper executive by the organization”.
Kempner (1980:69) also view strategy as “a proposed action or sequence of actions intended to have a far- reaching effect on the organization ability to achieve it’s objectives”. Based on the foregoing we can define a marketing strategy that action taken by marketing in order together advantages over their competitors.
Airika Ebue and Nnolim (1996 p. 3 55) defined services as intangible object, which have no physical dimension that can be seen or touched by the consumer before, during or after purchase and consumption for pre- post purchase evaluation.
Edoga (Lecture notes p.l) defined services as any activity, benefit, or satisfaction that is offered for sales. It is essentially intangible and does not result in the owner shop of anything. She also went further to state that its production many or may not be tied to a physical product.
LOVELOCK (1991:p309) defined services as any act or performance that one party can offer to another that is essentially intangible and does not result in the owner ship of anything. Its production may or may not tie to a physical product.
Majel (1970p.1) the growth of the service field has largely been the result of changes in the economy which led to a more affluence middle class.
Marketing mix is the set of marketing tools that a firm uses to purpose it’s marketing objective. In the target market. It is therefore the ability to combine the 4p’s namely: product, price, promotion and place for products marketing viz product, price, promotion, place, place physical evidence and process, to achieve financial objective.
Kotler (1998:19) defined the marketing mix as the “set of controllable variable that a company can use to influences buyer’s responses”. The marketing mix of a bank is therefore the Blanding of decision about a product, place process. For example, we ask over selves these questions.
- What financial services do our customer need?
- When do they need them?
- How do we persuade the customer to use our survive?
- What is the right price?
All bank are in business to render a number of services.
Nwankwo (1991:228) four basic services have always been recognized as the hallmark of the genuine bankers. These are:
- The receipt of the customer deposits.
- The collection of cheques and other instrument drawn on other banks.
- The payment of customer cheques drawn on it and.
- The granting of our drafts, loans/ advances Bank services are many any varied, but the type and quality available will depend upon the degree of development of development of a country’s financial system as well as the target market. Generally speaking, banking as follows.
Deposit collection:- Current and savings Accounts, Fixed deposite accounts, short term deposits; safe custody; safe deposits; statements, stops (Garnishee orders) etc.
Credit/marketing: Loans, Overdrafts, Advances Bills discounting; equipment Leasings, Bills Acceptance, Bonds and guarantees etc.
Foreign services: Traveler’s cheques: Foreign currencies, foreign drafts, main transfers, telegraphic transfer, letters of credit, Bill collection and settlement international money order etc.
Financial services: Tax administration, unit trust, stock brokerages service. (i.e purchase to sale of stock and shares) insurance service, investment business Adversory services etc.
Money Transmission services: cheques, cards, cash cards, credit transfers direct debits, standing orders, Bank drafts, certified/managers cheques, mail/telegraphic transfers, etc.
General Banker’s drafts; Bankers payments; special clearances; status enquires, etc.
FACTORS CUSTOMERS CONSIDER IN SELECTING THEIR BANKERS
Ogunsanya (1999:23) supported the definition of marketing of financial services by (Perry, 1984:310) as “selling services profitability to meet the needs of customer’ but, that simple definition covers a great deal of preliminary work. First, he agreed that banks must have service to sell and to knew which service are required by customers, there has to be a market research. Bank officials have to ask customers what they expect or would like from the bank.
He went further to enumerate the following factors which customer consider in selecting banks to do business with as follows:
- Strong capital base (ii) Visionary management term
- Large branch network (iv) Improved corporate focus; and (iv) up-to date information technology (IT) systems.
LOCATIONAL FACTORS INFLUENCE THE MARKETING OF FINANCIAL SERVICES IN LAGOS AND ABA MARKETS:
Ogunsanya (1999:38) enumerated the under listed locational factors that influence the marketing of financial services in Lagos, Aba and other large markets, in Nigeria as follows:-
- Proximity/Accessibility to established large markets
- Existence of present/future market- where customers present and future needs/ wants can be easily identified.
- Availability of infrastructures- such as buildings electricity supply, water supply, good roads etc.
- Existence of developed banking habits among people and many other economic units, in the market/area.
- Presence of competition among banks and other financial institution, which growth is possible through holding on to a market share always.
- Easier to increase deposite base- the large the market, the easier it becomes for banks to increase their deposite base through saving: current/deposits accounts etc.
- Easier to position the Bank:- what personally does the banks which to have and what specific things do they wish to be known for this process of positioning also involves whom to target for communication.
- Determing the banks target market:- Knowing the prospect involves ascertaining whom they are by name, where they are; what they do; what they need and what they want. This is irrespective of whether they are corporate or individual clients.
- Capturing a market share: when banks aspire to build a market share, they need to understand customer’s needs and expectations. This means verifying which of the needs and expectations are most important to the customers. Then that would lead to examining how well the banks are meeting those needs and expectation how well their competitors are meeting those same needs and expectations and to determine how they can go beyond the minimum that will satisfy their customers, or to really delight them.
- Branding the banks service:- Banks do brand by building a solid reputation as a provider of quality service at a reasonable cost. This will involve making sure that their potential clients are aware of their reputation, creating the right atmosphere in the office to reflect the right image, ensuring that customer have a wonderful experience working and dealing with them. Naturally, the grooming and training of staff should reflect the right image which service delivered must be world class.
- Good markets for financial products:- Larger market like Lagos, Aba, Onitsha, Kano, Abuja are very good marketer for various banks financial products.
- Supply of cash for Daily Transactions: Banks Branches in Aba supply cash for their branches in Port Harcourt and other areas around, which bank branches in market areas in Lagos equally supply cash for their branches in v/island, Lagos Island cash, Ikeja etc.
- Other locational factor according to Nwankwo (1991:239) Nwoye 1992:48) include:
- Easier to poach staff from existing banks
by incoming banks.
- Focus, dynamism and in innovativeness are in vogue by strategic market leader, viz- FBN Plc.,Zenith Int.l Bank Ltd; Diamond Bank Ltd, GTB Plc, Citibank (Nig) etc.
- Easier to expand market focus, i.e from being only a top player to include the middle tier.
- Fast charging service delivery, technology deployment, international/Local funds transfer among individuals and businessmen are on due increase.
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This article was extracted from a Project Research Work Topic
“THE IMPACT OF PROMOTIONAL ACTIVITIES ON THE MARKETING OF GOLDEN MORN PRODUCTS IN ENUGU METROPOLIS .”
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