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IMPACT OF MARKETING STRATEGIES AND PERFORMANCE OF BANKS AND ITS EFFECTS ON NIGERIA ECONOMY



Ishola J.A., Adedoyin I.S., Adeoye O. A., Dangana K. A., Ibrahim, Yinka on 06/01/2017

The banking industry has been facing a lot of challenges in recent times in Nigeria. These include competition among them and between them and other financial institutions such as insurance Companies. Therefore this research, impact of marketing strategies and performance of banks and its effects on Nigeria economy is aimed to identify the various types of the marketing mix components employed by the banks to examine the effect of the marketing strategies on the performance of the banks and to determine if the marketing strategies employed by the Banks differ significantly from one another. Questionnaire was administered on two populations which are Management and staff of the banks and customers of the banks. 250 questionnaires were administered to Management and staff of the banks, and also 250 was administered to customers of the bank in Nigeria. Result of the analysis revealed four factors which were distribution network, quality of service, promotion and price with the percentage contribution of each factor being 51.9%, 73.6%, 31.2% and 38.5% respectively. Multiple regression analysis shows that R2 = 0.563 which indicated that the four factor accounted for 56% variability in the performance of marketing strategies employed by the banks. The result of the analysis of variance indicated that the mean ratings for the banks were not significantly different at 0.05level. We thereby conclude that banks should focus its innovative efforts on enlarging the size of the market in which it participates by introducing new products and services, promoting new uses for existing products and seeking out new class of customers.

 

Keywords:  Marketing Strategy, Anova, Management, Performance, Banks, Economy