The paper assessed the application of marketing concept and its variables namely, segmentation, targeting and positioning, in the Nigerian banking industry. It aimed at determining the effect of applying these concept variables on consumers’ satisfaction.The study employed questionnaire to draw relevant information. Through the use of stratified random sampling methods, Six hundred and eighty respondents were selected from bank workers and bank customers. This comprises of banks’ customers was 340, and bankers 340 respondents were consumers of the bank. The data collected was analyzed using percentages, frequency counts, standard deviation, and mean score. Hypothesis was also postulated and tested using Pearson Correlation, Analysis of Variance, (ANOVA) Duncan Multiple Range Test and Linear Regression. Results showed that targeting had a positive and significant effect on consumer’s satisfaction (t = 2.64; p < 0.05). However, though positioning had a positive effect on consumers’ satisfaction, it was not significant (t = 0.56; p >0.05). Also, segmentation had a negative but no significant relationship with consumers’ satisfaction (t = - 0.03; p > 0.05). Results further show that though banks were applying marketing concept, the views of bankers were different from banks customers’. The paper concluded that fierce competitionheightened the interest of banks to target profitable customers by delivering the desired satisfaction better than their competitors through the application marketing concept.
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International Journal of Business & Economic Development
The long years of marketing practices in the Nigerian banking industry has recorded low level standards relative to global standard practice. The effect on the overall industry performance measurable basically in terms of customer satisfaction, customer loyalty and brand equity has been on the negativity. In some cases, banks overall performance level was never assessed based on customer orientation, value and other customer related measures rather on some quick financial indicators. This poor orientation towards marketing has rather become a forgone especially in the banking area of financial services in Nigeria. This study was therefore conducted to examine the changing trend towards embracing marketing philosophy and the extent of the banks’ performance level in response to changing expectations of customers. Theoretical issues relating marketing, customer philosophy, financial marketing, customer loyalty, satisfaction, and brand equity were explored to establish the key performa.
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ABSTRACT The purpose of this Research project is to determine the impact of marketing strategies on customer’s satisfaction at Cooperative Bank of Oromia S.C. The study was carried out in selected branches of Cooperative Bank of Oromia S.C found in oromia regional state. The target population was 196 customers and functional management of the bank. The researcher used simple random sampling method to select target population; some quantitative information was gathered using primary and secondary data. The data was collected through a well-structured questionnaire and interview. The questionnaire has been personally administered on a sample size of 181 customers and 15 functional management of the bank, purposive sampling techniques were used to select the sample of functional Managers of the bank and accidental (convenience) sampling techniques was used for customers across the geographical divisions of the selected branches of the bank. The quantitative data generated was analyzed with the help of Statistical Package for Social Sciences (SPSS) 20 Version. Regression and Correlation analysis tools also conducted in this study, The study revealed that marketing strategies has become a major function in the banking industry as a result of increased competition brought about by bank consolidation and reforms. The results of correlation analysis revealed that cooperative bank of oromia S.C marketing strategies have significant positive impact on Customers’ satisfaction in the bank and the regression analysis shows that Marking mix strategy is the highest of all the independent variables in most affect customers’ satisfaction. It was therefore recommended that CBO should retain its current marketing strategies, because they have positive influences on consumers’ satisfaction. Also, that CBO should evolve other marketing strategies such as Market Customer Loyalty, Service Quality, segmentation strategy, targeting strategy to sustain customer satisfaction. It was intended that the study would benefit for Cooperative Bank of Oromia S.C, to contribute the existing literature in the field of marketing strategies which a positive relation with customer satisfaction
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KIU Journal of Social Sciences
This study examines the impact of market segmentation on bank performance in Nigeria. Opinions of one hundred and eighty-four customers of Guarantee Trust Bank consisting of one hundred and three (103) males (56%) and eighty-one (81) females (44%) were accidentally sampled across five different locations in Lagos, Nigeria. Two hypotheses were generated and tested using an independent ttest. Results of the study revealed that age, occupation, gender, level of income, housing interest of the customers are suitable demographic segmentation parameters that could enhance banking effectiveness and performance in Nigeria. It was also found out that psychographic segmentation significantly impacts bank performance in Nigeria t (182) = 3.14; P < .05. Results also showed a significant impact of demographic segmentation on bank performance t (182) = 3.14; P < .05. It was recommended that Nigeria banks should make efforts to give their psychographic and demographic segmentation paradigms a human face. Like any other citizens of the developed world, Nigerians like comfort, especially when it can be bought. Since the outcome of this study has placed psychographic segmentation as a better profit spinning market strategy to gain a competitive advantage over other competitors than other segmentation synergies, putting customers first may make more sense for the bankers. Such a decision will boost customers' loyalty and make their bank grow in cash assets.
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International Journal of Marketing Studies
