ADVERTISING AS AN EFFECTIVE PROMOTIONAL TOOL IN THE DELIVERING OF banking SERVICE
ADVERTISING AS AN EFFECTIVE PROMOTIONAL TOOL IN THE DELIVERING OF BANKING SERVICE
A SHORT DESCRIPTION OF ADVERTISING AS A EFFECTIVE PROMOTIONAL TOOL FOR BANKING SERVICE DELIVERY
The purpose of this study, “Advertising as an Effective Promotional Tool in the Delivery of Banking Services,” is to attempt to provide an answer to the fundamental question that has been nagging researchers' minds regarding how cooperative advertising functions as an effective promotional tool in the marketing of banking services, their value, and importance.
The study's second chapter covers some challenging viewpoints in depth, including a literature analysis, observations, and economists' opinions on the efficacy of cooperative advertising.
The third chapter discusses the research study's technique of operation. the survey method, design, sample size, and population to be used in the study. The results of data analysis are covered in chapter four. Chapter five presents a summary of the research and offers suggestions.
1. 1 BACKGROUND OF THE STUDY
Business is like riding a bicycle; you either keep going or you crash. Man has made great progress over the past century, but one thing that makes him fearful is his capacity to connect the entire world via an invisible line known as communication.
Without communication, we would completely lack the coordination we have today. Communication in the prehistoric era was haphazard and crude, but as time went on, it became more and more important to have a better organised and established method of communication.
The importance of communication in marketing cannot be overstated. The success of such an attempt may not be desired if a company develops the ideal product or services, prices them attractively, and makes the model available to the target clients.
Marketing is used to accomplish these goals, and a variety of tools are used to meet the firm's communication goals, including advertising, sale promotion, personal selling, and publicity. These tools have all been used by businesses in marketing communications,
but advertising is frequently used because it reaches a much larger audience than any other tool would typically reach. According to Cyman (1969), advertising's main goal is to inform potential customers about a product or service and the businesses that manufacture it.
Banks offer their clients a variety of services. Due to the financial nature of banking services, it is important to inform customers about these services,
their advantages, and any new features. Additionally, banks must develop a respectable reputation for ability and viability through cooperative promotion.
clients should be more willing to do business with banks when there is a confidence response, thus a bank should regularly update its clients (both existing and potential) about its services and itself in order to establish a reputation.
1.2 STATEMENT OF THE problem
The trust of customers is kept safe by banks. With this in mind, the bank's corporate advertising campaigns should make sure that the consumer is properly informed about its products and solutions to solve difficulties. They don't just give financial services; they also provide customers with peace of mind.
Based on the fact that many banks recognise the value of advertising, but some still believe it isn't something that needs to be done constantly, this study tries to determine how frequently and how successfully banks engage in cooperative advertising.
1.3 AIM OF THE STUDY
This study aims to ascertain the extent to which a particular has exchanged cooperative advertising as a component of the marketing plan employed, as well as the impact of some bank customers' marketing recommendations for co-operative advertising banks that are effective.
1.4 SIGNIFICANCE OF THE STUDY
The traditional banking practise of waiting for customers while seated should be considered suicidal. A bank with cutting-edge amenities and services might not still generate a significant profit if it stays silent. And when an issue arises, taking action to fix it can be a little too late.
It is believed that this study would provide knowledge that will help the bank create, maintain, and enhance a channel of communication with its customers.
A more effective banking system can be anticipated with potential for future development when its public is aware of policies, aspirations, and other relevant information.
1.5 RESEARCH QUESTIONS
The following research questions should be able to be answered by the research papers that are now available.
a) Does the bank's corporate headquarters advertise?
b) Do banks use truthful corporate messaging?
c) Does corporate advertising affect a customer's decision to use a bank?
d) Which advertising medium is most successful for marketing banks?
e) Do banks' corporate advertisements raise their clients' awareness of them?
1.6 RESEARCH HYPOTHESIS
The underlined hypothesis will guide the researcher's work during the study's execution, and the conclusion will be made as a result.
a. More corporate advertising won't make customers more aware of bank operations.
b. In corporate advertising, customer awareness is not the most successful kind of marketing.
1.7 SCOPE OF THE STUDY
Although there hasn't been much published on the subject of corporate advertising as all-effective promotional techniques in the marketing of banking services,
the fact that trust is the cornerstone of the banking industry implies that it will be difficult for a bank to pay lip service. Moving profit is the only way to stay in business, and corporate advertising aids in achieving profit targets.
Banks can only produce money as long as the public believes that they are deserving of continuing to operate, and corporate advertising often aims to accomplish the following.
1.8 DEFINITION OF TERMS
A bank is a business that has been given permission by the Central Bank of Nigeria (CBN) to take deposits from its members' businesses in general through the insurance banking licence.
Banking: Receiving money from an outside source as a deposit, regardless of interest payments and grating of money, loans, and acceptance of credit,
as well as the purchase and sale of security for the benefit of others, the assumption of guarantees and other warranties for others, the effecting of transfers and clearing, and other related activities can all be considered to be part of the banking industry.
Bank marketing is the development and profitable execution of customer-satisfying services. The goal of bank marketing is to create a unique brand identity, which is thought of as the foundation of a financial institution's reputation.
Corporate advertising is a form of marketing that aims to build a company's reputation among customers and other businesspeople while also generating interest in the products and services it offers.