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Evaluation of the impact of marketing strategy on the performance of deposit money banks in Nigeria

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Abstract

The study examines the evaluation of the impact of marketing strategy on the performance of deposit money banks in Nigeria. The main objectives of the study were to determine whether marketing strategies have a significant impact on the performance of banks in Nigeria. To achieve the objective of the study, relevant data were collected mainly from primary sources through the administration of questionnaire. A sample size of 104 staff of four (4) selected deposit money banks in Nigeria comprising business managers, operations staff, ICT staff, customer service officers and marketers. Data collected were analyzed using frequency distribution tables and percentages while the ordinary least square (OLS) multiple Regression Technique was used for the test of hypothesis. The results from the various test show that there is a strong positive correlation between marketing strategies and performance of banks in Nigeria and that marketing and performance of banks in Nigeria and that marketing strategies have a significant effect on sales of banking products. Based on the findings, it was recommended that banks should embark on marketing research from time to time. This is because effective marketing strategies are the product of marketing research. Banks are equally encouraged to be more customers focused and embrace relationship marketing rather than transaction marketing as this will enable them to gain customers loyalty and maintain a long term relationship with customers, amongst others.

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