CHAPTER ONE
1.1 INTRODUCTION
No one knows who you are, where you are, what you worth and what you have to offer until you tell, display or disclose your identity, and this can only be achieved through an effective promotional strategy promotion here helps to communicate and disseminate necessary information about a firm, its operation and its offering to the targeted market or customers.
Product planning, pricing and distribution are marketing activities that are performed mainly within the company or between the company its “partners†however, through its promotional activities, to beat the drum about its product the purpose of the study is to deal with the management and the determinant of promotional mix variable that is the combination of advertising, personal selling, sales promotion and publicity and also public relations used to reach the goals of the marketing programs.
A company’s total communications is marketing mix also called its promotional mix consists of specific blend of advertising, sales promotion, personal selling and direct-marketing tools that the company use to pursue its advertising and marketing objectives as postulated by Philip motler and Gary Arnstrong (2006).
Promotion is highly required in order to market financial services because this section has become highly competitive nowadays that they need to embark on aggressive promotional activities to position than selves in the mind of the consumes promotion of financial services differs from physical goals in learns of total marketing program and the media-mix that is used. The clence of media-mix to advertise or promote financial services must be those ones that have staying power that is such message that will be imprinted in the memory of psycho of the prospective customer advertising, sales, promotion, public relation, worth of marth, direct mail, persimmon marketing are all promotional mix that can simply be employed or combined in the marketing of financial services product.
1.2 STATEMENT OF PROBLEM
In almost every banking or financial organization the choice of promotional mix variables account for a large proportion of their operations. It has a strategic role to play in the economic development of industrial less advanced relations. Economic like ours (Nigeria) and remain important in the economy of the more highly important in the economy of the more highly industrialized nations.
However financial organizations (banks mostly) are finding it difficult to choose from the promotional mix variables that one is most fitting and that helps in efficient and effective operation and realization of the firm’s objective. The problem areas hold to the fact that some of the firm fail to take into consideration those possivle factors that determines the choice of promotional mix variable that helps to compare the operations and activities of the firm with the variables choice to know the one that fits the firm.
Also considered here is the financial strength of the firm which claims to be one of the factors that determine the choice of promotional mixes it determines the amount of capital appropriated to promotion department, sector or budget in the organization.
1.3 OBJECTIVES OF THE STUDY
The main purpose of this study is to deal with the management of promotional mix variables in the financial (Banking sector as it helps to aid and increase performance, taking the united Bankd for Africa as a case study.
Also aim to identify and highlight factors that determine the firm’s choice of promotional mix in the marketing of their services (i.e. financial services problem)
And also to look into the future-anticipate, forecast and predict the future stand of the united bank for Africa in the market place, to make appropriate recommendation for efficiency and effectiveness in operation
1.4 SIGNIFICANCE OF THE STUDY
This research work would be of importance to many souls who are interested. This importance would include the following.
1. It would serve to bring to know the importance and the effect of promotion or communication in the marketing of financial services in banking sectors in Nigeria
2. It would be of importance to the limited bank for Affrica as the case study as it helps to know take into consideration before the choice of any promotion al variable.
3. It would be of importance to the researcher as it sould help or enable them to combat any problem that may arise as a result of selecting promotional mix variable in case they found them selves in such position leter in future.
4. It would serve as a useful purpose to the consumer as it makes them have more knowledge of them have more knowledge of the firm and its offerings everyday to know hoe to make their decision compare to that of competitors.
5. It would also help other financial sectors or to know hoe best to handle and manage their promotional department as to be fit into the market.
6. finally, the study would also services as a secondary data source to other researchers later.
