Advertisement and Consumer Brand Preference of Deposit Money Banks (Yenagoa, Bayelsa State as Case Study)
CHAPTER ONE
Objectives of the Study
The cardinal objective of the study was to determine the impacts of online advertising in marketing financial institutions with special attention to UBA Nigeria. The specific objective of the study was to:
- To ascertain the extent online advertising influences consumer brand awareness of UBA products.
- To investigate the extent online advertising influences consumer purchase of UBA products.
- To determine the extent online advertising influences consumer brand recall of UBA products.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Conceptual Framework Online Advertising
Advertising started in 1836 in France when La Presse; a French newspaper carried a paid advertising in one of its pages (Bakshi and Gupta, 2013). Advertising behooves different perceptions from different people and professionals (O‟Guinn, Allen and Semenic, 2000). Understanding advertising according to Ehikwe (2005) is simply deliberating over God‟s creation. Since advertising is all about creating and transportation of messages, he submitted that every object of creation carries a message differently and respectively. Ehikwe defined advertising as a process of communication and promotion through which messages are transported or conveyed as a means of identification and differentiation of a product, service or brand to create an appeal (Belch and Belch, 2012) that persuades a consumer to placing a demand on an offer. According to O‟Guinn et al. (2000) “advertising is a paid, mass-mediated attempt to persuade”. In other words, it is a paid form of communication by a company who wants its messages to be heard by its audience. (Kotler and Armstrong (2012) noted three major advertising objectives thus: To Inform;
- Telling the market about a new product
- Suggesting new uses for a product
- Informing the market about change in price
- Explaining how product works
- Describing available services
- Correcting false impressions reducing the risks associated with buying
- Building and sustaining company image and reputation (Nwosu, 2001) To Persuade;
- Building brand preference
- Encouraging brand switching
- Changing customer perception about the attributes of a product Persuading customer on the need to buy a product immediately
- Persuading customers to receive a sales call To Remind;
- Reminding customers that the product may be needed in the near future
- Reminding them where to locate and purchase the product
- Keeping the product in the minds of the customers during off seasons (troughs) Maintaining top-of-mind brand awareness
The internet evolution and revolution has brought dramatic changes in the business world. Conducting business is just in a matter of a second at the click of a button (Harfoushi, Alfawwaz, Obeidat, Obeidat and Faris, 2013). Online advertising is referred to as the promotion of products, services, brand or a company on the internet (Priyanka, 2012; Singh, 2016). Anusha (2016) concurred with this and described online advertising as the use of the internet to promote a marketing message to the consumers. It includes search engine marketing, banner ads, interstitial ads, online classified advertising, (Bakshi and Gupta, 2013) social media marketing, email marketing, mobile marketing etc (Anusha, 2016; Wikipedia, 2018). (Nwosu and Nkamnebe, 2006) observed that online advertising goes by many names such as online marketing, internet advertising or web advertising.
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The study employs quantitative descriptive research design to examine the effect of advertisement on consumers buying preference, a case of Deposit Money Banks.
Sources of Data
The data for this study were generated from two main sources; Primary sources and secondary sources. The primary sources include questionnaire, interviews and observation. The secondary sources include journals, bulletins, textbooks and the internet.
CHAPTER FOUR
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
Summary of Findings
- Findings revealed that online advertising impacted on a few customers of UBA in terms of brand awareness. This indicates that not many of them have adopted the use of the internet to access information about UBA products. In other words, they still mainly rely on brick-and-mortar (visiting the UBA branch closer to them physically). This was shown in the 09(03%) and 20(07%) responses.
- Also, it was revealed that customers of UBA hardly perform online transactions as a result of perceived risks and lack of trust. Very few customers embark on online transaction and therefore prefer going to their bank physically than using the online channels. This was indicated in the 10(03%) and 21(07%) responses.
- Finally, online advertising did not aid recall of UBA products as customers relied on other traditional advertising as well as impulsive buying behavior and word of mouth. The analysis indicated that 12(04%) and 19(07%) were the only customers that online advertising aided their recall.
Conclusion
Researchers concluded that online advertising has only affected very few customers of UBA towards product awareness, patronage and recall of UBA communications and product offerings. This was caused by the level of adoption of online marketing by majority of UBA customers. In other words, only a few innovators have adopted online banking and are therefore attracted to online advertising.
Recommendations
The banks should design their online advertising in attractive texts, images and even videos to create better awareness of their various products. The adverts should be very alluring to be able to decoy customers towards UBA products.
Bank marketing executives should persuade customers on one-to-one bases to adopt the online banking transactions. They should convince them by outlining for them the expected benefits that online banking will bequeath them with.
The researcher recommends also that financial institutions who haven‟t adopted online advertising must key into it to foster consumer brand awareness and patronage. Then for those that have started deploying it, there is need for them to do so.
References
- Al-Azzam, A.F.M. (2014) “Evaluating The Antecedents of Online Consumer Purchasing Behavior An Empirical Study Based on Theory f Planned Behaviour” International Journal of Economics, Commerce and Management United Kingdom Vol. II, Issue 4, pp. 1-18.
- Anusha, G. (2016) “Effectiveness of Online Advertising” International Journal of Research Volume 4 Issue 3.
- Aqsa, M and Kartini, D. (2015) “Impact of Online Advertising on Consumer Attitudes and
- Interests Buy Online (Survey on Students of Internet Users in Makassar)” International Journal of Scientific and Technology Research Volume 4, Issue 04. Pp 230-236.
- Ariff, M.S.M., Yan, N.S., Zakuan, N., Bahari, A.Z. and Jusoh, A. (2013) “Web-based Factors Affecting Online Purchasing Behaviour” IOP Conf.Series:Materials Science and Engineering 46 pp, 1-11.
- Arshad, Zafar, M., Fatima, I. and Khan, S.K. (2015) “The Impact of Perceived Risk on Online Buying Behaviour” International Journal of New Technology and Research (IJNTR) Volume-1, Issue-8, Pages 13-18.
- Awais, M., Samin, T. and Bilal, M. (2012) “Valuable Internet Advertising and Customer Satisfaction Cycle (VIACSC)” IJCSI International Journal of Computer Science Issues, Vol. 9, Issue 1, No 2. Pp 375-380.
- Awan, A.G., Ismail, M., Majeed, C.F. and Ghazal, F. (2016) “Effects of Advertisement on Consumer‟s Buying Behaviour with References to FMCGs in Southern Punjab-Pakistan” Journal of Marketing and Consumer Research: An International Peer-reviewed Journal Vol. 19. pp. 22-30.
- Ayegba, A., Ochiba, A.A., Omale, A.D. and Onoja, A.D. (2017) “A Study Of Consumers‟ Experience On Online Shopping In Nigeria” International Journal of Advancements in Research & Technology, Volume 6, Issue 4, pp. 22-32.
