The Influence of Advertising and Personal Selling on Marketing of New Products of Commercial Banks in Aba (a Case Study of Uba Nigeria Plc Aba)

The Influence of Advertising and Personal Selling on Marketing of New Products of Commercial Banks in Aba (a Case Study of Uba Nigeria Plc Aba)

CHAPTER ONE

OBJECTIVES AND PURPOSE OF THE STUDY

Purpose study of this research is to know the influence of advertising and personal selling on new products of commercial banks in Aba.

The objective of this study are-

To generally appraise the advertising programme of United Bank for Africa (UBA).
To identify the defects/otherwise in the current advertising programme of UBA.
To also identify the problems UBA encounter in carry out advertising campaign and personal selling
To established the relationship between advertising and personal selling programme.
To find out how effective advertising can be use to create customer(s) loyalty.
Recommendation on how advertising and personal selling can be use in the organization.

CHAPTER TWO

REVIEW OF LITERATURE

UBA PRODUCTS AND SERVICES OFFERINGS

UBA products and services offerings are tailored to suit the needs of customers. Thus bank is constantly anticipating the changing needs of the customers and innovating new products that serves these needs by offering a wide range of detailed wholesales, investment and electronic payment products. UBA offers a variety of cards which are tailored to meet the needs of their customers across range of market segments, from consumer to corporate cards, spanning both domestic and international usage UBA is provides VISA and MasterCard, local cards affiliates include, inters witch and value cards.

UBA electronic banking offers the most innovative solutions in deployment of E-products, making UBA leader in the electronic market. The UBA virtual banks is one of the most convenient and timeless ways of virtual banking platform offers flexibility and fingertips without time constraints.

Advertising as a powerful communication tool used by firms to present and promote their offer to target audience based on their purchase response process. For advertising to be effective, the target market and buyer motives must be identified first and then major decisions in developing the programme such as the mission, money, message, media and measurement have to be made. As advertising stimulates demand, helps to build brand success, develops and shapes buyer behaviour and gives the firms or seller a measure of certainty about the level of sales, it also informs buyers about product characteristics and availability and makes market more competitive.

An advertising campaign requires an analysis of the market situations, the target market and the firms overall communication objectives. In developing and advertising campaign, once the firms has selected its target market, it must determine advertising budget, design the creative strategy which combine the “what is said” with the “how it is said”. Select and schedule media and evaluate advertising effectiveness.

Personal selling as a face to face interaction between two people requires constant, detailed analysis of the markets and much prospecting. Prospecting involves following all the leads in the target market to identify potential customers (Perreault within and McCarthy Jerome, 2002). The consultative selling approach involves developing a good understanding of the customers needs before trying to close the sale. With this approach, the sales person make some general benefits statements to get the customers attention and interest.

CHAPTER THREE

RESEARCH METHODOLOGY

INTRODUCTION

Research methodology embraces all the processes involves in obtaining and analyzing the data relevant to the study. It is a description of the procedures adopted to examine the influence of advertising and personal selling on marketing of new products of commercial banks. This chapter centers on areas like, research design, method of data collection, population of the study, sampling techniques or methods, determination of sampling size, method of questionnaire distribution, validity and reliability and method of data analysis.

RESEARCH DESIGN

The research made extensive use of survey method of design. The element of it includes personal interview, questionnaire, observation telephone interview. This is because the relevant information that this study needs can be obtain from these designs.

METHOD OF DATA COLLECTION

The researcher make use of primary and secondary data to ensure an adequate coverage between the interviewer and the despondence.

PRIMARY DATA

For the purpose of carryout this research, the researcher had to make use of primary data by administering questionnaires and personal interview. The nature of the study necessitate the use of two separate questionnaires, one for customers and another for the bank staff.

SECONDARY DATA

In other to obtain an up to date information, the research restored to the use of current and existing materials. This information can be collected from textbooks from library, journals and other published papers.

CHAPTER FOUR

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

INTRODUCTION

This chapter is concerned with the presentation, analysis and interpretation of data variously collected for the research in order to proffer solution to the research problems, give answers to the research questions and substantiate or disprove the hypothesis.

The information’s contained in the completed questionnaires cover major areas of the influence of advertising and personal selling on marketing of new product(s) of commercial banks.

For the purpose of the analysis, the simple percentage was used in answering the research questions and their relevance while the chi square test and ANOVA test statistics were used in testing the hypothesis respectively.

DATA PRESENTATION

An overall total of one hundred and fifty six (156) questionnaires were distributed according to the branch representation. Out of the one hundred and fifty six questionnaires issued, one hundred and twenty (120) were returned usable, nine (9) were returned with some flaws, while twenty seven (27) were not ready as at the time of collection. However, one hundred and twenty (120) responses available formed the total sample size of the total population. This comprises forty two (42) for the bank staff and seventy eight (78) for the customers and it is to be used for the analysis.

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

SUMMARY OF FINDINGS

Empirical research are involving as putting the results town. The fact that, the researcher has collected coherent facts in a major work of this magnitude.

The researcher discovered that bank staff involved themselves with the marketing activities and also in good position to respond to the questions properly.
It is also apparent that advertising have positive effect on commercial banks new products. It was also revealed that personal selling have positive effect on new products of commercial banks. With this efforts that increases the number of customers.
The researcher also discovered that commercial banks advertising programmes are mostly displayed on billboards and aired on radio, where as most customers are exposed to television.
Advertising and personal selling is seen to facilitate and actualize sales of commercial bank products.
The banks customers are attracted by the picture quality of the advertisement and also revealed that the customers got the advert through the billboard.
The majority of the bank customers got knowledge of their products through advert.
Lastly, a combination of advertising and personal selling effect the new products of commercial bank positively.

CONCLUSION

For any business to survive, the product idea must be well produced, properly price, extensively distributed and adequately promoted. In the service sector, nothing should be neglected especially consumer psychology, for it usually have a band ways effect. The findings in the research provided some support to debunk the contrary view that advertising is just of mundane Importance and hence proffer advice to those who feel they can at any time in their product life cycle avoid advertising and personal selling to not venture such. This is because, without a singular use or a combination of the promo tools, they would not have attained their expectations.

The research further vindicated advertising and personal selling from the blames of ineffectiveness by revealing that if innovations are not effective to a bank, it is as a result of inoperativeness of certain factors that continue from where advertising and personal selling stopped. They include:

Product attributes
Company images and core competence.
The nature of the product.
Customers income pattern and lifestyle.
Channeling a product to a wrong market.

Personal selling perhaps is found to be more than a routine function. Professionals and trained staff of the bank is desired in this area of operation so that they can read the mood and psychology of customers during sales calls and approach them accordingly to avoid bluffs.

The researcher therefore concluded by saying that advertising and personal selling whether singularly used or in combination with various other factors hold constant, have positive effect on new products of commercial bank.

RECOMMENDATION

A function that starts with a clearly defined objective at the end of application of possible available, resources should be able to deduce what has been achieved and what other things need to be done. Considering the hypothesis and discussions of findings, the research work is more equipped than ever and the researcher is better placed than ever to state the implication that calls for remedies.

At present amid political turbans and crunchy economic situation that saw to unceremonious winding up of commercial banks, consumers are no more interested in those products that do not appeal to their psychology and conform to the requirement of their immediate needs. Therefore, any product whether tangible or intangible that fails to posses these attributes, no matter the extent of advertising and personal selling effort exerted, consumers will have knowledge of the product but will not patronize it as expected by the producer. Based on the foregoing, the following recommendations are essential.

Research on media: The bank should go into further research on media, to enable them choose among the right medium at the appropriate time. Other essential area of research includes market research, promotion and corporate responsibility research. In that case, areas of wasteful investment will be minimized and the favourable areas of coverage will be underfull grip.
Service time utility: Customers are more conscious of time. Bank should improve their service time because it will bring happiness to customers and also attract more depositors and fund users.
Encourage marketing department: Banks should encourage marketing department by providing all the necessary resources they need in their job. Both financial aspect and other aspect such as recruiting expect people in advertisement that will help them to perform efficiently and effectively.
Identification of advertisement objectives: The objective of carry out an advertisement should be identified so as to minimize waste and ascertain the points advertising and personal selling should be used to aid more sale or act effectively.

AREAS FOR FURTHER RESEARCH

In the course of this study, areas for further research are discovered. They include:

An analysis of the effect of core competence on the diffusion of commercial banks new products
An analysis of the effect of advertising and products features on consumer perception of commercial banks new products
Products innovation, a standard for corporate survival.

REFERENCES

Anyanwu A. (1999): “Marketing Management” Benin: Barloz Publishers Nigeria Ltd.
Awa H. Okorie (2004): :Modern Marketing Theory “An Integrated Approach to Managerial Decision, 1^st Edition, Owerri, Kolleey Publishers.
Ebue B.C. (2007): Marketing Communication, 3^rd Edition Enugu: John Jacob’s Class Publishers Ltd.
Ezirim, A.C. et al (2004): Marketing Research. The Millennium Version, 1^st Edition Owerri Avan Global Publishers.
Kotler Philip (2004): “Marketing Management”, 11st Edition India Pearson Education Publisher.
Nwachukwu V.O. (2008): Principles of Statistical Inference 3^rd Edition Port-Harcourt, Zelon Enterprises.

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