247E-Book Project: STRATEGIC ROLE OF MARKETING IN THE NIGERIAN BANKING INDUSTRY

STRATEGIC ROLE OF MARKETING IN THE NIGERIAN BANKING INDUSTRY



ABSTRACT

Competition was more or less unknown in the immediate past banking era, there was little or no need for marketing strategy which include, innovation, product development, public relation, promotion, and marketing research. The banks then concentrated mainly on advertising as their only marketing strategy. The trend in the banking industry in recent times provides an interesting example of a service industry that has in the past paid very little attention to the development of strategic marketing for marketing banking services.
The objective of this study is to examine the relevance of marketing strategy as a tool for business survival and also to suggest the various marketing strategies for the banking industry- so that their objectives can be achieved. The study was based on information collected from selected banks in Nigerian banking industry. Data collected were analyzed using statistical summarization technique and contingency test of chi-square. Findings revealed that marketing strategy- development and implementation are important for continuing growth and survival of business organizations in this volatile Nigerian marketing environment.


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