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Chapter One Of Advertising as an Effective Promotional Tool in the Delivering of Banking Service
INTRODUCTION
BACKGROUND OF STUDY
Business is like a bicycle, either you keep moving or you fall down. Over the century, man has been able to achieve many fear is the ability to like the whole world together invisible thread called Communication. Without communication, we utterly be isolated groups without the coordination we have today. In prehistoric times, communication was haphazard and primitive, with however the need for a better organized and developed system of communication became more and more crucial. In marketing, the need for communication can not be over emphasized. When a firm has developed the perfect product or services, have price of it attractively and has model accessible to the target customers, yet the customers are unaware of all these, the success of such effort may be unwanted. Marketing is used to achieve these aim, and various tools are used to achieve the firm’s communication objectives such tools are advertising, sale promotion, personal selling and publicity, it has been used by firms in the marketing communication, however advertising has often being employed, it reaches a much wider audience than any other tool would normally reach. Cyman (1969), contends that advertising is concerned with conveying a product or services and, companies producing that goods or services to the potential buyers.
Banks provides a way of services to the customers. It is hence necessary to communicate these services, their benefits and new features a customer considering the financial aspect of the banking services, banks also have to build an image to respect ability and viability through co-operative advertising. When there is confidence response in banks, the customers should be better disposed to have dealings with them, hence a bank to constantly inform its customers (present and potential) about its services and about itself in order to build an image.
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STATEMENT OF THE PROBLEMS
Banks are custodians of customer trust. They don’t simply provide financial services they also provide peace of mind to the customers with this on mind, the bank corporate advertising plans should ensure that the customer is well informed about its offers, solution to solve problems. A number of banks are seeing the importance of advertising, but some are still adhere after not something that should be done all of the time based on the above, this study aims at examining the extent to which banks carry-out advertising co-operative and the effectiveness of such campaign.
PURPOSE OF THE STUDY
This study is aimed at finding out the extent to which certain has gone in exchanging co-operative advertising as a part of the marketing strategy used, the effect by some bank customers marketing recommendation for effective co-operative advertising banks.
SIGNIFICANCE OF THE STUDY
The age-old banking tradition was to sit down and wait for customer, such a step should be suicidal. A bank with state of the art facilities and services may still not make such heavy profit if it does not talk. And with problem arise step to correct the situation, may take a little too late. It is hoped that through this study, insight can be gained to established, maintain and improve line of communication between the bank and its public. When its public understand policies aspiration etc, a more efficient banking system can be hoped for with room-still for further improvement.
RESEARCH QUESTIONS
It is that research works should be able to provide answers to the following research questions.
a) Do bank advertise from head office?
b) Are banks truthful in their corporate advertising?
c) Does corporate advertising influence the customer choice of banking?
d) Which of the promotional tool is the most effective for bank marketing?
e) Does corporate advertising by banks increase their customer awareness?
HYPOTHESIS
In carrying out the study, the researcher will work with the under listed hypothesis so formulated shall be the end of the study.
a. The customer awareness of bank activity is not to increase with more corporate advertising.
b. Customer awareness is not the most effective promotional tool in the corporate advertising
SCOPE OF THE STUDY
Through literature have not been written on the topic corporate advertising as all effective promotional tools in the marketing of banking service, there is banking business the foundation of which is trust means that a bank can not afford to pay lip services will tend to be tough. The only way to stay in business is to move profit and corporate advertising help to achieve the profit goals.
Banks can only continue to make profit in so far its public that it is deserves to continue it operation by corporate advertising generally seeks to achieve the following.
DEFINITION OF TERMS
Bank: this is an organization authorized by the central Bank of Nigeria (CBN) through the insurance banking license to accept deposit from members business generally.
Banking: Banking can be said to be the business of receiving money from outside source as deposit irrespective of the payment of the interest and grating of money, loan and acceptance of credit or the purchasing and sales of security for the amount of others or the incurring of the obligation on the acquire claims in respect of loan prior to their maturity or the assumption of the guarantee and other warranties for others or the effecting of transfer and clearing, and such other transaction are the commissioners may on the recommendation of the central bank by other published in the federal Gazette Designates as banking business.
Bank Marketing: the creation and delivery of customers satisfying service at a profit. Bank marketing is called to develop a distinctive brand image which is considered the capital reputation of financial institution.
Corporate Advertising: it is a promotional strategy that is designed to not only interest customers in product and service offered by the company, but also to cultivate a positive reputation among consumers and others within the business world.
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