The Effect of Promotion and Market Share Enhancement on the Nigerian Banking Industries.
CHAPTER ONE
1.1 INTRODUCTION
The financial services industry has undergone substantial changes from regulatory, technological, cultural and economical forces, among others. One of the most serious results of these changes is the need for financial service companies to be marketing-oriented. Marketing oriented companies places emphasis on their clients and customers’ needs and wants, and determines how these needs and wants can be beneficially served. A necessary component of marketing orientation is a strong programme for developing products (services).
Marketing activities and markets are ever changing, but the fundamental philosophy of marketing is fairly constant. Marketing changes any business, including financial services businesses. Substantial changes in financial service businesses have been witnessed in form of fund-transfer technologies, structural reforms of financial institutions, and intense competition through the introduction of myriad of products, among others.
The rising relevance of marketing in the financial service industry expedited the observed changes in financial service businesses. In an increasingly competitive and the change-prone Nigerian financial service environment, the efficient and effective practice of strategic marketing should be recognized as a salient corporate goal.
Marketing of financial services, therefore, entails the marketing of the services of the financial sub-sectors. These include the services of the Commercial banks, Merchant banks, Central Bank, Bureau de change, saving and Loans companies, Mortgage institutions, Discount House, Nigerian Deposit Insurance Corporation (NDIC), Finance House, Nigerian Stock Exchange and other financial institutions.
Broadly speaking, banking business is concerned with the offering of services, which include deposit collection, financial services, monetary transmission, credit services, foreign exchange services, among others. To offer these
1.1 INTRODUCTION
The financial services industry has undergone substantial changes from regulatory, technological, cultural and economical forces, among others. One of the most serious results of these changes is the need for financial service companies to be marketing-oriented. Marketing oriented companies places emphasis on their clients and customers’ needs and wants, and determines how these needs and wants can be beneficially served. A necessary component of marketing orientation is a strong programme for developing products (services).
Marketing activities and markets are ever changing, but the fundamental philosophy of marketing is fairly constant. Marketing changes any business, including financial services businesses. Substantial changes in financial service businesses have been witnessed in form of fund-transfer technologies, structural reforms of financial institutions, and intense competition through the introduction of myriad of products, among others.
The rising relevance of marketing in the financial service industry expedited the observed changes in financial service businesses. In an increasingly competitive and the change-prone Nigerian financial service environment, the efficient and effective practice of strategic marketing should be recognized as a salient corporate goal.
Marketing of financial services, therefore, entails the marketing of the services of the financial sub-sectors. These include the services of the Commercial banks, Merchant banks, Central Bank, Bureau de change, saving and Loans companies, Mortgage institutions, Discount House, Nigerian Deposit Insurance Corporation (NDIC), Finance House, Nigerian Stock Exchange and other financial institutions.
Broadly speaking, banking business is concerned with the offering of services, which include deposit collection, financial services, monetary transmission, credit services, foreign exchange services, among others. To offer these
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