Impact Of Marketing Strategies And Performance Of Banks And Its Ffects On Nigeria Economy

Abstract

The banking industry has been facing a lot of challenges in recent times in Nigeria. These include competition among them and non banking financial institutions such as insurance Companies. Therefore this research, impact of marketing strategies and performance of banks and its effects on Nigeria economy is aimed tonbsp identify the various types of the marketing mix components employed by thenbsp banks . to examine the effect of the marketing strategies on the performance of the banks. Andnbsp to determine if the marketing strategies employed by the Banks differ significantly from one another. Questionnaire was administered on two population which arenbsp Management andnbsp staff of thenbsp banks and customers of thenbsp banks. 250 questionnaire was administered tonbsp Management andnbsp staff of thenbsp banks,nbsp and also 250 was administered to customers of the bank in Nigeria. Result of the analysis revealed four factors which were distribution network, quality of service, promotion and price with the percentage contribution of each factor being 51.9%, 73.6%, 31.2% and 38.5% respectively. Multiple regression analysis shows that R2 = 0.563 which indicated that the four factor accounted for 56% variability in the performance ofnbsp marketing strategies employed by the banks. The result of the analysis of variance indicated that the mean ratings for thenbsp banks were not significantly different at 0.05level. We thereby conclude that banks should focus its innovative efforts on enlarging the size of the market in which it participates by introducing new products and services, promoting new uses for existing products and seeking out new class of customers