Evaluation of the Contributions of Marketing to the Development of the Banking Sector in Ghana

Abstract

Marketing as a major function as well as a profession is vital to the existence of any business entity. Today in the world both state and private institutions employ marketing in their transaction in order to satisfy their target markets. The purpose of this research was to identify and describe how essential is marketing to the financial sector of a third world country, Ghana. The research used simple random sampling both private and state banks. A convenient sampling method adopted to select the 109 customers at their own free time in the banking halls. Questionnaire was employed as the data collection instrument which had 32 close ended questions measured on the Likert scale from one to five where the strongly disagree was coded as the lowest and five as the highest representing strongly agree.

The findings of the research indicated that all the 7ps were very important to banks to exist due to the stiff competition in the financial market. The researchers recommended that the selected banks should continue employing the marketing elements in their operations in order to create and identify customers’ needs and wants.

Keywords: Marketing, product, pricing, promotion, place, people, process, physical evidence