Strategic Marketing Practices and Growth of Selected Deposit Money Banks in Ogun State, Nigeria

Abstract

The major challenge confronting every manager in the banking sector is the means of achieving competitive advantage over its competitors. Without engaging effective strategic marketing in the banking sector, there may be little progress in the Nigerian economy as well as in its banking operations.  Therefore, the research emphasizes that it is through efficient strategic marketing efforts that a developing country like Nigeria can compete efficiently in its banking operations with advanced nations of the world. Therefore, this study investigated the extent to which strategic marketing practices could be used to achieve overall growth of selected deposit money banks in Ogun State, Nigeria. The study adopted a descriptive survey research design using a combination of stratified sampling technique and convenience sampling technique to select 100 banks staff which were contacted using structured questionnaire. The data collected were analyzed using the SPSS software version 19.0. Correlation analysis was conducted to establish the nature of the relationship between the bank’s strategic marketing practices and overall growth of selected deposit money banks in Nigeria while regression analysis were used to explain its overall growth in Nigeria deposit money banks. The finding revealed that positive relationship exists between strategic marketing practices and overall growth (r=0.796; Fcal=168.225; p<0.000). The researchers recommended that commercial banks should embrace strategic marketing by being focused to adapt to changes, marketing of assets and capabilities and marketing of innovation for the growth and survival of the industry.

Keywords: Strategic marketing practices, Growth, Competition, Banks