Marketing Strategies Impact on Banking Indusetry (A Case Study of Fidelity Bank of Nigeria Plc)

Abstract

The aim of the research is to investigate the use of marketing techniques by Fidelity Bank of Nigeria plc as well as to find out the marketing strategies used so far for the company’s business operations. Two hypotheses were tested, to know if there is no significant relationship between marketing strategies and banks profitability. Another was tested to know if, there is no significant positive relationship between loan, advance (LA) and earnings per share (EPS). Some facts were also review in the literature like the relevant of strategic issues in service marking, methods of developing the strategic marketing mix among others. After an in – depth study in the impact of marketing strategies on the industrial service of Fidelity Bank of Nigeria plc, 200 questionnaire were administered and returned valid. Furthermore, oral interviews on the use of library and internet materials were conducted. The respondents were selected purposively from a population of Bankers, Retails and corporate customers in Maiduguri Metropolis. The data collected were presented in table of frequencies and simple percentages, while chi-square (x²) was used to test the hypotheses. After the hypotheses have been tested it revealed that there is a significant positive relationship between marketing strategies and bank profitability. It also tested that there is significant positive relationship between loans, Advance (LA) and Earning per share (EPS). On the basis of these findings, it recommended among others that Banks should embark on marketing research from time to time. This is because effective marketing strategies are a product of marketing research. In adopting marketing strategies, Bank should also compares different company’s strategies and access the success and failure of such strategies in the industry, in addition banks are encourage to be more customers focused and embrace relationship marketing rather than transaction marketing.