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The Determinant Of Choice Of Promotional Mix In The Marketing Of Financial Services In Nigeria
[A CASE STUDY OF UBA] -
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CHAPTER FIVE
5.0 SUMMARY CONCLUSION AND RECOMMENDATIO
This project work has been conducted through verbal interview in the united bank for [UBA] and we have been able to identify various factors that determine the choice of promotional mix variable conducted, we arrived at the following findings.
5.1 SUMMARY OF PROJECT.
The market nature and characteristics is one of the factors that determine the choice of promotional nix variable of the UBA bank.
Product nature and characteristics, as in the technicality, perish ability, and availability of the product crucial factor determining the firm’s (UBA) choice of promotional nix.
Another viewed factor is the company’s size policies and financial capability which all dictate the choice of promotional nix variable or budget of the firm.
The level of competition and the anvrionment at which the company opeates is another factor that determines the firm choice of promotional nic, as they will want to outstand rivatry or competition in the market.
The consumter’s income, lifestyle and cultural exposures also create impact on the firm choice of promotional mix variable.
Also the nature, extent of coverage and the accessibility of the promotional nix variables also affects the company’s UUBa choice of promotional nix.
Based on the above factors or summary, it has been viewed that the firm was able to make the right decision in the type of promotional nix to use that best fit the intangible nature of the product.
5.2 CONCLUSION
To put in conclusion, the attempts made in this write up as one of the objective of the study is to highlight those factors that determine the companys choice of promotional mix variable in the marketing of their services products with a view to encourage the industrialist or other financial institution to adopt the promotional strategy that best fit and help the marketing and communication objectives in the market place as the exploit the advantage of dynamic environment that a country like Olgeric offers.
Also, attempts to examine or deal with the management of promotional mix variables in the financial industries or sectors as it help to aid and increase performance. It has been supported by the date analysis that banking industries like other pharmaceutical industries has been using the best promotional mix strategies so far to penerate predetermined markets and provide more awareness, benefits, varieties of services to customers in other to minimize the organization profits.
To examine the various determining factors of the firm and also analyses the various variable adopted by the products or services within factor considered in the research work. This helps to evaluate the impacts, roles, strength and importance of promotion to the marketing of financial services products of the bank.
It has been alested to by the data analysis and presentation that the impact, effect and roles of the quality and price of the company’s new idea, product and services has help to increase consumers satisfaction and also help to have greater parent age or proportion of the total market share.
5.3 RECOMMENDATION
In chapter two, our view indicated that are several areas where we can effectively and efficiently handle those factors determinants of promotional mix variables as such requires a well integrated, intellectual, competence and skillful body of knowledge to guide the manages in policy decisionin this area.
Several areas for future research are suggested by this study. Further research is needed on market characteristics, product characteristics and level of vital in determining the choice of promotional mix variable of the firm. This is necessary so as to reduce the rate of product failure or rejection and to improve the return on funds investement in the new promotional mix activities or budget.
While many factors is the contribution to the high gailure rate, a major factor is the ability to predict consumer responds to raw promotional strategy, then an elaborate research should be conducted to find out how quickly consumers can adopt new promotional mix strategy.
The federal ministry of commerce and industries should enlighten the country’s existing research institutes, like the federal institute of industrial research, Oshodi (FILPO) and connection with discovering local materials that may serve as substitute for the existing ones.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACT Marketing activities cannot said to be complete a effectives if the consumer did not get the message or where the message did not reach the target audience (market) an effective message needs to pass across the market so that consumer will be aware of the company’s product, where the company is what exactly the company produce and benefit to be derived from using the products. No doubt consumers want satisfaction and the company needs to find all ways in satisfying the cons ... Continue reading---
TABLE OF CONTENTS - [ Total Page(s): 1 ]TABLE OF CONTENTCHAPTER ONE: BACKGROUND TO THE STUDY1.1 Introduction1.2 Statement of problems of the study1.3 Aims and objectives of the study1.4 Significance of the study1.5 Scope of the study1.5.1 Theoretical scope1.5.2 Geographical scope1.5.3 Industrial scope1.5.4 Time scope1.6 limitations and constraints to the studyCHAPTER TWO: LITERATURE REVIEW 2.1 Review of past research reports on the subject matter (empirical review)2.2 ... Continue reading---
CHAPTER ONE - [ Total Page(s): 2 ]CHAPTER ONE1.1 INTRODUCTION No one knows who you are, where you are, what you worth and what you have to offer until you tell, display or disclose your identity, and this can only be achieved through an effective promotional strategy promotion here helps to communicate and disseminate necessary information about a firm, its operation and its offering to the targeted market or customers. Product planning, pricing and distribution are marketing activities that are performed mainl ... Continue reading---
CHAPTER TWO - [ Total Page(s): 3 ]CHAPTER TWO2.1 LITERATURE REVIEW Every marketing element in the marketing mix communicate something to consumer. Therefore one of the function of marketing management is to ensure that the consumer does not receive contradictory or confusing message from the element of the marketing mix. The marketing communication or promotion mix comprises of complex techniques that may use by management to communicate with consumer and to promote, inform, persuade and remind about the firm product ... Continue reading---
CHAPTER THREE - [ Total Page(s): 2 ]CHAPTER THREE3.1 RESEARCH DESIGN Research has been defined as a diligent and systematic attempt to find acceptable answers and solution to question or problems through certain logically designed processes or steps (Dino sano). And research design is said to be the act of specifying the method for collection and analyzing the data necessary to help solve the problem under investigation, such that the difference between the cost of obtaining various levels of accuracy and expected valu ... Continue reading---
CHAPTER FOUR - [ Total Page(s): 10 ]Tests 2 Test on the relationship between the consumers level of satisfaction and the price change and quality of financial services product of the company (UBA) Ho: there is no relationship between the consumer’s level of satisfaction and the company’s price change and quality of financial services products.Ha; here is relationship between the consumers satisfaction and the price change and quality of financial services products of the companya = 5% = 0.05C.R = 3.84 (1 degree ... Continue reading---
REFRENCES - [ Total Page(s): 1 ]REFERENCESAfolayan, J.A (2000): promotion management and marketing communication: Iorin, Adewumi press.Deliyimpk D.J and Person L.J (1980): marketing management test and cases: U.S.A John wiley and sonsDescoster, D.T and Schafer, E.F (1984): Management accounting: N.S.A Pitman PublishingGozueta, R (1996): coca-cola word of opportunity; new york beverage world int’l.Irving, s.k (1997): public reations: new york, Aledanderj hamiton institute pressKotler, P and Armstrong (1999): principle of ... Continue reading---
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ABSRACT - [ Total Page(s): 1 ]ABSTRACT Marketing activities cannot said to be complete a effectives if the consumer did not get the message or where the message did not reach the target audience (market) an effective message needs to pass across the market so that consumer will be aware of the company’s product, where the company is what exactly the company produce and benefit to be derived from using the products. No doubt consumers want satisfaction and the company needs to find all ways in satisfying the cons ... Continue reading---
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CHAPTER FIVE -- [Total Page(s) 1]
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