Promotional Strategy In A Service Industry
(A Case Study Of Afribank Plc Enugu)
In the service industry, a promotional strategy encompasses a dynamic array of techniques aimed at enhancing visibility, attracting clientele, and fostering loyalty within a competitive landscape. It involves a comprehensive approach integrating various channels such as digital marketing, social media engagement, personalized offers, and experiential marketing initiatives. Leveraging targeted advertising campaigns, optimizing search engine presence, and cultivating an interactive online presence are instrumental in amplifying brand recognition and driving customer engagement. Additionally, establishing strategic partnerships, participating in industry events, and implementing referral programs further augment outreach efforts, nurturing lasting relationships and sustaining a competitive edge in the market.
TOPIC
Promotional strategy in a service industry a case study of Afri bank PLc
OBJECTIVE OF THE STUDY
The research will here in state the objective to be accomplished through the study. The extent to which the study meets the objective determines the success of the project work.
Formulation of hypotheses in the envisaged study, four hypotheses would be formulated to give focus to the study.
SIGNIFICANCE OF THE STUDY
The different target group to which the study will be beneficial will be clearly stated.
SOURCES OF DATA
Data from the study will be sourced from two main sources. Primary data and secondary data
PLAN FOR THE REVIEW OF RELEVANT LITERATURE
The research here will conduct liberty research on text books journals, magazines and other publication & related topic to the one under study. He review will be stated in sub-heads
METHODS OF DATA COLLECTION
The method of data collection in the envisaged study will involves face to f ace distribution of copies of questionnaire of the customers and the staff of the case organization. The researcher will give out the copi8es and allow one week filling period after which he will collect the now filled copies for analysis.
THE RESEARCH INSTRUMENT USED
The research instrument to be used in this study will be questionnaire. The questionnaire will’ contain both close and open ended questions
METHOD OF DATA TREATMENT AND ANALYSIS
Simple statistical table frequencies and percentages will be used to analysis the data collected while square will be used in testing the hypothesis.
Promotional strategies has proved to be the only logical basis for the sustenance of the financial institution such a s Afribank (NIG) PLC.
The promotion mix variables should be properly integrated in this ever changing marketing environment. The purpose of carrying out this researcher work was to find out the problems of afribank (NIG) PLC, and recommend solutions to the problems.
Based on the researcher topic, the researcher reversed related literature to the topic, red have a better understanding of effective promotional strategies an how they could apply to the organisation. Research conducted revealed that for promotional strategies to be effectively and efficiently implemented the company should consider its position in the Economy of the country, the production/ service life cycle, the product strategies prancing strategies, its distributional activities and promotion tools
Data were collected from there primary and secondary sources. A pilot survey of the population was cindery to determine the sample size using TOPMAN formula census technique, 33 was arrived for consumers.
In the course of the analysis, many problems which hamper the marketing activities of afribank PLC, were identified and the major findings were centred around the implementation o the marketing activities .
1. the Afribank does we have goods and qualified promotion professionals
2. there is need for maintaining high quality service that will be rendered to customers.
3. Afribank Nigerian PLC, promotional strategies are not effectively integrated.
4. Afribank ‘ distribution activities are also not effectively integrated.
However , certain recommendation were given for improvement. These recommendations also centred around marketing activities, they include:
1. the case company should communicate the planned marketing strategies to all the key decision markers.
2. they should also evelop a good and catching promotional strategies.
3. they sued make sure that marketing strategies contribution and reflect the objectives of the company.
4. they should maintain high service quality finally, the bank should carefully study its problem as enumerated in the project follow it’s various recommendations and implement them to action it’s co-operate goals.
Title Page
Approval Page
Dedication
Acknowledgement
Abstract
Table Of Content
Chapter One
1.1 Back Ground Of The Study
1.2 Statement Of Problem
1.3 Objective Of The Study
1.4 Formulation Of Hypothesis
1.5 Significance Of The Study
1.6 Scope Of The Study
1.7 Limitation Of The Study
1.8 Definition Of Terms.
Chapter Two
2.1 Literature Review
2.2 Service An Overview
2.3 Characteristics Of Service
2.4 Can Over View Of Marketing –Promotion For Services
2.5 Promotional Mix Variables
2.6 Advertising
2.7 Personal Selling
2.8 Sales Promotion
2.9 Direct Marketing
2.10 Public Relation And Publicity
2.11 Importance Of Marketing Promotion
2.12 Evolution Of Promotional Strategies
Chapter Three
3.1 Research Design And Methodology
3.2 Population Of The Study
3.3 Sample Techniques
3.4 Research Instrument Used
3.5 Sample Size Determination
3.6 Method Of Data Treatment And Analysis
Chapter Four
4.0 Presentation Analysis And Interpretation Of Data
4.1 Testing Of Hypothesis
Chapter Five
5.0 Summary Of The Finding Recommendation And Conclusion.
5.1 Summary Of Findings
5.2 Recommendation
Conclusion
Bibliography
BACKGROUND OF THE STUDY
One of the fillers of marketing id the provision of good and service to satisfy the needs and wants of the consumer at a profit to the satisfacus of the consumer or customer is the focus of marketing making price it right, distributed it well and position i.e. to best meet the needs of customers, you must have wasted all the marketing skills if nobody knows you have done these. Your customer will only know through promotional activities.
It becomes imperative that firms must not only create high quality goods that meets the expectations of the target market but tell success stories, that is , disseminate information about the product attribute and benefits to the target market.
Engle (1983:16) defines promotion as a controlled integrated programme of communication method and materials designed to present a company and its products to prospective customers to communication need satisfying attributes. Promotion is a vital ingredient of survival and development, without adequate promotion product may not sale, where they sell their continuity is in doubt . no wonder much of the budgets of some companies is spent on promotion
However, this may involve determine the optional combinations of the promotional mix,
Advertising, sales promotion, personal selling, public relation publicity to achieve it’s promotional objectives.
According to onal and Nnolim (1998:9) decisions with these components of promotional mix should be consistent with other variable mix in order to accomplish the objectives of any given organisation of the company including banking industries, manufacturing industries and the producers of goods and services are were that promotion does only inform or persuade but can strive towards profit making through increased sales., there is a lot of competitions in the banking industries, and this is affecting the patronage of Afribank. Many firm today have seen that promo tools serves as a supremacy vehicle of competition.
Meanwhile, it is because of the importance of promotion not only as a tool for informing the company that the researcher try’s to examine promotional strategy in a service industry a case study of Afribank.
1.2 STATEMENT OF THE PROBLEM
In as much as the world is dynamic, things changes every passing day competition was not so intensive among business some years ago. But today because every business wants to be at the top of the ladder, so many developments have arisen. This has lead to tremendous technological innovations like commuters, cell phones, automatic machines and many others. The business sector devised several means to market their products and service to achieve a manful results. This manifests itself as many organisations now embrace on milliohm Naira advertising campaign, training of high rate salesman, modification of their products, innovations in service rendering all are aimed at matching with the chafing trend are to provide products/ services that can withstand competition and enhance profitability.
Therefore the problem of most banks with especial reference to Afribank is that they do not really know the implications o poor promotional message in their effort to market bank products/ service. And this study intends to elucidate those things especially as it affects Afribank PLC.
1. Is the customer influenced by the any promotional strategy in the patronage of banking service?
2. do customers receive the promotional message effective form any specific medium?
3. do other service factors such as bank charges, availability of service and quality of service influence customers patronage of Afribank? These and many more forms the task of this research work.
1.3 OBJECTIVE OF THE STUDY
The purpose of this research work is as follows
1. To find out if the product promotion affects customer patronage of bank service.
2. To measure the effectiveness of advertising in creating awareness of bank services.
3. To determine whether promotional strategy used by Afribank increases customer patronage.
4. to evaluate the promotional strategies of Afribank in increasing profitability
5. to measure the impact of persona selling strategy on the marketing of bank services
6. to recommend promotional measures to improve on the performance of Afribank.
1.4 HYPOTHESES OF THE STUDY
The following hypothesis have been formulated in other to ensure in objective analysis of the study.
1. Hoi: consumers are satisfied with the quality of service rendered by Afribank
Hoi: consumers are not satisfied with the price chare of Afribank services.
2. Hoi: consumers are not satisfied with the price chare of Afribank service
HO2 Hoi: consumers are satisfied with the price chare of Afribank service
3. HO3: Afribamk is readily and accessible in their service offering to consumers.
HO3: Afribamk is not readily and accessible in their service offering to consumers.
1.5 SIGNIFICANCE OF THE STUDY
The importance or significance of the study cannot
be overemphasized. The researcher believes strange that this work will serve as a reference point and consultative material to other banks and would be most effective and efficient promotional strategy to adopt, so as to enhance customer patronage of Afribank services.
It will equally be if great benefit to readers and researchers as it may farm a base for further research an moreover it will widen their scope of understanding and knowledge in promotion
SCOPE OF THE STUDY
This study under took an in-depth look at the effectiveness of promotional strategies in industry. Again the study was limited to Afribank operation within Enugu metropolis. Questionnaires were distributed and collected from marketers and consumers of Afribank PLC in this area
1.7 DEFINITION OF TERMS
LIMITATIION OF THE STUDY
A lot of constraints have limited the scope of this study, some of them are.
1. FINANCIAL CONSTRAINTS inadequate financial resources is a limitation to this work be cause nwney is required in almost every aspect of this work.
2. DISTANCE: this is another factor, there should be adequate designed time because the research have to be in the particular place of research to get respondents to enable the research progress
3. TIME CONSTRAINTS: limited time to execute this study comprehensively is one of the limitation of this study, adequate time for deserting this project should be properly considered for the effective smoothing of this work.
4. inadequate co-operation of consumers: this is another hindering along to enable appropriate research work in the aspect of questionnaire, if the consumers refuse to comply in corresponding flimsy excuses like time there will be problem.
1.8 DEFIINITION OF TERMS
1. promotional strategy: it is a controlled integrated programme of communication method and materials designed to present a company and its products to prospective customers.
2. Advertising : a marketing functions of making know what we to sell or buy. It presents the most persuasive possible selling massage to be right prospective for the product or service at the lowest possible cost. More so, advertising must use identifies, it must not be personal it must use the maze media and it must be paid for.
3 sale promotion: this consist o all the activities aimed at promoting immediate sale. It is designed to achieve fast sales or consumer repose.
4. personal selling : face to face interaction with one or more prospective purchase for the purpose of making presentation, answering questions and producing orders.
5. direct marketing: this consists of direct communications with carefully target individual consumers to both obtain an immediate response and cultivate lasting customer relationships.
Promotional Strategy In A Service Industry:
Promotional strategies are essential in the service industry to attract and retain customers, increase brand visibility, and ultimately drive revenue. Here are some effective promotional strategies for a service-based business:
- Digital Marketing:
- Website: Ensure your website is user-friendly, informative, and mobile-responsive. It should include details about your services, pricing, and contact information.
- Search Engine Optimization (SEO): Optimize your website to rank higher in search engine results for relevant keywords to increase organic traffic.
- Content Marketing: Create and share valuable content such as blog posts, videos, and infographics to establish yourself as an industry expert and attract potential customers.
- Social Media Marketing:
- Create and maintain active profiles on platforms like Facebook, Twitter, Instagram, and LinkedIn.
- Engage with your audience by sharing informative content, customer testimonials, and promotions.
- Use paid advertising on social media to target specific demographics.
- Email Marketing:
- Build and maintain an email list of current and potential customers.
- Send regular newsletters, promotions, and updates to keep your audience engaged.
- Personalize your emails to make customers feel valued.
- Online Reviews and Ratings:
- Encourage satisfied customers to leave positive reviews on platforms like Google My Business, Yelp, and TripAdvisor.
- Respond promptly to negative reviews and address customer concerns to demonstrate your commitment to quality service.
- Referral Programs:
- Implement a referral program that rewards customers who refer new clients to your service.
- Offer discounts, freebies, or other incentives to motivate referrals.
- Partnerships and Collaborations:
- Collaborate with complementary businesses to cross-promote each other’s services.
- For example, a spa could partner with a local gym to offer joint promotions.
- Content Webinars and Workshops:
- Host online webinars or workshops to showcase your expertise and provide value to potential customers.
- Offer these events for free or at a nominal cost.
- Loyalty Programs:
- Create a loyalty program that rewards repeat customers with discounts, exclusive offers, or early access to new services.
- Community Involvement:
- Participate in local community events, sponsorships, or charity initiatives to enhance your brand’s reputation and visibility.
- Google Ads and Pay-Per-Click (PPC) Advertising:
- Use targeted online advertising to reach potential customers searching for services like yours.
- Google Ads can be particularly effective in driving traffic to your website.
- Customer Testimonials and Case Studies:
- Showcase satisfied customer stories and case studies on your website and in marketing materials to build trust and credibility.
- Influencer Marketing:
- Partner with influencers in your niche who can promote your services to their followers.
- Professional Networking:
- Attend industry conferences, seminars, and networking events to connect with potential clients and industry peers.
- Geo-Targeted Advertising:
- Use geolocation targeting in your digital advertising to reach customers in specific geographic areas.
- Mobile App Promotion:
- If your service has a mobile app, promote it through app store optimization (ASO) and targeted advertising.
Remember that an effective promotional strategy should be tailored to your specific service industry, target audience, and business goals. Regularly assess the performance of your promotional efforts and be prepared to adapt and refine your strategies as needed to stay competitive and meet customer needs.