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PROMOTIONAL MIX IN BANKING SYSTEM (UNION BANK PLC AS CASE STUDY)

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TITLE PAGE

PROMOTIONAL MIX IN BANKING SYSTEM
(UNION BANK PLC AS CASE STUDY)

BY

---
--/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---

DECEMBER,2018



APPROVAL PAGE

This is to certify that the research work, "promotional mix in banking system(union bank plc as case study)" by ---, Reg. No. --/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.

By
---                                                     . ---
Supervisor                                                  Head of Department.
Signature……………….                           Signature……………….        

……………………………….
---
External Invigilator



DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.



ACKNOWLEDGEMENT

The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.


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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 consumter that is why this is need to plan and check which of the promotional mix will be effectives for conveying message to the targeted market. Promotional mix can be explained as all strategy, ways, it may be through the following took: advertising, sales promotion, personal selling publicity and public relations, which ever close by a company have to delivered what the company’s what it to achieve and that is why one has to planned ahead in determining which are will be effective. In Nigeria financial services such as the bank and insurance home use different means in creating awareness and promoting their service because they are aware that they can not succeed by sitting down in their offices and expecting customer to come, so they use either personal selling or sales promotion in marketing sure customers patronize their bank. In course of determining the right choice to adopt, this study will evaluate the usefulness of promotional mix and again carryout research by testing some hypothesis through either primary source or secondary source which means questionnaire will be relevant, hastily, the research work will deal with all promotional mix before choosing which one is most suitable for financial services.

CHAPTER ONE
1.1   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 mainly within the company or between the company its “partners” however, through its promotional activities, to beat the drum about its product the purpose of the study is to deal with the management and the determinant of promotional mix variable that is the combination of advertising, personal selling, sales promotion and publicity and also public relations used to reach the goals of the marketing programs.
A company’s total communications is marketing mix also called its promotional mix consists of specific blend of advertising, sales promotion, personal selling and direct-marketing tools that the company use to pursue its advertising and marketing objectives as postulated by Philip motler and Gary Arnstrong (2006).
Promotion is highly required in order to market financial services because this section has become highly competitive nowadays that they need to embark on aggressive promotional activities to position than selves in the mind of the consumes promotion of financial services differs from physical goals in learns of total marketing program and the media-mix that is used. The clench of media-mix to advertise or promote financial services must be those ones that have staying power that is such message that will be imprinted in the memory of psycho of the prospective customer advertising, sales, promotion, public relation, worth of marth, direct mail, persimmon marketing are all promotional mix that can simply be employed or combined in the marketing of financial services product.

1.2   STATEMENT OF PROBLEM
        In almost every banking or financial organization the choice of promotional mix variables account for a large proportion of their operations. It has a strategic role to play in the economic development of industrial less advanced relations. Economic like ours (Nigeria) and remain important in the economy of the more highly important in the economy of the more highly industrialized nations.
However financial organizations (banks mostly) are finding it difficult to choose from the promotional mix variables that one is most fitting and that helps in efficient and effective operation and realization of the firm’s objective. The problem areas hold to the fact that some of the firm fail to take into consideration those possible factors that determines the choice of promotional mix variable that helps to compare the operations and activities of the firm with the variables choice to know the one that fits the firm.
Also considered here is the financial strength of the firm which claims to be one of the factors that determine the choice of promotional mixes it determines the amount of capital appropriated to promotion department, sector or budget in the organization.

1.3   OBJECTIVES OF THE STUDY
        The main purpose of this study is to deal with the management of promotional mix variables in the financial (Banking sector as it helps to aid and increase performance, taking the union  Bank as a case study.
Also aim to identify and highlight factors that determine the firm’s choice of promotional mix in the marketing of their services (i.e. financial services problem)
And also to look into the future-anticipate, forecast and predict the future stand of the union  Bank in the market place, to make appropriate recommendation for efficiency and effectiveness in operation.
The research objectives for the field component of a proposed larger study are:

  • Examine the importance of marketing research and planning.
  • Discuss the role of promotional mix in the fulfillment of organization’s mission and vision.
  • Identify the role promotional mix in the marketing systems.
  • Identify good practice which can contribute to improve relating systems.
  • Identify the barriers to effective promotional mix in Nigeria.
  • Make recommendations, for improving marketing system in Nigeria.

1.4   SIGNIFICANCE OF THE STUDY
        This research work would be of importance to many souls who are interested. This importance would include the following.

  • It would serve to bring to know the importance and the effect of promotion or communication in the marketing of financial services in banking sectors in Nigeria
  • It would be of importance to the limited union Bank as the case study as it helps to know take into consideration before the choice of any promotion al variable.
  • It would be of importance to the researcher as it should help or enable them to combat any problem that may arise as a result of selecting promotional mix variable in case they found themselves in such position later in future.
  • It would serve as a useful purpose to the consumer as it makes them have more knowledge of them have more knowledge of the firm and its offerings everyday to know how to make their decision compare to that of competitors.
  • It would also help other financial sectors or to know how best to handle and manage their promotional department as to be fit into the market.
  • Finally, the study would also services as a secondary data source to other researchers later.

1.5   SCOPE OF THE STUDY
        Determinant of promotional tools to choose or select as it applies to the marketing performance in the marketing of financial services is a broad scope which includes:

1.5.1        THEORETICAL SCOPE
        The area of coverage of this research work is centered on the mix in the marketing of financial services in Nigeria the impact of this marketing strategy will be analyzed.

1.5.2        GEOGRAPHICAL SCOPE
        The area covered in terms of location is a very wide range where there are numerous consumers whome make use of union  Bank services right from nasarawa state to other state where union  Bank are being delivered their services across the countries.

1.5.3        INDUSTRIAL SCOPE
        This research work will cover the banking industries using union  Bank as a references point of the banking industries that either produces services to satisfy consumers or delivered their services in terms of and other means for consumer satisfaction.

1.5.4        TIME SCOPE
        As a result of the limited time, the data obtained will be within a span of a year and the validity of the outcome can only be tenable for the duration of (3) three year as a result of changing in marketing condition.

1.6   LIMITATION OF STUDY
        This part of the study explain or highlight the possible factors limiting the scope and success of the study. Some of these factors are:

  • Lack of financial capacity: this is one of the crucial factors affecting the functionality of the study as it denies the researcher through financial strength to conduct the necessary research based on the success of the study.

  • Lack of materials: Scarcity and inadequate required data and information has always been one of the generally factor acting against the success of many research study in Nigeria. Few available secondary data cells for the use of primary data, which involves huge financial strength.
  • Poor communication and transportation system is another factor that limits the scope of the study as it disallows the researcher the right to cover some other aspects of the population for the study.

Also limiting against the study is the lack of co-operation of the respondent supplying false data due to saliency, ignorance of illiteracy.

1.7                           RESEARCH HYPOTHESIS
Hi: promotional mix is an important tool for achieving organizational goals and objectives.
H0:  promotional mix is not an important tool for achieving organizational goals and objectives.

1.8                                 DEFINITION OF KEY TERMS
PROMOTION: it is define as an exercise aimed at information persuasion and communication about goals or services to potential consumer in a manner designed to illicit positive action.
Sale promotion can be defined as a marketing activities outside personal selling, advertising and publicity. It is also used as a complement way to other promotional strategies and action.

CONSUMER: Can be defined as someone who buys and used products and services.

STRATEGY: it is the development of a reaction capacity by an organization to adapt to environmental changes as well as the potentials for results. It involves the explicit specification of an organizations objective goals and policies necessary for achieving the goals including the allocation of resources and organization structure.
|
ADVERSTISING:-  advertising is a paid form of non-personal presentation and promotion of ideas, goods and services by identify sponsor.
Advertisement as done through various communication media like radio, television, news paper etc.
Sales promotion:- sales promotion are those marketing activities other than personal setting, advertising and publicity that stimulate consumers purchasing and seller effectiveness, such as display, inset shows and expositions, demonstrations and various non incremental selling effort not in the ordinary routine.

PUBLICITY:- publicity is a non-personal stimulation of demand for product or service by planting commercially significant news about it in a published medium, it is  not a  paid from like advertisement.

PERSONAL SELLING: This is oral presentation in conversion between two or more people with the view of making sales.

PUBLIC RELATIONS: Is the deliberate planned and sustained effort to establish and maintain mutual understanding between an organization and public.

COMMUNICATION: It is the transfer of feeling, tones expression, emotion, ideas from one person to another.

1.8                                                         PROJECT ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work,   chapter two presents the literature review of the study,  chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.


CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "promotional mix in banking system(union bank plc as case study)" is also available. Order full work to download. Chapter two of "promotional mix in banking system(union bank plc as case study)" consists of the literature review. In this chapter all the related work on "promotional mix in banking system(union bank plc as case study)" was reviewed.

CHAPTER THREE: The complete chapter three of "promotional mix in banking system(union bank plc as case study)" is available. Order full work to download. Chapter three of "promotional mix in banking system(union bank plc as case study)" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.

CHAPTER FOUR: The complete chapter four of "promotional mix in banking system(union bank plc as case study)" is available. Order full work to download. Chapter four of "promotional mix in banking system(union bank plc as case study)" consists of all the test conducted during the work and the result gotten after the whole work

CHAPTER FIVE: The complete chapter five of design and construction of a "promotional mix in banking system(union bank plc as case study)" is available. Order full work to download. Chapter five of "promotional mix in banking system(union bank plc as case study)" consist of conclusion, recommendation and references.

 

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