Sold By: | Item Type: Project Material | Report this?  |  Attributes: 54 pages | 1-5 chapters | Amount: ₦5,000 | Marked useful: 752 times

Delivery: Within 24 hours




1.1 Background of the Study

Prior to the mid-1950s, marketing was primarily associated with manufacturing activities, and banking sector didn't prioritize it as part of their operations. However, towards the end of the 1950s and the beginning of the 1960s, there was a shift in perspective, and the concept of marketing began to encompass service activities as well. Since then, the perception of marketing within the banking industry has evolved significantly. Today, it is viewed as a comprehensive approach involving the analysis, planning, and control of a bank's operations within the market landscape. Moreover, in today's highly competitive business landscape, which includes banks and other financial institutions, the viability of banks hinges on the effectiveness of their marketing departments in delivering high-quality services to customers. The role of a marketing department is to assess the efficiency and impact of the services provided by the organization. According to some experts, marketing involves identifying customer needs and fulfilling them to ensure maximum satisfaction. It encompasses planning and implementing strategies related to product conception, pricing, promotion, and distribution to meet both individual and corporate objectives, as defined by the American Marketing Association. Furthermore, there is need for new marketing strategies to be applied to attract deposit and source for funds, satisfy customers at all times, increase efficiency of overall operation e.g. returns on investment, turnover, reduce costs etc. Similarly, it's crucial for a marketing department to clearly define the roles and responsibilities of each employee and how these roles intersect with other departments to minimize conflicts and ensure seamless operations. Consequently, the significance of the marketing department's role and duties within banks and financial institutions cannot be overstated, as they are essential for efficient functioning.

A bank can be described as a financial institution that gathers funds from surplus spending units and allocates them to deficit spending units, thereby facilitating economic activities. The presence of a marketing department within a bank is indispensable for achieving organizational goals through the strategic utilization of marketing techniques, known as the marketing mix. Marketing in the banking sector is fundamentally centered around meeting the needs of customers, and it holds immense significance for the survival and growth of banks in today's fiercely competitive environment. Accordng to Drucker, as referenced in Mohan and Kotler (2018), marketing is not merely a separate function but rather encompasses the entire business from the perspective of its ultimate outcome, which is the satisfaction of customers. The ability of a bank to procure the necessary resources for its sustenance is crucial for its survival, and one vital means of achieving this is through "exchange," wherein a bank offers products and services that attract and fulfill the needs of customers in return for value. However, this approach can only be effectively executed if the bank has the capability to produce the required goods and services. While the traditional belief may emphasize maximizing the consumption of the bank's products and services, it is more desirable to focus on maximizing consumer satisfaction. By adopting a customer-oriented approach to marketing, a bank can establish a robust foundation for its existence in the long term. This is because marketing operates on the principle that individuals are driven by their needs and desires, and there is a continuous effort on their part to fulfill these needs. According to Kaftandjiev & Shustiva(2018), prioritizing customer satisfaction ensures the institution's sustained relevance and success. Therefore, it's imperative to recognize the impact of marketing concepts and market segmentation on bank marketing strategies and their relationship with overall organizational objectives. Thus, a survey will be conducted to assess the impact of marketing activities on banking sector: A case study of Access Bank Cameroon.

1.2 Statement of the Problem

In previous years, marketing has played a pivotal role in shaping the banking sector in countries worldwide, including Cameroon. Similarly, in today's landscape, marketing serves as a vital instrument for banks to attract customers to their diverse range of products. It has been recognized as the primary tool for banks to satisfy both customers and stakeholders, as the products and services offered by banks need effective marketing to reach potential customers. However, with the advent of globalization, Cameroonian banks face formidable competition from international counterparts, necessitating the establishment of strong marketing departments and strategies. According to Shohreh & Peyman (2018), gone are the days when customers simply walked into a bank to request services. In the current highly competitive environment, banks must utilize marketing tools to enhance their market share by raising awareness about their offerings among potential customers. This entails not only informing customers about their products but also educating them and fostering understanding about the benefits and features of these offerings. Also, Lin and Wang (2018) asserts that marketing serves as the bridge connecting customers with the products and services provided by the bank. To stay relevant and competitive, banks must break out of traditional molds and explore new avenues to reach their target audience. The rise of modern banks and foreign competitors has intensified competition within the industry. Therefore, aligning the needs and preferences of the target audience with the bank's marketing strategies is crucial for revenue generation and long-term growth and survival. Hence, it is in the light of these that the study seeks to assess the impact of marketing activities on banking sector: A case study of Access Bank Cameroon.

1.3  Objectives of the Study

The main purpose of this study is to assess the impact of marketing activities on banking sector: A case study of Access Bank Cameroon.  Specifically, the study will;

Ascertain the marketing strategies adopted among banks in Cameroon

Evaluate the effectiveness of bank-marketing strategies in attracting and retaining customers.

Assess the impact of bank marketing activities on its performance 

Identify the factors affecting the effectiveness of banks marketing activities in Cameroon

1.4 Research Questions

The following questions have been prepared for the study:

What marketing strategies are being utilized by banks in Cameroon?

How effective are bank marketing strategies in both attracting and retaining customers?

What is the impact of bank marketing activities on the performance of banks in Cameroon?

What factors contribute to the effectiveness of marketing activities among banks in Cameroon?

1.5  Research Hypothesis

H0: There is no significant impact of marketing activities on banking sector

Ha: There is a significant impact of marketing activities on banking sector.

1.6  Significance of the Study 

The findings of the study will help banks refine their marketing strategies to attract and retain customers, improve brand perception, and ultimately increase profitability. Further more, it will help customers make more informed decisions about where to bank and where to invest by helping them comprehend the value propositions offered by various banks. It will also clarify how marketing affects their attitudes and actions. Additionally, subsequent researchers will use it as a literature review. This means that other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to the impact of talent management on the performance of the employee: A case study of selected banks in Douala, Cameroon.

1.7 Scope of the study

The scope of this study is boarded on the impact of marketing activities on banking sector: A case study of Access Bank Cameroon. Empirically, this study will ascertain the marketing strategies adopted among banks in Cameroon, evaluate the effectiveness of bank-marketing strategies in attracting and retaining customers, assess the impact of bank marketing activities on its performance and identify the factors affecting the effectiveness of banks marketing activities in Cameroon.

Geographically, the study will be delimited to employees of Access Bank  in Douala, Cameroon.

1.8 Limitation of the study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed. 

More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.

 1.9 Definition of Terms

Marketing: is the process of promoting, selling, and distributing products or services to consumers or businesses. It involves various activities such as market research, advertising, branding, sales, and customer relationship management.

Banking sector:  these are financial institutions that provide banking services such as accepting deposits, lending money, and facilitating financial transactions. It includes commercial banks, investment banks, credit unions, and other financial intermediaries.

This material content is developed to serve as a GUIDE for students to conduct academic research

Delivery: Within 24 hours

  • Reference(s):

    Yes available

  • Methodology: Yes available

Advertise Here

For advertisement, call 08168958821

Not what you were looking for? Perform a search

What's your project topic?

Comment on Facebook: