EFFECT OF STRATEGIC MARKETING OF BANKING SERVICES ON PERFORMANCE OF SELECTED BANKS IN AKURE.

Abstract

The environments in which business organizations operate are dynamic and becoming increasingly competitive every day. Organizations have to set strategies that would be of great assistance in actualizing their immediate and remote goals and objectives that are fundamental to the organization existence. This study assessed the effect of strategic marketing of banking services on performance of selected banks in Akure. This study used descriptive and inferential statistics to analyze data collected from the field. Frequency, percentage, mean, standard deviation, and relative importance index (RII) were used for the descriptive data, while Pearson’s Product Moment Correlation Coefficient (PMCC) and Linear Regression were used for inferential analyses to achieve the stated research objectives and test of hypotheses. The study found that threats and opportunities present in the Nigerian banking environment has no significant effect on the quality of service delivered by the selected commercial banks, (0.533) whereas these environmental changes had significant effects on the price/cost of service and the type of service rendered by the banks respectively. The adverse effects of environmental threats on the human resource of the banks, manifested as most bank staffs were retrenched. The study also found that there was significant positive relationship between marketing strategies and bank’s performance. (0.522). The study concluded that marketing has become a major function in the banking industry as a result of increased competition brought about by bank consolidation and reforms, and several other socio-economic and political factors in the country