A Casestudy Of First Bank Nigeria Marketing Essay

A Casestudy Of First cashboxing company Nigeria Marketing turn outNigeria is among the directing countries in the World today. In the 1980s, several evolution countries chased some stochastic variable of pecuniary liberalization program or another(prenominal), in order to move on the development of their countries. (Ayadi and Hyman, 2006). In achieving this fiscal liberalization, the First avow of Nigeria Plc head for the hillsed a major role since the development and maintenance of the Nigerian economy. Being the inaugural of its kind in Nigeria.The Nigerian Banking organisation started its archives as far back as 1892 with the establishment of the Afri back tooth Banking in Lagos, the cracking of Nigeria as at then it was taken over by the Bank of British westward Africa (BBWA) in 1894 and was later acquired by commonplace Bank of West Africa in 1965. In 1969, Standard Bank of West Africa incorporated its Nigerian operations under the pass water Standard Bank of N igeria. In 1971, Standard Bank of Nigeria listed its shargons on the Nigerian Stock fill in and placed 13% of its sh ar capital with Nigerian investors. The brink changed its name to First Bank of Nigeria in 1979. (The journalof African society).Now, First Bank is the biggest desire in Nigeria out of the 25 posits, it has been rated as the largest RETAIL lender in the country. FBN has a subsidiary in London, UK which started its operation in year 2002 having a branch in Paris. The bank as at 2009 December had a total asset of N2,172 billion (USD14,718 million). (First Bank financial Highlights 2009).Being the first of its kind in Nigeria, it has made a large clientele stupid and this has effrontery the management so much confidence and a esthesis of satiscircumstanceion which has led to the neglect of guests satisfaction maximizations and origin upings. There argon 25 banks in Nigeria, although FBN Plc has been rated has the largest retailer bank, other banks ar improv ing on the curve holes of their cross modalitys and work and using that medium to sap their nodes.The Nigerian human beings has father to palpableise that they aver the money (capital) of the bank and beca commit of that they should get the stovepipe produces and run possible. Doole et al, (2005) says In the fast contemptible warring environment it is vital for organisations to earmark client satisfaction otherwise they risk losing their customers to competitors. The penalty for non providing customer satisfaction can be a steep decline in the organisations performance, as Marks Spencer, McDonalds and British Airways (BA) have recently found. co-ordinated merchandising communicating consists of varieties of medium of converse wholly in the name of straightforward customers in order to get new customer and to retain lively customers. Zeithaml et al (2006) says, trade communion is more complex today than it apply to be. In the past customers received trade di scipline astir(predicate) well-behaveds and run from a limited turn of sources, usu every(prenominal)y mass converse sources such(prenominal) as network television and countersign papers. With a limited number of sources, marketers could easily convey a uniform sign image and ordinate promises. However, to years consumer of both goods and go receive confabulations from a far richer physique of advertising vehicles- masterminded magazines, websites, direct mail, movie theatre advertising, e-mail socialisation and a host of sales promotion. Consumers of services receive additional intercourse from services capes, customer service departments, and everyday service encounter with employees. FBN Plc is the biggest bank in Nigeria in harm of asset and clientele bagful but leave outs a proper compound merchandise communication system. It has so much relied on the facts that it is the first bank ever in the country and the Nigerian populace believe strongly in the bank be cause of its strong asset base and because it has stood the test of durations. Despite their strong clientele base, FBN can single handled own 90% of the customer macrocosm in the country if it adopts IMC.Chris Fill (2009) IMC has emerged partially as a reaction to this inadequacy and to the trulyisation by clients that their communication ineluctably can (and should) be achieved more efficiently and in effect(p)ly than previously. The FBN customers are yearning for qualitative and uniform information some their funds and interest.The Nigerian government created a monetary policy reform that was geared to energise the economy in short-run and to introduce a market system for effective allocation of resources. The efforts were directed at promoting financial savings, reducing distortions in investment decisions and inducing an effective intermediation mingled with savers, investors and their financial institutions. (Ayadi and Hyman, 2006).Integrated selling communication bu ild a strong brand identity element in the market place by tying together and reinforcing all your images and messages. IMC means that all your corporate messages, positioning and images, and identity are coordinated crossways all venues. It means that your PR materials say the same(p) liaisons as your direct mail escape and advertising has the same look and feel as your website. (Zeithaml et al 2006).Thus this seek work aims to explore the opportunities awaiting FBN Plc aft(prenominal) adopting a well integrated marketing communication theory system to boost its customer satisfaction. look for Questions and ObjectivesIdentify the need, want and demand of the market.Identify the causes of lack of customer satisfactionIdentify and evaluate the market opportunities for FBN Plc.Analyse the FBNs competitive service over its rivalsDevelop a well qualitative and vicenary integrated marketing communication system for FBN Plc.MethodologyConceptual theoretical account and DesignFi sher (2010) says abstract framework is formed of patterns of concepts and their interconnections. It is usually establish on cause and effect kinships which are often the basis of hypotheses that such interrogation seeks to test. It has a award care been noned by Easterby- smith et al (2002) that conceptual framework helps to take a more informed decision about the research draw close, decide which method(s) are admit for the piece of research, and also to see about constraints which whitethorn impinge on the research.FBN Plc being a bank and with diverse round and customers spread all over the country, it is therefore better(predicate) from the disposition of methodology (conceptual framework) to go by favourableness approach which is united to three-figure method. Yates (2004) states that other approaches (quantitative methods) deep tidy sum the social sciences may come from the fact that natural science methods appear to be successful in their range of use. Most research texts have categorised research into two move quantitative and qualitative approaches. (Knox 2004) notes that this is more or lessly done for ease of explanation or to reflect differences in style or marketing, (for geomorphologic reasons or for addressing alternate(a) research check overs) or simply differences in approach is in hindsight for the research. It is verbalise by Yates (2004) that from research texts, the human affinity between positivism and quantitative method is almost a law or truth. He then elevate highlights (with other authors) that quantitative methods can be used with other areas of examples within the social sciences. Also that one can argue cl early on that plus thinking has twistd quantitative or numeric research. This could be as a bequeath from the justification that quantitative methods are just as appropriate within an interpretivist piece of research.Ticehurst and Veal (2000, p15) support this linkage between quantitative and positi vism by stating that the quantitative approach to research is also cognize as management science or operations research. and then linking discipline with philosophy.Saunders et al (2003) sees research passage as an onion.Adapted from Knox (2004, P.123)Within this onion the second layer refers to the subject of the research approach that flows from ones research philosophy. Therefore linking the philosophy of positivism with different approaches. This onion has now explained that ones research could perform do withDeductive Approach develop a theory and speculation or hypotheses and design a research strategy to test the hypothesis.inducive Approach in which data leave behind be collected and a theory will be true as a issuance of data analysis. (Saunders et al (2003).Deductive approach is a form of argument in which a conclusion is validly inferred from some premises and must(prenominal) be true if those premises are true. And Induction is a form of reasoning that usuall y involves the inference that an instance or repeated faction of events may be universally generalised. (Malhotra, 2003).From the above, I as a tec in the case of FBN Plc have chosen to use from the Onion incontrovertibleness approach which will lead me to deductive approach (quantitative method).I am expected to use this approach to identify an area of enquiry which is the customers and members of staff of FBN Plc to be able to have a good background of developed theory, which is seen as pivotal for, guide me.The issues to way an enquiry upon emerge from the effected theoretical framework i.e., the customer service procedure, products and services and information given to customers about their funds.Specific variables are identified that the researchers deem should be measured, i.e., hypotheses are set.An instrument to measure specialized variables is developed.Respondents give answers to set and specific heads with a consistent language and logic.The response to the set que stions are analysed in terms of a prior established theoretical framework.The researcher tests theory harmonize to whether their hypotheses are accepted or rejected. (Malhotra,2003).Knox (2004) concludes that positivist paradigm is majorly used by marketing researchers (positivism = deduction =quantitative methods) in aligning methods with philosophical stances. It also helps to form the nature of techniques that are applicable by researchers.Alternative figure NamesPositivistInterpretivistQuantitativeObjectivistScientificExperimentalistTraditionalistQualitativeSubjectivist humanistPhenomenologicalRevolutionistAdapted from Malhotra(2003 p.138).Easterby-Smith et al (2002 p28) argue that the signalize idea of positivism is that the World exists externally, and that its properties should be measured done objective methods. This infers that only knowledge, which is observable, is in fact valid. This then brings together the epistemology of positivism with quantitative methods i.e. me thods which are fundamentally numerical evidence, interest a very natural science approach to the research in hand.In reference to the Onion diagram, the third layers consists of six Research Strategies which include Experiment, Survey, Case study, Grounded theory, Ethnography and Action depart. This research is to piss use of all these strategies to know the expectation of customers and what the management and staff are ready to deliver to their customers.Saunders et al (2003) get ahead expatiated on data entreaty to be by the following which will be the means of my pull together of information Case study (questionnaires, oppugns, observations) and Documentary analysis.Expected data accretionCollection of primary data will be conducted majorly in Nigeria through personal interviews (observations), questionnaires for customers and staff of FBN Plc, and customers and staff of other banks. A major interview will be conducted with the Head of Department of the following units Retail, Human Capital and Social and Welfare (customer service) at the Regional pipice.Secondary data will be collected through the customer and staff complaint boxes, financial news and reports and other connect websites.ResourcesThis deals with how to find intimacys out by research than discovering things by reading literature. Fisher et al., (2010). In suffering information for the research work, survey research will be adopted to have sinless and generalised views.In having a successful research work, one needs to eviscerate use of several resources in the survey approach which includes the followingQuestionnaire a question is a method of obtaining specific information about a define problem so that the data, after analysis and interpretation, result in a better appreciation of the problem. In this research work, the questionnaire must have these set of information inclusiveFacts and knowledgeOpinionsPast conductFuture behaviour(chisnall 2005).Pilot testing questionnaire chinall (2005) notes that, it is vitally important to make sure that questionnaire are piloted through all the formats of development. He come along explains that it contains question which are specific, all the way understandable, capable of being answered by particular population sampled and free from bias. Webb (2002) confirms that piloting of questionnaire helps to evade participants biased answer.Personal interviews helps with structured questions like rating question in self-response instruments and open-ended questions. These are orally presented, with the advantage that there is the opportunity for the interviewer to interpret questions, clarify up mis rationality, or gather data from those not fully literate from the designers language. (Black, 1999). It also helps observe and quantify the respondents attitude when interviewed.Documentary analysis this is analysing the news originating from the financial sector of the country, news about the general views of customers and staff and complaints of staff and customers.Ethical issues this poses as a problem in gathering information from staff and customers when there is a restriction on privacy, customers and staff that believe they should be loyal to their bank and employer and this can be done by keeping some things secret.Research bias Saunders et al.,(2009) says to avoid research being bias, questionnaires and interviews must be knowing and tested before being put to use.Time a time frame must be set to achieve the expected result for the research.Literature ReviewTo appreciate the importance of integrated marketing communication (IMC) it is useful to understand its origin and the major elements that have helped in its development. For numerous years agencies and clients believed that to deliver messages to particular audiences it was necessary to use specific tools of the communication mix. At the time it was a common belief that to achieve specific communication effects on buyers it was neces sary to use particular tools. (Chris Fill,2009).Schultz et al.,(1993) says the bore of integrated marketing communication is emerging as one of the most valuable magic bullets companies can use to gain competitive advantage. Advertising, sales promotion, direct response marketing, and public relations practitioners are busy conclusion common ground to meet the coming challenge of selling to customers quite than market.This explains that integrated marketing is not out to affix gainfulness unsocial but also to achieve maximum customer satisfaction. IMC has now emerged as the response to this structural shortfall and the realisation by customers that their communication needs can (and should) be achieved more efficiently and effectively than the way it was in the past.IMC develops and extends the capriciousness and value as a communications surgical procedure targeting a firms external market. By directing Internal Integrated Marketing communication theory (IIMC) towards thei r employees, firms are able to promote employee satisfaction, trust and commitment, thereby strengthening the firm-employee human relationship and ultimately affecting profitability by enhancing customer satisfaction (Herington, Johnson and Scott 2006).By achieving employees satisfaction, trust and commitment, it results in employees dedication and putting in their best at their duties and this helps increase customer satisfaction.Gummenson (2002) confirms this, that previous studies have shown that employees who are familiar with and move to an organisations market orientation and brand set play a precise role as part-time marketers. All customer oriented employees, not just those associated with marketing, help to deliver the brand promise. They can influence relations, increase customer satisfaction, customer perceived type and ultimately revenue. Therefore, directing integrated marketing communications towards a firms indwelling market is itself a detailed part of achievi ng moderateability and profitability. (Ferdous, 2006).Schultz et al., (1993) have produces a lively, no-nonsense critique of this fast moving marketing trend in integrated marketing communications. Taken alone, the early chapters documenting the shift from mass merchandise to mass marketing are outlay the price of the book. Yet the real meat of the text is revealed as the authors try out the emerging naturalism of true one-on-one marketing to individuals, a reality made possible by the power of information engineering to develop this ultimate consumer segmentation approach.The fundamental reasons offered for the popularity of Integrated Marketing Communications (IMC) among marketers is that it is good for the bottom line and a necessity in todays fractured market place. Nonetheless, scorn the evolution and increased critical evaluation of IMC, it remains neither universally understood nor universally accepted as a useful construct. Furthermore, IMC is not consistently applied as a marketing principle and match to Hutton has resulted in superficiality, ambiguity and blurred focus (Hutton 1997, p. 8).It is high time financial institutions realised that they all offer the same products and services and the only thing that can put a major distinctive difference to their services and product is by going extra mile to adopt IMC.Financial products are controlled by regulatory authorities in an economy. It includes administrative tinkering by governments with financial prices such as interest rates and exchange rates. McKinnon and Shaw (1973) further agrees that financial institutions are broadly offering the same services and are controlled by government, and this is hindered in a repressed financial system by the low take of savings, it responds in a positively charged way to real rates of interest on deposits as well as the real rate of growth in output. Moreover, investment is negatively related to the effective real rate of interest on loans, but positi vely related to the growth rate of the economy.However, if it is proven that the basic financial practices of a bank is solely dependent of government policies, it is only a good thing for the bank(s) to look for best opportunities to improve on their services to survive and sustain their stand in the highly competitive market.This is further proven by Ferdous (2008) that the fundamental reasons offered for the popularity of Integrated Marketing Communication (IMC) among marketers is that it is good for the bottom line and a necessity in todays fractured market place.IMC has been able to achieve what other marketing processes have not been able to by breaking down corporate, geographic, and political borders to reach into customers homes and offices in a matter of weeks or days through the use of worldwide networks created by computer and communications technology that have been inculcated into the process of IMC. (Schultz et al., 1993).Integrated Marketing CommunicationIntegrated m arketing communication plan.PLACEDistribution strategyCHANNEL/MEDIUM choiceCOTHERS(PR, POS, etc.)Objectives strategyELECTRONICObjectivesStrategyPERSONAL CONTACTObjectivesStrategyTELEPHONEObjectivesStrategyDIRECT MAILObjectivesStrategyMASS MEDIAObjectives meaning strategyMedia strategyAdapted from McDonald and Dunbar (2004, p.19).Ferdous (2006) describes IMC to have been variously described in terms of a process, a marketing orientation, an organisational structure, a set of marketing tools, a basis for accountability and a philosophy. In fact it is all of these. However according to Robert Lauterborn who helped coin the IMC label, What IMC has come to mean to too more people is little more than two-from-column A, one-from-column B media selection process (Lauterborn 2003, p.14). Schultz (1997) agrees that the focus has been one of . Trying to integrate discipline rather than customer or prospects communications. In addition, focusing IMC efforts on the integration of a firms exter nal marketing communications disciplines ignores the gains in competitive advantage to be had from a horizontal integration across a firms total communications effort including that of its native market.The need for integration is the notion that some aspects of marketing communication should be integrated. The origin of IMC can be found in the prevailing structural conditions and the needs of particular industry participants, an understanding of what elements should be integrated in order to achieve IMC needs to be established. The elements to be integrated are relationships, structures, brands, communication tools, messages, employees, technology, agencies and IMC strategy. (Chris Fill, 2009).The integrated elements are applicable to understanding IMC as a customer oriented process in creating a common understanding of its principles and core values. It is known that the primary aim of any task is profitability which can only be achieved when customers are satisfied.Profitabilit y as defined by Ferdous (2006) is the function of customer behaviour, and then customer orientation is not only logical but inhering. IMC integrates everything that impacts customer behaviour, not just the organisations assured outgoing marketing messages. It begins with product development and includes packaging (branding), selection of distribution conduct (communication tools), channel management (agencies), customer behaviour (relationship), customer relationship management and total quality management. It involves the multi-dimensional, interactive, continuously measured communication that connects brands or products and the customer. Lauterborn (2003 p. 15). Furthermore, Cravens et al. (2003) identifies four attributes that set IMC apart from traditional promotional strategies. They are comprehensive, draw on all of the media, tools and technologies available to affect behaviour unified doing of all the fixingss of the organisation and IMC programs emphasise productivit y in reaching the designated targets when selecting communication channels and allocating resources to marketing media.Before considering the delivery of values of IMC, the communication channels will be given further attention, the channels are generally complex, and they involve various media for different communication with the same set of target market or customers.Ferdous (2006), these views about IMC values share three key attributes which are fundamental to its values as a marketing concept. They fill out that IMC is about the connection between the brand and the customer and that communication in all its forms facilitates this relationship. Implicit is the understanding that marketing is the full-length business from the get of view of its final result, which is from the customers point of view, marketing today is not a function, but a way of doing business marketing is everything and everything is marketing. (Harris 1993,p.13). Most significantly in this approach is the recognition that purposeful and coordinated management of customers and their relationship with the organisation is at the heart of construct brand equity, which at a time of brand proliferation is critical to success. (Ferdous 2006).The Role of Communication.Communication is the greatest use of language. John Locke has seen the use of communication as the clue to an analysis of the notion of linguistic meaning.Customer communication completes the marketing cycle, linking customer with product, service and availability. At a societal level, in order to connect to mass production and consumption there simply must be mass communications. At its best, commercial communication engages in real dialogue, transmitting value and meaning, opus responding to feedback and remaining close to the external customer. Communication has the role to announce, inform, promise, persuade and influence customers to buy in by communicating and delivering customer satisfaction. ( Doole et al.,2005).Commu nication is the best instrument for sustaining a good relationship between a business and its customers if well understood. In as much as communication is essential between a business and its customers, so also a communication feedback is also very crucial. This because if a wrong interpretation has been gotten from the information passed by an organisation and a feed back is not received from the customer, the customer retains the wrong information , the organisation might be repeating the same information again at great expense. But when a feedback is in place, the organisation has an opportunity to correct the misinterpreted information and pass the right information across which makes the customer a happy one.Communication when used in the right context strengthens relationships. Doole et al.,(2005) recognising that employees deliver quality, ingrained communication encourages affiliation with organisational values as well as providing everyday working information. He further e xplains that communication to both external and internal customers is central to both marketing transactions and relationships.LEVEL OF COMMUNIVATIONCORPORATEBUSINESS UNITMARKETING sectionProduct Price Promotion PlacePrice packaging home run MANAGEMENT PeopleSales Advertising Public relations merchandise DirectAdapted from Doole et al., (2005p.249)This explains the level of communication and how uniquely they have their level of importance to the consentaneous communication process of an organisation. If one malfunctions, it invariably affects the whole system. This helps to increase the value and credibility of brand communication. At this stage, it should be clearly noted that commercial communication should be based on clear intent as noted by Doole et al., (2005), a communication campaign generally seeks to both push product on to and pull products off the shelf and position the offer competitively in the mind of the consumer. Its components part need to hang together as a cohesive whole and remain consistent with core brand values. It is further noted that during the process of product life cycle, communications have very different roles to playIntroducing new products the role to play at this initial stage is acquiring target market attention, also getting the market to test the product or service and the major task at this initial stage is acceptance of the product or service.Product maturity at this stage, the product has been accepted and needs to proceed to the next stage, the task here includes sustaining the brand identity, maintaining the loyalty, defending the market share and adding value to the product or service is the major task at this level.In a situation where the products or services face rejection or losing market share, the need to improve on the product is essential (revitalise and reposition) or direct customers towards alternative, perhaps reducing communications to bare bones dominates. With the aid of product or service campai gn, messages can be charged with differentiating, reminding, informing or persuading (DRIP) or sequentially securing attention, arousing interest, building desire and promoting action (AIDA) and moving a customer from unawareness through purchase to brand loyalty.The Communication Process.The communication process of IMC is between internal external customers. This research work is based on the evaluation of IMC between the employees (internal) of FBN Plc. and its customers (external).Groonroos (1985) explained internal marketing as an instrumental behavioural strategy for create the state of mind that allows customer service effectiveness and building of relationship marketing. Ferdous (2006), in recent times, marketing professional and scholars have given capacious importance and attention to Internl Marketing (IM). According to Lings (2004) much of the literature on internal marketing, contains a variety of interpretations of the domain of internal marketing, it aim and focus. This means, treating employees as customers, understanding and attending to their wants and views which will help achieve a positive change in employees attitudes and on the long run affecting customer (external) satisfaction positively.Chernatony ( 2001 as cited in Ferdous 2006) suggested that in order to coherently delight brand values to the companys stakeholders, employees must develop a shared understanding of what the brand stands for, through implementation of a unified communication approach.Today, the way organisations communicate with their internal markets, better known as internal communication (IC) (Tansuhaj et al., 1998 Thompson and Hecker 2000 Ahmed and Rafiq 2003 Kong 2007) is considered one of the most essential internal marketing considerations. Ahmed and Rafiq (2003) attempted to give a more acceptable and holistic explanation of internal marketing through the use of internal communication as a heathenish framework and instrument for achieving strategic alignmen t while building customer service competence. This is reveals the importance attached to internal (employees) communication in operationalising internal marketing concepts/activities and achieving organisational competitive advantage and success. (Ferdous 2006).External customers are the major component of a business or an organisation. Customers determine the existence and longevity of a business. It is therefore important to understand how to carefully communicate information across such that it would not be misinterpreted. Organisations should understand how they receive, process and respond to the feedbacks gotten from customers. (Doole et al., 2005).If quality is meeting and influencing customer expectation (Doole et al., 2005) and even delighting clients, then managing expectations matters. It is very crucial that employees (internal customers) do not promise more than what they can deliver. Communicating with customers on a regular basis is critical, keeping in touch with the m, comprehending their expectations, apologising and explaining the limits of service possibilities can influence their expectations and may expand their zone of tolerance.Ferdous (2006) emphasises on viewing IMC as a process that focuses on both internal and external customers is the first step to developing a c