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THE IMPORTANCE OF PROMOTION AS A COMPONENT IN THE MARKETING MIX ELEMENT ON PROFITABILITY
This research work is directed at analyzing the importance of promotion as a component in the marketing mix on service -organization (IJBA BANK in particular). This research work identifies the problems of promotion andattempt solutions to such problem and reviews relevant literature on promotion. In formation were collected using primary and secondary data sources. The main objective of these is to know, if promotion can improve the level of profitability of an organization. All the needed data were analyzed using simple percentage, square. Among the finding is that competitions affect the promotional activities and their promotion is not pronounced. Based on this, recommendation were made, advert should always be done when new services, products or account is introduced, their marketing personnel should be used to locate customers, evaluate their needs, complains and provided possible solutions, finally, promotion should be on the newspaper and more of the promotional activities should be done.
The United Bank for African limited (UBA) Auchi branch is one of Nigeria top commercial banks, it was established in 1st July 2005, to continue the banking business carried out in Nigeria since 1949.
At present, it is important to note have that UBA has merged with standard trust bank in August 1st 2005 in order to meet up with the requirement of the central bank of #25,000,000 asset base. UBA branches in Nigeria are over 300 since they merge.
The United Bank for African has always promotes their services and marketing boards in the sixties. The UBA marketing department was created in 1978 to serve as the focal point of the increased emphasis to be according in the promotional activities heading in lines with expressed priorities of the state and federal government and other authorities.
Some of the marketing department activities one to help or assist customers applying for loans supervise the utilization of such loans, to bring more customer to the bank etc. Their aims and objectives:
a. Is to be active in all aspects of banking industry and provides international banking trusteeship share registration, corporate finance and computer services through specialized divisions.
b. UBA’s major aim is to earn profit at the end of each operational year and maximize profit.
c. Being a business entity their ultimate aim is to coordinate their activities effectively and efficiently so that they may not record loss at the end of the yearly operation.
d. To ensure effective planning and control by setting standard in which to measure performance and to enable the organization attain the aim and objective by looking a head of things so as to keep the business going without any hindrance.
It is said that before profit can be made, in any organization. There must be something behind it, which is promotion. According to Asore (2002), promotion is the ingredient use to inform and persuade the market regarding a company’s products. Promotion can also be use to educate consumer e.g. a write up of any kind about a company’s product in any new paper, bulletin or magazine, educate the customers about the products features, advantages, use and benefits. Promotion offers an incentive, to buy and this yield faster response.
1.2 STATEMENT OF RESEARCH PROBLEM
Most companies prefer improving on the other’s element of the marketing mix leaving promotion that is; they prefer improving their on product quality at a situation price. They do not boarder on the promotional aspect. To enable the researcher to effectively carry out this study, the following research questions were formulated.
i. How has competition affects the success of the promotional
activities of organization?
ii. Are the promotional tools like television, news paper, bulletin or magazine etc effective?
iii. Has promotion really increase the level of profitability in organization?
iv. In searching for the answers to the above question will guide the researcher in his study.
1.3 AIMS AND OBJECTIVES OF THE STUDY
The central objectives of this study are to know if organizations really give promotions, the type and level of customers they give these promotions to other objectives are:
i. To encourage the practice of promotional mix as a device of an effective marketing strategy.
ii. To determine the importance of promotion as an element in the marketing mix.
iii. To find out if customers are really satisfied with the quality of services rendered by most organization.
iv. To find out the different between UBA bank and other banks, in terms of their promotional activities.
The significance of this study is also to improve the function of promotion in the society as a whole. Finally, the results of this study will lay a good foundation for future research works on the importance of promotion as a component in the marketing mix element on profitability.
1.4 RESEARCH QUESTION AND STATEMENT OF HYPOTHESIS
Arising from the research question, the following statement of hypothesis shall be employed to carry out statistical inferences on the research variable.
Ho: Competition does not affect the promotional activities of an organization.
Hi: Competitions affect the promotional activities of an organization.
Ho: Promotion does not increase the level of profitability in an organization.
Hi: Promotion increase the level of profitability in an organization.
Ho: Promotional mix is not an important component in the marketing mix element of an organization.
Hi: Promotional mix is an important component in the marketing mix element of an organization.
1.5 SCOPE AND LIMITATION OF THE STUDY
This study is designed to know the important of promotion in marketing mix. This study will specifically focus on the importance of promotion as a component in the marketing mix element. The study is also limited to UBA bank, their type of promotion and the level of customers.
1.6 DEFINITION OF TERMS
ADVERTISING: This is a paid from of non personal communication transmitted through out of store mass media by an identified sponsor.
PUBLIC RELATION: Any communication that foster a favourable image for the retailer among its publics (consumers, investors, government, channel members employees and the general public).
PUBLICITY: Any non personal form of public relations whereby message are transmitted by mass media the time or space provided by the media is not paid for, and there is no identified commercial sponsor.
PERSONAL SELLING: Oral communication with one or more prospective customers to make sales.
ORDER GETTING SALESPERSON: Actively involved. With informing and persuading customers, are in dosing sales. This is a true sale employee.
PMS: Promotional money, push money, or prize money that a manufacturer provides for retail sales people selling that manufactures brand.
SALES PROMOTION: Encompasses the paid communication activities other than advertising public relations and personal selling that stimulate consumer purchases and dealer effectiveness.
WORD OF MOUTH (WOM): Occurs when one consumer talk to others.
MARKETING MIX: This is a particular bland of controllable marketing variable that a marketer uses to achieve his objective in a particular market segments.
PRODUCT: The product is a set of tangible and intangible attributions, including packaging, colours, price quality and brand, plus the services and reputation of the seller.
PLACE OR DISTRIBUTION: The distribution activity involves the physical movement of a product through the channels of distribution of through middlemen to the consumer.
PRICE: In pricing, management must determine the right base price for its product.
PROMOTION: Promotion is the ingredient used company’s products.
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