Professional Documents
Culture Documents
OF
MARKETING
STRATEGIES
ON
PERFORMANCE
OF
BY
MOSES TOPOTI
NOVEMBER 2013
DECLARATION
ii
DEDICATION
This work is dedicated to my loving family members, my dear wife Margaret and my
loving boy Mark and to my dear mum Ann. To you all thank you very much for the
support.
iii
ACKNOWLEDGEMENTS
I begin in the name of God, Most Beneficent and Most Merciful. Praise to God for
providing me with great health, strength and emotional support in completing this
dissertation. It is with great appreciation that I acknowledge the contributions and support
in completing this dissertation.
Finally I acknowledge the respondent of the study for cooperation during the study, may
God Almighty bless them abundantly.
iv
ABSTRACT
The purpose of this study was to determine the effects of marketing strategies on
performance of commercial banks in Kenya, a case study of co-operative bank-narok
branch. The specific objectives were; to find out the availability of marketing strategies in
co-operative bank-Narok branch, to determine whether marketing strategies improves the
co-operative banks competition in the market, to determine whether marketing strategies
increases revenue collections of co-operative bank-Narok branch and to find out whether
marketing strategies improves the corporate image of co-operative bank-Narok branch. A
descriptive research design was used in the study. The target population of the study was
67 employees of co-operative bank-Narok branch. The study used stratified random
sampling to select a sample size of 40 employees of co-operative bank-Narok branch.
Data was collected using questionnaires which were distributed to the respondents who
came from co-operative bank-Narok branch. Data was tabulated and analyzed using
descriptive statistics and it was presented using tables, bar graphs and pie charts. The
findings indicated that marketing strategies affects the performance of the organization.
The study therefore recommends that banks should embark, from time to time on
marketing research. This is because effective marketing strategies are a product of
marketing research. Thus, good and adequate marketing mix is a product of effective
marketing research too. Marketing research will bring about innovation, better services
for customer and better method of production and processing. The study shall provide
Scholars in the field of strategic management and marketing as they will use this
information to understand the state of the sector better. They will also use the information
as a reference point to research on the strategy formulation and innovations in other
industries.
TABLE OF CONTENTS
DECLARATION.............ii
DEDICATION........iii
ACKNOWLEDGEMENT..... iv
ABSTRACT ....v
TABLE OF CONTENTS .......vi
LIST OF TABLES...viii
LIST OF FIGURES....ix
ABBREVIATIONS AND ACRONYMS........x
DEFINITION OF OPERATIONAL TERMS........xi
CHAPTER ONE1
1.0 INTRODUCTION OF THE STUDY1
1.1 Background of the Study...1
1.2 Statement of the Problem...6
1.3 Purpose of the Study..7
1.4 Objectives of the Study..7
1.5 Research Questions7
1.6 Significance of the Study...8
1.7 Limitations of the Study.8
1.8 Scope of the Study.9
CHAPTER TWO.10
2.0 LITERATURE REVIEW....10
2.1 Introduction..10
2.2 Review of Related Literature...10
2.2.1 Availability of Marketing Strategies in Commercial Banks.13
2.2.2 Marketing Strategies and the Banks Competition in the Market ...18
2.2.3 Marketing Strategies and the Corporate Image of Commercial Banks22
2.3 Review of Analytical Literature...24
2.4 Summary of the Review...28
2.5 Conceptual Framework of the Study.......28
vi
CHAPTER THREE.30
3.0 RESEARCH DESIGN AND METHODOLOGY...30
3.1 Introduction..30
3.2 Research Design...30
3.3 Target Population of the Study30
3.4 Sample Size and Sampling Procedure.30
3.5 Data Collection Instruments and Procedure31
3.6 Data Analysis...32
CHAPTER FOUR33
4.0 DATA ANALYSIS, PRESENTATION AND INTERPRETATION.33
4.1 Introduction..33
4.2 Presentation and Findings33
4.2.1 Response Rate...33
4.2.2 Age Distribution of the Respondents33
4.2.3 Level of Education34
4.2.4 Work Experience of the Respondents...35
4.2.5 Current Department..36
4.3 Availability of Marketing Strategies in Co-Operative Bank-Narok........................37
4.4 Marketing Strategies and the Banks Competition in the Market....40
4.5 Marketing Strategies and the Corporate Image of the Bank....42
4.6 Summary of the Chapter..44
CHAPTER FIVE.45
5.0 SUMMARY, CONCLUSION AND RECOMMENDATIONS..45
5.1 Introduction..45
5.2 Summary of the Findings.45
5.3 Conclusion of the Study...46
5.4 Recommendations of the Study...48
5.5 Areas for Further Research..48
REFERENCES..50
APPENDIX I: LETTER OF INTRODUCTION..53
II: QUESTIONNAIRE...54
vii
LIST OF TABLES
Table 4.1 Response Rate33
Table 4.2 Marketing...38
Table 4.3 Rating of Marketing...38
Table 4.4 Facilitation of Marketing...39
Table 4.5 Training of Marketing Officers.40
Table 4.6 Marketing Strategies..40
Table 4.7 Competition of the Bank41
Table 4.8 Rating of Competition...42
Table 4.9 How Marketing Strategies Improve the Corporate Image ....43
Table 4.10 Rating of Corporate Image..44
viii
LIST OF FIGURES
Figure 2.1 Conceptual Framework....28
Figure 4.1 Distributions of the Respondents by Age.34
Figure 4.2 Distribution of Participants Level of Education..35
Figure 4.3 Respondents Work Experience...36
Figure 4.4 Current Occupations of the Respondents.37
Figure 4.5 Marketing Strategies and Corporate Image..42
ix
Frequency
KCB-
SME-
SWOT-
Corporate Image-Corporate image refers to the business unit. Marketing strategies can
improve the corporate image of the business in that efficiency is increased.
xi
CHAPTER ONE
2.0 INTRODUCTION TO THE STUDY
This chapter deals with the background of the study, the statement of the problem,
objectives of the study, research questions, significance of the study, scope of the study,
limitation of the study and the conceptual frame work.
Trying to convince a market segment to buy something they do not want is extremely
expensive and seldom unsuccessful. Marketers depend on insights from marketing
research, both formal and informal, to determine what consumers want and what they are
willing to pay for. Marketers hope that this process will give them a sustainable
competitive advantage. The study of Akinyele (2011) for the oil and gas sector in Nigeria
suggest that strategic marketing is a driver of organizational positioning in a dynamic
environment, and that it helps to enhance the development of new product for existing
markets.
Banks offer a wide range of financial services, to personal and business customers; some
of these services which are bank account, guarantorship, and investment adviser are
needed by an appreciable number of customers, but many other financial services such as
import/export services, money transfers, credit cards that will be brought to the attention
of banks potential customers, whom then must be persuaded to use them (Abolaji, 2009).
Many services offered by banks are also offered by rival organizations. Building
societies have developed customer accounts which are similar in many ways to a bank
account.
Thrift and cooperative societies provide lending services to their numerous members and
indirectly to the society at large. Solicitors act as executors and trustees and accountants
give advice and so on. Banks not only compete with each other but also have to contend
with challenges from other types of organization in the market. To do this successfully,
bankers need an understanding of the process of marketing which will aid in improving
banks performance. Marketing is an area of activity infamous for re-inventing itself and
its vocabulary according to the times and the culture. Marketing is all about acquiring
new customers and retaining existing customers (Abolaji, 2009).
The concept of marketing has received a great deal of attention from Scholars in the field
of marketing. The concept has been investigated from many perspectives and examined
in many ways indicating its conceptual and practical importance. Marketing concept is
based on the paradigm of a true balance between "giving and getting" as a key benefit to
encourage an active role and is conducive in delivering two- way value, where loyalty is
based on trust and partnership, will prove to be one of the most significant policies to be
pursued in development and sustenance of competitive advantage (Abolaji, 2009).
According to Abolaji, (2009), the real purpose of business is to create and sustain
mutually beneficial relationships, especially with selected customers. With the main
proposition which assume that successful relationships is the two-way flow of value.
Positive relationship has been established between marketing and organization
performance. Marketing usually results in strong economic, technical and social ties
among the stakeholders parties thereby reducing their transactions costs and increasing
exchange efficiencies included in marketing which are not only buyers or sellers
exchanges but also business partnerships, strategic alliances and cooperative marketing
networks.
The relationship typically involves seller- customer exchange, but it could involve any
stakeholders relationship (Morgan and Hunt, 1994). Abolaji, (2009) opines that
marketing emphasizes that relationships are partnerships with emphasis on social
bonding, co-operation and joint problem solving, sharing resources and activities and
basing relationship on common goals. He, however, challenged that the benefit should be
relational and dyadic too. Most of the studies have been emphasizing the effect of
marketing on organization performance neglecting customer benefits. Moreover,
relationship marketing emphasizes that long-term relationships are mutually beneficial.
In any genuine relationship, both parties involved should be beneficiaries of the outcome
of such relationship. Ismail (2009) observed that if genuine partnerships, as marketing
suggests exist, relational quality and relational benefits must be of great value. Drawing
inspiration from similar study conducted by Ismail (2009) in Jordianian Insurance
companies. This study seeks to examine the strategies used by Commercial banks in
Kenya to deal with Service breakdown. A companys strategy consists of the business
approaches and initiatives it undertakes to attract customers and fulfill their expectations,
to withstand competitive pressures and to strengthen its market position.
These strategies provide opportunities for the organization to respond to the various
challenges within its operating environment. Firms also develop strategies to enable them
seize strategic initiatives and maintain a competitive edge in the market (Porter, 1985).
The competitive aim is to do a significantly better job to its customers. The success of
every organization is determined by its responsiveness to the customer needs. The
competitive aim is to do a significantly better job of providing what customers are
looking for, thereby enabling the company to earn a competitive advantage and outsmart
rivals in the market place.
The core of a companys marketing strategy consists of its internal initiatives to deliver
satisfaction to customers but also includes offensive and defensive moves to counter the
maneuvering of rivals, actions to shift resources around to improve the firms long term
competitive capabilities and market position, and tactical efforts to respond to prevailing
market conditions. Assuming that there are a number of providers, customers will choose
which offering to accept on their perception of value-for-money. Finance has been
identified as the most important factor determining the survival and growth of small and
medium sized enterprises in Kenya.
Access to finance allows Small and Medium Enterprises (SMEs) to undertake
productive investments to expand their businesses and to acquire the latest technologies,
thus ensuring their competitiveness and that of the nation as a whole. Poorly functioning
financial systems can seriously undermine the microeconomic fundamentals of a country,
resulting in lower growth in income and employment (Griliches, 1998). Landes (1998)
argues that despite their dominant numbers and importance in job creation, SMEs
traditionally have faced difficulties in obtaining formal credit or equity. These difficulties
are what the commercial banks call service breakdown.
For example, maturities of commercial bank loans extended to SMEs are often limited to
a period far too short to pay off any sizeable investment; secondly SMEs are regarded by
creditors and investors as high-risk borrowers due to insufficient assets and low
capitalization, vulnerability to market fluctuations and high mortality rates; thirdly
information asymmetry arising from SMEs lack of accounting records, inadequate
financial statements or business plans makes it difficult for creditors and investors to
assess the creditworthiness of potential SME proposals; and lastly is the high
administrative/transaction costs of lending or investing small amounts do not make SME
financing a profitable business (Griliches, 1998).
To compete effectively in the SME financing sector, and faced with this service
breakdown, commercial banks need to provide financial services that meet the
specialized needs of SMEs while coping with the high risks and costs associated with
servicing them (Landes, 1998). To achieve this, an increasing number of banks have
adopted separate strategies to service SME customers. The current trend is to shift from a
product-based focus to a more customer oriented focus of providing packages of financial
services tailored to their needs.
This has the potential of considerably improving the banks relations with the SME
sector, as well as increasing the profitability of providing financial services to it (Landes,
1998). In Kenya, the rise of SMEs has been hindered by financial challenges and
political instability (Carrier, 1999).
growth but is still held back by an inadequate financial system. Kenyas private sector
consists of mostly informal micro enterprises, operating alongside large firms. Most
companies are small because the private sector is new and because of legal and financial
obstacles to capital accumulation.
Between these large and small firms, SMEs are very scarce and constitute a missing
middle. Financing is necessary to help SMEs set up and expand their operations, develop
new products, and invest in new staff or production facilities (Gomez-Mejia, 1998).
Many small businesses start out as an idea from one or two people, who invest their own
money and probably turn to family and friends for financial help in return for a share in
the business. But if they are successful, there comes a time for all developing SMEs
when they need new investment to expand or innovate further. That is where they often
run into problems, because they find it much harder than larger businesses to obtain
financing from banks, capital markets or other suppliers of credit.
This financing gap is all the more important in a fast-changing knowledge-based
economy because of the speed of innovation (Groke and Kreidle 1997). Innovative
SMEs with high growth potential, many of them in high-technology sectors, have played
a pivotal role in raising productivity and maintaining competitiveness in recent years. But
innovative products and services, however great their potential, need investment to
flourish (Carrier, 1999). If SMEs cannot find the financing they need, brilliant ideas may
fall by the wayside and this represents a loss in potential growth for the economy.
The bagless vacuum cleaner and the wind-up radio or flashlight which need no
batteries are now common household items, but nearly failed to see the light of day
because their inventors could not find financial backing to transform their ideas into
production. Already, differences are emerging between countries in terms of how easy it
is for innovative SMEs to grow and develop. This sector has been very dynamic in the
United States and a few other countries, but has lagged in many continental European
countries and Japan, to the detriment of job creation and competitiveness (Gomez-Mejia,
1998).
Numerous studies have shown positive links between loyalty and firm profitability. For
example, the work of Reichheld (1996) and Gronroos (2000) among others have been
significant in establishing the importance of marketing strategies and business
performance. Over the past years the interest in retaining customers has increased
considerably with marketing attention shifting gradually but definitely from mutually
independent transactions to loyalty-based repeat purchases (Berry, 1995 and Winer,
2001). Despite the existence of a large and growing body of literature on marketing
strategies in general, there is still some inadequacy surrounding the practice and how it
influences performance particularly in the banking sector. Although these studies
employed diverse methodologies and measures, they shared a common interest in
exploring the financial performance consequences of the basic tools, techniques, and
activities of formal strategic marketing for example, systematic intelligence- gathering,
market research, SWOT analysis, portfolio analysis, mathematical and computer model
of formal planning meetings and written long- range plans. The studies did not generally
examine the relationship between performance and the extent of formal planning;
variously referred to as comprehensiveness, rationality, formality, or simply, strategic
marketing. It is with this in mind that this study sets out to establish the effects of
marketing strategies on the performance of commercial banks in Kenya.
As a result, the investors will be more endowed with knowledge and prepared to fit in the
prevailing banking environment. Scholars in the field of strategic management and
marketing will use the information to understand the state of the sector better. They will
also use the information as a reference point to research on the strategy formulation and
innovations in other industries. Finally, the Government will find the information useful
in diagnosing the problems affecting the SME sector and come up with regulative
solutions that would protect and help the SMEs thrive.
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 Introduction
In this chapter, the researcher presents a review of literature, the theoretical framework
and the conceptual framework of the study.
With the rapid changes surrounding organizations, the traditional marketing mix of the 4
Ps has been criticized for being too myopic in this current market situation. The
traditional marketing mix has also been disparaged for being too product-focused and for
taking an overly inward-looking strategy with regards to the organizations resources and
capabilities in production matters. The service environment has evolved due to the
following factors: changing patterns of government regulation, technological innovations,
the service quality movement, pressures to improve productivity, relaxation of previous
professional association restrictions on marketing, internationalization and globalization
etc (Lovelock et al, 1996).
This has caused a lot of dynamism in the service sector: competition has increased and
consumers are exposed to more information. To survive, service companies have to
differentiate themselves mainly by being as close to the customer as possible; this has led
to an over emphasis in the area of service marketing to enable marketers in developing
service strategies to respond to the market. Service marketing concepts and strategies
have developed in response to the tremendous growth of service industries resulting in
10
their increased importance to world economies (Zeithaml and Bitner, 1996). This is in
relation to employment, gross domestic product and business opportunities.
As technological advancement has equalized most production processes, one of the few
remaining strategies that can set one company apart from others is customer service.
Chandler (1992) stated that strategy determines the basic long-term goals of an
enterprise, and the adoption of courses of action (strategy as plan of action) and the
allocation of resources necessary for carrying out these goals (strategy as re-source
allocation). While Porter (1996) viewed strategy as the process of creating a unique and
valuable position with means of a set of activities in a way that creates synergistic pursuit
of the objectives of a firm.
According to Mintzberg (1990), the term strategy is used to mean a plan, a ploy, a
pattern, a position or a perspective the 5 Ps. Mintzberg defines strategy in terms of a
process. Since strategy has almost inevitably been conceived in terms of what the leaders
of an organization plan to do in the future, strategy formation has, not surprisingly,
tended to be treated as an analytic process for establishing long-range goals and action
plans for an organization, that is, as one of formulation followed by implementation.
Strategy can be viewed as building defenses against the competitive forces, or as finding
positions in the industry which forces are weakest (Pearce & Robinson, 1997).
Strategy is all about competitions and trying to gain competitive advantage. Batemand
(1990) suggested that strategy is a pattern of actions and resource allocations designed to
achieve the goals of the organization. The strategy that an organization implements is an
attempt to match the skills and resources of the organization to the opportunities found in
the External Environment. Jauch (1998) argued that decisions and actions taken will lead
to the development of an effective strategy which will help to achieve organizational
objectives Porter (1990). Banking sector reforms and consolidation all over the world are
predicted upon the need for repositioning of the existing state of affairs in the sector in
order to attain an effective and efficient status.
11
This is more so in the developing nations like Kenya where the banking sector has not
been able to effectively provide the needed funds and services for the development of the
real sector as expected. Hence, banking reforms become inevitable in the light of the
global dynamic exigencies and emerging landscape. Consequently, the banking sector, as
an important sector in the financial landscape needs to be reformed in order to enhance its
competitiveness and capacity to play a fundamental role of financing investments. The
early strategic marketing performance studies date from the time of rapid expansion of
formal strategic marketing in the 1960s (Henry 1999).
Although same studies employed diverse methodologies and measures, they shared a
common interest in exploring the financial performance consequences of the basic tools,
techniques, and activities of formal strategic marketing for example, systematic
intelligence-
gathering,
market
research,
SWOT
analysis,
portfolio
analysis,
mathematical and computer model of formal planning meetings and written long- range
plans. The studies did not generally examine the relationship between performance and
the extent of formal planning; variously referred to as comprehensiveness, rationality,
formality, or simply, strategic marketing (Henry 1999).
However, strategic marketing is a continuous and systematic process where people make
decisions about intended future outcomes, how these outcomes are to be achieved and
how success is to be measured and evaluated. Strategic marketing will help organizations
capitalize on their strengths, overcome their weaknesses, take advantage of opportunities
and defend themselves against threats. According to Allison and Kaye, (2005), strategic
marketing is making choices. It is a process designed to support leaders in being
intentional about their goals and methods. Differently expressed, strategic marketing is a
marketing management tool and like any tool, it is used for one purpose only namely to
help an organization to do its job better. Hence, strategic marketing is a systematic
process by which an organization agrees on and builds commitment among key
stakeholders to priorities that are essential to it and are responsive to the environment.
12
13
is used as a guide to define functional and divisional plans, technology, and marketing
among others. Hunsaker, (2001) observes that strategic plans apply to the entire
organization. They establish the organizations overall objectives and seek to position the
organization in terms of its environment. Strategic marketing is done by top level
managers to determine the long- term focus and directions of the entire organization.
All short- term and specific plans for lower- level managers are linked and coordinated so
that they may contribute to the organizations strategic plan. (Paley 2004) sees strategic
marketing as representing the managerial process for developing and maintaining a
strategic fit between the organizations and changing market opportunities. It relies on the
development of the following sections; a strategic direction or mission statement,
objectives and goals, growth strategies, a business portfolio. Gup and Whitehead, (2000),
on other part, see strategic marketing as the formulation of a unified, comprehensive and
integrated plan aimed at relating the strategic advantages of the firm to the challenges of
the environment.
Marketing management horizons vary from two to fifteen years depending on the nature
of the industry and individual business characteristics. Anderson, (2004) presents eight
major steps that are commonly recognized in the strategic marketing process as;
determination of the long-range direction of the business, defining the companys major
areas of business, key market segments and key resources, evaluation of the companys
14
position relative to that of its competitors in the industry, assessment of the companys
capabilities, strengths and weaknesses, identification of objectives and goals having
regard to available opportunities and existing threats (Anderson, 2004).
Determination of the long-range direction of the business, Defining the companys major
areas of business, key market segments and key resources Evaluation of the companys
position relative to that of its competitors in the industry, Assessment of the companys
capabilities, strengths and weaknesses, identification of objectives and goals having
regard to available opportunities and existing threats, formulation of strategies to achieve
the desired objectives and goals, development of a monitoring system to ensure the
implementation of the plan. Finally, he states that for strategic marketing to succeed an
appropriate climate must exist, top management must be committed and involved, and
there must be a disciplined but flexible planning approach (Anderson, 2004).
Paley, (2004) further observes that line personnel must participate, performance standards
for monitoring and evaluation must be established and planning must be integrated with
decision making. Advocating the adoption of strategic marketing in solving
organizations problems, remarks that the organization which does not plan for its future
does not deserve any future. Citing the work of (Ansoff 1998), Paley, (2004) contrasts
strategic marketing with long- range planning and concludes that both concepts are not
synonymous. He argues that long- range planning is based upon the extrapolation of past
situations, a questionable premise on the ground that present conditions are not the same
as those of the past.
Ulrich & Barney, (2004), further criticize the traditional extrapolation techniques of long
range planning and suggest the use of scenario analysis which encourages broad and
creative thinking about the future. The authors cite the work of Wing, (1997) which
contest that traditional forecasting techniques are based on the assumption that
tomorrows world will be much like todays. Commenting on New Age Strategic
marketing Ginsberg, (1997) explains that the present complex environment is
characterized by side effects, time delays, non-linearity and multiple feedback processes.
15
Ansoff, (2004), reports that newly invented strategic marketing displaced long range
planning because of the growing discontinuity of the environment. He gives the
following reasons for this replacement: that the firms environment has its own
turbulence level and that there are specific systems appropriate for given turbulence
levels. He states further that each firm therefore needs to diagnose its own future
turbulence level and the appropriate systems chosen to explain that under an environment
of slow change, without urgent needs to anticipate, familiar pattern can be extrapolated.
The type of environment was reported to have characterized the pre-1950 year of long
range or corporate planning after which the 1980s changes became progressively
discontinuous from the past and less predictable. The author explains the difference
between long range planning and strategic marketing as essentially one of more of
perception of the future. With long range planning, the future is expected to be
predictable through extrapolation of historical events which also assumes that the future
would be better than the past. Strategic marketing on the other hand does not necessarily
expect an improved future or extrapolatable past (Ansoff, 2004).
Hinterhuber, (1992), argued that a manager is not necessarily a strategist and that a
managers vision is also not an entrepreneurial vision. He explains that while the manager
would rather have an orientation point of guiding a company in a specific direction, an
entrepreneur having strategic competence should state his vision clearly, aggressively and
in an optimistic manner. A strategist and not just a manager therefore, should have an
entrepreneurial vision, corporate philosophy, competitive advantages, and should involve
line managers in strategic marketing. Line managers are the ones to implement strategies
who should therefore be involved early in the strategic marketing process.
Realizing however that strategic marketing process does not specify how plans should be
translated into action, the issue of strategic marketing implementation led to the evolution
of strategic marketing management. The Nigerian experience indicates that banking
sector reforms are propelled by the need to deepen the financial sector and reposition it
for growth; to become integrated into the global financial architecture; and evolve a
16
banking sector that is consistent with regional integration requirements and international
best practices. Bank consolidation is viewed as the reduction in the number of banks and
other deposit-taking institutions with a simultaneous increase in size and concentration of
the consolidated entities in the sector (Gianni 2003).
In the Yugoslav economy, banking industry restructuring was motivated by the need to
establish a healthy banking sector that will carry out its financial intermediation role at a
minimal cost; effectively provide services consistent with world standards and which will
involve foreign financial institutions; and banks privatization as the ultimate goal. The
central focus was to shore up the capital base of banks consolidated through mergers and
takeovers of local banks and selection of strategic investors for additional capitalization.
Specifically, foreign banks permeated the industry exclusively by providing additional
capitalization through investment in the existing infrastructure, particularly new banking
17
products and operating technologies and buying shares of the existing banks (Gyargy
Szapry, 2001).
The banking sector reforms and consolidation in Japan involved the reform of the
regulatory and supervisory framework, the safety net arrangements, as well as
mechanisms to speed up attempts at resolution of banks non-performing loans. From the
above, it is obvious that the fundamental objective of banks consolidation is the
repositioning of the banking industry to attain an effective and efficient status that will
promote economic development. Consequently, consolidation has increased the level of
competition in the industry and this in turn has increased the marketing activities in the
Nigerian banking industry as well as other nations of the world (Gyargy Szapry, 2001).
2.2.2 Marketing Strategies and the Banks Competition in the Market
Commercial banks face many challenges in todays dynamic marketplace. In a global
economy that has become increasingly competitive, there is need for efficient
development of products that can quickly satisfy a more demanding customer base and
build long-term customer trust. It must enhance risk management and address a broad
range of service breakdowns and regulatory changes that require reporting with greater
standardization and transparency. It must optimize both internal and external innovation,
while seeking operational excellence at all levels (Parasuraman, (1985).
Meeting these challenges requires new business and marketing strategies that boost
revenues, improve operational efficiency, cut costs, and enhance the overall management
of business. Today, banks are looking beyond traditional practices to new tactics and
tools that analysts and thought leaders have identified as the best for the industry. Service
breakdown manifests itself by way of delayed approval of loans. SME customers are deal
seekers and they always look for a financial institution that can serve them within the
minimum time possible (Parasuraman, 1985).
In Kenyan commercial banks, however, the approval of business loans takes weeks or
even months depending on the availability of the required documentation. This delay is
18
costly especially when a firm has a limited time frame to demonstrate that it can raise the
required capital to carry out a particular task. Also, intrusive documentation is of concern.
At the point of application for banking services, some banks are known to be too
demanding on documentation. Customers feel that the documentation required (such as
tax compliance certificate) before the approval of the much needed loans is an intrusion
into their financial privacy (Gyargy Szapry, 2001).
Discouraged by this exercise some customers have opted for other informal financial
institutions that do not require too much detail. Flexibility is also another matter of
service to SMEs. Customers have become demanding and the loyalties are diffused if
they think a bank is not serving them well. To them there are multiple choices; the wallet
share is reduced per bank with demand on flexibility and customization. Given the
relatively low switching costs; customer retention calls for customized service and hassle
free, flawless service delivery will influence their choice (Gyargy Szapry, 2001).
Having a good relationship with customers in a service industry is the most important
thing. Customers want to have a sense of belonging that will keep them from seeking
alternatives. Premier banking which in most cases is associated with the wealthy business
class is founded on the basis of relationship management. Banks however need to take a
step further and relate more with its SME customers to avoid giving a reason to go for
alternative service providers. Banks should improve their relationship management with
businesses and their advisors. Restoring trust between banks and their clients will require
a commitment to transparency and consistency on the part of lending institutions (Gyargy
Szapry, 2001).
It is clear that some banks have re-appraised their risk and reward preferences for SMEs.
Banks need to address the consequential fear of approach held by businesses by clearly
explaining how the changed economic environment has affected banks business lending
policies. In particular, they should make a sustained effort to better communicate with
businesses at early stages in the lending application process to improve understanding of
the following: How long credit applications are likely to take; what restrictions on
19
Marketing the quality of service is central to the success and growth of business.
Developing the service quality model defined service as the gap between service and
perceived performance. A service firm may win by delivering consistently higher quality
service than competitors and exceeding customers expectations (Kotler, 1999). After
receiving the service, customers compare the perceived service and expected service
Researches have found that consumers consider five dimensions in their assessment of
service quality as reliability, responsiveness, assurance, empathy and tangibles (Kotler,
1999).
Reliability is the ability to perform the promised service dependably and accurately while
responsiveness is the willingness to help customers and provide prompt service.
Assurance, on the other hand, is the employees knowledge and courtesy and their ability
to inspire trust and confidence. Empathy is caring, individualized attention given the
customers and tangibles are appearance of physical facilities, equipment, personnel and
written materials. The five dimensions represent how consumers organize information
about service quality in their minds and were found relevant for banking among other
industries. There are numerous strategies a service marketer can use to overcome
challenges (Kotler, 1999).
Some of the strategies include; Consumer research provides the basis for the development
of new service concepts to meet targeted consumer needs (Lovelock et al, 1996). Finding
out what customers expect is essential to providing service quality, and marketing
research the key to understanding customer expectations and perceptions of service
(Kotler 1999). Firms also develop strategies to enable them seize strategic initiatives and
maintain a competitive edge in the market. Service breakdown manifests itself by way of
delayed loans. A service organization cannot serve an entire market for a particular
20
service as customer needs and wants are diverse. It must identify segments of a market
that it can serve most effectively. A market segments consists of a large identifiable
group within a market with similar wants, purchasing power, among other attributes
(Kotler, 1999).
Once a company has identified a specific market segment to serve, the next phase is to
position the service in the market place. How the service is designed (service blueprinting
and physical evidence) will impact the image of the service in the consumers mind
(Ziethmal et al, 1996). A service offerings position is the way it is perceived by
consumers, particularly in relation to competing offerings. To develop effective
positioning strategies, managers need insights into how the various attributes of a service
are valued by the current and prospective customers within that segment.
An organizations service offering is successfully positioned if it has established and
maintains a distinctive place for itself in the consumers mind relative to competing
organizations offerings. If a service is successfully positioned, the mention of the service
will conjure up in the customers mind an image that is distinct from images of similar
service offerings (Ziethaml et al, 1996). Relationship marketing is philosophy of doing
business that focuses on keeping and improving current customers rather than on
acquiring new ones. Service companies must see customers as their long term partners
and need to make a commitment in maintaining the relationship through quality, service
and innovation (Lovelock et al, 1996).
Once managers of service business accurately understand what customers expect, the
second critical challenge is to set service quality standards and goals for the
organizations. Excellent service businesses realize the crucial role that the setting and
review of service standards can play in driving quality performance. They understand the
benefits brought about by the business, its customers and the individuals involved in
service delivery, the pay-off in terms of customer loyalty as well as reduce the cost of
correcting errors and handling complaints. The setting of quality service standards is the
beginning of a cycle of continuous improvements (Lovelock et al, 1996).
21
With people as part of the service, no service business can afford to divorce its customer
contact employees from the firms marketing strategy (Lovelock et al, 1996). The
primary responsibility for an organizations success often rests with relatively junior staff
in such customer contact positions as a bank clerk, security guard etc. These individuals,
who are often young and inexperienced, need both technical and interpersonal skill to
succeed. Not only must they do their job quickly and accurately, but to do so while
relating well to customers (Lovelock et al, 1996).
Because contact employees represent the organization and can directly influence
customer satisfaction, they perform the role of marketers (Ziethaml et al, 1996).
Therefore careful recruitment, training and ongoing mentoring of employees can
contribute to improvements in both productivity and service quality. Developing a
communication strategy for intangible services is quite different from advertising and
promoting psychical goods. The company should recognize that service is a performance
rather than an object; advertising should not only encourage customers to buy the service,
but should also target employees as a second audience, motivating them to deliver highquality service.
22
emphasizes on how combinations of resources and competences (Teece et al., 1997) can
be developed, deployed and protected. The factors that determine the essence of a firms
dynamic capabilities are the organizational processes where capabilities are embedded,
the positions the firms have gained (e.g. assets endowment) and the evolutionary paths
adopted and inherited.
Based on this perspective, the marketing factors that determine the competitive advantage
are marketing efficiency resulting from the marketing organizational process and the
endowments of market assets that has generated such as customer satisfaction and brand
equity, i.e. marketing positions. In the context of global competition, Dynamic
capabilities theory suggest that historical evolution of a firm (accumulation of different
physical assets and acquisition of different intangible organizational assets through tacit
learning) constrains its strategic choice and so will affect market outcomes (Collis, 1991).
23
The other way by which research in Marketing has faced Marketing performance is
related to efficiency. Efficiency is the comparison among firms of the ratio of outcomes
over the inputs required to achieve them. On the other hand, Sheth, (2002) define
marketing efficiency as the ratio of marketing output over input. Getting loyal customers
at low marketing costs, on the other hand, (Rust, 2004) use the term marketing
productivity to refer to how marketing activities are linked to short-term and long-term
profits.
There has been a shift from transactions to relationships in marketing orientation. (Kotler,
1990). The emphasis on relationships as opposed to transaction based exchanges has
redefined the domain of marketing. Every marketing transaction involves a relationship
between the buyer and seller in a transaction-based situation, the relationship may be
quite short in duration and narrow in scope, on the other hand, the customer-seller bonds
developed in a relationship marketing situation last longer and cover a much broader
scope than those developed in transaction marketing. Customer contacts are more
frequent, a company emphasis on customer service contributes to consumer satisfaction
in relationship marketing, (Armstrong and Kotler, 2007).
Brodie, (1997) suggested that marketing strategies be applied at four levels. At the first
level, marketing strategies is a technology-based tool of database marketing. At a second
24
Jobber, (2006), views marketing strategy as the process of creating, developing and
enhancing relationship with customers and other stakeholders. Relationship marketing
refers to the development, growth, maintenance of long- term, cost- effective exchange
relationship with individual customers, suppliers, employees, and other partner for
mutual benefit (Boone and Kurtz, 2007). Developing excellent service quality creates the
opportunity to build an ongoing relationship with customers. The idea of relationship can
apply to many industries. It is particularly important in service industry of which banking
is central because of direct contact between the banks and customers.
Marketing strategies are always concerned about the direct marketing otherwise, known
as interactive marketing, activities and managing these dimensions with the aim of
establishing, developing and maintaining co-operative customer relationships for mutual
benefit
marketing refers to
buyers-seller
communications in which the consumer controls the amount and type of information
25
received from a marketer. Interactive techniques have been used for more than a decade;
point-of-sales brochures and coupon dispensers are a simple form of interactive
advertising.
Today, however, the term also includes two-way electronic communication using a
variety of media such as the internet, CD-ROMS, and virtual reality kiosks (Boone and
Kurtz, 2007). Relationship quality is all about customer satisfaction, trust and
commitment. It can be regarded as a variable composed of several key components
reflecting the overall nature of relationships between companies and costumers. There
has not been a common consensus regarding the conceptualization of relationship quality
but there has been considerable speculation as to the central components of this all
important variable in measuring relational quality.
The Relational Benefits approach assumes that both parties in a relationship must benefit
for it to continue in the long run. For the customer, these benefits can be focused on
either the core service or on the relationship itself (Gremler 2000). Benefits customers are
likely to receive as a result of having cultivated a long-term relationship with a service
provider are referred to as relational benefits. These relational benefits are benefits that
exist above and beyond the core service provided. According to earlier researchers,
relational benefits include confidence benefits, social benefits and special treatment
benefits (Bitner, 1998).
26
retention
(customer
loyalty
and
positive
customer
word-of-mouth
communication), better reputation in quality product and new product development and
employee satisfaction measured by employee turnover rate are found appropriate in this
context.
27
Independent Variables
Dependent Variable
Availability of marketing
Strategies
Increased Competition in
the Market
Affects
Improvement of
Corporate Image
Figure 2.1 Conceptual Framework
Source: Survey, (2013)
28
Performance of the
Bank
29
CHAPTER THREE
3.0 RESEARCH DESIGN AND METHODOLOGY
3.1 Introduction
This chapter describes the research design used for the study. It includes the research
design, target population, sample size, sampling procedure and instrumentation, data
collection and data analysis.
30
The purpose of the pilot study was to enable the researcher to ascertain the reliability and
validity of the instruments, and to familiarize himself with the administration of the
questionnaires therefore improve the instruments and procedures. Mugenda and Mugenda
(2003) define reliability as a measure of the degree to which a research instrument yields
consistent results or data after repeated trial. The pilot study enabled the researcher to
assess the clarity of the questionnaire items so that those items found to be inadequate
were modified to improve the quality of the research instrument thus increasing its
reliability.
Validity is defined as the accuracy and meaningfulness of inferences, which are based on
the research results (Mugenda & Mugenda, 1999). In other words, validity is the degree
to which results obtained from the analysis of the data actually represents the phenomena
under study. Validity is the degree to which a test measures what it purports to measure.
All assessments of validity are subjective opinions based on the judgment of the
researcher. The pilot study helped to improve face validity of the instruments as content
validity of an instrument is improved through expert judgment. As such, the researcher
sought assistance of his supervisor, who, as an expert in research, helped improve content
validity of the instrument.
31
A research permit was obtained from the Kenya Institute of Management (KIM).
Thereafter the branch manager of Co-Operative-Narok was contacted before the start of
the study. The researcher personally administered the questionnaire to the respondents.
The selected respondents were visited in their offices and they administered
questionnaires. The respondents were assured that strict confidentiality would be
maintained in dealing with the responses. The respondents were given two days to fill in
the questionnaires after which the filled-in questionnaires were collected.
3.6 Data Analysis
After all data was collected, the researcher conducted data cleaning, which involved
identification of incomplete or inaccurate responses, which were corrected to improve the
quality of the responses. This research yielded both qualitative and quantitative data.
Qualitative data was analyzed qualitatively using content analysis based on analysis of
meanings and implications emanating from respondents information and documented
data. As observed by Gray (2004) qualitative data provides rich descriptions and
explanations that demonstrate the chronological flow of events as well as often leading to
chance findings. On the other hand, quantitative data was analyzed using various
statistics including measures of central tendency and dispersion. Simple descriptive
statistics were employed to analyze quantitative data. The statistics used include
frequency counts and percentages. The results of data analysis were presented using
frequency distribution tables, pie charts and bar graphs.
32
CHAPTER FOUR
4.0 DATA ANALYSIS, PRESENTATION AND INTERPRETATION
4.1 Introduction
This chapter presents the findings which were realized from the analysis of the
questionnaire distributed to the respondents. As such, it presents the response rate of the
study, the statistical analysis and a discussion of the findings about the effects of
marketing on the performance of an enterprise.
Respondents
Percentage (%)
Response
40
100
Non-Response
Total
40
100
58%
30%
8%
4%
Below 20 years
21-30 years
31-40 years
Above 40 years
34
Secondary, 13%
University, 42%
Secondary
College
University
College, 40%
35
40%
33%
13%
4%
1 year
1-5 years
6-10 years
Above 10 years
36
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Marketing
Department
Finance
Department
HR Department
37
(F)
Yes
40
100
No
Total
40
100
Respondents
Percentage
High
18
44
Medium
18
44
Low
12
Total
40
100
38
According to findings in table 4.3 above, 18 at (44%) indicated that the marketing is high,
18 at (44%) said it was medium while 4 at (12%) said it was low. It was noted that
marketing in Co-Operative bank is high.
Frequency (f)
(%)
Top Management
22
Operational Manager
22
56
22
Total
40
100
39
Frequency
Workshops
18
44
Seminars
Going to school
11
Internal Training
14
36
Total
40
100
(f)
(%)
Yes
40
100
No
Total
40
100
40
According to findings in table 4.6, all the respondents 40(100%) indicated that there are
marketing strategies in the bank. The researcher noted that marketing strategies in cooperative bank are effective and hence there is good competition.
Respondents
Percentage
Yes
39
98
No
Total
40
100
4.4.3 Rating the Competition of the Bank in the Market in Relation to Marketing
The study sought to find from the respondents the rating of competition of the bank in the
market in relation to marketing. Table 4.8 shows the analysis of the findings.
41
Frequency
Excellent
13
33
Good
18
44
Fair
23
Total
40
100
15%
Yes
No
85%
42
According to findings in figure 4.5, 34(85%) indicated that marketing strategies enhances
the corporate image of the bank while 6(15%) indicated that it does not enhance
corporate image of the bank. It was noted that marketing strategies enhances the
corporate image of co-operative bank.
4.5.2 How Marketing Strategies Improve the Corporate Image of the Bank
The study sought to find out from the respondents how marketing strategies enhance the
corporate image of the bank. Table 4.9 shows the analysis of the findings.
Table 4.9 How Marketing Strategies Improve the Corporate Image
Category
Frequency
(%)
38
95
Not sure
Total
40
100
4.5.3 Rating of the Corporate Image of the Bank in Relation to Marketing Strategies
The study sought to find out from the respondents the rating of the Corporate Image of
the Bank in Relation to Marketing Strategies. Table 4.10 shows the findings.
43
Respondents
Percentage
High
18
44
Medium
18
44
Low
12
Total
40
100
44
CHAPTER FIVE
5.0 SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Introduction
This chapter presents the summary of the findings of the main study, conclusions and
recommendations arrived at. It also gives suggestions for further studies.
The study sought to know from the respondents, who are responsible in facilitating
marketing in Co-Operative bank. Majority of the respondents, 22(56%) indicated that it
was the operational manager who facilitates marketing. From the findings the researcher
noted that the operational manager is in charge of marketing at Co-Operative bankNarok. The study sought to find out from the respondents how marketing officers are
trained. Majority, 18(44%) of the respondents indicated workshops, 14(36%) indicated
internal training, 4(11%) indicated going to school while 3(9%) indicated seminars. The
researcher noted that marketing officers are trained through attending workshops.
5.2.2 Marketing Strategies and the Banks Competition in the Market
The research sought to know whether marketing strategies of co-operative bank are
effective. All the respondents indicated that the marketing strategies are effective. The
researcher noted that marketing strategies of co-operative bank are effective. The
research sought to know from the respondents whether training of marketing officers
enhance effectiveness at co-operative bank. Majority, 39(98%) indicated that it enhances
45
while 1(2%) indicated that it does not enhance effectiveness. From the analysis it was
noted that training of marketing officers enhances effectiveness at co-operative bank.
The study sought to find out from the respondents the rating of marketing effectiveness in
co-operative bank. Majority 18(44%) of the respondents indicated Good, 13(33%)
indicated excellent while 9(23%) indicated Fair. The researcher noted that marketing
effectiveness of Co-operative bank is good. The study sought to know from the
respondents whether marketing enhances general performance of co-operative bank.
Majority 34(85%) indicated that it enhances general performance while 6(15%) indicated
that it does not enhances general performance. It was noted that marketing enhances
general performance of co-operative bank.
The study does not suggest that profit is the only goal a bank must pursue as a service
industry, rather, it also needs to satisfy the needs of the customers and shareholders so
46
that patronage and loyalty will be ensured. This will definitely increase the long run
profitability of the bank as well as rendering quality service to the banking public.
Generally, the responses from the questionnaire of the pilot and the main study revealed a
similar over all positive relationship between the marketing strategies variables and
banks returns. Thus, the findings of the analysis are consistent, reliable for the prediction
of the entire banking population.
The study revealed that marketing strategies has become a major function in the banking
industry as a result of increased competition brought about by bank consolidation and
reforms. As a matter of fact, banks staff involved in marketing activities in the post
consolidation era have surpassed those in the pre consolidation era. Thus, there is a
connection between banks competition brought about by banks reforms and marketing
activities. The competition is supposed, among others, to facilitate effective deposit
mobilization, technical efficiency, varieties of services, convenience banking services,
productive efficiency, and lower cost of fund.
The findings in this study shows an overall significance of the marketing variables
adopted, although not much effect is seen when a marketing variable is compared with
bank performance in isolation of other variables. This helps to conclude that the
marketing strategies techniques must be adequately combined in order to bring about
improved performance. For example, if a bank should engage in promotional activities
without adequate knowledge of the market, the aim of marketing will be defeated. The
application of relationship marketing in the banking industry enables banks to create
customer satisfaction and customer loyalty thereby improving their performance.
Therefore, the study concludes that marketing strategies is one of the most important
strategies for competitive advantage for business survival today. Marketing strategies is
recognized as fundamentally reshaping the marketing field and evolving as a part of
modern marketing. That is, for successful operation in the banking sector, banks must be
able to understand their customers so well as to respond appropriately to their needs. The
47
study concludes that co-operative bank must be able to build a long lasting relationship
with their customers through putting in place marketing strategies.
48
can be carried out in other nations so that a broad comparison of the concepts of strategic
marketing as it affects firm performance can be made. Research into the effects of key
characteristics of industries environmental indices and marketing strategy could be
carried out to further explain the differences in the firms adoption of strategic marketing.
Finally, future research works are to be undertaken in order to refine the cobwebs found
in the present research, and orient it to more specific contexts.
49
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