Download complete project materials on Effect Of Public Relations On Marketing Of Financial Services In Three Selected Banks from chapter one to five
CHAPTER ONE
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INTRODUCTION
1.1 Background to the Study
Public Relations have become a potent marketing tool in modern business management in recent times andits influence is being felt on both big and small firms. With the influence of even greater expansion it is important for marketing organization including banking sectors to understand the potentials and limitation.
The universally accepted definition of public relations as per Edward Burneys popularly known as theFather of PR as cited by Ogunleye (2016) is that: “It is a planned & sustained effort to establish and maintain mutual understanding between an organization & its publics. Ogunleye further stated that“Quentin Bell, another PR consultant thought the word persuasion would be better than mutual understanding”.
For better understanding if we take the two initials of the word Public Relations i.e. P and R then we define”P” for Performance for Public and “R” for Result as against Relations.
However, marketing embraces selling, advertising and public relations, its total sphere is much broader, representing an overall business philosophy.
The aim of marketing is to identify target markets and develop products and services that will meet the needs of consumers in these markets both now and in the future.If an organisation is serious about its marketing, then it will strive to understand the needs of its current and future customers, as well as having a sound understanding of what its rival organisations are offering the market.
Giving a little glace on the Nigeria Financial Service specifically the banking sector, the need to understand the current and future customers is one of the ways achievement in organizational objectives can be guarantee.
However, to be successful, the organisation needs to understand how its market operates, and the organisation will integrate its operational activities around the conditions in the market(Chartered Institute of Marketing,2010).It is in the light of the importance attached to pubic relation on marketing of financial services that the researcher seeks to appraise its effect in three selected banks in Kaduna Metropolis.
1.2 Statement of General Problem
The use of Public Relations by banks in Nigeria at large has motivated the researcher to find out the role it plays towards enhancing the achievement of the bank’s marketing objective such as increased market share and profitability.
The era of arm-chair banking has been forced out of the banking industry, this is as a result of intense competition that characterizes the banking system. The advent of deregulation of banking sector in juxtaposition with the concept of universal banking has now pave way for new generation banks to come in and practice varieties of marketing financial schemes as they deem fit.
The persistent increase in the number of banks in the country has led to intense competition amongst various banks as a result, and this gave rise to the need to articulate for comprehensive public relations activities to create awareness, and influence customer patronage.
This prompted the need to find out the effect public relations on marketing of financial services, with special reference to First Bank, GTBank and Zenith Plc Kaduna.
1.3 Objectives of the Study
The main objectives of the study are: –
To determine the effect of public relations on banking services.
To evaluate the effectiveness of public relation on customer patronage and loyalty
To assess the impact of public relations on sales volume and profitability of banks in Kaduna metropolis.
1.4 Statement of Hypotheses
Hypothesis I
H0: Public Relationshas no significant effect on marketing of financial services in banks
H1: Public Relationshas significant effect on marketing of financial services in banks
Hypothesis II
H0: Public Relations has no significant effect customer patronage and loyalty in banks
Hi: Public Relation has significant effect on customer patronage and loyalty in banks
Hypothesis III
H0: Public Relation has no impact on sales volume and profitability of banks in Kaduna metropolis.
Hi: Public Relation has impact on sales volume and profitability of banks in Kaduna metropolis
1.5 Significance of the Study
It is hoped that by the end of this research work, it will be of great benefits to the management of organizations under study and other organizations within the same sector as it will serve as an eye opener on the importance of public relation on marketing of financial services.
This research work will also contribute to knowledge as it will help students and future researchers who have related topics to understand the scope of public relations on marketing of financial service.
The significance of the study to the economy need be over-emphasized. It is common knowledge that banking industry is the prime mover of the economy since it regulates all financial and fiscal policies of the whole nation.
1.6 Scope of the Study
The researcher deem it fit to write on the effect of public relation on marketing of financial services. Geographically, the study shall cover three selected banks within Kaduna metropolis namely; First Bank of Nigeria Plc, Yakubu Gowon Way, Guaranty Trust Bank, Murtala Muhammed Square Main Branch; and Zenith Bank Plc, Yakubu Gowon Way, Kaduna.
1.7 Definition of Terms
Cheques: It is a bill of exchange drawn on a banker payable on demand. A cheque is just like a bill of exchange but the difference is that the bill of
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