STAFF PERCEPTION OF THE EFFECTIVENESS OF MARKETING STRATEGIES IN COMMERCIAL BANKS (A CASE STUDY OF SOME SELECTED BANKS IN UYO)
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Concept of Marketing Strategies
A marketing strategy is a method by which a firm attempts to reach its target marketing. Marketing strategy starts with markets research, in which needs, attitudes and competitorsâ€™ product are assessed and constant adjustment is made in order to achieve competitive edge or advantage over rival companies. This are mostly done through advertising, promotion, distribution and where applicable, customer servicing (Nymous,2006).
Marketing strategy must focus on delivering greater value to customers and the firms at a lower cost. However, qualifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issues facing decision markers. Marketing performance is central to success in todayâ€™s fast moving competitive marketing (Egbe 2010).
Strategic Marketing Models
Marketing participant often employ strategic models and tools to analyze marketing decisions. Many of the models and approaches of marketing reflect the overall corporate mission of the organization (Robertson, 2009).
The models and processes that are often employed in the development of marketing strategy can be divided into three sets of models: market opportunity and business strength analysis, the added strategic marketing dimension, objectives and strategy generation and evaluation of process (lilen, 2007).
However Paula (229) opined that strategy models of marketing include management science models and less traditional process models which apply to the generation, evaluation and selection of the strategic option at (1) the product/market level: (2) the strategic â€“ business â€“ unit level: and (3) the corporation level ( which can include a number of strategic business units (Lawal, 2007).