Strategic marketing planning and the Nigerian banking industry
Marketing strategy is the effective deployment and coordination of marketing resources to achieved the business enterprise objectives within a particular product market. However, banks often have problem of formulating good marketing strategy plan that will enhance the bank general performance. The study examine whether good marketing plan and strategy from business perspective will gain sustainable competitive advantage and determine whether marketing department is the main revenue generating department in the banking industry. Primary data were used for the study; the primary data were generated through the use of questionnaire. Systematic random sampling techniques were used in selecting the participating staff. The data were presented using tables and percentages, while chi-square technique were use in testing the formulated hypotheses, the result shows that marketing department is the main revenue generating department in the banking industry. The study conclude that, for a bank to successfully achieve its goals and objectives of procuring an increase in long – run profitability it has to develop a good marketing plan and strategy. In light of this, the study recommend that, a clear understanding of the relevant environment factors impacting on bank marketing strategies will assist in efficient and effective service delivery in the banking industry.
Keywords: Impact, strategic, marketing, planning, banking