Impact of Marketing of Deposit Money Bank Services on Customers’ Patronage and Loyalty. Empirical Study of Five Deposit Money Banks in Nigeria

Ikpefan, Ochei Ailemen and Olaolu, Rebecca and Omankhanlen, A. E and Osuma, Godswill and Evbuomwan, Grace O. (2018) Impact of Marketing of Deposit Money Bank Services on Customers’ Patronage and Loyalty. Empirical Study of Five Deposit Money Banks in Nigeria. Journal of Applied Economic Sciences, 8 (62). pp. 2446-2458. ISSN 1843 - 6110 ISSN 2393 - 5162

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Abstract

Marketing helps to attract its target customers thereby creating a relationship where exchange can be made possible. However, communication gap in deposit money banks constitute a major problem in the banking system and there is a need to bridge such gap as it affects customer's loyalty and patronage significantly. The objective of this study is to examine the effects of marketing of deposit money bank services on customer patronage and loyalty. This study examined five (5) deposit money banks which were chosen at random. Guarantee Trust Bank (GTB), United Bank for Africa (UBA), Eco Bank Plc, First Bank Plc and Skye Bank Plc. Primary data was used in the course of the study through the use of questionnaires in ensuring that the necessary data were obtained for the analysis. A total number of one hundred and fifteen (115) copies of the questionnaire were administered to the customers of the selected banks. The copies of the returned questionnaire were a hundred and thirteen (113) which were coded in the Statistical Package for social science (SPSS 23). A linear regression model was adopted in order to measure the effect of the independent variables on the dependent variables. The study found that marketing of deposit money bank has a significant effect on customer patronage and loyalty. The study concludes that marketing is highly essential to the survival of any bank thereby ensuring communication is effective between the bank and their customers. The study recommends that banks should ensure that effective marketing strategies such as; creating awareness of the products and services are developed by adopting marketing principles that will enable them to acquire more customers and have a long-term relationship with the existing ones.

Item Type:	Article
Uncontrolled Keywords:	bank management; patronage; loyalty; working capital management; financial services
Subjects:	H Social Sciences > HF Commerce H Social Sciences > HG Finance
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	25 Mar 2019 10:02
Last Modified:	25 Mar 2019 10:02
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/12527

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