The challenges of measuring marketing strategy in relation to productivity has been inadequately address by previous researches and marketing text in Nigeria. Hence this study examines the effect of marketing strategy of First Bank. Out of the total population of first bank, Kaduna main branch with a staff strength of 135 persons were selected as the sample size. The survey method constitute the research design. Questionnaire design by the researcher in five likert scale constitute the research instrument. The mean scores was used to analyze data. The analysis indicates that the marketing strategy adopted by First Bank are basically customer service strategy, advertising, quality improvement as well as unique packaging and effective distribution channels. Marketing strategy of First Bank affect it productivity through the enhancement of customer value which facilitate increase in sales but inspite of this, marketing strategy of First Bank is constraint with problems arising from the inability of First Bank to combine numerous models and tools of marketing used in order to stand dynamism inherent in strategic implementation due to changing marketing environment as well as lack of integrated views of planning and development of marketing strategy. As such it was recommended that there should be Complete “paradigm shift” in managerial thinking, in terms of service quality delivery through continuous education and training of staff in field such as customer satisfaction and customer retention.
To achieve a set of organizational goals and objectives, companies conceptualize, design, and implement various strategies. These strategies can be corporate, business, or functional. Marketing strategies constitute one of the functional strategies amenable to application by contemporary companies in order to enhance performance. Marketing has been defined and conceptualized in various ways, depending on the author’s background, interest, and education. For example, marketing can be seen as a matrix of business activities organized to plan, produce, price, promote, distribute, and market goods, service, and ideas for the satisfaction of relevant customers and clients. marketing strategy is important for the success of any organization, whether service- or product-oriented.
Marketing strategy is a method by which a firm attempting to reach its target market uses to attract customers. Marketing strategy starts with market research, in which needs, attitudes and competitor’s products are assessed and the firm concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Nymous, 2006).Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost however quantifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issue facing decision makers. Marketing performance is central to success in today’s fast moving competitive markets, and measuring marketing performance is critical to managing it effective (Chiliya, 2009).
In order to measure marketing strategy effectiveness, a business has to break down its marketing function into constituent parts, along with a mechanism through which to analyse the interaction between those parts. By doing this, decision-makers will finally be in a position to relate marketing expenses to shareholder value and to understand how to tie marketing initiatives back into the value created for the company. Decision-makers will be able to understand the internal motives that propel the marketing value of the business. The manipulation of the following marketing variables namely price variation and price promotion, research, advertising, product differentiation, quality, packaging and place will yield in-creased returns for firms.
Marketing strategies in commercial banks serve as the fundamental component of marketing plans designed to fill market needs and reach marketing objective. Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include marketing mix, plus performance analysis and strategic constraints. While external environmental factors include customer analysis, competitive analysis target market analysis as well as evaluationof the element of technological, economic, cultural or political/legal environment likely to impact success.
Marketing strategy in commercial banks in Nigeria is basically designed to direct the flow of banking services profitably to target customers. The need for an effective marketing strategy stems from intense competition, not just from bank but other financial organization. Therefore banks strategize there marketing to create customer value as well as to establish customers need and to provide such needs in order to add more value to their service and gain competitive advantage.
However, there are challenges in measuring marketing strategies in relation to productivity.Indeed several researchers indicate that there is a gab in this regard (okoh, 2009). It is against this, that the researcher considered the subject matter as a problem worthy of investigation.
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