ABSTRACT
This project work was an evaluation of the effectiveness of advertising in improving consumers behaviours using First Bank of Nigeria Plc Century II Advert Campaign as a case study.
To examine certfically the level of awareness generated to find out the medium through which the awareness was created.
The population of study includes the relevant staff and management of First Bank of Nigeria Plc. And its customers within Enugu metropolis.
The sample size was determine using Topmans formula. Random sampling and pilot survey was also conducted in determining the sample size.
Based on this the following hypothesis was formulated
Ho The century II Advert used by First bank of Nigeria does not generate consumer awareness of the campaign services.
The century II Advert used by First bank
The basic reason for this study is to evaluate the effectiveness of advertising in improving consumer behaviour in a financial institution, taking First Bank of Nigeria Plc as a case study. The study was carried out in Enugu metropolis with the customers of First bank of Nigeria Plc.
First bank of Nigeria Plc was founded in 1894 by Sir Alfred Jone, on shipping magnate from Liverpool. the bank commenced as a small a bank in the office of elder dempoter and company in Lagos.
It was in corporate as a limited liability comporate name of Bank of British West Africa (BBWA) with an authorized share capital of 100,000 pounds. It thus became the first bank to be established in Nigeria.
The bank remarkable growth and by 1907, it has established a branch in Calabar. It extended it’s services to the North a few years later. Until 1958, the bank performed the role of a Central ban of Nigeria as African currency Board.
In line with the colonization process often 1950’s, the bank’s name was changed to bank of West Africa (BWA) in 1957. a merger with the Standard Ban of West Africa Limited in 1966. in compliance with the companies Decree of 1968, the bank was incorporated as Standard Bank of Nigeria Limited in 1969. the Federal Government of Nigeria purchased 36.1% of the bank’s equity while Nigeria investors took up 12.9% in line with the indigenisation process that commenced in 1972.
The banks name was again changed in 1979 to First bank of Nigeria Limited and it’s share were listed on the floor of the Nigeria stock exchanged in the future year. In compliance with the requirements of section 31 of the companies and Allied Matters Decree of 1990, the name of the Bank was further changed to First bank of Nigeria Plc.
From being a small outfit in 1894, First bank of Nigeria Plc has now grown so big that it has diversified into a whole range of banking activities and services. For instance, the bank now provides its customers with including current, savings and fixed deposit international banking services, leases, export credit, financial advisory services, etc. The bank even established a Merchant bank , FBN (Merchant bankers). Limited in 1990 to provides, its customers a full range of merchant banking services.
First bank of Nigeria Plc has experiecnded phenomenal growth over the years. With a share capital of N55.6m in 1980. the bank’s asset base stood at N129.5 billion while it’s deposit base has risen to N84.53 billion as at march, 1999. from a modest one branch ib 1894, the banks branch network has risen to 307 by 1999 making it the bank with the largest branch net work spread throughout Nigeria. It’s staff strength has also grown from size at inception to 8,785 employees by 1988. the bank remains leading banking institution in Nigeria.
By 1994 when First bank of Nigeria Plc. The banking industry has changed drastically and had become more challenged than ever due to the arrival of several new banks competition had become stiff. Although the bank continued to enjoy the benefit such unique attribute as it’s business size, it’s customer loyalty and a sound financial based, it was no longer the bank of first choice among potential user of banking services.
The factors which made the bank successful in its first 100 years were no longer sufficient to make the bank on leading player in Nigeria is banking industry.
The outlook of the business environment has changed, customers had become more sophisticated on drastic improvement in its services quality and in its processes which were considered outdated.
The bank’s management recognized the need to change in line with the changing outlook of the business environment. According to the banks Chief Executive in 1996, Mr. Joseph Sanusi, “If our bank is to move forward, it has to be transformed and repositioned”.
To realize this goal , the management put in place a corporate re-engineering project called CENTURY II. The title of the project reflects the fact that First Bank of Nigeria Plc is now in its second century of operation.
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