An Assessment of Ethical Marketing Practices in the Financial Sector: A Study of First Bank in Niger State
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Background of the Study
Ethical marketing practices involve promoting products and services in ways that uphold moral principles, such as honesty, transparency, and fairness. In the financial sector, ethical marketing is critical for building trust, maintaining compliance with regulations, and fostering long-term customer relationships (Kotler & Keller, 2023).
First Bank, as one of Nigeria’s leading financial institutions, has a reputation for ethical conduct. However, in Niger State, where financial literacy levels vary, ensuring ethical marketing practices that resonate with diverse customer segments is essential for maintaining trust and loyalty (Okafor & Musa, 2024).
This study evaluates the ethical marketing practices of First Bank in Niger State, analyzing their impact on customer trust and satisfaction.
Statement of the Problem
Despite the importance of ethical marketing, challenges such as misleading advertisements, hidden charges, and lack of transparency have led to customer dissatisfaction in the financial sector. At First Bank in Niger State, these issues threaten to undermine customer trust and loyalty (Eze & Adeyemi, 2023).
This study explores the ethical marketing practices of First Bank, identifying gaps and recommending strategies to enhance ethical standards.
Objectives of the Study
- To evaluate the ethical marketing practices of First Bank in Niger State.
- To identify challenges affecting ethical marketing practices in the financial sector.
- To propose strategies for improving ethical marketing practices at First Bank.
Research Questions
- How effective are the ethical marketing practices of First Bank in Niger State?
- What challenges affect ethical marketing practices in the financial sector?
- What strategies can enhance ethical marketing practices at First Bank?
Research Hypotheses
- Ethical marketing practices do not significantly influence customer trust at First Bank in Niger State.
- Transparency significantly impacts the effectiveness of ethical marketing practices.
- Customer satisfaction does not significantly mediate the relationship between ethical marketing practices and loyalty.
Scope and Limitations of the Study
This study focuses on the ethical marketing practices of First Bank in Niger State, evaluating their impact on customer trust and satisfaction. Limitations include access to internal marketing data, subjective perceptions of ethics, and external market influences.
Definitions of Terms
- Ethical Marketing Practices: Marketing activities that adhere to moral principles such as honesty and fairness.
- Customer Trust: The confidence consumers have in a brand’s ability to deliver on its promises.
- Transparency: The openness and clarity of information shared with customers.
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