An Evaluation of Promotional Mix Strategies in the Banking Industry: A Case Study of UBA Plc in Taraba State
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Background of the Study
Promotional mix strategies involve a combination of tools and techniques used by organizations to communicate with their target audience, build brand awareness, and drive sales. These tools include advertising, sales promotion, personal selling, public relations, and direct marketing (Belch & Belch, 2023). In the banking industry, an effective promotional mix is crucial for attracting customers and maintaining competitiveness.
UBA Plc, one of Nigeria’s leading banks, operates in Taraba State with a focus on delivering innovative banking services. In a region characterized by varying financial literacy levels, UBA’s promotional mix strategies play a key role in educating consumers and promoting its services (Okafor & Hassan, 2024).
This study evaluates the effectiveness of UBA Plc’s promotional mix strategies in Taraba State, analyzing their impact on customer engagement and business performance.
Statement of the Problem
Despite the importance of promotional mix strategies, their implementation in the Nigerian banking sector often faces challenges such as limited budget allocation, inconsistent messaging, and difficulty in measuring results. At UBA Plc in Taraba State, these challenges limit the effectiveness of promotional efforts in reaching and engaging customers (Eze & Musa, 2023).
This study explores the effectiveness of UBA’s promotional mix strategies, identifying gaps and recommending solutions for improvement.
Objectives of the Study
- To assess the effectiveness of promotional mix strategies employed by UBA Plc in Taraba State.
- To identify challenges affecting the implementation of promotional mix strategies at UBA.
- To propose strategies for optimizing promotional mix practices at UBA.
Research Questions
- How effective are UBA Plc’s promotional mix strategies in Taraba State?
- What challenges affect the implementation of promotional mix strategies at UBA?
- What strategies can improve the effectiveness of UBA’s promotional mix?
Research Hypotheses
- Promotional mix strategies do not significantly impact customer engagement at UBA Plc in Taraba State.
- The consistency of promotional messages significantly influences their effectiveness.
- Budget allocation does not significantly mediate the success of promotional mix strategies.
Scope and Limitations of the Study
This study focuses on the promotional mix strategies of UBA Plc in Taraba State, evaluating their effectiveness and implementation challenges. Limitations include access to promotional campaign data, regional variations in consumer behavior, and external influences such as competitor strategies.
Definitions of Terms
- Promotional Mix: The combination of advertising, sales promotion, personal selling, public relations, and direct marketing used to achieve marketing objectives.
- Customer Engagement: The level of interaction and involvement between a brand and its customers.
- Messaging Consistency: The alignment and coherence of messages communicated across different promotional tools.
