IMPACT OF PUBLIC RELATION ON MARKETING OF BANKING SERVICE IN ENUGU METROPOLIES (A CASE STUDY OF ZENITH BANK PLC)
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IMPACT OF
PUBLIC RELATION ON MARKETING OF BANKING SERVICE IN ENUGU METROPOLIES (A CASE
STUDY OF ZENITH BANK PLC)
ABSTRACT
This study
focused on the impact of effective public relations practice in the marketing
of banking service in Enugu metropolis. A case study of zenith bank plc
operating in Enugu state. It aims at identifying the areas of potential
problems in order o enable corrective measure to be taken. Although zenith bank
plc maintains a corporate affairs department that performs public relation
functions, yet the management is not happy because the bank does not have good
image in the opinion of its customers. It was based on this that the research
decided to embark on the present study, with the following objective in mind to
determine whether zenith bank considers as important the public relations
policy of the organization as strategic. To determine whether zenith bank
communicate effectively major policy issues to its publics. To ascertain and
discuss whether public relations activities of the bank has any significant
impact on the existence, growth profitability an survival of the bank.
Construction of the questionnaire and the formulation of other items. The questionnaires
was meant for two categories of respondents as follows. The staff and
management of zenith bank , the customers of the bank. The questionnaire was
structured to contain both the multiple choices and the open ended questions.
Major findings of the study were also obtained. The study concludes that
effective public relations is a necessary ingredient for the survival and
continued relevance of an organization.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The success
of an organization can be derived from the efficiency and effectiveness of its
own resources .public relation is one of the most difficult concepts to define
.This is because it seems so easy to understand but yet quite difficult to
describe in practical terms .Also many people including public relation
practitioners believe they have the best understanding of the concept and so
have come up with many different definition of the concept. Some organizations
can do well with minimum resources but there are others which do not do well
even with abundant resources, human, financial and material resources. The
differences between these organizations depend on the method of allocation of
resources and the use to which they are put as a result. The importance of
resources management in achieving organizational success cannot be under
estimated. And so, the need for planning arises. Planning is the part of
management process that attempt to define the organizations future.[DALTON
2006] Said that planning is the process by which managers examine their
internal and external environment , as fundamental questions, goals and
objections [LVANCEVICHET 2004] Simply put , planning as the process of
determing organizational objectives and identifying the ways and means of
realizing them . Since the objectives are derived from plans, organizations are
bound to set objectives so that they can in the long-run, achieve corporate
goals and objectives. It is in this perspective of achieving corporate goals
and objective that public relations is a half-way house between transforming
corporate objectives into corporate goals .This is why public relations
practitioners are always on the lookout for time bombs and landmines
.Therefore, the first assignment of the corporate affairs people [department]
in any organization is to have full grasp of an organization objectives. Having
done this, it helps them to use relevant public relations strategies and
tactics to achieve a corporate culture that is profit driven.
All over,
whether private or public companies, organizational first aim is to make
profit. This is because profit maximization is the core of a business, this
claim is justified by the fact that most companies that have not been able to
break even, talk more of making profits, have gone under .To this extent,
profit maximization is a way of measuring efficiency, just as it ensures the
sustainability of the company . Since good public relation can be a catalyst to
profit making, the public relation unit of an organization as an engine room of
corporate reputation of their organizations are saddled with the responsibility
of not only creating sales, but also of making customers and sustaining them.
And so, public relations professionals have no choice than to dabble into
market research, branding, advertising and other promotional campaigns. As such
public relation people are always in the vanguard of finding out how customers
could be better served. As the Chinese saying goes,’’ A man without a smiling
face must not open a shop’ in a nutshell, customers care is all that it takes
to keep business flourishing no matter the size of the business. Consequently,
the public relations unit has the responsibility of ensuring that its
organization is a good corporate citizen and is socially responsible to the
community in which it is situated. The central argument here is that companies
which is widely accepted by their host communities is likely to translate the
collective patronage of the host communities’ assistance as well as that of
other customers, into revenue. It is common knowledge that some business
organizations which paid up service to their host communities has left in their
trail adverse, social and political consequences which effects snow-balled into
negative publicity of unimaginable dimensions. In some cases, these
organizations have been made to retreat rather than forward .This study is
aimed at exploring the impact of effective public relation on marketing of
banking services in Enugu metropolis. In the banking sectors the banks needs
their customers to remain relevant in business and ensure the sustainability of
customers patronage, the bank image must be maintained through stimulating
quality customer services and creating good public relations. It is in this
sense that public relation automatically became the basic foundation for
organization, particularly bank in this age of global completion that strive
towards profit maximization and marketing expansion of banking services.
1.2 STATEMENT OF PROBLEM
Communication as a profession is
multifaceted. It helps to establish and sand its various publics.
This
explains why zenith bank has adopted the practices. Although zenith bank
maintains public and corporate affairs department charged with the
responsibilities of performing public relations functions, yet the management
is unhappy because there is a lot of complaints by customers of zenith bank
concerning the poor services of the bank [bad image] , despite efforts to
promote mutual understanding and corporate image among its various
publics.Therefore,it becomes a matter of concern to discover if the bank take
policy decisions without customers regards.
Will they
prefer social or economic responsibilities as a managerial function?
Are their accounts
for effective performance of corporate social responsibilities in Nigeria?
Do they make
social negative effect on their turnover and profitability due to
non-performance of social responsibilities?
Do they
consider customer background or compliant when implementing their policy.
1.3 PURPOSE OF THE STUDY
Based on the
problem identified, the purpose of the study includes;
To find out
if the bank [zenith] increase profit from the implementation of policy,
regardless of customers background.
To find out
if the policy decision by zenith bank are taken without regard to customers
satisfactions.
To ascertain
if zenith bank in Nigeria do consider social responsibilities as a managemerial
functions.
To ascertain
whether several factors account for their effectiveness in the performance of
cooperate social responsibilities in Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
This research study is of importance,
because it is done at a time ,most firms including the zenith bank , are
saddled with image problems. They include
The outcome
of this research will enable zenith bank discover the extent of harm the
company had suffered due to its bad public relation practices and consequently
improve on it.
It will be
used by the company’s management to decide on how to improve on its customer’s
relation and public relation practices.
Similar
organization will use it as a tool in repositioning their business practices
and how to avoid negative image.
It will be
of help to future researchers on how public relation can be used to strengthen
relationship between customers and stay afloat in business
RESEARCH
QUESTION
Does policy
decision by zenith bank affect relationship with its customers?
How often do
the customers of zenith bank complain of poor managerial functions?
Does zenith
bank of Nigeria consider social responsibilities or economic responsibilities?
Will zenith
bank increase its profit from implementation of policy regardless of people or
customers background or compliant?
1.6 SCOPE OF THE STUDY
The scope of
this study is limited to the achievement of the objective of this study, impact
of effective public relation in marketing of banking services in Enugu
metropolis “a case of study of zenith bank Enugu”.
In other
words, the study will be focused on zenith bank and its customers located at
Ogbete main market Enugu as representative of the banking industry, which
constitute the population of this study. Therefore, the research will be carried
out in Enugu metropolis.
1.7 DEFINITION OF TERMS
BANK-is a
financial intermediary and money creator that creates money by lending money to
a borrower on the bank’s balance sheet.
BANKING
SERVICES; The various way in which a bank can help a customer, such as
operating accounting, making transfers, paying standing others and foreign
currency.
PUBLIC
RELATION; is the way organizations, companies and individuals communicate with
the public and media. A PR specialist communicates with the target audience
directly or indirectly through media with an aim to create and maintain a
positive image and create a long relationship with the audience.
MARKETING;
is communicating the value of a product, service or brand to customers for the
purpose of promoting or selling the product, service, or brand.
SERVICES;
Intangible product such as accounting, banking, cleaning, consultancy,
education, insurance and enterprises, medical treatment and transportation.
ASTROUTURFING;
The practice of a company, industry or interested group creating “front group”
and organization to make it appear relevant publics or decision markers as if
they are truly spontaneous grass root groups supporting the companies,
industries groups position.
COLLATERAL-Property
that you agree to give to a bank if you fail to pay back, you have borrowed.
BANK
STATEMENT– A document that shows all the money that went into or out of the of
your bank account during a particular period of time.
COMMUNITY
RELATIONS- The communications functions used to convey facts and data about a
client to the public or specifics publics and to educate and inform them about
the clients work in the community and on its behalf.
DISCOUNT
RATE- The rate of interest that a central bank charges another bank that
borrows from it.
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