The Effect of Marketing Strategies on Business Performance: The Case of Bank Of Abyssinia
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Date
2023-07
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Addis Ababa University
Abstract
Business Performance of the banking industry in the modern business environment depends on the strategic alertness that such organizations applies in the value delivery. This study examined the effect of marketing strategy on the Business performance of Bank of Abyssinia. The specific objectives of the study are to evaluate and asses the effect of Marketing strategy such as Product Development Strategy, Promotion Strategy, Pricing Strategy, Place Strategy, People Strategy, Process Strategy, Physical Evidence Strategy, Mass Marketing Strategy and STP Strategy used by Bank of Abyssinia on the performance of the overall business performance. The study used a survey style approach. A census sample of One Hundred Seventy One (171) was drawn from the total target population of three Hundred Department (300) staff of Bank of Abyssinia. Cluster sampling technique was used to select the respondents in the selected company. Data was collected through the use of structured questionnaires designed on Five Point Likert Scale. Based on the result of the analysis, from the nine Marketing Strategies under study, five of them namely Promotion Strategy, Placing Strategy, People Strategy, Pricing Strategy, and STP Strategy have significant and positive effect on the Business Performance of Bank of Abyssinia. Whereas the other four marketing strategies namely Product Development Strategy, Physical Evidence Strategy, Process Strategy, and Mass Marketing Strategy have less significance on business performance. Therefore, Bank of Abyssinia is recommended to focus on these marketing strategies with low effect on Business Performance so as to improve their effect on the overall business performance of the Bank. The bank is expected to review the effectiveness of its products as well as it needs to improve its service quality as both product and service quality are important factors for profitability, customer base, market share. Same is true for the physical evidence and mass marketing strategies
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Marketing Strategy