THE INFULENCE OF ADVERTISING AND PERSONAL SELLING IN THE NEW PRODUCT OF COMMERCIAL BANKS.
(A CASE STUDY OF UBA PLC OWERRI IMO STATE)
ABSTRACT
 In today’s highly competitive marketing environment marketers do not stop at developing a new product, pricing, pricing it attractively and making it readily available to the target customers, they must communicate it to the target audience for them to succeed. This research work has therefore been made to appraise the influence of advertising and personal selling on new products of commercial banks in Owerri metropolis with specific interest on united banks for Africa (UBA) Plc. Generally speaking, economic growth is closely related to the commercial banks as their concern is to provide services to their customers, new product development and innovation is deemed necessary by operators so as to meet the immediate needs of its customers for minimum satisfaction yet, customer show no sign of improved favourable relationship even at the instance of radical improvement that has taken place in the product itself and the promotional tools via advertising and personal selling. In carrying our this research work, the researcher identified his objectives as follows;
To identify the area of neglect by the commercial bank operators.
To analyze the impact of advertising and personal selling on new products of commercial banks.
 TABLE OF CONTENTS
CHAPTER ONE
1.0    Introduction.
1.1    Background of the study
1.2    Statement of the problem
1.3    Objectives of the study
1.4    Research question
1.5    Statement of Hypothesis
1.6    Significance of the study
1.7    Scope of the study
1.8    Limitation of the study
1.9    Definition of terms
 CHAPTER TWO
2.0    Literature Review
2.1    Introduction
2.2    Advertising
2.3    History and development of advertising in Nigeria
2.4    Personal selling and its techniques
2.5    New product commercialization
2.6    Hierarchy of response models
2.6.1 AIDA model
2.6.2 Triangular model
2.6.3 Hierarchy of effect model
2.6.4 Communication process model
        References
CHAPTER THREE
3.0    Research Design and Methodology
3.1    Introduction
3.2    Research Design
3.3    Sources/Methods of data collection
3.4    Population and sample size
3.5    Sample Technique
3.6.   Validity and reliability of measuring instrument
3.7    Method of data analysis
CHAPTER FOUR
4.0    Presentation and analysis of data
4.1    Introduction
4.2    Presentation of data
4.3.   Analysis of data
4.4    Test of hypothesis
4.5    Interpretation of results
CHAPTER FIVE
5.0    Summary, Conclusion and Recommendations
5.1    Introduction
5.2    Summary of findings
5.3    Conclusion
5.4    Recommendations
References
Appendix
 CHAPTER ONE
 Any organization that creates a product or a service and them sets back and wait for things to happen. Usually discovered that not much does happen. The organization needs to tell its story to communicate with it potential customers. The fact is that the best (new) product have been created brilliantly packaged, rightly priced, magnificently distributed and well positioned to best suit the needs of the customer all those marketing effort would be a waste if, it has not been brought to the notice of the customers (current and potential) such is the essence of advertising and personal selling amongst others.
        New products or ideas as the case may be, are not just produced to fulfill the creative instincts of man but to fill the demand gap originally, discovered through research. This however, justifies the notion that marketing begins and ends with consumers.
        In the main time, it should be emphasized and not be over emphasized of the basic goals and objectives of business as was established by capitalist theorist, hence, the emergence of cut-throat competition in business today. It is this unbridled struggle that has persists among cooperate bodies in the quest for survival that necessitated various strategic measures for maximizing interest.
        These strategic not only covers product creation and improvement, but extends to asking the question “how do people get to know that we have something new”. This knowledge however give rise to advertising which form the best possible means of transmitting the desired appeal to sensitize people of that which will satisfy their pressing needs. A time came when the issues are no more routed to awareness creation in relation to existence of a new product owing to intense advertisement this unfavourable eruption gave rise to the question, “how do we reach consumers and make sure that over products reach them at maximum satisfaction. The bothering concern on this, necessitated the adopted of personal selling which has of recent become a traditional adage among corporate bodies that innovates all these however, are the validation that advertising and personal selling have some anticipated positive effects on new products.     
BACKGROUND OF THE STUDY
Any organization that creates a product or a service and then sets back and wait for things to happen usually discovered that not much does. The organization needs to tell its story to communication with its potential customers. The fact is that after the best (new) products have been created brilliantly packaged, rightly priced magnificent distributed and well positioned to best suit the nees of the customers, all these marketing efforts would be a waste if, it has not been brought to the notice of the customer’s (currents and potential). Such is the essence of advertising and personal selling amongst others.
        New products or ideas as the case may be, are not just produced to fulfill the creative instincts of man but to fill the demand gap originally discovered through research. This however, justifies the notion that marketing begins and ends with consumers.
        In the main time, it should be emphasized and not be over-emphasized of the basic goals and objectives of business as was established by capitalist theorist, hence, the emergence of cut-throat competition in business today. It is this unbridled struggle that has persists among cooperate bodies in the guest for survival that necessitated various strategic measures for maximizing interest.
        These strategie not only covers product creation and improvement, but extends to asking the question “how do people get to know that we have something new”, this knowledge however gives rise to advertising which form the best possible means of transmitting the desired appeal to sensitize people of that which will satisfy their pressing needs. A time came when the issues are no more routed to awareness creation in relation to existence of a new product owing to intense advertisement, this unfavourable eruption gave rise to the question, “how do we reach consumers and make sure that our products reach them at maximum satisfaction. The bothering concern on this, necessitated the adoption of personal selling which has of recent became a traditional adage among corporate bodies that innovates. All these however, are the validation that advertising and personal selling have some anticipated positive effects on new products.
        To this end, the researchers therefore want to know the pattern of behavior of these concepts and what they can profer if applied accordingly. For this purpose therefore, the researcher work analysis is limited on united bank for Africa Plc, in Owerri metropolis.
HISTORICAL BACKGROUND OF UNITED BANK FOR AFRICA (UBA) PLC
United Bank for Africa Plc (UBA) is a public limited liability company incorporated in Nigeria.
 OVERVIEW
        UBA Is a rage financial service provide in Nigeria with subsidiaries in 20 sub-Saharan countries, with representative offices in France, the united kingdom and the united states of America. It offers universal banking service to more than 7 million customers across 750 brunches. Formed by the merger of the commercially focused UBA and the retail focused standard trust bank in 2005, the bank purports to have a clear ambition to be the dominant and leading financial services provider in African. Listed on the Nigerian stock exchange in 1970, UBA claims to be rapidly evolving into a pan- African full service financial institution. The group adopted the holding company model in July 2011, as of December 2011. The US $ 12.3 billion (NGN: 1.94 trillion) with shareholder equity of about US $ 1.07 billion ( NGN : 170 billion).
HISTORY
        UBA’s history dates to 1949 when the British and French bank limited (BFB) commenced business in Nigeria following Nigeria independence from britiain , UBA was incorporated in 1961 to take over the business of BFB. Today’s United Bank for African plc (UBA) is the product of the merger of Nigeria’s 3rd and 5th largest banks, namely the old UBA and the former standard Trust Bank plc, and a subsequent acquisition of the erstwhile continental Trust Bank limited (CTB).
 OWNERSHIP
        The stock of UBA and its subsidiaries (the UBA group) is listed on the Nigeria stock exchange, where it is publicly trade under the symbol UBA. The detailed shareholding in the stock of the company is not publicly known at this time.
CORPORATE PROFILE
        Since its historical emergence from the merger of former standard Trust bank and UBA plc, the UBA group has position itself to be Nigeria’s dominant bank and a leading player on the African continent. In 2000 purpose frontline finance and economy magazine, euro money named UBA the best domestic bank in Nigeria, in recognition of the banks exponential growth in the past couple of years and the comparatively higher inflow of investment from global finance players. In 2007, pan- African newsmagazine awarded UBA the merging global bank award indicative of the international bank which has most positively influenced the African continent.
        UBA has consistently positioned itself as the bank to beat in Nigeria’s financially strong banking industry. It has grown its total assets by over 345 percent in the last five years. Up from NGN 198.68 billion ($1.656 billion) in 2002 to NGN 884 . 14 billion ($ 7.368 billion) in 2006. more recently, at the end of the 2008 financial year, it  recorded gross earnings of NGN 169.6 billion, profit before tax and exceptional items of NGN 56.8 billion, profit after tax of NGN 40.8 billion and total assets of NGN 2.2  trillion.
        UBA has the largest distribution network in Nigeria with over 6.5 million customers in personal, commercial and corporate market segments. As of 30th September, 2008, it has over 650 business offices, 296 deployed POS and 1332 ATMs and pioneered cheque acceptance ATMs in Nigeria. Its over 14,000 staff globally are also referred to as “lions and lionesses” regionally; the group has a presence in 18 African countries and in all major financial centers. The bank currently Uganda, Benin, Burkina Faso and Senegal and has unfolded plans to expand its banking operations to 15 additional countries in African come 2009. records indicate that UBA is the only sub-Saharan bank with dual presence in the U.S  and the UK with a U.S regulated branch presence in new York since 1984, UBA capital *Europe ) in London which was established as UK regulated investment banking operation in January 2008 and a representative office in Paris France.
 ORGANIZATION
        UBA groups operating structure is organized around seven strategic business unit (SBUs) and for strategic support units (SSUs) informed by the need to reinforce its leadership in service delivery, relationship management and the execution of its strategy. In addition, the GMD/ CED is support by the group executive office consisting of the strategy office, the corporate transformation office, the chief of staff and advisers to the GMD/CEO.
STATEMENT OF THE STUDY
The primary concern of commercial bank is to provide services to its customer. New product development and innovations is borne out of the genuine desire by operators to take a fresh look at their customers needs while ensuring maximum satisfaction and returns for their customer. It would be fallacious to say that advertising and personal selling have not been adequately does not apply nor its merits and demerits not considered before application, yet the following problems.
Advertising does not seem to have a favourable effect on new products of commercial banks.
It seems as if the aims and objectives of increasing advertising turn up and patronage seem to have remained the same.
Many advertising media has been used, yet members of the society seem to have not been reached.
Customers show no sign of improved favourable relationship even at the instance of radical improvement that had taken place in the product itself and the promotools-advertising and personal selling.
It was due to these problems stated above that the researcher intends to carryout this research.
OBJECTIVE OF THE STUDY
The objectives of the study are:
To analyze the effect of advertising and personal selling on how new product of commercial banks.
To reveal areas of neglect by commercial bank operators and professional marketers.
To make necessary recommendations.
Would personal selling motivate sales field profitability in commercial bank?
To create intercommunication between the sales persons and the prospects.
RESEARCH QUESTIONS
In the face of problems, numerous questions do arise. Though they may not have direct answers, they may form due to solution to the problems as identified.
        The following question becomes imperatives in the face of existing problems:
What effect does advertising have on new products of commercial banks?
Does an increase in the advertising lead to a positive increase in the number of customers?
Whether advertising medium/media have significant positive effect on the target with regards to commercial banks new products?
What effect does personal selling have on new products of commercial banks?
Does an increase in personal selling efforts of the bank result to a positive increase in the number of customer?
What positively has a combination of advertising and personal selling effect the new products of commercial banks?
SIGNIFICANCE OF THE STUDY
This study which focuses on the influence of ascertaining personal selling on commercial banks new products is an academic exercise designed to evaluate the effect of advertising and personal selling on new products of commercial bank and understand how it influences the perception of banks customer.
        The work would be of immense benefits to stakeholders in the field of business and other productive concerns, especially the marketing practitioner as well as those in the academic field that the researcher in making his first contributed to the stock of knowledge. Invariably, it would be to posterity on inspiration of ingenious commitment.
        This work is a touch stone too sensitizing for the researcher acidic practioners and professionals and demand further studies especially on the area of advertising and personal selling, for it will lead to the development of our social and economic conditions as well as out technical expertise.
        Finally, firms both in the industrial and consumers markets, the entire banking industry, government and non-governmental organization, other institutions who engage in innovations and production of commercial services and particularly commercial banks, will find this work of immense benefit. This is because the work will establish the most economic and viable means of audience response in terms of clientele.
SCOPE OF THE STUDY
There are many kinds of commercial banks within similar concerns and area of specialization in Owerri metropolis the capital of Imo state of Nigeria that engages in new product development of all these commercial banks, united bank for Africa (UBA) Plc have been described and chosen to form a case for analysis.
        The researcher concentrated on three branches of the banks in Owerri. It comprises
United bank for Africa 3, Assumpta Avenue (bank road) Owerri.
United bank for Africa 60, Wetheral road, by Akoku Street, Owerri.
United bank for Africa 34, Douglas road Owerri.
Emphasis will be drawn on response models designed to know the stages of the banks customers so as to ascertain the levels of response of the target audience in the purchase response process. This will help in the formation of the message content in the promotion activities.
This research is designed to access the influence of advertising and personal selling on new product of commercial bank. Also, the work is designed to know the impact new products play in commercial banks.
LIMITATIONS OF THE STUDY
It has been the wish of the researcher to study the influence of advertising and personal selling on new products of commercial banks based on the nature of the topic of study, but time and financial constraints constrained. The researcher to concentrate only three branches of the bank in Owerri metropolis. Also, problem like non-response and response error as a result of administrative bottlenecks syndrome in the bank was encountered. The management was strike in releasing some vital information needed for the research study.
DEFINITION OF TERMS
ADVERTISING
According to William O. Bearden et al (2004:401), advertising is a marketing communication element that is persuasive and disseminated through mass channels of communication to promote the adoption goods, services, persons or ideas.
APPEAL:
An appeal is an act to perusals a targeted audience to behave in a particular way by suggesting that it is fair, reasonable and unequalled.
COMPETITION:
Competition is the struggle or anything done for the sake for survival among firms that produces similar products (goods or services) in the same industry.
INNOVATION:
According to Anyanwu A. (1999:51), innovation is the development or assumption about an unknown population parameter.
JUDGMENTAL SAMPLING:
According to Awatl Okorie (2004:319), judgmental sampling is a non-probability sampling technique where the researcher subjectively selects the sampling for the study based on his feelings that they are true representative of the population of interest.
PERSONAL SELLING:
According to Onuoha J.K. and Egbuta A.O.(2007:284), personal selling is a face to face interaction between two or more people the seller and the buyer, with the aim of closing the sales.
POTENTIAL CUSTOMERS:
According to Kotler Philip (2004:44), potential customers are the set of customers who profess a sufficient level of interest in a market offer but either lacks income or access to a particular offer.
RESEARCH:
According to Ezirim, A.C et al (2004:2), research is an investigation undertaken in order to discover a new facts, get additional information, or resolve conflicting ideas or confirm the validity of existing ideas.