Marketing Communication Strategy in Retail Banking

Running head: RETAIL BANKING
RETAIL BANKING
Name of Student
Name of the University
Author Note

RETAIL BANKING1
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Brief overview of company and the business environment in which it operates............................2
Critical analysis of the overall communication of the bank............................................................6
The new overall communication marketing strategy adopted by the bank.....................................9
Conclusion.....................................................................................................................................13
References......................................................................................................................................15

RETAIL BANKING2
Introduction
Marketing communication refers to all the messages and other forms of communication
used by the company in order to provide information about the company’s products and services
directly or indirectly with the aim of persuading the customers. Marketing communication makes
use of different channels of communication and tools in combination with each other to share the
message with the company customers and target market at large. There are different types of
marketing communication used by companies such as digital marketing, direct selling,
advertising, sales promotion, public relation and others (Adaramola and Kolapo 2019). It is
important to have effective communication in the organization and it helps the organizational
growth and it is used in all aspects of business such as marketing and others. It is necessary to
have proper communication skill such that the marketing people can effectively communicate
with the customers. The company chosen for the purpose of this study is Zenith bank of Nigeria.
This company is basically engaged in providing various banking services (Ahmad and Sallau
2018). The product selected for the purpose of this study is savings account. The main aim of the
paper is to understand the marketing communication strategy used by the company for its
products. The paper will discuss about a brief overview of the company and the work carried out
by it, the overall communication strategy and the new marketing communication strategy.
Discussion
Brief overview of company and the business environment in which it operates
Zenith bank is a Nigerian bank that is aimed at providing financial services to its target
market and it is a multinational company (Zenith Bank Plc 2019). It is considered as the
commercial bank and is given the license by the Central bank of Nigeria which is the national

RETAIL BANKING3
regulator bank of Nigeria. The bank is engaged in providing its banking services in Nigeria and
West African regions. The company has its stock listed in the Nigerian stock exchange as well as
the London stock exchange (Asiedu 2016). Since its inception it has shown growth and resilience
in all its areas of operation. It follows the dynamic business model for this purpose. Some of the
major offerings of the company is quality and convenience service, loan facilities and advance
salary facilities, debit and credit cards and dollar cards and 24/7 access to all the accounts,
mobile application and others. The bank recognises the different needs of the different people
and therefore it offers a wide range of accounts, irrespective of the lifestyle or situation of the
company and therefore it helps in meeting the needs of the people (Batra and Keller 2016). There
are Zeniths children account, Zenith children account, Zenith account for undergraduates, and
others.
Business environment refers to all those external and internal factors that influenced the
organization’s operations and may include the various rules and regulations of the government
and other factors (Hänninen and Karjaluoto 2017). The business environment of Zenith bank
includes- the macroeconomic factors of the region, the headwinds factors and others. There is a
continuous growth in the economy due to the increasing role of services in the economy. The
banking sector occupies for about 50% of the GDP, with 10% of the GDP coming from oil sector
and 22% coming from agriculture. There has been a growth in the GDP that reflects an
improvement in the service sector especially in mining, manufacturing and others. However, the
growth in the agricultural sector was not so good because of factors like floods, clash between
the farmers and others. The macro-economic factors included a delay in the approval by the
parliament of the budget which had a negative influence on the implementation and resulted in
increasing fiscal uncertainty because of increased purchases during the second half of the year.