MARKETING COMMUNICATION AS A TOOL FOR ORGANIZATION EFFICIENCY
(A CASE STUDY OF CENTRAL BANK OF NIGERIA)
ABSTRACT
The research work was carried out critically to know the role of marketing communication as a tool for organization efficiency and to develop the most desirable form of marketing communication link within an organization. The research work comprise of five chapters. Chapter one consist of historical background of the study, statement of the problem, statement of the hypothesis, objective of the study, significance of the study, scope and limitation of the study and definition of terms. Chapter two is the literature review including concept of communication, purpose of communication, element of marketing communication, channel of commutation, principles of effective communication, impact of marketing communication variables, deciding on the marketing mix and developing effective communication. Chapter three deals with the research design and methodology involving source of data collection, population size, research instrument, questionnaire design and method of data analysis. Chapter four reviews the data presentation and analysis and also test of hypothesis. Finally, the chapter five which include the summary, conclusion and recommendation.
CHAPTER ONE
1.0 INTRODUCTION
Modern marketing calls for developing a good product, pricing it attractively and making it accessible. Companies must also communicate with present and potential stakeholders and the general public. Every company is inevitably cast into the role of communicator and promoter. For most companies, the question is not whether to communication but rather what to say, to whom and how often.
Today, there is a new view of communication as an interactive dialogue between the company and its customers that takes place during the pre-selling, selling, consuming and post-consuming stages. Companies must ask not only “how can we reach our customers’? But also “how can our customers reach us’?
With the aid of technological breakthrough, people can communicate through traditional media (newspapers, magazines, radio, telephone, television, bill board) as well as through (computers, fax machines, cellular phones, pagers and other wireless appliance) by decreasing communication costs. The new technologies have encouraged more companies to move from mass communication to more targeted communication and one-dialogue.
However, company communication goes beyond advertising, sales promotion, personal selling, public relations and direct marketing. The products styling and price, the shape and colour of the package, the sales person manner and dress, the store decor, the company’s stationary all communicate something to buyers.
The theory of marketing communication is highly complex as it embraces not only the ideas of communication which involves the mechanics of information available that will be understood by the person but also the question to place employees in a situation where unfavourable reaction can be minimized. Most importantly, activities of various department of the Central Bank of Nigeria (C.B.N) which carry out specific duties must be well co-ordinated in order to achieve the organization goals.
The need for marketing communication in Central Bank of Nigeria (C.B.N) therefore cannot be over emphasized. Marketing communication in an organization involve flow or processing of information or message within and outside the organization. in the study, the researcher will try to examine the need for marketing communication can enhance or affect the organization.
1.1 H ISTORICAL BACKGROUND OF THE STUDY
The establishment of the Central Sank of Nigeria (C.S.N) came as a result of the persistent efforts of Nigeria nationalist. Apart from the struggle for political independence, the nationalists equally wanted a solid economic base for the new nation. Prior to the establishment of Central Bank of Nigeria (C.S.N), the West Africa Currency Board (W.A.C.B), which was established by the colonial government in 1912, had the responsibility of issuing legal tender to currency in Africa. It was also charged with exchange of the currency with existing currencies and investment of its reserves. There was a fixed parity for the local currency with the British pounds while the currency had 100% sterling coverage,
However, because of the automatic linkage of the West Africa currency board with the British system it could not engage in monetary management besides the currency. As a result of these deficiencies, the need for a Central Bank was obvious, but the colonial government of Nigeria was unique for such a bank. The outcry of Nigerian nationalist for the Central Bank was triggered off by unprecedented banking failure of the early 1950s. As a result of the rate of banking failure in Nigeria, the colonial government rested the control of banking on the financial secretary because of their view that will be ill-equipped for central bank. This was unacceptable to the nationalist. They insisted that a Central Bank was needed at that point to perform the role of banking control and other traditional central bank function. In a bid to resolve these two opposing views, there commissions were set-up to investigate the Nigeria Banking.
The first commission was that of J.L Fisher, a finance expiratory Bank of England. He was appointed by the colonial administration in 1953, inquired into the desirability and practicability of establishing the Central Bank of Nigeria as an instrument for promoting the economic development of the country he based his study on “Orthodox” banking principles, reported that it was not feasible to establish Central Bank on the ground that the money and capital market were under-developed and that there will be no local man power to manage such situation. He ended his report with strong disapproval to the establishment of Central Bank.
The next report was that of a team report from the World bank who visited Nigeria in 1953. The World Bank team submitted their report in 1955 while agreeing with Fisher’s view; they however, recommended the creation of a state Bank of Nigeria as early as possible to take over the banking control functions of the financial secretary which serves as fore-runner to the establishment of Central Bank.
Another commission was achieved in 1957 when the Federal Government engaged the services of another financial export of the Bank of England, Mr. J.B Loynes to recommend the establishment of central bank of Nigeria and other associated issues. Surely Mr. Loynes would have advised against the establishment of Central Bank but he did not have the opinion that Fisher’s, had in assignment. The agreed with Fisher in many aspects, but could not do otherwise since he has been asked to recommend the establishment of a Central Bank. It was the recommendation of Mr. J.B Loynes that led to the establishment of a Central Bank in Nigeria by the Central Bank of Nigeria ordinance of 19th March, 1988. It commenced business on 1st July 1957 with an initial capital of N3 million.
GOVERNORS OF CENTRAL BANK OF NIGERIA SINCE INDEPENDENCE
| GOVERNORS | PREVIOUS POSITION | TERM START | TERM END |
| Roy Pentelow Fenton | 24 July, 1958 | 24 July 1963 | |
| Aliyu Mai-Bornu | Deputy governor, CBN | 25 August, 1963 | 22 June, 1967 |
| Clement Nyong | Adviser International Monetary Fund | 15 August, 1967 | 22 September, 1975 |
| Adamu Ciroma | 24 September, 1975 | 28 June, 1977 | |
| Ola Vincent | Deputy Governor, CBN | 28 June 1977 | 28 June, 1982 |
| Abdulqadir Ahmed | Deputy Governor, CBN | 28 June 1982 | 30 September, 1993 |
| Paul Agbai Ogwuma | CEO, Union Bank of Nigeria | 1 October, 1993 | 29 May, 1999 |
| Joseph Oladele Sanusi | CEO, First Bank of Nigeria | 29 May, 1999 | 29 May, 2004 |
| Charles Chukwuma Soludo | Chief Executive, National Planning Commision | 29 May, 2004 | 29 May, 2009 |
| Sanusi Lamido Aminu Sanusi | CEO, First Bank of Nigeria | 3 June 2009 | 3 June, 2014 |
| Godwin Emefiele | CEO Zenith Bank Plc, Nigeria | 3 June, 2014 | Till date |
Source: (Survey 2016)
THE LEGAL FRAMEWORK
The legal banking of the Central Bank of Nigeria rest mainly in the Central Bank of Nigeria decree No. 24 of 20th June 1991 which supersedes the Central Bank of Nigeria Acts of 1988 and subsequent amendments and the Central Bank of Nigeria (currency conversion) Act of 1967 and its amendments, the promulgation of the central Bank of Nigeria decree marked an important epoch in the history of Central Bank. To execute its primary functions for the purpose of further strengthening the supervisory activities of the Central Bank. of Nigeria, the Banks and Other Financial Institutions (BOA) decree supersedes the banking acts of 1969 and its amendments.
The two decrees by “CBN and BOFI” decree of 1991 countering greater on the bank in the area of bank supervision and examination, monetary management and enforcement of prudential standards in banking have made it easier for the bank to introduce measure aimed at promoting monetary stability and soundness of the financial systems. The CBN decree makes the subject only to the authority of the president of the Federal Republic of Nigeria. The decree also stipulates the maximum financial accommodation in the form of advanced way and means that the Federal Government may obtain from the Bank.
However, the CBN is not free to exercise discretion in limiting its financing of government deficits to the level it considers substantially, hence monetary and macro economic instability has sometimes resulted or has become entrenched in recent times, in short, the CBN and the BOFI decree have further strengthened the Bank power to co-ordinate and control the pace direction of monetary activities in Nigeria.
ORGANIZATION OF CENTRAL BANK OF NIGERIA (CBN)
The organization structure of Central Bank of Nigeria (CBN) was understandably simple consisting of two departments, namely, the general managers and the secretary’s departments, with appropriate division of labour are then perceived. Its original structure has grown tremendously from two departments to twenty-two departments. A board of directors whose chairman is the Governor is responsible for the policy and general administration and business of the bank. The board formulate monetary exchange rate and other economic policy proposals for approval by the presidency. The top management of the bank consists of the communities of governor (the Governor and the five deputy governors) which undertake day to day management of the bank assistants and other official advice to the top management of various aspects of control, banking as well as administrative matters.
The head office of the bank is in Abuja, the Federal Capital Territory. Formally it was in Lagos. It is established to facilitate efficient executive of the bank function over Nigeria’s vast territory. Some Central Bank activities are decentralized and operated through four zones: Bauchi, Enugu, Ibandan and Kano in addition to the Zonal office, there is a branch network whereby each state capital in the federation has a central bank branch.
However, in nearly created states, currency centre are set-up by Central Bank of Nigeria, depending on the time full fledge branches could emerge. The respective head of each zone branch and currency centre is the zonal controller, branch controller and currency officer. At the end of 1993, the Central Bank of Nigeria has in operation four zone offices, 15 branches and 6 currency centers. As at December 1993, the Central Bank of Nigeria has 10,139 members of state comprising of 299 executives of whom 23 are department director, 2790 senior and 7070 junior staff.
1.2 STATEMENT OF THE PROBLEMS.
The aim of Federal Government in establishing the Central Bank of Nigeria (CBN) is to promise inflow of force by encouraging government to establish other banks in Nigeria. But these aims cannot be effectively achieved due to some problems like poor and ineffective marketing communication within the Central Bank of Nigeria and the various organs concerned.
For the central Bank therefore, to act as a banker’s bank, there is need for verbal face to face marketing communication in order to make more people aware of the facilities and services available at the Central Bank and the gains of lending system to the individual in particular and the nation as a whole. This then lead to the question of ‘what is marketing’? Can marketing communication lead to the achievement of organizational efficiency? Why is marketing communication important? Where all these problems wit! be discussed in the researcher’s review of literature on marketing communication.
1.3 STATEMENT OF HYPOTHESIS
In this study, a null hypothesis would be employed to allow for smoother elaboration. It is therefore hypothesized that marketing communication is very important to the organizational efficiency and this statement of hypothesis is drawn as follows:
Hi: Marketing communication has a serious impact on organizational efficiency.
Ho: Marketing communication has no impact on organizational efficiency.
1.4 OBJECTIVE OF THE STUDY
For any organization to succeed, its stated objectives, information must
not only be well developed but must be efficiently and effectively communicated. It is understood that the result of this study will go a long way in improving the present marketing communication system in Central Bank of Nigeria in particular and other government parastatals in general.
1.5 SIGNIFICANCE OF THE STUDY
The significance of marketing communication in Central Bank of Nigeria (CBN) is to develop trust between all employees and managers including supervisor with a view to reduce the number of mistakes, minimize misunderstanding, encourage team work and to install in each employee favourable impulse for motivation purpose.
The structure of this study is to improve the mechanics of marketing communication in an organization to improve, which will help an organization to run smoothly and the means of passion on information within and outside the organization. it is also designed to determine the effectiveness of marketing communication as implied in a typical business organization. in any organization, employees have to carry out the responsibilities of knowing the communication problems in order to determine the right channel of marketing communication.
1.6 SCOPE AND LIMITATION OF THE STUDY
This project is intended to examine the efficiency of the Central Bank of Nigeria’s functions, objectives and pattern of the marketing communication. The scope of the study will therefore cover so many departments of the bank i.e, marketing department, finance department, research and development department just to mention a few.
Time factor is the major constraint in this research work, since the time set out to carry out this research work is not long enough for the researcher to do a thorough handling of all issues in the study. Another constraint limiting the researcher work is finance, since there is no enough finance to carryout thorough research.
1.7 DEFINITION OF TERMS
- MARKETING: Philip Kotler (1998) defined marketing as the analysis, planning and implementation and control of the programmes designed to create, build and maintain mutually beneficiary exchange and relationship with the target market for the purpose of achieving the organizational performance objectives.
- COMMUNICATION: Philip Kotler (2007) sees communication as a process of sharing of information, feelings, option or experiences among human beings to enable them achieves their needs, intention and exchange.
- MARKETING COMMUNICATION: Mr. Peter Elisha (2012) define marketing communication as the set or variable (4ps) i.e products, price, place and promotion that a firm normally combine at their various level in their bid to effectively serve the target market. This success in the market place is affected by the quality of information designed and the dissemination about the product, pertaining its existence, features, term and benefit are attained.
- ORGANIZATION: Mr. Itopa .1. Jafaru (2011) define organization as a group of people bond together to provide unity of action for the achievement of stated objective.
END NOTES
Philip Kotler (1998); Marketing and Planning Analysis, Implementation and control, 6th Edition, London Prentice Hall Inc.
Philip Kotler (2007); Principles of Marketing 12th Edition Prentice Hall of India.
Mr. Peter Elisha (2012); Marketing management II Lecture note,
unpublished, Department of Marketing Federal Polytechnics Nasarawa.
Mr. Itopa .1. Jafaru (2011); Fundamentals of Marketing I Lecture note, unpublished, Department of Marketing Federal Polytechnics Nasarawa.
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