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GUERRILLA MARKETING ON BRAND EXCELLENCE OF BANKS

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GUERRILLA MARKETING ON BRAND EXCELLENCE OF BANKS

This research proposal aimed to investigate the impact of guerrilla marketing on brand excellence of banks.

 

GET RELATED PROJECT TOPICS HERE

 

GUERRILLA MARKETING ON BRAND EXCELLENCE OF BANKS

This research proposal aimed to investigate the impact of guerrilla marketing on brand excellence of banks.

 

GET RELATED PROJECT TOPICS HERE

 

CHAPTER ONE

1.0 INTRODUCTION

Unlike in Europe, and other advanced countries of the world, guerrilla marketing has not gained much prominence in Nigeria. Initially, guerrilla marketing was primarily adopted by small companies to allow them to compete with large firms with larger budgets. As Kotler notes, “Guerrilla warfare is normally practised by smaller companies against larger companies” (Kotler, 2007). Howbeit, changing economic conditions have caused even larger Companies to seek out means to achieve maximum results with smaller budgets in their marketing and advertising. The complex nature of understanding what consumers elicit from each promotional campaign, coupled with the cost implication on firms in pushing compelling messages to their target audience has raised the issue of guerrilla marketing. It is obviously a truism that the business environment is a dynamic and competitive one, and organizations try hard to outwit their competitors using several promotional strategies. Organizations have come to realize that though they may adopt the best media strategy, without an unconventional means of marshalling out this strategy, the organization is bound to get diffused with other competing brand messages or ultimately usurped from the competitive market.

1.1 Background of the study

The uncertainty created by the transformations brought about by globalization makes it necessary for businesses to produce more value and to rapidly adapt to those changes. Today numerous large organizations have striven to maintain a competitive edge through a traditional understanding of marketing and trends. Some businesses, however, have begun adopting the more innovative approaches offered by guerrilla marketing, which is comprised of low-cost strategies to increase the chances of success in a fiercely competitive environment.

The Webster’s New College Dictionary defines guerrilla as an “irregular war fought by an independent group,” indicating that the term itself, derived from the Spanish word for war, Guerra, originated in the context of armed conflict. This concept was first used during the Spanish resistance against the French invasion under Napoleon which lasted from 1807 to 1814 (Blog Advertising, 2012). In light of this, it can be surmised that guerrilla warfare, which means partisan struggle, is the weapon of the weaker or disadvantaged side in a conflict.

Guerrilla advertising started to attract the interest of the advertising sector in the USA after the Vietnamese used guerrilla tactics during the Vietnam War in the 1960s. Advertisers began to ask, “Can we market our products by adopting those tactics?” (Yüksel, 2010). Levinson (2007), the father of guerrilla marketing, describes the phenomenon as a generic term for eye-catching, low-cost marketing activities. Assets such as imagination, creativity and time are required in guerrilla marketing, rather than financial resources (Bigat, 2012; Levinson, 2007).

Further, Levinson (2007) describes guerrilla marketing as an alternative way of marketing and aligns it to traditional marketing. Marketing is defined by Armstrong et al. (2012, p. 27) as “the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” Similarly, the American Marketing Association (2013) defines marketing, as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

Levinson (2007, p. 3), however, defines it more vaguely, as “the art of getting people to change their minds – or to maintain their mindsets if they’re already inclined to do business with you.”

Hutter and Hoffmann (2011, p. 4) define guerrilla marketing more specifically as “an umbrella term for unconventional advertising campaigns which aim at drawing the attention of a large number of recipients to the advertising message at comparatively little costs by evoking a surprise effect and a diffusion effect.” Based on their descriptions of the phenomenon, Hospes (2007) and Reidl (as cited in Choudhary, 2013, p. 25) also categorize guerrilla marketing as an advertising method. Advertising is defined as “any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor” (Armstrong et al., 2012, p. 429). The Advertising Association of the UK describes it as a message that intends to inform or influence people that receive it (Times, 2014). Armstrong et al. (2012) mention broadcast, print, Internet, mobile and outdoor as examples of Advertising tools. By executing an unconventional advertising campaign that deviates from people’s expectations, a surprise effect is created. This effect is the core principle of guerrilla marketing, which is used to get people’s attention. If the campaign succeeds in surprising its audience, they may be stimulated to spread the advertising message. This diffusion effect is another characteristic of guerrilla marketing. The greater the diffusion effect, the more people the message reaches, making the relative cost of the campaign per person lower. In addition, the low-cost effect often results from the initial low investment in planning the campaign. The low-cost effect is the third characteristic contributing to the guerrilla effect. The guerrilla effect is about obtaining high attention at relatively low cost (Hutter and Hoffmann, 2011). Furthermore, Hutter and Hoffman also described it with many words like; fancy, atypical, unusual, original, provoking, flexible, dynamic, innovative, creative,37 unconventional, surprising, cheeky, cost-efficient, funny, spectacular, contagious It is clear that the topic of guerrilla marketing is very open, encompassing various activities, concepts and approaches. From the previous paragraph, we can see how guerrilla marketing plays a more significant role than the conventional media but then, some large companies use unconventional advertisement techniques, proclaiming to be guerrilla marketing but those companies will have a larger budget and the brand is already visible. The main point of guerrilla marketing is that the activities are done exclusively on the streets or other public places, such as shopping centres, parks or beaches with maximum people access so as to attract a bigger audience. According to Marcel Saucet, 2013, the different types of guerrilla marketing are ambient, ambush, stealth, viral and street marketing.

Unlike in the European setting where the concept of guerrilla marketing and its application has gained much ground amongst diverse industry, Nigerian firms tend to be laggards in the adoption process except for a few. The concept is still not well utilised and known by many firms in Nigerian and specifically in Port Harcourt, River State. Subsequently, this approach has no strong basis in Port Harcourt banks. Taking this fact into consideration, this serves as an obvious gap for this research work. The work tends to identify the constituents of guerrilla marketing and examine the elements as well as how they impact on the brand excellence of deposit money banks.

1.2 Statement of the problem

It is the main thrust of this study to determine if guerrilla marketing significantly and positively affects customer engagement.

1.3 Aim and objectives of the study

The general objective is to ascertain the impact of guerrilla marketing on brand excellence of banks. However, the specific objectives are to:

  1. Determine if the surprise effect significantly influences repurchase decision.
  2. Determine if the surprise effect significantly influences customer referrals
  3. Determine if low-cost effect significantly influences new repurchase decision.
  4. Determine if low-cost effect significantly influences customer referrals.
  5. Determine if the diffusion effect significantly influences repurchase decisions.
  6. Determine if the diffusion effect significantly influences customer referrals.

1.4 Research question

 Based on our purpose of the study, we ask the following research questions which would be answered in the cause of this study

  1. Is there any positive and significant relationship between surprise effects and repurchase decision?
  2. Is there any positive and significant relationship between the surprise effect and customer referral?
  3. Is there any positive and significant relationship between low-cost effects and repurchase decision?
  4. Is there any positive and significant relationship between low-cost effect and customer referral?
  5. Is there any positive and significant relationship between diffusion effects and repurchase decision?
  6. Is there any positive and significant relationship between the surprise effect and customer referral?

1.5 Hypothesis testing

The following research hypotheses are to be tested so as to ascertain the extent of guerrilla marketing and how it affects the bank’s customer engagement;

HO1: There is no positive and significant relationship between the surprise effect and the repurchase decision.

HO2: There is no positive and significant relationship between the surprise effect and customer referral.

HO3: There is no positive and significant relationship between low-cost effect and the repurchase decision.

HO4: There is no positive and significant relationship between low-cost effect and customer referral.

HO5: There is no positive and significant relationship between diffusion effect and the repurchase decision.

HO6: There is no positive and significant relationship between diffusion effect and customer referrals.

 

CONCEPTUAL FRAMEWORK (AVAILABLE IN RESEARCH MATERIAL)

 

1.6. Significance of the Study

The study will be important to both the banking sector and every other establishment as they all require more unconventional approaches to survive in the ever-competitive business sphere. Other academic and non-academic researchers can use this work to further their related works. Also, it would serve as an addition to the body of knowledge. Apart from serving as a reference purpose, this study will also be of help to marketing managers, and the marketing department to achieve unit and overall organisational objectives.

1.7. Limitation of the study

This study is limited by the survey instrument (questionnaire) that will be administered to the respondents. Also, the test statistic used, sampling bias encountered, and sample size of the study. That resulted in the paucity and dearth of reference materials like journals new papers and textbook in reserve. Other limiting factors include;

  1. Time: Due to the limited time given for the study, the researcher could not get all the required information needed for the study.
  2. Finance: The researcher has not got enough money to embark on the study and therefore could not visit places where information relevant to the study could be obtained.
  3. Attitude of the Respondents: The attitude of the respondents affected the research work because some of the respondents were unwilling to co-operate with the researcher. They felt they have nothing to benefit from the study.

1.8. Definition of Terms

For the purpose of clarity in this research, it is necessary to define certain keywords in this study.

Guerrilla: Irregular warfare especially as a member of an independent unit carrying out harassment and sabotage.

Guerrilla marketing: An advertising strategy concept designed for businesses to promote their products or service in an unconventional way with little budget to spend.

Customer: Someone who buys goods or services from a business.

Engagement: The emotional involvement or commitment to a person, thing or cause.

Customer engagement: Creating connections with customers that drive purchase decisions, interaction and participation over time.

Efficient: Working well, without waste and reduction of cost.

Ambush: To attack by surprise from a hidden place.

1.9 Organization of the study

This work is divided into five (5) chapters and with an appendix section. The first chapter provides an introduction to this topic, the comprehensive background, the aims and objectives, research questions and hypothesis statement, significance of the study, the scope and limitation of the study, as well as definition of key terms. Chapter two presents a comprehensive review of the various literature. The third chapter deals with the methodologies used. It contains the research design, population statement, sample size determination and sampling technique utilized, data presentation and analysis techniques. Chapter four shows vividly the analysis of the collated data and its corresponding significance. Chapter five deals with the discussion, conclusion and further recommendations.

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