Abstract
The objective of this study was to ascertain the effectiveness of Zenith Bank marketing mix strategies on customer satisfaction, loyalty and retention and how to improve on them. Data were collected from primary sources through a questionnaire made up of descriptive options in a 5- scale Likert research format. The data were subjected to empirical analysis using the SPSS software to estimate the mean distribution, standard deviation, Pearson’s correlation coefficient, analysis of variance (ANOVA) as well as multiple regression analysis to test the set hypotheses.
 The result of the analysis revealed that though each of the elements of the marketing mix strategies influences the effectiveness of Zenith Bank marketing, product, process and personnel were more significant in contributing to meeting customer satisfaction, customer loyalty and customer retention. The study recommended the need for the Bank to continue to improve on these significant strategies as well as improving on other strategies that could attract, meet and exceed customer expectations such as enhancing transaction process flow, continuous training of the Bank personnel and providing the latest technological innovations to ensure error free transactions. The study further recommended the need to increase the Bank corporate social responsibility by sponsorship of social events that could increase its marketing visibility as well as avoiding incidences of cash shortage at ATM points to reduce customer complaints.
Highlights
TO THE STUDY There has been growing competition in the banking sector in Nigeria in the last decade resulting from the increasing proliferation of many financial institutions, growing customer sophistication, and demand for higher quality of banking services (Anyim:2018)
SUMMARY OF FINDINGS Customer Satisfaction The results of the analysis show that each of the elements in the marketing mix strategies influences customer satisfaction but the most influential or significant elements were product and process followed by personnel
This relationship shows that Zenith Bank marketing mix strategies were effective in meeting customer satisfaction
Summary
TO THE STUDY There has been growing competition in the banking sector in Nigeria in the last decade resulting from the increasing proliferation of many financial institutions, growing customer sophistication, and demand for higher quality of banking services (Anyim:2018). In the presence of such growing trends in bank marketing competition, customer satisfaction becomes more demanding(Areo:2015) and marketing organizations need to offer higher quality services coupled with an effective marketing mix strategy to meet customer satisfaction and loyalty (Kotler & Keller:2009). Available studies in Nigeria on this topic have not addressed the relevant questions on whether customers are satisfied based on the elements of the bank marketing mix strategies. The few studies identified in the literature in Nigeria including those of Sokefun (2014), Nwankwo (1991), Onyefunji (2003), Oni (2002), Ojo (2012), Akinyele (2011), and Adebowale (2015) did not address the topic on whether the marketing mix strategies were effective and how they could be improved upon in the banking sector
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