A study on analysing the marketing strategy and its impact on organisation’s business growth

and customer satisfaction: A case study on Santander UK plc

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TABLE OF CONTENTS

LIST OF FIGURES.........................................................................................................................5

LIST OF TABLES...........................................................................................................................6

ABSTRACT....................................................................................................................................7

CHAPTER 1: INTRODUCTION................................................................................................9

1.1. Background of the Study......................................................................................................9

1.2. Problem Statement..............................................................................................................10

1.4. Rationale of the Research...................................................................................................11

1.4.1. The Research Issue..........................................................................................................11

1.4.2. Justification of the study.................................................................................................11

1.4.3. Research Objectives........................................................................................................12

1.4.5. Research Questions.........................................................................................................12

1.5. Research aims.....................................................................................................................16

CHAPTER 2: LITERATURE REVIEW..................................................................................18

2.1. Introduction........................................................................................................................18

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2.2. Integrated marketing: critical analysis................................................................................19

2.3. Shifts in integrated communications: basic components....................................................21

2.4. Marketing and customer satisfaction..................................................................................26

2.5. Summary of Literature Review..........................................................................................30

CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY............................................31

3.1. Introduction........................................................................................................................31

3.2. Research Paradigm.............................................................................................................35

3.3. Research Strategy...............................................................................................................35

3.4. Research design and methodology.....................................................................................38

3.5. Research approach..............................................................................................................38

3.6. Time purpose......................................................................................................................39

3.7. Target population................................................................................................................39

3.8 Sample size and procedure.................................................................................................39

3.7.. Data Collection .................................................................................................................39

3.8. Accesibliity issues..............................................................................................................40

3.9. Ethical issues.....................................................................................................................40

3.9.Data analysis plan................................................................................................................41

3.9.Research limitations............................................................................................................41

3.9.Data collection instruments.................................................................................................41

3.10. Validity of instruments.....................................................................................................42

3.11. Time table.........................................................................................................................43

CHAPTER 4: DATA COLLECTION AND ANALYSIS........................................................44

4.1. introduction.........................................................................................................................44

4.2. Return rate of the questionnaires........................................................................................45

4.3. Demographic information of the respondents....................................................................45

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4.3.1 Identity

4.3.2. Age

4.3.3 Gender

4.3.4 Marital status

4.4. Marketing plan of the bank.................................................................................................45

4.5. Type of the marketing strategy...........................................................................................46

4.6 Duration of the adoption of the strategy

4.7 Staff contribution

4.8 Profitability and marketing strategy

4.9 Generational expectation

4.10 Marketing strategy and client needs

4.11 Marketing and communication

4.12 Marketing and partnerships

4.13 Marketing and product mobility

Marketing and institutional growth

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS...................................................47

APPENDICES...............................................................................................................................70

References......................................................................................................................................82

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LIST OF FIGURES

Figure 1: identity of the respondents

Figure 2: Age of the respondents

Figure 3: Gender of the respondent

Figure 4: Does the strategy meet generational expectation?

Figure 5: Marketing strategy and customer needs

Figure 6: Extent to which marketing strategy enhances customer satisfaction

Figure 7: Marketing has led to increased product mobility

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LIST OF TABLES

Table 1: Identity of the respondent

Table 2: Age of the respondents

Table 3: Gender of the respondent

Table 4: Marital status of the respondent

Table 5: Does Santander have a marketing plan?

Table 6: Type of marketing strategy adopted by Santander

Table 7: Duration of adoption of the marketing strategy currently in use

Table 8: Staff contribution to the marketing strategy

Table 9: marketing strategy

Table 10: Does Santander have a well-defined marketing strategy

Table 11: Efficacy of the marketing strategies

Table 12: Does the strategy meet generational expectation?

Table 13: Marketing strategy and customer needs

Table 14: Marketing strategy gives the customers an opportunity to communicate back

Table 15: Marketing has led to wider customer base

Table 16: Strategy aids in building partnerships

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ABSTRACT

The growth of any corporation is intertwined with the marketing structures put in place by the

entity. Santander bank has adopted very important integrated marketing techniques to help it

remain afloat in the highly competitive financial sector in the UK. This research projected has

sought to explore these marketing strategies and evaluate them against their roles in

enhancing customer satisfaction and enhancing corporate growth. With a sample size of 100,

this work interviews both the staff members and the clients of the bank to establish how the

marketing strategies incepted by the bank have led to the growth of the entity

The research work uses a quantitative aspect of research to establish the responses to the

research questions regarding the implementation of its marketing strategies and the

subsequent impact on customer care and the growth of the company in general. Through

statistical analysis that incorporates SPSS, the work conclusively assert there is indeed a very

clear relationship between the concept of marketing as established by Santander, and the

concept of customer clear and eventually, the evolution of business entities

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CHAPTER ONE: INTRODUCTION

1.1 Introduction

Santander UK plc. Is one of the leading financial institutions in the UK. It provides banking

and financing services to millions of customers all over the UK on a daily basis. Currently, it

is one of the UK's biggest personal financial services providers and one of the largest

companies to offer savings and mortgages in the UK. According to the most recent financial

reports, Santander is currently serving close to14 million active customers. The total number

of employees stands at 20,000 employees with 50 corporate business centres and 1010

branches.

Santander UK was founded in January 2010 in London after the merger of Abbey National

plc with the branches and savings business of Bradford & Bingley plc. Alliance & Leicester

plc joined the merger later in May 2010. The three constituent companies have been well

recognized throughout the UK for many decades before joining hands and forming a merger

in the shape of Santander UK. The high street branches were a familiar sight to the customers

as Abbey National bank before the formation of Santander UK plc.

Over time, Santander has endured strenuous global economic inclements to become one of

the leading financial institutions in the UK. In addition, the institution has had to weather

some of the corporate challenges that have dogged its operations since the inception of the

bank. As noted in the J.D Power Retail banking satisfaction study of 2006, Santander bank

had one of the worst customer service experiences. This indicates the huge failures in

corporate governance that the institution has undergone.

As enshrined in its growth and expansion rubric, Santander is focused in establishing itself as

a global icon in the financial sector. The growth and development plan of the institution

focuses on five key pillars

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developing an integrated marketing strategy to increase the market potential of the

institution

Enhancing the customer experience through service delivery

Infrastructural development

Increased business presence through product diversification and locational expansion

Injecting professionalism through improved avenues of staff hiring and management

of the human resource facet

The entity has acknowledged the fundamental role of marketing in advancing the growth of

the business. This is reflected in the growth rubric as the marketing strategy is on top of the

growth and development agenda. Currently, the marketing options of the bank have been put

under review after the near dismal performance of the department in the last decade. It is thus

understandable why Santander is having very tangible investments regarding the marketing

portfolio of the company.

In a perfect economic or commercial template, the role of marketing in ensuring business

continuity cannot be overemphasised. Depending on the construct of the market segment,

marketing gives a very fundamental significance to business entities. The role of any strategic

marketing idea or initiative is to “sync” these newer marketing precepts, to the existing

marketing framework. Santander, in its quest to advance its marketing framework, has

outlined a framework through which the marketing portfolio will operate

1.2 Background of the study

In the current commercial dispensation, marketing of any product or facet of the business is

very critical. The global competitiveness in businesses has forced business entities to make an

extra step in their marketing portfolio to meet the competition threshold of other business

entities. Santander bank, in a similar fashion, is witnessing very massive product competition

in the highly competitive financial sector. In an era where the quality of products provided by

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commercial entities is almost leveling, there are many tendencies for the growth curve to

obey the law of diminishing returns. Nonetheless, there is a very logical inference to the

implementation of marketing strategies to overcome the competitive forces existing in the

global financial markets. Through the study of Santander’s market operational strategy, this

work will offer a consummate discourse on the necessity of marketing strategies in running

businesses. Specifically, the research study will explore some of the market strategies

(integrated market strategy platform) within the marketing sector where the bank operates.

Consequently, the research study will further outline the impact of the integrated marketing

strategy in the operations of the bank

1.3 Problem statement

The role of marketing within any commercial locus is critical in growth. Marketing,

according to Werner & Kumar (2000), forms the basic embroidery of a company’s growth

tangent. Marketing directly influences the purchase decision of any client thus enhancing the

product mobility of the institution. The banking industry, just like the other conventional

business set ups, rely heavily on the concept of marketing as a tool of ensuring that the

business plan is executed well (Michael, James, and Daryl, 2000).

The banking sector, just like other business entities, does a lot of inspiration and growth

through marketing. Santander’s evaluation of the current market segment has obligated it to

structure its market structure. As outlined by Michael, James, and Daryl (2000) there is a

crucial role of business entities in understanding the dynamics of a specific market strategy if

the results or the objectives desired are to be met. In concept, there is an obligation by

Santander to draft a practicable marketing structure that can yield results. In practice, these

strategies must be efficient in addressing the marketing gaps that had been recorded earlier.

Marketing dwells more on perception. This realization by the institution has witnessed

several aspects of marketing implement psychological constructs to advance their marketing

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strategies. At the inception of any new product, Santander has implemented these theoretical

marketing constructs to help win over a constituency of consumers to its products. the

subsidiaries of the bank have been indicated to be deeply engaged in the enhancement of the

customer experience through the existing marketing platforms outlaid by the institution. The

strategies of these marketing domains and the inspired output are the focal points of this

study topic regarding Santander.

The gradual growth in Santander’s marginal profits, and increased client base can be

attributed to the intense marketing strategies that the bank has undertaken so far. There ia a

logical conclusion that marketing strategies (when implemented intelligibly) are likely to

inspire the expansion of the institution. Santander’s marketing dominion in the UK has

considerably gained value, according to analysis; the aggressive product marketing has been

listed as one of the most successful agents of this increased market share. In conclusion, the

systematic growth of Santander is a corroboration of the nexus that exists between marketing

as a theoretical concept, and the growth of an economic outfit. There is sufficient belie that

the marketing framework of any entity, plays s very significant and fundamental role in the

continuity of the business growth cycle.

1.4 Rationale of the study

1.4.1 Research issue

Understanding the dynamics of any market locus of specific products is crucial in

establishing a market strategy for the products. Santander’s growth prospects in the highly

competitive banking sector are intertwined with the knowledge regarding the consumer

expectations of the products of the institution. The understanding of this research project is

based on understanding the need to devise proper and effective marketing strategies to deal

with the shifting market constructs. The evaluation of these new marketing strategies is

crucial in advancing newer modalities of understanding the consumer. The main issue in this

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dissertation is to understand how marketing, as a business concept, plays part in the

enhancement of the business growth indices

1.4.2 Justification of the study

Advancing growth and improvement of business growth are some of the two primary

motivations of any business entity. Growth in commerce is however a product of several

activities including marketing. This research work will focus on Santander’s implementation

of integrated market strategy to enhance its growth. Essentially, the work is quite significant

in exploring growth of businesses through an integrated marketing approach.

Improved business standards dictate that any strategy for increasing profits and product

mobility should be invariably evaluated. The purpose of this evaluation is to “fortify” these

strategies so that they are in harmony with the existing practical situations within the market.

This research study will work as an evaluation tool by the Santander Company to assess the

existing marketing aspects that it employs and the implications of the same in the business.

To be specific, the work will outline the principles entailed in the integrated marketing

platform since it is the basic marketing template that Santander has adopted.

1.4.3 Research objectives

To analyze the marketing strategy that Santander UK uses to market its

products and services to its customers

To determine the effects of Santander UK’s marketing strategy on business

growth

To determine the effects of Santander UK’s marketing strategy on customer

satisfaction

1.4.4 Research questions

What marketing strategy does Santander UK use to market its products and

services to its customers?

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What are the effects of Santander UK’s marketing strategy the bank’s business

growth?

What are the effects of Santander UK’s marketing strategy on the bank’s

customer satisfaction?

Are the marketing strategies implemented by the bank in sync with the

dynamics of the market segment where the bank operates?

1.5 Research Aims

Since its establishment in 2010, Santander UK has learned that customer satisfaction is the

most important aspect of their business and they have taken huge steps to improve that.

Santander UK had to pull out of a deal to buy branches of RBS and Scotland part of NatWest

bank. The customers are feeling the tension and are losing their trust in the bank. If this goes

on for long, this can damage the bank’s reputation irreparably. That not only will halt the

growth of the bank but also has the potential to send it to a downward slope.

It has been made known to the bank via customers’ feedback and a number of other sources

that the bank is losing its place among its core clientele and a study needs to be done as soon

as possible to address that issue. It is not only about growth and expansion; it is almost about

survival. The main competitors are already way ahead in the game and are becoming

impossible to compete. The purpose of the study analyse the bank’s marketing strategy in

Santander UK. The study will also look into the effects the marketing strategy on business

growth and customer satisfaction in the short-run and long run.

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CHAPTER TWO: LITERATURE REVIEW

2.1 Introduction

The significance of any marketing activity in a commercial setting cannot be

overemphasised. Marketing plays a crucial role in advancing the growth of the business.

However, marketing, as a tool must be based on very sound and practical market constructs.

Conventionally, the institution of any marketing principle within any business must be

anchored on very sound principles that are derived from a strategic analysis of the market

morphology. Santander UK plc is cognisant of the significance of integrating various

marketing models to ensure the mobility of its products is achieved. As incepted in its

development and growth template, Santander UK plc has taken very significant steps in

harnessing its resources and channelling them towards very relevant marketing strategies as a

model of inspiring its growth and development. As outlined by Ejup and Alban (2013) in the

work, The Importance of Marketing in helping Companies with their Growth Strategies,

marketing marks the spine of any sales procedure. In this regard, the institution takes serious

strategies to enhance the mobility of its products within the context of marketing

2.2 Integrated marketing: a critical analysis

Santander UK plc has adopted an integrated approach in handling its marketing

portfolio. The inception of this marketing methodology is anchored on the need to achieve

optimum results regarding the mobility of the products of the institution. As outlined in its

growth plans, the institutions intends to exponentially doubly its profit margins and explore

avenues of evolving the business cycle so that the institution joins the next level of corporate

ladder (Michael, James and Daryl, 2000).

Integrating marketing methods, according to Hope, Albert, and Erick (2009), is meant

to enhance the success of the institution by avoiding the law of diminishing returns. This

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method seeks to alternate the existing methods so that the institution gains from these

marketing precepts optimally.

The global dynamics of commerce necessitates several commercial entities to adopt

rational strategies of dealing with such emerging issues (Rajan, 2009). The relevance of

integrated marketing techniques is evident in meeting these dynamic changes. There is

sufficient evidence in the global commercial morphology that alternating the precepts of

marketing is more likely to yield very tangible results for institutions (Fernandes, 2013).

Franses and Paap (2013) posit that before defining a systematic marketing procedure

to use in an institution, there is sufficient need for the stakeholders to do an extensive and

elaborate research of the target market. According to the author, a hollow marketing strategy

is one that ignores the psychological construct of the target market. Any marketing concept

aimed at achieving optimum returns on investment must be based on “need analysis.” Frank

(2005) furthers this argument by indicating that integrated marketing precepts are indeed very

essential in getting better returns on investments of most commercial entities. This infers that

compared to the “stand alone” marketing strategies, the integrated approach yields very

valuable results. Essentially, this is because the integrated marketing method takes into

account several other marketing techniques, which will ultimately enhance the sales index of

the entity (Franses and Paap, 2013).

Integrated marketing, according to Seppo and Mika (2012), takes many forms. This is

the reason why this method of marketing is considered a very powerful tool in business. The

fact that it addresses a wider spectrum of marketing issues gives it a leverage as compared to

other “unitary” marketing techniques. Robert (n.d) in his work Relationship Marketing and

the Consumer has elaborated on the need to have a broad based approach in addressing all the

activities of business. Most importantly, handling issues of marketing require very extensive

approach so that better results are realized. The essence of integrated market therefore, as

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outlined by Shaoming and Tamer (2002), is to offer marketing solutions over a relatively

wider tangent of issues since it incorporates several marketing models.

The business model of Santander plc UK, necessitates it to adopt the integrated

model. The nature of the financial sector is indeed very volatile. Providently, the client base

or locus is quite varied. This means that a singular marketing model that may be implemented

by Santander UK plc may not be too fruitful. This therefore underscores the significance of

adopting the integrated model of marketing. It surely meets the competition threshold of the

institution and it does solve a wider array of marketing issues that Santander is currently

facing (John and Stanley, 1990).

According to Ejup and Alban (2013), marketing is one of the major departments in an

organization that is responsible for identifying customer needs and wants with the aim of

producing or modifying the products to respond to market demands (Rohit and Frederick,

1989). Often, the marketing department works closely with the management to meet market

needs, develop new markets, and in most cases, satisfy customer needs (Majumdar, 1996).

Marketing may be viewed as the bridge that connects the management and consumers with

the aim of generating profit for the company.

For marketing efforts to be successful, a marketing strategy must be developed, the

market segmented and products or services have to be targeted and positioned (Ridmig, n.d).

This implies that the market consists of various relatively homogenous groups and each

group has distinct desires and needs. Marketers who use strategy, targeting and positioning in

their marketing campaigns make deliberate effort to identify their market segments, and

direct their marketing activities towards segments that they believe their companies can

satisfy in better ways than their competitors. They position their products in those segments

in ways that they appeal to the target segments (Michael, 2011).

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Ejup and Alban (2013) argue that each company should develop a strategic plan and

set clear goals for it to grow in the market. These authors refer to the macroeconomic theory

that explains that the major reason why companies exist is to make profit. Generating profit,

lowering costs, and increasing productivity are closely and positively related when it comes

to growing businesses. Many companies focus on ensuring survival in the market. They do so

by increasing their market share as well as increasing their profit margins. Whatever the

objective of a company and its strategic plan are, each company should explore ways of

improving their products or services, conducting market research to measure and understand

the needs and preferences of their market and taking appropriate steps as needed. This

approach has the potential to secure bigger market share for a company.

In addition, companies need to develop appropriate marketing strategies for them to

become profitable. Marketing strategies help companies in identifying ways to achieve their

set goals in response to their stakeholder’s interests. Strategy is connected to effective

utilization of a company’s growth potential and results of the company. Companies need to

bear in mind the threats and opportunities that characterize its external environment then use

those to improve their strategies by empowering their strengths and minimizing weaknesses

internally. According to Ansoff (1957), the product market matrix proposed growth strategies

that are ideal for companies. The matrix offers an important framework for analyzing and

considering the relationships between a company’s strategic direction and its marketing

strategy. The 4-cell matrix features various options of market and product combinations

while each cell presents distinct threats, opportunities, risks and returns. Yoram and Thomas

(1983) say that new marketing directions are proposed with the aim of overcoming present

marketing theory limitations. An integrated strategic marketing planning approach should be

offered along with an application process for the pilot. Even so, a marketing strategy is

different from a business strategy in that the former focuses on a boundary role function

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while a business strategy focuses on the entire organization. Further, marketing strategies

need to be based on analysis of competitors, customers as well as other environmental

factors. The outcomes of this analysis are then combined with other strategic inputs in an

organization to develop a strategic business strategy. A sound and successful business

strategy must have a marketing perspective. When this happens, the marketing function is

able to provide inputs for strategy development.

Seppo and Milkah (2012) argue that marketing forms a core part of the innovation orientation

in the growth of small businesses. Market orientation defines a company’s posture towards

generating an understanding of the company’s customers and meeting their needs. It is has a

positive impact on the company’s performance. This impact is largely appreciated though it

shows a reactive posture due to the fact that it focuses on the needs expressed by existing

customers. Ansoff (1957) unbundles this through the product market matrix with consists of

market penetration. This growth strategy has to do with selling existing products more to the

company’s existing customers in an effort to raise the revenue on sales. The market matrix

also consists of market development, a growth strategy that focuses on increasing sales

revenue by introducing existing products to new market segments or new markets all

together. The product development strategy enables a company to sell new or advanced

products in existing market segments or existing markets. The market matrix also includes

diversification as a growth strategy that sees a company venture into new markets with

modified, new, or improved products.

According to Smart Company (2014), customer satisfaction refers to the relationship

of expectation to perceived performance. It is expected that high levels of satisfaction lead to

increased customer loyalty and helps reduce price elasticity. It also insulates the market share

from competitors, reduces failure costs, and lowers transaction costs as well as the cost of

attracting new clients. Customer satisfaction helps in improving a company’s reputation as

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satisfied customers can lead to long-term viability of a business due to repeat purchases, word

of mouth referrals, and brand loyalty. Customer satisfaction has to do with the whole

purchase experience and not the post-use reflection only. It is therefore important to pay

attention to ensuring that all levels of a customer’s purchase experience resulting to positive

satisfaction. It may be expected that dissatisfaction at early stages can lead to negative

intentions of purchase.

Of importance to note is that dissatisfaction and satisfaction exist in varying degrees

and so highly satisfied customers display high levels of repeat purchases and tend to make

more purchase referrals than dissatisfied customers. Customers who are neutral are less likely

to offer strong referrals and their repeat purchases are also much lower. On both extremes,

highly dissatisfied and highly satisfied customers have a multiplier effect on the results. They

are more likely to talk about their impacts and experiences on most potential buyers, either

positively and negatively. Dissatisfaction and satisfaction may exist in the same buyer

experience. Business owners need to recognize that customer satisfaction is important for

continued business growth because satisfied may serve as a marketing tool in the same way

as other marketing strategies. It provides lining and helps in improving services and products

with the aim of getting potential customers to respond positively.

According to Chron (2014), getting feedback from both satisfied and dissatisfied

customers on their experiences is important. This helps a business develop its marketing

strategy because it shows the different types of marketing strategies that are working well as

well as the marketing areas that need improvement. Companies can use different avenues to

capture customer feedback including blog comments, emails, social networks, surveys and

forums. Customer feedback may also be captured in the form of unsolicited or solicited

testimonials or praise. This important marketing tool helps in attracting new customers,

building business reputation, and retaining existing customers. Shoppers tend to research

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different products or services actively before making buying decisions and testimonials that

are posted in the form of reviews online serve as referrals for new customers.

Managing customer satisfaction through marketing has to focus on addressing the gap that

exists between the perceived and expected service. The marketing strategy has to focus on

both the expectation and the perception during implementation. If a company hopes to

increase customer referrals and repeat sales through its marketing campaign, then customer

satisfaction for existing customers is critical. A company cannot expect customers to refer

others or to return unless it offers satisfactory customer experiences which they would be

willing to recommend or purchase again. Formulations of a successful marketing strategy

must therefore begin with a sound understanding of what makes a customer satisfied. (Smart

Company, 2011.)

2.3 Shifts in integrated marketing model

Malhotra (n.d) has explicated some of the processional avenues that IMC has to

undertake to be effective in any institution. The author highlights the main aspects of IMC as

cutting across both the traditional and the non-traditional channels of marketing and

employing different methods of promotion to strengthen each other. Essentially, the concept

of IMC means that businesses have a wide range of promotional methods to market their

goods and services. These promotional methods vary from the old traditional ones to the

currently existing promotional methodologies.

Several marketing experts have described IMC as a tool that “cross cuts” across

erstwhile models to the conventional models of marketing. In fact, according to Belch &

Belch (2001), the inception of disruptive technology as a model of carrying out product

promotion has evolved the concept of IMC a great deal. From traditional marketing methods

to the current digital era, the shifts in IMC reflect the growth of the technological aspect of

marketing. Marketing experts aver that indeed ignoring such emerging issues in the

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marketing arena is detrimental to any business. Such shifts in IMC, according to Brit (n.d),

reflect the evolution of the marketing industry. It is in a constant change and the adoption of

these newer modalities defines the true success rate of the marketing models adopted.

The evolution of the media industry has witnessed a dramatic move from the “mass

media” earlier known to the currently existing “specialised media.” This differentiation in the

communication sector has inadvertently influenced the growth of the marketing industry.

Essentially, as Chron (2014) has clearly outlined in his work, how Can Customer Satisfaction

Be Used As a Marketing Tool in an E-Business? The evolution of the disruptive technology is

adding a lot of influence in the marketing sector in equal measure. There is an inviolable link

between the technological advancements or rather the evolution of the disruptive technology,

and the marketing framework of any commercial institution. Santander’s business model has

to adopt these digital marketing techniques. The specialised media, according to Murphy

(1987), has a very specific target population. it shifts its focus from a more general outlet to a

specific target that is capable of addressing a specific market segment. This, according to

Yoram and Thomas (1983) is an evolution from the aspect of “traditional” marketing models

to the “current” models.

Santander plc. UK therefore has a huge advantage if it adopts the integrated model of

marketing to manage the sale of its products. The “cocktail” of all these “shifts” is indeed a

productive ingredient in the management of any marketing model. Werner and Kumar (2000)

also talks about the move from the “low accountability” within the marketing domain to the

“high accountability.” Currently, the global marketing trends have gradually moved to the

“high accountability” concept where every aspect of marketing is documented for reference.

This use of scientific model is meant to foster success in equal measure as far as advertising

and marketing for that matter is concerned.

2.4 Marketing communications: the basic components

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The choice of IMC as the basic platform of marketing by Santander UK plc was

informed by four very critical reasons. One, the changing trends in the preferences of the

consumer necessitates a change in the manner that the marketing of the products is done.

Secondly, the emerging market locus of young people. This means that there was a need by

the company to target the emerging market segment to widen their client base. Of course,

several institutions have adopted strategies to get a fair share of their market of the emerging

block of the young. Three, there is need to ensure prudent use of resources during marketing.

One of the greatest scholars in the marketing sector, Werner and Kumar (2000) argues that

the whole concept of marketing retails on the premise that little resource is used to make a

huge impact regarding the sales. An efficient marketing model must take into account the

need to “return” their investments. Ultimately, the real success criterion of any marketing

model is enshrined in its ability to increase the volumes of sales. According to Valarie and

Leonard (1985), this increment margin must be entirely above the principal amount of

investment in the marketing models that have been used.

Components of IMC

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Conceptually, IMC has adopted newer components in the management of any marketing

portfolio. Essentially, this means that Santander plc UK is currently applying these newer

models of reaching its already existing clients or meeting a new stream of clientele

altogether. The implementation of these components of IMC, as earlier mentioned, must tally

with the market structure of the products of the company. This is a very strong point in

achieving the objectives of Santander plc UK in its marketing portfolio.

2.5 Marketing and customer satisfaction

The benchmark of evaluating any marketing activity is to evaluate the level of customer

satisfaction achieved. The inception of the integrated marketing model in Santander is

anchored upon the premise of ensuring that the clients are invariantly satisfied regarding its

products. The level of customer satisfaction is the hallmark of marketing; it defines the peak

of marketing or any promotional activity. As outlined by Stephen and Robert (2004)

customer satisfaction is the primary indicator of the relevance of the marketing models

espoused by the company.

The theoretical emphasis of understanding customer satisfaction is based on the

notion that any business activity should be geared towards meeting the exact demands of the

client. The customer, according to Ansoff (2011), is the judge regarding the products and

services of a specific company. It should therefore be the prerogative of the company to

develop a feedback process to establish the proper models of communication through which

they can evaluate the relevance of a specific product.

The adoption of an integrated market communication methodology is likely to

catapult Santander into higher growth prospects. The model gives relatively wider latitude for

communication with the clients regarding their products. Consequently, this will advance the

growth agenda of the bank. It is inherent that relevant marketing methods adopted by the

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bank (in this case, an integrated marketing approach) will further the level of satisfaction and

thus increasing the marginal returns through heightened mobility of its products.

2.6 Summary of the literature Review

Relevant marketing techniques of any product leads to exponential growth of any

institution. this has been outlined in this review of scholastic publications. Santander’s

growth prospects are deeply intertwined with the wit involved in drafting important

marketing techniques. Obviously, there is a logical inference to the understanding of the

market structure before the institutionalisation of any marketing strategy. The inception of an

integrated market strategy by the bank has led to greater satisfaction of the clients since it

offers a wider platform of addressing marketing needs in the company. This literature review

has offered an elaborate discourse regarding IMC. The emphasis on IMC in this work is

because it is the most prominent marketing strategy that the bank has adopted in dispensing

its marketing activities.This work has also tried to outline the nexus between satisfaction of

the customers and the concept of IMC.

There is sufficient reasoning to conclude that relevant marketing techniques (IMC in

this regard) are primary ingredients in business growth. This work has incessantly

underscored the significance of the institution of IMC strategies in the business. It is a very

significant tool to advance the growth of business. In addition, the IMC strategies are the

definitive factors that determine the level of customer satisfaction.

In conclusion, this evaluation of the publications regarding marketing and customer

satisfaction clearly makes form the assertion that marketing is the foundation of business

growth. This relationship is very direct to say the least. In the subsequent studies, this work

shall carry forward this proposition but through the analysis of Santander bank

24

CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY

3.1 Introduction

Research design and methodology explores the methodological application of

research methods and techniques to establish the objectives of the research. This section of

the research study will be a critical segment in addressing the overall techniques used to carry

out the research. This entails an insight into such aspects like the research design. In addition,

the population targeted and the sample of the study will be a subject of discussion.

Consequently, this segment will explore how the sample size was arrived at, together with the

techniques, assumptions and technicalities involved in the sampling techniques used to select

respondents. Finally, a discourse on the data collection techniques employed in this research

study will be explored in this segment. The aim will be to highlight these data collection

strategies and their relevance in understanding the research study.

The design of this research work and its templates will seek to resolve the research problem

through the following modalities:

a) Outlining and describing the research problem highlighted in the first chapter of this

report. This model offers a justification of the research methodologies that will be

used in this research process

b) Evaluation of the past scholarly works that are related to the topic under study and

noting the knowledge gaps that would warrant this study

c) Description of the modalities of gathering data for the sake of analysis

As will be discussed in the subsequent submissions in this work, this study adopts several

precepts of the Case Study Design. It offers a consummate study of the research problem but

limits the findings within a specified entity (In this case, Santander bank, UK). The research

study applies several research methodologies relevant to the work. It has relied on diverse

sources for proper investigation of the research problem. Further, the study has “fortified” the

25

previous knowledge regarding the same topic. According to Creswell (2012), there are six

fundamental components of research methods that guarantee an effective investigative study.

These have been widely expressed in the “onion model” of research methodology. They

entail the following aspects listed below: philosophy, approach, strategy, choices, time

horizon, and the data collection methods/analysis.

Onion model of research: Brief evaluation of the onion methodology

(http://writepass.com/journal/2014/04/sample-dissertation-methodology-survey-strategy/)

The “onion” research model stratifies the research process into several layers. Each of these

layers, according to Creswell (2012), progressively leads to the “innermost” or the nucleus

layer, which represents the epitome of data synthesis (analysis). According to Beckmann

(2012), the peeling of a single layer should lead to the realization of the subsequent layer. The

stratified layers in the “onion model represents the following research aspects.

a. Research philosophy

b. Research approach

26

c. Research strategy

d. Research choice

e. Time horizons

f. Data collection and data analysis

3.2 Research philosophy

At the outermost layer of the research ‘onion,’ lies “the research philosophy.” Based on

philosophical dispositions, it is common knowledge that three views describing how

knowledge develops. Individuals can rely on their experiences or memories to draft meaning

from issues that happen in the society. In this regard, this research proposal relies on the

investigative approach to derive meaning to issues in the society. This has been explored

through the principles outlined in the proceeding discussions

3.2 Research paradigm

The research paradigm is the template of the research study process. The research

paradigm entails those theoretical precepts through which the research process is anchored. In

this study, the research rubric is woven alongside the tenets of “positivism” and

“interpretivism.”

Positivism: the philosophical disposition of positivism is based upon the premise that

knowledge of any kind should be derived from logical inferences to information. This is

equally granted through mathematical evaluation of issues. This research study process will

entirely subscribe to this philosophical idea of positivism. The reasoning is that the data

obtained from the field through surveys and the interviews done, will be mathematically

coded into the SPSS platform and analysed scientifically. In addition, the logical inferences

derived from such undertaking will be based upon the reports of what Beckmann (2011)

terms as “sensory” experiences of the researcher. In addition, positivism “leans” towards the

quantitative approaches to understanding research issues. This research work wholesomely

27

embraces quantitative techniques (subset of positivism) to highlight the effects of the

integrated marketing techniques on the clients of Santander bank.

Interpretivism relies heavily on the subjective interpretation of issues. it ignores the

basic concept of “objectivity” as postulated by scientific principles. This research work will

borrow a few principles of this research paradigm. The qualitative approach, specifically, will

be borrowed from the interpretivism point of view regarding research. Nevertheless, the

whole research process will be based on the positivism approach as indicated by the

qualitative aspect of the same

3.3 Research strategy

The strategy of any research outlines the plan employable in the study process to

establish the responses to the research questions. The strategy seeks to outline the framework

of activities and or the directions that a researcher needs to implement to be able to conduct

the research in a successful manner. It entails the whole procedure of formulating the

research questions, advancing the research thought through the review of the scholarship

writings, carrying out the actual data collection, analysis, and finally giving the inferences of

the results achieved.

As earlier mentioned in this work, the research study will be inclined towards survey

platform. The researcher will invoke the principles of surveying as the prominent tactics in

establishing the objectives of the research work. A simple of respondents will be picked as

outlined in the proceeding discussion and subjected to a standardized questionnaire, which

will then be analyzed, and the conclusions drawn to establish the research objectives. The

nucleus of survey design is the administration of questionnaire to the respondents. This is

exactly the main fabrics of this research study.

On a more technical sense, the work can be described as a case study. This is because

the key principles under study will be done in reference to a specific institution. The

28

researcher has chosen to limit the research locus to the institution of Santander. While this

work is not entirely based on the template of a case study, the limitation of the discourse to

the institution of Santander makes it a quintessential case of research case studies. The

researcher will focus on outlining the market strategies used in commercial entities, but the

entity in focus in the Santander Plc UK. This limitation of the research concepts to this

specific institution is a corroboration of the fact that the research is a case study of the same.

3.4 Research Design and Methodology

This is an analytical investigation that will analyse the marketing strategy used by

Santander UK. The study will also look into the effects of the marketing strategy on business

growth and customer satisfaction in the short-run and long run. In reference to the works of

Creswell (2012), the design of any research process outlines the plan and configuration of the

investigative process that will ultimately be used to establish the research questions. Yin

(2008) furthers this argument by admitting that the design of the research plan helps the

researcher and the reader to understand the methodological application of the theoretical

aspects of research to seek for answers for the research questions. According to Beckman

(2011), research design of any research process represents the array of conditions that will be

applied for assemblage and scrutiny of the collected data in a model that seeks to merge

relevance to the research objectives with precincts of frugality.

In this study, the design will revolve largely around the descriptive survey design.

Descriptive research process uses survey techniques to explain the “attributes” of the sample

under study. In this case, though, since the study entails the discussion regarding a specific

entity (Santander), the descriptive research process can be assumed to be a case study. This

work will also employ various precepts of meta-analysis as a descriptive model of research.

Throughout this, an evaluation of the banking sector in the UK, in relation to Santander will

be outlined.

29

In concept, this study shall employ quantitative techniques to make a conclusive

summary of those concepts gathered from the field. Other than the quantitative approach, the

work will encompass various aspects of qualitative approach to explore the research

questions. The inference to this is that a mixture of both the qualitative and quantitative

research designs will be employed. It is however critical to make a caveat that the dominant

style applicable in the work will be the use of quantitative approaches. The inferential

segment of the report will be strictly “qualitative.”

3.5 Research approach

In this study, inductive research process will be paramount. The study will develop

from a more specific horizon to a broader generalization. Since the concern of the work is to

establish how the marketing construct of Santander will influence the growth of the bank and

the customer experience, there are sufficient reasons to believe that inductive modalities of

interpreting research results will be crucial throughout this research work. The discussion

topic of the work is to outline the marketing strategies that have been adopted by Santander,

and how these strategies work in the interest of the bank to advance growth and improve the

experience of the customer.

The inductive platform in this study will begin from the “specific” observation of the

marketing strategies that Santander has been deploying throughout its business strategies.

Consequently, this will move to broader generalizations of the topic on how these marketing

strategies impact on the business growth prospects and the customer experience. A critical

evaluation of this reasoning brings out the aspect of inductive approach in understanding the

research process employed in this work. Since the study did not develop an extensive

hypothesis to test, there is sufficient premise to conclude that the research work will employ

inductive research approach in trying to answer the research goals and eventually in trying to

meet the objectives of the research process.

30

(http://upload.wikimedia.org/wikibooks/en/thumb/7/75/

Inductive_Deductive_Reasoning.svg/1280px-Inductive_Deductive_Reasoning.svg.png)

Justification of the research approaches used in this research: summary

Approach Suitability

Positivism: Positivism generates hypothesis

or a research question which is later tested

based on the research data synthesized.

This research project develops several

questions of research that will be answered at

the end of the analysis. However, there is no

outright hypothesis that has been developed

to be proven in this case and so the data

analyzed will simply be to explore the

research questions. positivism is not entirely

adopted in this study

Realism: In realism, scientific methods of This work seeks to underscore the

31

research are largely ignored. Theoretical

concepts of phenomena can be revised

according to realism

significance of marketing in Santander bank,

UK. Scientific methods of research including

survey and data analysis have been used. this

essentially means that realism will not be

appropriate research approach in this work

Objectivism: As a research approach,

objectivism is cognizant of the existing social

phenomena and their inferences are

completely separate from the existing social

actors

This work entails a significant level of

“objectivism” as a research concept. The

aspect of “marketing” in Santander bank

entails a significant tenet of social research. It

is therefore conclusive to assert that

objectivism as a research approach has

played a pertinent role in the research study

Subjectivism: the precepts of “subjectivism”

assert that any theory postulated by an

individual in relation to social phenomena

should be the product of a majority or a

group of individuals in the society

Marketing precepts and postulates are the

focus of this research. However, this study is

not entailed in the “theorization” of newer

philosophical ideas regarding marketing in

Santander. in this respect, it can be firmly

stated that this research approach is not

applicable in this work

Interpretivism: It analyzes those specific

meanings that individuals place on their

actions or other people’s actions.

This study employs (wholesomely) the

components of this research approach in

exploring the answers to the research

question

3.6 Research purpose

32

The research purpose describes the rationale behind the study. It offers a consummate

evaluation of the reasoning behind the undertaking of the research work. This study has

combined several research purposes as a means to achieving the responses to the proposed

research questions. Exploring the avenues to the research objectives will means that the

researcher will use descriptive process. The descriptive research process attempts to explain,

while giving out additional information regarding a specific topic under study. The researcher

will outline, in detail, the aspects of marketing and the manner in which the marketing

strategies used by the institution will influence the growth tangent of the bank. It is however

notable that the descriptive statistical method will be restricted in the analysis phase.

Nonetheless, the researcher will predominantly employ the “inferential” strategy of research.

This will be because the results of the research analysis will be equally subjected to

discussion based on the inferences from the synthesised data.

Exploratory research will be the foundational purpose of this study. According to

Creswell (2012), exploratory research digs into unknown phenomena and carries out various

surveys to establish the phenomenon under study. In determining the market strategies of

Santander, this study is engaged in offering an insight into the integrated marketing

techniques that Santander has employed. The exploratory research precepts invoked in this

study engages the collection of relevant data regarding the marketing strategies by Santander

and the consequent impacts of these marketing strategies on both the growth of the institution

and the experience of the customers in the company. A critical evaluation of the research

purpose reveals that there is a mixture of several principles of research. Research studies are

not “hard wired” to limit their philosophical foundations to singular dispositions. In fact,

effect research processes are those ones that incorporate wider principles of research. This is

meant to enhance validity and instil the element of reliability in the process. This will be as

explored in the subsequent discussions.

33

This study has incorporated one of the most significant aspects of research study to

ensure that the research objectives are obtained. Analytical research purposes are critical in

analysing the results of the research study. This, according to Yin (2008) is the spine of any

research process. The analysis tends to link the conceptual framework to the practical

construct achieved from the field. In this work, the theoretical framework that assumes that

marketing has profound influence in the growth of an institution will be reinforced through

the analysis of the results that have been obtained from the results. As mentioned earlier, this

work has incorporated several other aspects of research that enhances the accuracy of the

research.

3.7 Target Population

The targeted population in any research study refers to the specific “cosmos” out of

which a sample representative will be picked for the survey. In this research study, the

population targeted will be the clients and the management of Santander bank. A total of 50

clients of the bank will be subjected for survey while another fifty of the bank staff

(management team) will equally be subjected for the same. The rationale is to establish the

responses to the research questions through the perspectives of the insiders and the outsiders

of the bank. “Insiders” in this reference are the staff members while the outsiders are the

clients of the bank. Essentially, a total of 100 respondents pooled from the population size

will be subjected for the survey. It is anticipated that this sample size will be critical to reach

a conclusive assumption regarding the role of marketing strategies in the prospects of

company growth.

3.8 Sample size and sampling procedure

The sample size for the survey will be 100. This has been elaborated in the preceding

discussion. The nature of the sampling process will be a mixture of several techniques.

Technically, the separation of the classes of respondents into “staff” and the “non staff” infers

34

that stratification has been undertaken. This means that a stratified sampling technique has

been implemented (though this is on very technical grounds)

The sampling method also incorporates a simple non-probability sampling method referred to

as the “judgemental” method. The sampling method will be used after placing a clear

stratification between the staff of the bank and the non-staff. Using this method to identify the

two clusters of respondents is simply based in instincts and intuition and no specific scientific

modality. The choice of the respondents in the sample size is assumed to be representative of

the population to be interviewed (both the staff and the clients of Santander pc UK)

3.6 Data Collection

Since this is a survey research, the collection of the relevant data from the identified

sample size will be done through structured questionnaires. The questionnaire developed will

be administered to the identified sample population developed earlier. The questionnaire

developed, as earlier mentioned, will be based on the qualitative aspect of research. The

development of the questionnaire will be based on the need to explore the responses that will

fit the research questions. These questionnaires will be administered to the two separate

groups and their responses captured. In cases where the respondents are unable to respond to

the queries in the questionnaires, the researcher will be prompted to request their contacts and

perform telephone interviews with selected respondents using the structured questionnaires

later on. This research will also employ the use of e-mail in seeking fro responses from the

respondents who are incapable of having interviews over the phone.

This research study takes into account the element of accuracy as a very important

aspect of research work, the respondents will therefore be well guided to give their responses

in the questionnaire accurately. The purpose is to ensure that the validity of the research

process is assured and the accuracy of the variable to be measured is assured. The singular

most important way of achieving this will be to explain to the respondents the instructions in

35

the questionnaire, and to follow it up with a discussion on the expectation of the researcher

from the responses that have been taken from the questionnaires.

The researcher will opt to employ the use of face-to-face meetings with the bank’s

customers. The bank’s clients, as earlier described, form the other half of the sample

population to be interviewed. The interviews will take into consideration the element of

gender sensitivity, a random sampling of both the sides of the gender divide shall be

employed in the identification of the respondents. The emphasis of the research process will

be to meet the respondents physically, one on one interaction are preferable for purposes of

getting reliable data and for better clarifications.

3.10 Accessibility Issues

Accessibility of the respondents in any research study is critical in ensuring the

validity of the research process is maintained. This research study is well aware of such

emerging issues in the study and seeks to arrange to ensure that the respondents targeted have

all their views incorporated in the study. Specifically, the staffs of Santander (senior

managers) are likely to be quite occupied. The researcher will make proper arrangements

through appointments with the managers to ensure that they are interviewed within the

scheduled time. In addition, the use of phone interviews or e-mail responses will be

encouraged in areas where the respondent’s physical accessibility is in doubt.

3.11 Ethical issues

There are various ethical issues relevant to this research topic. These include

truthfulness, maintaining respondent anonymity. The researcher will handle these ethical

issues with utmost discretion. The researcher will strive to get truthful data from respondents

through seeking clarification of information provided. The researcher will also maintain

anonymity of respondents to avoid defamation. The researcher, in a bid to fulfil the ethical

provisions that guide all research processes, will seek for the permission of the respondents

36

before documenting their opinions. In the same capacity, the views of the respondents that

will be captured in the research study will remain solely for academic use. The identity of the

respondents, in line with the ethical guidelines of handling research studies, will remain

anonymous. Most significantly though, will be the need to explain to the respondents the

instructions that offer guidelines to the research process. Proper ethical considerations dictate

that the respondents in any given research study are taken through the instructions so that

they are aware of their roles during the interview sessions

3.12 Data analysis plan

Processing the raw data from the survey study (as obtained from the field) will employ the

use of SPSS statistical package. The raw data fetched from the respondents will be sorted and

entered into the SPSS platform. Several statistical treatments will be performed on the data as

a sign of enhancing the internal validity of the research process. The data collected will then

be subjected to a statistical analysis on the SPSS platform used. Inferences will then be made

within the context of the research questions earlier formulated. The type of analysis done will

also be dependent on the objectives of the research study. The analysis of the data will be

followed up by output of the synthesised work. The output shall be dependent on the type of

the analysis carried out. Graphs, tables, and charts will all be used to describe the output data.

In addition, the work will be followed with extensive discussion of the analyzed data. This

will be critical in explaining the results of the analysed data in relation to the research

questions that had been earlier formulated.

3.13 Research limitations

The following are limitations of the study:

- Some respondents may not be willing to respond to all the questions in the data

collection tool and this could affect the outcome of the study

37

- Some respondents may not have sufficient time to respond to all queries and this may

compromise on the quality of the study

- Due to the distances and time constraints, the researcher will use phone interviews

and emails to collect field data. Some respondents who may not have time to respond

to research questions in time and are not available on phone as well will be sent

copies of the data collection tool to fill and email back. Some respondents may opt not

to complete the tool and this can affect the quality of the study

- This study will focus more the changing marketing strategy and the effects the

changes have on the Santander UK’s customer satisfaction and growth. This limits the

outcome of the study to this bank only and these outcomes may not necessarily reflect

the state of other banks in the UK.

- strained resources: lack of adequate resources to fund the whole study will greatly

affect the whole process including the data collection phase which is considered the

most demanding in terms of resources

- time constraints is like to have impact on the validity and the accuracy of the research

process

- the research team also anticipates cases of language barrier especially for those clients

who may be unable to speak the native English language

3.14 Data Collection instruments

The research work will incorporate primary data sources like the survey platform and

the interviews together with the secondary sources. Questionnaires will be quite effective in

the primary collection of data. Consequently, books, journals, websites, and other

publications will form the secondary data sources, as used in the literature review section, the

secondary data sources will amplify the theoretical concept of this research study

3.15 Validity of the instrument

38

Validity of any research process determines whether the research study indeed rivets its focus

on the intended variables to be “measured.” This research study is well aware of the

significance of “validity” as a concept of research. The sample population and the data

received from the field will be treated with utmost care to eliminate any assumption that may

interfere with the validity of the research process.

3.16 Timetable

The following study timetable will guide the research process:

No. Activity Timeframe

1 Development of data collection tools Week 1

2. Testing and improvement of Data Collection Tools

3. Scheduling data collection appointments Week II

4. Conducting actual data collection activities Week III and IV

5. Data Analysis Week V and VI

6. Report Writing Week VII and VIII

39

CHAPTER FOUR: DATA ANALYSIS

4.1 Introduction

In this chapter, the researcher reports the results of the data collected from the field. The

focus of this segment exclusively deals with the processed data through the SPSS statistical

package used in the analysis process. The segment employs the data analysis methods

described in chapter three to establish the connection that exists between the data collected in

the field and the theoretical concept of the work. There is a need to know and understand that

the questionnaire was segmented into two with a section reserved for the staff and another

section for the general clients of the bank. In the analysis of the results, this has been taken

care of well

4.2 Return rate of the questionnaires

The research study registered an impressive record of the respondents who returned the filled

questionnaires. In all the categories of the interview, the return rate was noted to be 100%.

All the questionnaires that were used during the data collection process were returned and the

data collected analyzed according to the proposed research methodology

4.3: Demographic information of the respondents

40

Understanding the demographic information of the respondents is fundamental in establishing

the manner in which these demographic issues affected the result findings. The demographic

information of the respondents that will be investigated in this work entail the age of the

respondents and their marital status among other highlighted demographic information.

4.3.1. Identity of the respondents

Disclosing the identity of the respondent in terms of the designation was an integral of the

research process. The work segmented the designation into two very broad categories of the

staff and the bank employees. This was to enable the researcher get a clear picture of the

existing market strategy from two sides of the respondents. The total numbers of these

respondents were divided into half assigning fifty respondents per each segment of the

respondents

Table 1: Identity of the respondent

Frequency Percent Valid Percent Cumulative

Percent

Valid

Staff 50 50.0 50.0 50.0

Client 50 50.0 50.0 100.0

Total 100 100.0 100.0

As mentioned earlier in the methodology, the sampling of the respondents was done to

engage both the staff and the clients of the bank. The total number of respondents interviewed

was 100 with the percentage composition of those interviewed split right in the middle. 50%

of the respondents interviewed are the staff members of Santander bank. Incidentally, 50% of

those who were interviewed represented the clients of the bank. This has been highlighted in

the pie chart below

41

Figure 1

4.3.2: The age of the respondents interviewed

Age, as a democratic factor, is an essential factor in the research process. the knowledge of

age in this research process was significant in establishing the aspect of “generations” and

marketing concepts of the bank. The aspect of age would enable this research to deduce

whether the marketing strategies that have been incorporated into the operational strategies

of the bank resonate well with the market segments. the percentage composition of the

respondents in light of their ages were as listed in the table below:

Table 2: Age of the respondents

Frequency Percent Valid Percent Cumulative

Percent

Valid Under 20 years 13 13.0 13.0 13.0

21-30 years 35 35.0 35.0 48.0

42

31-40 years 40 40.0 40.0 88.0

41-50 years 11 11.0 11.0 99.0

Above 50 years 1 1.0 1.0 100.0

Total 100 100.0 100.0

13% of those who were interviewed were below 20 years of age. This is slightly lower than

the 40% of the respondents who represented the age bracket of between 31 years to 4o years

of age. Consequently, 35% of those who were interviewed fell between 21 years and 30

years. Meanwhile, a minority of the respondents, represented by 1% of the total value , fell

above the age of 50 years. Essentially, this infers that the median age set of those who were

interviewed was between 31-40 years of age. The chart below sums up the percentage

composition of the respondents in terms of their age.

Figure 2

43

4.3.2 Gender of the respondents

The identity of the gender of the respondents is quite critical in any research process. as a

demographic factor, the gender is a pointer of various aspects of the research. in this

research, it has since been established that more women were interviewed more than their

male counterparts

Table 3: Gender of the respondent

Frequency Percent Valid Percent Cumulative

Percent

Valid

Male 42 42.0 42.0 42.0

Female 58 58.0 58.0 100.0

Total 100 100.0 100.0

44

From the results, the variation in gender reveals that more female respondents were

interviewed in comparison to their male counterparts. The female respondents accounted for

58% of the total respondents while the male respondents accounted for 42 % of the total

number of the respondents. Essentially, this infers that majority of the respondents

interviewed were females. To be more specific, majority of the staff members who were

interviewed represented the females. This therefore means that the drivers of the huge

percentage of females interviewed were derived from the females in the

Figure 3:

4.3.3 Marital status

This establishment was meant to anchor the demographic factor of age. the respondents were

asked to highlight their marital status as a means of affirming further their age.

Table 4: Marital status of the respondent

45

Frequency Percent Valid Percent Cumulative

Percent

Valid

Single 8 8.0 8.0 8.0

Married 85 85.0 85.0 93.0

Divorced 5 5.0 5.0 98.0

Separated 2 2.0 2.0 100.0

Total 100 100.0 100.0

85% of the clients who were interviewed were married. This is in contrast to the 8% of the

respondents who are single. This means that many of the respondents who were present for

the interview were engaged in a union of marriage. Incidentally, 5% of the respondents

represented those who are divorced while those who are separated from their spouses

represented the minority group with a percentage value of 2%.

4.4: Marketing plan of the bank

This segment sought to ask the respondents (in this case, the staff members of Santander

bank) whether they are aware of an established plan of marketing. The goal of this question

was to affirm if the company had formulated a plan for marketing their products to their

clients. The staff members were asked to confirm if Santander had any systematic approach

to the market or whether it approaches the market without any strategy ingrained within its

corporate governance framework.

Table 5: Does Santander have a marketing plan?

Frequency Percent Valid Percent Cumulative

Percent

46

Valid

Yes 92 92.0 92.0 92.0

No 8 8.0 8.0 100.0

Total 100 100.0 100.0

The focus of this research study was to establish whether Santander bank has any

institutional marketing plan. From the assertion of the respondents, there is an overwhelming

admission (from both the clients and the staff) that Santander indeed has an elaborate

marketing strategy that has been in operation. From the results, 92% of the respondents

unequivocally made the admission of the existing marketing plan of the bank. In contrast,

only 2% of the respondents are of the opinion that the bank does not really have any elaborate

marketing plan to advance its activities.

It therefore follows that the company has a formidable marketing plan that drives its

business agenda. From the admission of the staff members, this marketing plan seems to be

the pole driver of the marketing activities of the institution. As described earlier in this

discourse, the institution has adopted an integrated approach to market its products. this

entails an elaborate understanding of the singular marketing approaches and coming up with

a hybrid system that cuts across all the other modes of marketing. The staff admit that the

formulation of this marketing strategy is a as a result of strategic evolution of the market

segment of the bank and establishing the dynamics of the market portfolio. Since the

inception of the strategy, there has been a progressive increase in the mobility of the products

of Santander and a gradually increasing or widening clientele base.

47

4.5: Type of the marketing strategy

This segment of this research study indicated the type of the marketing strategy that the

company has adopted to further the objectives of the marketing portfolio of the bank. the

respondents who were interviewed, the staff members in this case, were meant to indicate the

exact strategy that Santander has adopted over time. This segment was meant to point out in

very clear terms how exactly Santander has rolled out its program of marketing its products.

The response however, revealed that the institution has adopted the integrated marketing

strategy as the basic marketing strategy to advance the business cycle

Table 6: Type of marketing strategy adopted by Santander

Frequency Percent Valid Percent Cumulative

Percent

Valid

50 50.0 50.0 50.0

Marketing mix 3 3.0 3.0 53.0

Product positioning 4 4.0 4.0 57.0

Integrated marketing 43 43.0 43.0 100.0

Total 100 100.0 100.0

43% of the staff members whose responses were captured in this research project

were of the opinion that the marketing strategy adopted by Santander leans towards the

integrated marketing tenets. The staffs believe that the strategy adopted by the bank

incorporates several other aspects of marketing thus forming the integrated marketing

strategy. Coincidentally, 3% of the staff members who were interviewed asserted that the

principles of marketing that have been adopted by the institution is biased towards the

principles of marketing mix strategy. 4% of the staff whose respondents were incorporated in

48

this research, argued that the marketing strategy adopted by the institution was based upon

the precepts of product positioning. The response to this question was based on the evaluation

of the techniques and modalities employed by the institution regarding its approaches to the

market.

Integrated marketing methods adopted by Santander unify several methods of the

process to achieve its objectives. The staffs of the bank, after having accessed the modalities

of marketing employed by the company, has since concluded that it embraces an integrated

marketing concept. Integrated marketing techniques in this regard are geared toward

attracting a wide range of clients. It incorporates a wider variety of marketing aspects to

ensure that the objectives of the marketing domain have been realized. From the results of the

analysis above, it is conclusive that the growth of Santander bank is attributable to the

adoption of the integrated marketing concept that the staff have pointed out.

The graph below outlines the graphical presentation of the marketing strategies implemented

by the institution

4.6: Duration of adoption of the strategy

Does the aspect of time really matter in the dispensation of any marketing strategy? this was

the key question in this segment of this research study. The segment sought to ask the

interviewees the duration through which the implementation of the marketing strategy in place

would take. It was an affirmation of exactly what role time has in the inception of these

marketing strategies. The responses were as outlined in the table below

Table 7: Duration of adoption of the marketing strategy currently in use

Frequency Percent Valid Percent Cumulative

Percent

Valid

More than 5 years ago 100 100.0 50.0 100.0

49

Total 100 100.0 100.0

With a cumulative number of the interviewed respondents at 50, there is sufficient evidence

from the results that majority admit that the implementation of the marketing strategies were

done more than five years ago. All the respondents interviewed (the staff of Santander bank

to be specific) assert that these strategies are more than five years older. It is important to

highlight here that this segment was specifically filled by the staff members of the bank.

The inference to this admission is that any strategic plan in marketing has to take time

to “mature.” While the profits of the bank have been on a steady rise, it is expected that the

rise will exponentially grow after a longer period. This means that strategies of marketing any

commercial setting take slightly longer time to come to fruition. There is a lot of accuracy in

the conclusion that majority of the marketing strategies that have been adopted by corporate

entities have to be harmonised with the existing market rubric so that good results can be

witnessed. the admission by the respondents (to be specific, the staff of the bank) that the

strategy of marketing rolled out in Santander was done more than five years ago affirms this

belief – strategic reforms and plans have to take time to be fully incorporated into the existing

construct. This is then followed by a period of increased growth as the template adopts to the

provisions of the market that exists currently.

4.7: Contribution of the staff to the marketing strategy

This segment of the research question was to fortify the suspicion that the staffs are the

“driver” of any marketing strategy. Santander affirmed through the responses that the staffs

have a great contribution to the existing marketing strategy. The question helped the

researcher establish the significance of staff members in initiating and advancing the

marketing strategies of marketing for Santander bank

50

Table 8: Staff contribution to the marketing strategy

Frequency Percent Valid Percent Cumulative

Percent

Valid Yes 100 100.0 100.0 100.0

Total 100 100.0 100.0

All the staff members subjected to an interview was part of the marketing revolution done by

Santander. From the results above, it is conclusive that all the staff members were part of the

currently existing marketing strategy. 100% of the staff members, respondent to the

affirmative that indeed, they have been engaged in the formulation of the currently existing

marketing strategy

Essentially, the staffs of Santander bank admit that owning the strategy of any

marketing is a stepping-stone to achieving the growth prospects of the institution. With a

massive affirmative response to their involvement in the marketing strategy , the bank staff

pass a crucial information that the success factor of any growth initiative depend upon the

need to unite together in purpose.

51

4.8 Marketing strategy and profitability

Judging by the results of the analysis, it is evident that marketing plays a very pertinent role

in the profitability of any business. Santander is no exception to this assertion. Out of all the

50 staff members who were respondent to the administration of this questionnaire, a

cumulative frequency of 50, meaning the whole number opined that the marketing strategy

adopted by Santander has played a critical role in the heightening of the profitability of the

company

Table 9: marketing strategy

Frequency Percent Valid Percent Cumulative

Percent

Valid Yes 100 100.0 100.0 100.0

Total 100 100.0 100.0

From the responses above, the staffs has confirmed that indeed the market domain of any

company plays an integral role in the enhancement of the profits of the same. There is an

inviolable relationship between the concept of marketing and corporate governance, to the

growth of an institution. With a 100%, affirmation that marketing is a factor of profitability,

then it is understandable of the continued growth index of the bank in the last few financial

years. Marketing has led to an increased awareness of the products of an institution. In this

respect, Santander’s product portfolio is well received in the market courtesy of the

groundwork done by the marketing department. It is therefore logically conclusive for the

staff members of the company to admit in this research that the inception of marketing

strategies in any institution is a factor of success for the institution if handled well. this

52

success may be either direct or indirect but essentially, it contributes heavily to the growth of

the entity in many aspects.

4.9 Does Santander have a well-defined marketing strategy?

A well-defined marketing strategy meets the threshold of the market demands. it understands

the market structure of the commodity. The purpose of this question was to establish whether

the strategy of Santander regarding the marketing of its products was a well-structured one.

From the results, 91% of those who were interviewed asserted that the company has a well-

defined strategy to meet its departmental targets. In contrast, 9% of the respondents admit

that there is no proper marketing strategy that the bank has adopted.

Table 10: Does Santander have a well defined marketing strategy

Frequency Percent Valid Percent Cumulative

Percent

Valid

Yes 91 91.0 91.0 91.0

No 9 9.0 9.0 100.0

Total 100 100.0 100.0

4.10: How efficient are the existing marketing strategies?

Existing marketing strategies in any institution must be relevant in addressing the marketing

objectives of the same. in this segment, the question sought to establish the efficiency of the

existing marketing strategy of the bank. The table below reflects the summary of the results

of the responses that were received from those who were subjected to the interview

Table 11: Efficacy of the marketing strategies

53

Frequency Percent Valid Percent Cumulative

Percent

Valid

Excellent 76 76.0 76.0 76.0

Average 18 18.0 18.0 94.0

Poor 6 6.0 6.0 100.0

Total 100 100.0 100.0

Majority of the respondents affirmed that the marketing strategies that have been incepted by

the bank are indeed very effective. This is comparable to the 18% who responded that these

strategies are average in their efficiency. Meanwhile, the minority of the respondents assert

that they do not find these strategies very efficient. The minority stand at 6% of the total

number of the respondents

4.12: Generational expectations and the strategy

As earlier mentioned, efficiency of any marketing portfolio is reliant on the need to reach a

wider number of individuals. Santander being a financial institution must be capable of

attracting clients across all the generational divides. this portion was an explication of the role

of the existing marketing strategy in reaching out to a larger number of individuals. The

responses from those who were interviewed reflected that indeed Santander has been very

effective in drafting marketing concepts that cut across a wider base of generational divide

Table 12: Does the strategy meet generational expectation?

Frequency Percent Valid Percent Cumulative

Percent

Valid Yes 75 75.0 75.0 75.0

No 25 25.0 25.0 100.0

54

Total 100 100.0 100.0

This response was meant to gauge whether the marketing strategy incepted by the bank in

marketing cuts across the generation divides. 75% of those interview said it met the

generational expectation. This essentially means that the strategy of the market is effective. a

marketing strategy that meets generational divide appeals to a wider spectrum of the market

therefore netting quite a number of the market segment desired. Meanwhile, 25% of those

who were interviewed doubted the efficiency of the strategies of marketing adopted by the

bank in meeting the expectation of various generations. This is illustrated further in the chart

55

below

4.13: How the marketing strategy of Santander meets the needs of the customer

It is the desire of any pragmatic marketing concept to meet the needs of the client and fulfil it.

This is the focus of Santander bank in its marketing strategy. This portion was to establish

56

how exactly the strategies that have been adopted by the bank have been instrumental in

advancing the needs of the clients. The results of the respondents were as outlined in the table

below

Table 13: Marketing strategy and customer needs

Frequency Percent Valid Percent Cumulative

Percent

Valid

Yes 59 59.0 59.0 59.0

No 41 41.0 41.0 100.0

Total 100 100.0 100.0

The respondents were asked to confirm whether the marketing strategies adopted by the

company addressed the needs of the clients. Out of the 100 respondents, 59 said that these

strategies adopted by Santander addressed the needs of the client. In contrast, 41 rejected the

notion that these strategies had the needs of the clients in mind. The pie chart below shows

the tabulated results described above

57

4.14: Marketing strategy and the resolution of complains of the clients

Conventionally, it is known that any effective strategy of marketing products must be

anchored on a firm need to have an effective communication platform between customers

and the businesses. Santander has exploited this opportunity in the marketing strategy of

marketing that it has adopted. This question meant to evaluate the role of marketing in

enhancing the satisfaction of the client. Specifically, it outlines how these marketing

strategies can lead to quicker resolutions of the customer complains

The interview revealed that 4% of the respondents “strongly disagreed” with the fact that

the marketing strategy of Santander was efficient in solving the disputes that arose

between the clients and the bank. Incidentally, 3% of the respondents interviewed

“disagreed” with the sentiments that the marketing strategy adopted by the institution is

capable of finding a faster resolution of issues that may emanate between the bank and the

clients. 12% remained neutral in their responses. Meanwhile, the majority of the

interviewees either “strongly agreed” to the statement (44%) of “agreed” to the assertion

that the marketing strategy adopted by Santander has seen the resolution of the disputes

58

with the customers be done amicably

4.13:Marketing and client complains

Table 13: Marketing needs allows for complains over Santander's products

Frequency Percent Valid Percent Cumulative

Percent

Valid

Strongly disagree 1 1.0 1.0 1.0

Disagree 4 4.0 4.0 5.0

Neutral 7 7.0 7.0 12.0

Agree 30 30.0 30.0 42.0

Strongly agree 58 58.0 58.0 100.0

Total 100 100.0 100.0

In outlining the relevance of the marketing strategies adopted by the bank to the satisfaction

of the customers, the questionnaire, through this question, sought to establish whether the

marketing strategy employed by the bank allowed for the clients to launch complains

59

regarding the products of the company. In the response, 1% of the respondents strongly

disagreed with that admission. Meanwhile, 4% of the respondents “disagreed” with that

question. They did not agree to the fact that these marketing strategies are capable of giving

the clients a chance to launch complains regarding the products of the bank. While 7%

remained non-committal to the question, 30% of the respondents “agreed” that these

marketing strategies gave a framework through which the customers are capable of giving

their opinions regarding a specific product. The majority of the respondents, 58% affirmed

the fact that the marketing strategies given by the company can provide an avenue to

correspond to the management through complains and suggestions. This has been further

illustrated in the chart below

60

4.15: Marketing and communication

Table 14: Marketing strategy gives the customers an opportunity to communicate

back

Frequency Percent Valid Percent Cumulative

Percent

Valid

Strongly disagree 2 2.0 2.0 2.0

Disagree 8 8.0 8.0 10.0

Neutral 10 10.0 10.0 20.0

Agree 54 54.0 54.0 74.0

Strongly agree 24 24.0 24.0 98.0

2 2.0 2.0 100.0

Total 100 100.0 100.0

Finding a relevant platform to correspond with the clients is indeed very important in any

business. This question was meant to interrogate the marketing strategies of the bank

concerning the ability of these strategies to enable the bank and the customers correspond on

a number of issues. 2% of those interviewed “strongly disagreed” on the ability of these

marketing strategies to provide a platform of correspondence between the bank and the

clients/8% disagree on the same while 10% remained rather neutral. 54% of the respondents

however “agree” that the marketing strategy is efficient in giving the platform for the clients

and the bank to engage. 24% on the other hand “strongly agree” on the fact that these

strategies are significant in enabling the clients and the banks correspond

61

4.16: Increased customer base

While exploring the significance of marketing strategies on the growth of the institution, this

work sought to highlight whether there is sufficient belief to affirm that marketing leads to an

increased customer base. The responses from those who were interviewed were as described

below

Table 16: Marketing has led to wider customer base

Frequency Percent Valid Percent Cumulative

Percent

Valid

Strongly disagreed 5 5.0 5.0 5.0

Disagreed 2 2.0 2.0 7.0

Neutral 11 11.0 11.0 18.0

Agreed 39 39.0 39.0 57.0

Strongly agreed 43 43.0 43.0 100.0

Total 100 100.0 100.0

43% of those who were interviewed opined that they “strongly agreed” that the marketing

concepts of Santander have led to increased customer base. 39% of the interviewed “agreed”

to the same while 11% of those who were interviewed remained neutral in admitting that the

marketing concept of Santander have increased the number of the customers. meanwhile, 2%

of the total respondents interviewed “disagreed” with that assertion even as 5% “strongly

disagreed” with the same. This has been tabulated in the table above

4.17 Marketing and building partnerships

62

One of the most significant roles of any marketing concept is to help in the establishment of

strategic partnerships. This question asked the interviewees whether they thought that they

marketing concept of Santander was indeed efficient in establishing the relevant partnerships

that would open up important business opportunities for the bank.

Table 16: Strategy aids in building partnerships

Frequency Percent Valid Percent Cumulative

Percent

Valid

Strongly disagree 4 4.0 4.0 4.0

Disagree 8 8.0 8.0 12.0

Agree 23 23.0 23.0 35.0

Strongly agree 65 65.0 65.0 100.0

Total 100 100.0 100.0

The interviewees were unanimous in their acclamation of the fact that the marketing

strategies that have been adopted by Santander have been effective in building important

partnerships. In their responses, 4% of the interviewees “strongly disagreed” with the

assertion that the marketing strategy of the bank have helped create important partnerships.

8% of those who were interviewed “disagreed” with this assertion even as 23% contradicted

them by agreeing to this admission. A majority of the respondents, at 65% however affirmed

this assertion at 65%. Essentially, this meant that Santander has greatly benefited from

strategic partnerships that have emanated from the marketing strategies that it has adopted.

4.18: Evaluation of the marketing strategies of Santander

In this question, the respondents were expected to underscore the significance of having

intermittent evaluation of the existing marketing strategies in the company. Santander has a

program where the review of the existing marketing strategies is done. This is meant to

63

enhance efficiency within the institution and to “realign” the marketing strategies of the

institution to the incessantly shifting demands of the market segment

Table 17: Is it necessary for the bank to evaluate its marketing strategy

Frequency Percent Valid Percent Cumulative

Percent

Valid

Yes 98 98.0 98.0 98.0

No 2 2.0 2.0 100.0

Total 100 100.0 100.0

From the results, majority of those who were interviewed admitted that the company,

Santander, often evaluates their marketing strategies with a view of adjusting them to any

changes. At 98%, the respondents overwhelmingly affirmed the role of evaluation of the

existing marketing strategies. Meanwhile, 2% of those who were interviewed in the research

denied the necessity of the bank in evaluating these marketing strategies.

4.19: How marketing enhances customer satisfaction at Santander

If marketing indeed influences the satisfaction of the customers in Santander, then how

exactly do these strategies enhance the satisfaction of the customers? This part of the research

was meant to outline these issues. The bank has since established that there is a very practical

manner in which the marketing strategies it has adopted influence the satisfaction of its

customers. The Likert scale below helped in understanding the responses of the clients

64

Table 18: Extent to which marketing strategy enhances customer satisfaction

Frequency Percent Valid Percent Cumulative

Percent

Valid

A very low extent 4 4.0 4.0 4.0

To a low extent 3 3.0 3.0 7.0

Moderate extent 9 9.0 9.0 16.0

To a great extent 40 40.0 40.0 56.0

To a very great extent 44 44.0 44.0 100.0

Total 100 100.0 100.0

Summarily, this question sought to establish the extent to which the marketing strategy of the

bank has influenced the satisfaction of the customers of the bank. 4% agree that these

strategies are capable of enhancing customer satisfaction to a very low extent. 40% of those

who were interviewed claimed that these strategies are very efficient in enhancing customer

satisfaction. 44% admit that it is to “a greater extent” that the marketing strategies influence

customer satisfaction

65

Table 19: Marketing has led to increased product mobility

Frequency Percent Valid Percent Cumulative

Percent

Valid

Strongly disagree 3 3.0 3.0 3.0

Neutral 16 16.0 16.0 19.0

Agree 40 40.0 40.0 59.0

1 1.0 1.0 60.0

Strongly agree 40 40.0 40.0 100.0

Total 100 100.0 100.0

Asked whether the marketing concepts of Santander have been critical in the enhancement of

product mobility hence the growth of the company, 40% strongly agreed that these strategies

have enabled the bank to advance its sales. 40% equally “agree” to the same while 16%

66

remained neutral. In addition, 3% strongly disagreed with the question seeking to establish

the role of these marketing strategies on the mobility of the products of the bank. This has

been further illustrated below

4.20: Marketing and institutional growth

The peak of any marketing concept is the need to take part in the growth of the institution

at whatever capacity. Santander’s marketing strategy has ensured a steady growth of the

profits and even the clientele base. This segment asked the respondents on whether they

harbour the thoughts that these strategies play an important part in the growth of the

institution. the results were as depicted in the diagram below

Table 21: Extent to which marketing strategies have led to the growth of Santander

bank

67

Frequency Percent Valid Percent Cumulative

Percent

Valid

A very low extent 2 2.0 2.0 2.0

to a low extent 2 2.0 2.0 4.0

To a moderate

extent16 16.0 16.0 20.0

to a great extent 46 46.0 46.0 66.0

To a very great

extent34 34.0 34.0 100.0

Total 100 100.0 100.0

There is a logical progression to the assertion that marketing strategies of the bank have

enhanced growth in the bank. In this research, 2% of the interviewees questioned admitted

that to a lower extent, the marketing strategies of Santander have enhanced growth in the

bank. 16% of those interviewed “moderately” agree that these strategies push the growth of

the bank exponentially. 34% of those interviewed admitted “to a very great extent” that the

marketing strategies introduced by Santander have serious impacts in pushing the growth of

the company. The majority of the respondents, at 46% agreed “to a great extent” that these

strategies have had a profound effect in the growth and development of the bank.

CHAPTER FIVE: CONCLUSION AND RECOMMENDATION

5.1 Demography of the respondents

68

Identity: As outlined earlier in this work, the data analysis plan of this research identified

two classes of the respondents. One was the staff and the other, the clients of Santander. The

secret was to give a balance assessment of the topic under study from the insiders and

outsiders points of view. The sample size was halved into two with fifty respondents being

members of the bank staff while the rest represented the clients of the bank.

Age: While the age of the respondents really had no bearing on the work, it is sufficient to

not that the majority of the respondents were the middle-aged individuals. This demonstrates

that majority of the staff members of the bank for instance, were in the bracket of those who

are middle aged. A significant percentage of the interviewees belonged to the age group that

is lower than 20 years of age

Marketing plan: the institution has a strategic marketing plan. this segment of the research

exposed the assertion that the bank has an effective plan of marketing to implement. The plan

is incorporated within its corporate strategy and development plan. The establishment of a

marketing plan by Santander points out to one integral strategy by commercial entities.

Regardless of the industry or sector of operations, there is an urgent need to formulate a

marketing strategy that supports all the departments of the operations of the entity.

Type of the marketing strategy: it is not sufficient for corporate entities to have marketing

strategies; rather, it is important for the management to interrogate themselves on the

significance of these marketing strategies. It has been discussed in this work that any

effective marketing strategy must take into account the morphology of the market. Inception

of these strategies must be based on a firm evaluation of the market construct to institute a

proper strategy that is relevant for the business entity.

Santander has adopted an integrated marketing concept to face the market and give it

a leverage over other competitors in the market. The IM system combines several marketing

69

strategies to achieve its growth objectives. The institution is cognisant of the varied nature of

the demands of the market of its products. This has necessitated the adoption of a strategy

that encompasses a wider range of strategies to achieve the same objectives. For a

commercial entity, this is a widely acceptable premise. There is sufficient logic in the

decision by Santander to adopt a marketing strategy that cross cuts a wider tangent of

marketing options. In conclusion, a highly competitive venture requires a very strategic

marketing concept that will deliver sure results. The significance of the IM concept within

any commercial setting cannot be overemphasised.

Duration of adoption of marketing strategies: from this research study, there is sufficient

illustration of the need to adopt strategic marketing options within a longer duration. A

marketing strategy takes time to begging bearing the desired results. it is sufficient to

introduce these strategies over a longer duration. Most significantly though, is the assertion

that these strategies must take time before the optimal results are achieved. it is conclusive to

admit that that time plays a very critical role in the foundational strategies undertaken by

institutions during formulation of marketing strategies. As witnessed in the results of the data

analysed, there is also sufficient room to believe that the staff of any organisation perform a

critical role in the navigation of any marketing precept formulated by the company.

This study disclosed that the 50 members of staff in Santander were directly involved

in the implementation of the marketing strategy by the company. The logical conclusion to

this result can only be one- the staff pay a very pertinent role as the drivers of the marketing

agenda of any institution. Involving the staff in the implementation process is crucial in the

advancement of the goals of the institution regarding marketing.

Profitability as a result of marketing strategy: The goal of any marketing strategy is to

enhance the profitability of any commercial joint. This essentially means that the desire of

Santander while initiating the integrated marketing precepts is to widen its chances of

70

increasing the profitability of the company. From the results of the analysis, the respondents

have conclusively admitted that the element of profitability overrides all other aspirations of

any corporate entity.

The respondents in this research have admitted that the element of marketing is

indeed very significant in determining the profitability of any commercial domain. Marketing

strategies expose the products of a company to a wider base of clients. This is a factor of

profitability. On the other hand, through marketing, most companies are capable of “netting”

new clients to test their range of products. The result of this is that the company will have an

increased sale of its products. It is therefore admissible that a relevant marketing strategy for

any product will define the profitability of the product since the mobility of those specific

products will be enhanced.

Marketing strategies and their relevance: The relevance of a marketing strategy is its

ability to be in perfect sync with the existing market conditions. These strategies must

address the existing framework of the market segment to be branded as effective. Issues to do

with the relevance of these marketing strategies in regards to whether they address the

generational divide can be studied from this understanding. Santander’s marketing concepts

were found to be quite aggressive within the various segments of “generations.” This means

that across various generations, the strategy of integrated market addressed all these. The

result was an incorporation of various marketing strategies that cut across various age sets.

This means that even a wider client base will be achieved by such a strategy. There is a

stronger indication that a marketing strategy that incorporates a larger market base will

enhance profitability

Customer satisfaction as a subset of marketing: the role of any marketing strategy is to

enhance the experience of the customer amongst other things. The customer experience

should be paramount compared to other marketing concepts. Any marketing strategy must be

71

inherently inclined to address the feelings of the client. Santander has embarked on a strategy

to improve the customer perception regarding its products. This is an element of marketing

that will ultimately be significantly involved in the expansion of the business. Other issues

such as the ability of the clients to launch their complains within the marketing framework

defines the true sense of establishing a proper marketing strategy

Marketing and communication with the clients: the whole concept of marketing revolves

around relevant communication between the bank and the clients. In the Likert scale analysis,

the research concludes that through marketing, the clients have found an effective framework

of communication with the bank. This essentially means that the strategy has led to a drastic

improvement of the communication channel between the clients and the company as a whole.

Whether this is a success factor or not, the true essence of marketing lies in the establishment

of the al important communication between the two entities (the customers and the business)

Marketing and customer satisfaction: In trying to outline the relationship between

marketing and customer satisfaction, this work has established an elaborate kinship between

these two concepts. The marketing strategies that have been established by Santander have

been quite critical in the enhancement of customer satisfaction. This has been named as the

ultimate goal of any marketing strategy.

Marketing, product mobility and Marketing and institutional growth: Marketing is a

very critical component of product mobility. This segment of the question set to explore the

growth prospects of institution to advance or evolve across several business cycles. Product

mobility is a very integral factor in the establishment of the growth of that specific industry.

This work has been quite critical in establishing the relationship between the products

mobility of the products and the marketing tenets of the institution

Recommendations

72

1. Marketing strategies for any corporate entity require the input of the staff working in

the sector. There is need to involve the implementation team to adopt and

“domesticate” these marketing strategies. the success of these marketing strategies

depend heavily upon the input of the staff members and so their input must be courted

to the latter

2. Marketing strategies must resonate well with the dynamic market morphology. in the

financial sector, there is rapid change in the business fabrics. this therefore calls for

the need to evaluate the existing market conditions before rolling out any significant

marketing strategy within any industry

3. Marketing strategies take time to evolve and fit into the business structure. it is

important for stakeholders to take time to evaluate how these strategies link with the

existing business management template. The stakeholders are also obligated to offer

intermittent evaluations of these strategies with a view to improving upon them. this is

also meant to ensure that the emerging trends in the market are equally captured in

drafting these marketing templates

4. There should be an avenue of customers corresponding to the management of the

business entity. As highlighted in this discourse, an effective marketing model takes

into account the need to create channels through which clients are capable of making

relevant correspondence with the management. in this regard, it is sufficient to declare

that the need to create channels and avenues to correspond these two very important

stakeholders is necessary

5. Since all marketing principles are important in the realization of the profitability of

the institution, there is need to have an elaborate budget to ensure that the activities

involved during these marketing activities run smoothly and according to plan. The

73

results of marketing are quite significant in the enhancement of business and so

practical support must be accorded to the same

6. Marketing is critical in the enhancement of customer satisfaction and in the growth of

the business cycle. This significance of marketing within commercial domains thus

means that all facets of marketing must be supported by all business processes. These

include such aspects like the allocation of resources, training, adoption of new and

emerging trends of marketing, enlisting the services of experts in marketing, and also

exploring other efficient means of advancing marketing within institutions

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APPENDICES

Appendix one

Questionnaire

78

Instructions

Tick appropriately within the bracket provided

This questionnaire is strictly for research purposes and the information here will be

treated with a lot of confidentiality

Fill part two of the questionnaire only if you are a staff member of Santander bank

Part one: General knowledge

a) Indicate whether you are a staff member of the bank or a customer

Staff [ ]

Customer [ ]

b) age of the respondent

Under 20 years old [ ]

Between 21-30 [ ]

Between 31-40 [ ]

Between 41-50 [ ]

Above 50 years old [ ]

c) gender

Male [ ]

Female [ ]

d) marital status of the respondent

Single [ ] Divorced [ ]

Married [ ] Separated [ ]

Part two: Staff and the top management

79

a) Does your company have a marketing plan?

Yes [ ] No [ ]

b) Which type of marketing strategy does the institution adopt?

Marketing mix [ ]

Product positioning [ ]

Integrated marketing [ ]

Guerilla marketing [ ]

Cause marketing [ ]

Other…………………….

c) When was the marketing strategy adopted?

One month ago [ ] Six months ago [ ]

One year ago [ ] More than 5 years ago [ ] Any …………….

d) Did you contribute in any way to its adoption?

Yes [ ] No [ ]

e) Do you think that implementation of the IMC has in any way increased the

profitability of the company?

Yes [ ] No [ ]

Part three: efficiency of the marketing strategy

a) Do you think the bank has a well-defined strategy to market their products?

Yes [ ] No [ ]

b) How effective do you think the marketing strategy used by the bank is?

Excellent [ ]

Average [ ]

80

Poor [ ]

c) Does the marketing strategy used by the bank cross cuts all the generational

divides

Yes [ ] No [ ]

d) what is your opinion regarding the significance of the strategies of the

institutions

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Part Three: Marketing strategies and customer satisfaction

a) Do you think the marketing strategy used by Santander addresses the customer

needs precisely

Yes [ ] No [ ]

b) Feelings about the marketing strategies of Santander and customer satisfaction

Kindly indicate your level of agreement with the statement below relating to marketing

strategies of Santander bank and customer satisfaction within the same institution. Use a

scale of 1-5, where 1- strongly disagree, 2- disagree, 3- neutral, 4- agree, 5- strongly

agree.

81

1 2 3 4 5

Marketing principles adopted

by Santander provides avenues

through which the bank’s

customers can launch

complains over various

products of the bank

The marketing strategy gives

the customers an opportunity

to communicate back with the

bank regarding its products

Strategies adopted by the bank

in its marketing portfolio

enables the clients to have an

input into the running of the

bank

The strategy entails “real time”

responses where the complains

of the customers are resolved

immediately

The marketing model used

helps to build partnerships

c) In your opinion, indicate the extent to which the marketing strategy used by

Santander bank has led to increased customer satisfaction

82

A very low extent [ ] to a low extent [ ]

To a moderate extent [ ] to a great extent [ ]

To a very great extent [ ]

d) Do you find it necessary for the bank to evaluate its marketing models?

Yes [ ] No [ ]

Part four: marketing and business growth

a) Kindly indicate your level of agreement with the statement below relating to

marketing strategies of Santander bank and the growth of the business within the

institution. Use a scale of 1-5, where 1- strongly disagree, 2- disagree, 3- neutral,

4- agree, 5- strongly agree.

Marketing has led to increased mobility of the products of the bank

83

Marketing has led to a widened customer base of the bank

The strategy of marketing adopted has led to increased customer

responses or correspondence with the bank

Enhanced understanding of the products of the bank

The marketing strategy employed by the bank has led to the inception of

other varied services that increases customer satisfaction

a) In your opinion, indicate the extent to which marketing strategies used in

Santander bank has led to the growth of the institution

A very low extent [ ] to a low extent [ ]

To a moderate extent [ ] to a great extent [ ]

To a very great extent [ ]

Thank you for your responses

84