Market Orientation and Brand Performance of Deposit Money Banks (DMBS) in South-South Nigeria
Keywords:
Brand Performance, Competitor Focus, Customer Focus, Inter-Functional Coordination, Market Orientation, Schema Theory
Abstract
This paper empirically examined how market orientation impacts on the brand performance of deposit money banks in South-south Nigeria. A market orientation and brand performance model was developed with customer, competitor focus and inter‐functional coordination as dimensions of the independent variable (market orientation) and brand performance as the dependent variable.The study adopteda cross-sectional survey research design and primary data was obtained fromtheeighteen (18) deposit money banks in Nigeria listed in the Nigeria Stock Exchange (NSE); all of which are operating in South-south Nigeria.A Spearman Rank Correlation Coefficient analysis was done to test the hypotheses with the aid of the Statistical Package for Social Sciences (SPSS) version 26. Based on the test results of the hypotheses, the study concluded that market orientation positively and significantly impacts on brand performance of deposit money banks in South-south Nigeria. Hence, this study recommends that deposit money banks in South-south Nigeria should encourage consistent market orientation (be customer centric, competitor focused and ensure inter-functional coordination) to increase and sustain their brand performance.
References
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36. Kahn, K. B., & Mentzer, J. T. (1998). Marketing’s integration with other departments. Journal of Business Research, 42(1), 53–62.
37. Kajalo, S., & Lindblom, A. (2015). Market orientation, entrepreneurial orientation and business performance among small retailers. International Journal of Retail & Distribution Management, 43(7), 580-596.
38. Kapferer, J.N. (2004). The New Strategic Brand Management: Creating and Sustaining Brand Equitylong Term. London, Kogan.
39. Kapur, N.(2020). The Importance of Building a Brand Strategy. Retrieved on 18th June, 2020 from: https://precept.co.uk/insights/the-importance-of-building-a-brand-strategy.
40. Kenton, W. & James, M. (2020). Profitability Ratios, Retrieved on 14th October, 2020from: www.investopedia.com/terms/p/profit.
41. Kohli, A.K. & Jaworski, B.J.(1990). The construct, research propositions and managerial implications. Journal of Marketing, 58(4)1-18.
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43. Lloyd,T.(2018).Defining What a Brand Is: Why Is It So Hard? Retrieved on 20th June,2020 from https://www.emotivebrand.com/defining-brand.
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54. Narver, S. E. & Slater, S.F. (1990). The effect of market orientation on business profitability. Journal of Marketing,54(4),20-35.
55. Nwokah, N.G. & Poi, E.L.(2016). Customers’ involvement and retention of deposit money banks in Port Harcourt. Journal of Marketing and Consumer Research, 29,53-66.
56. Nwokah, N.G. (2006). Marketing effectiveness and business performance. Nigerian Journal of Business and Society, 3, 15-26.
57. O, Cass, A., & Ngo, L. V. (2007). Market orientation versus innovative culture: Two routes to superior brand performance. European Journal of Marketing, 41(7/8), 868-887.
58. Omunakwe, P.O., Nwinyokpugi, P.N. & Adiele, K.C. (2018). Workplace interpersonal relationship and organizational productivity in deposit money banks in Port Harcourt. Journal of Economics, Management & Social Science,4 (4), 153 – 177.
59. Onyekwena, C. & Ekeruche, M.,M.(2020). Understanding the Impact of the COVID-19 Outbreak on the Nigerian Economy. Retrieved on 18th June, 2020 from: https://www.brookings.edu/blog/africa-in-focus/2020/04/08/understanding-the-impact-of-the-covid-19-outbreak-on-the-nigerian-economy.
60. Oshiobugie,O.B. & Okoh,L.(2015).Impact of banks and other financial institutions in enhancing the growth of entrepreneurial development: An Empirical study of South-south Nigeria. Journal of Policy and Development Studies, 9(2),1-19.
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2. Achor, P.N., Nwachukwu, C., & Udensi, M. I. (2017). Political branding/brand personality and voters’ choice of candidate: An empirical inquiry into 2015 presidential election in Nigeria. Journal of Marketing and Consumer Research, 8(20), 103-112.
3. Achumba, I.C. (2000).Strategic Marketing Management in the 21st Century, United States of America, Mac-Williams and Capital Publishers Inc.
4. Adamska, M.(2020).The Most Important Metrics and KPIs Measuring Brand Performance. Retrieved on 3rd August,2020 from: https://brandstruck.co/blog/post.
5. Adeleke, G. S. & Elumah, L.O, (2018).Deposit money banks and entrepreneurship development in Nigeria. International Journal of Advances in Scientific Research and Engineering, 4(9),59-66.
6. Agarwal, S., Erramilli, M. K., & Dev, C. S. (2003). Market orientation and performance in service firms: role of innovation. Journal of Services Marketing,1,23-54.
7. Ahmad, N. & Iqbal, N. (2013). The impact of market orientation and brand orientation on strengthening brand performance: an insight from the beverage industry of Pakistan.
International Review of Management and Business Research,2(1),128-132.
8. Alawiye-Adams, A. A. & Afolabi, B.(2013). Nigeria Deposit Money Bank’s Credit Administration and the Incidence of Bad Loans: An Empirical Investigation, Available at SSRN 2329589
9. Anand,G. & Kodali,R. (2008). Benchmarking the benchmarking models. Benchmarking International Journal, 15(3), 257-291.
10. Awwad, M. S., & Agti, D. A. M. (2011). The impact of internal marketing on commercial banks' market orientation. International Journal of Bank Marketing.
11. Baker, W. E., & Sinkula, J. M. (2009). The complementary effects of market orientation and entrepreneurial orientation on profitability in small businesses. Journal of Small Business Management, 47(4), 443-464.
12. Becker,J.(2020).How To Do A Competitive Analysis In 5 Easy Steps. Retrieved on 2nd August, 2020 from: www.impactbnd.com.
13. Bello, T. A.,Fairol, H., & Ahmad, I. A.(2018). The relationship between market orientation dimensions and performance of micro finance institutions. Journal of Marketing Management and Consumer Behavior, 2 (3),1-14.
14. Cheng, C. C. & Krumwiede, D. (2012). The role of service innovation in the market orientation—new service performance linkage. Technovation, 32(7-8), 487-497.
15. D’Alleva, N.(2012). Why a Competitor Focused Strategy is Better than a Customer-Focused Strategy. Retrieved on 20th June, 2020 from: https://remoteworkmate.com/small-business/competitor-focused-strategy/.
16. Darawong, C. (2015). The impact of cross-functional communication on absorptive capacity of NPD teams at high technology firms in Thailand. The Journal of High Technology Management Research, 26(1), 38–44.
17. Desai, N. (2019).Should You Focus On Your Competition? Retrieved on 2nd August,2020 from: https://www.profitwell.com.
18. Deshpande, R.J., Farley, U. & Webster, F.E. (1993). Corporate culture, customer orientation and innovativeness in Japanese firms: a quadrat analysis. Journal of Marketing,57(1),23-32.
19. Diener, E. (2000). Subjective well-being: the science of happiness and a proposal for a national index. American Psychologist. 55 (1), 34–43.
20. Ebrahim, C., Mohammad, T., & Nasim, E. M.(2012). Brand performance and brand equity. Interdisciplinary Journal of Contemporary Research in Business,3,(9), 1036-1033.
21. Gareth, R. (2020). Marketing Orientation Approaches. Retrieved on 31st July,2020 from: https://www.orientation.agency/insight/marketing-orientation.
22. Goldman, S. (1966).Voting behavior on the United States Courts of Appeals, 1961–1964. The American Political Science Review. 60 (2), 374–383.
23. Grinstein, A. (2008). The effect of market orientation and its components on innovation consequences: A meta-analysis. Journal of the Academy of Marketing Science, 36(2), 166-173.
24. Harker, L.(2019). How to Prove Brand Performance to Your Boss. Retrieved on 20th June, 2020 from: https://www.latana.com/post/prove-brand-performance .
25. Herrmanna, A., Hennebergb, S.C.& Landweh,J.(2010). Squaring customer demands, brand strength, and production requirements: A case example of an integrated product and branding strategy.Total Quality Management and Business Excellence, 21(10),1017-1031.
26. Ho, Y. W., & Merrilees, B. (2008).The performance benefits of being brand – oriented. Journalof Product & Brand Management,17(6),372-383.
27. Houston F.S.(1986). The marketing concept, what it is and what it is not. Journal of Marketing,50 (4),81-87.
28. Hunt, S. & Morgan, R.M. (1995). The comparative advantage theory of competition. Journal of Marketing,59 (50),1-5.
29. Im, S., & Workman Jr, J. P. (2004). Market orientation, creativity, and new product performance in high-technology firms. Journal of Marketing, 68(2), 114-132.
30. Isaksson, G. (2005). Managing the Implementation of Customer Relationship Management From an Inter-functional Perspective (Unpublished Licentiate Thesis). Lulea University of Technology.
31. James A. O. (2012).The acceptance of e-banking by customers in Nigeria. World Review of Business Research, 2(2), 62 – 74.
32. Jang, H.Y,(2013). Relationships among market orientation, marketing performance and CRM performance: Focused on the modulating effects of customer asset value. Acad. Cust. Satisf. Manag, 15, 1–27.
33. Jangl, P.(2016) Model of market orientation of high-tech firms in Germany: Validation study. Business: Theory and Practice,17(3),216-224.
34. Jeff, P. F. (2013). Schema Theory. Retrieved on 29th November,2019 from http://web.mit.edu/pankin/www/Schema_Theory_and_Concept_Formation.pdf.
35. Jiménez‐Zarco,A.I., Martínez‐Ruiz, M. P. & Izquierdo‐Yusta, A.(2011). The impact of market orientation dimensions on client cooperation in the development of new service innovations. European Journal of Marketing, 45 (1/2,), 43-67.
36. Kahn, K. B., & Mentzer, J. T. (1998). Marketing’s integration with other departments. Journal of Business Research, 42(1), 53–62.
37. Kajalo, S., & Lindblom, A. (2015). Market orientation, entrepreneurial orientation and business performance among small retailers. International Journal of Retail & Distribution Management, 43(7), 580-596.
38. Kapferer, J.N. (2004). The New Strategic Brand Management: Creating and Sustaining Brand Equitylong Term. London, Kogan.
39. Kapur, N.(2020). The Importance of Building a Brand Strategy. Retrieved on 18th June, 2020 from: https://precept.co.uk/insights/the-importance-of-building-a-brand-strategy.
40. Kenton, W. & James, M. (2020). Profitability Ratios, Retrieved on 14th October, 2020from: www.investopedia.com/terms/p/profit.
41. Kohli, A.K. & Jaworski, B.J.(1990). The construct, research propositions and managerial implications. Journal of Marketing, 58(4)1-18.
42. Lloyd, T.(2019).Three Key Advantages of a Strong Brand Strategy. Retrieved on 18th June,2020 from: https://www.emotivebrand.com/strong-brand-strategy/.
43. Lloyd,T.(2018).Defining What a Brand Is: Why Is It So Hard? Retrieved on 20th June,2020 from https://www.emotivebrand.com/defining-brand.
44. MacDonald, S,(2020).How To Create A Customer-Centric Strategy For Your Business. Retrieved on 20th June,2020 from: https://www.superoffice.com/blog/how-to-create-a-customer-centric-strategy/#.
45. Maclayton, D.W. & Nwokah, G.N.(2002).Dynamics of Product Management. Owerri: Nigeria,Avan-Panno Global Ltd.
46. Maksimava, M. (2020). How to Perform a Best-in-class Competitor Analysis (w/Template).Retrieved on 2nd August, 2020 from: https://buffer.com/library/competitor-analysis/.
47. Mansoor, H. (2019). Why is Marketing Important? 9 Reasons Why You Really Need It. Retrieved on 31st July, 2020 from: hhttps://www.business2community.com/marketing/whi-is.
48. Market Business News,(2020).What is Market Orientation? Definition and Meaning. Retrieved on 19th June, 2020 from: https://marketbusinessnews.com/financial-glossary/market-orientation-definition-meaning/.
49. Mc Kitterick, J .B.(1958). What is the marketing management concept? In Frank M.B.(ED) frontier of marketing thought and science the role of marketing. British Journal of Management, (7)231-245.
50. Meyer, M. (2005). Multidisciplinarity of CRM Integration and its Implications. In 38th Hawaii International Conference on System Sciences, Big Island, HI, USA.
51. Mogaji, E.(2014). Political Party Branding: The Beginning for APC in Nigeria. Retrieved on 20th June, 2020 from:https://www.researchgate.net/publication/259900575_Political_Party_Branding_The_Beginning_for_APC_in_Nigeria.
52. Muhammad, A., Asad, A.,Humayon, J. & Mazhar, A.(2017). Three condensed importance of interfunctional communication for the acceptance of CRM system. Cogent Business & Management, 4(1).
53. Nadkarni, S., & Narayanan,V. K. (2007).Strategic schemas, strategic flexibility, and firm performance: The moderating role of industry clock speed. Strategic Management Journal, 28 (3), 243–270.
54. Narver, S. E. & Slater, S.F. (1990). The effect of market orientation on business profitability. Journal of Marketing,54(4),20-35.
55. Nwokah, N.G. & Poi, E.L.(2016). Customers’ involvement and retention of deposit money banks in Port Harcourt. Journal of Marketing and Consumer Research, 29,53-66.
56. Nwokah, N.G. (2006). Marketing effectiveness and business performance. Nigerian Journal of Business and Society, 3, 15-26.
57. O, Cass, A., & Ngo, L. V. (2007). Market orientation versus innovative culture: Two routes to superior brand performance. European Journal of Marketing, 41(7/8), 868-887.
58. Omunakwe, P.O., Nwinyokpugi, P.N. & Adiele, K.C. (2018). Workplace interpersonal relationship and organizational productivity in deposit money banks in Port Harcourt. Journal of Economics, Management & Social Science,4 (4), 153 – 177.
59. Onyekwena, C. & Ekeruche, M.,M.(2020). Understanding the Impact of the COVID-19 Outbreak on the Nigerian Economy. Retrieved on 18th June, 2020 from: https://www.brookings.edu/blog/africa-in-focus/2020/04/08/understanding-the-impact-of-the-covid-19-outbreak-on-the-nigerian-economy.
60. Oshiobugie,O.B. & Okoh,L.(2015).Impact of banks and other financial institutions in enhancing the growth of entrepreneurial development: An Empirical study of South-south Nigeria. Journal of Policy and Development Studies, 9(2),1-19.
61. Owino, O. J. & Kibera, F.(2015). The influence of organizational culture and market orientation on performance of microfinance institutions in Kenya. International Journal of Business and Management, 10(8), 209-211.
62. Ozili, P. K., (2020). COVID-19 Pandemic and Economic Crisis: The Nigerian Experience and Structural Causes. Retrieved on 18th June,2020 from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3567419.
63. Pelham, A. M. (1997). Mediating influences on the relationship between market orientation and profitability in small industrial firms. Journal of Marketing Theory and Practice, 5(3), 55-76.
64. Pleshko,L.P. & Heiens,R.A. (2006).Customer-focus or competitor-focus? A financial services example. Journal of Professional Services Marketing, 20(2),19-30.
65. Rajagopal, (2008). Measuring brand performance through metrics application. Measuring Business Excellence, 12 (1), 29-38.
66. Rouse. M.(2018). Customer Centric. Retrieved20th June, 2020 from: https://searchcustomerexperience.techtarget.com/definition/customer-centric.
67. Ruekert, R.W.(1922). Developing a market orientation: an organizational strategy perspective. International Journal of Research and Marketing,3 (5),225-245.
68. Slater, S. F., & Narver, J. C. (2000). The positive effect of a market orientation on business profitability: A balanced replication. Journal of Business Research, 48(1), 69-73.
69. Slater, S.F., & Narver , J.C. (1994b).Does competitive environment moderate the market orientation-performance relationship? Journal of Marketing,58, 46-55.
70. Taylor, S. E., & Crocker, J. (1981). Schematic bases of social information processing. In E. T. Higgins, C. A. Herman, & M. P. Zanna (Eds.), Social cognition: The Ontario Symposium on Personality and Social Psychology (89-134).Hillsdale, NJ: Erlbaum.
71. Tomaskova, M. (2018). Inter-functional coordination and its influence on customer success. Open Economics, 1, 105-114.
72. Tšernov, K.(2020). What It Means to Be Customer-Centric. Retrieved on 20th June,2020 from: https://www.qminder.com/customer-centricity/.
73. Tuckey, M. & Brewer, N. (2003). The influence of schemas, stimulus ambiguity, and interview schedule on eyewitness memory over time. Journal of Experimental Psychology: Applied, 9 (2), 101–118.
74. Wren, H. (2020). 6 Tips for Improving Your Business Focus. Retrieved on 1st August,2020 from: https//www.zendesk.com/blog/what-is-customer-focus.
75. Wright, S., Eid, E. R., & Fleisher, C. S. (2009). Competitive intelligence in practice: empirical evidence from the UK retail banking sector. Journal of Marketing Management, 25(9-10), 941-964.
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77. Youn, K. N., Sungmin, K.,& Hye, Y. J.(2019). The effect of market orientation on performance of sharing economy business: focusing on marketing innovation and sustainable competitive advantage, Sustainability, 11, 729,1-19.
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Published
2021-08-12
How to Cite
Chikere, P. C., & L. Poi, E. (2021). Market Orientation and Brand Performance of Deposit Money Banks (DMBS) in South-South Nigeria. Central Asian Journal of Innovations on Tourism Management and Finance, 2(8), 14-28. https://doi.org/10.47494/cajitmf.v2i8.136
Section
Articles
Copyright (c) 2021 Peter C. Chikere, Elizabeth L. Poi
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