The Impact of Modern Marketing Communication Tools to Increase Market Performance: The case of Commercial Bank of Ethiopia Addis Ababa
DOI:
https://doi.org/10.26668/businessreview/2023.v8i11.4007Keywords:
Modern Marketing Communication Tools, Market Performance, Commercial Bank, Effectiveness, Social Media Marketing, Customer RetentionAbstract
Purpose: The purpose of this research was to investigate the impact of modern marketing communication tools on market performance within the context of the Commercial Bank of Addis Ababa, Ethiopia. The study aimed to explore the relationships between these tools and various business outcomes such as increased sales volume, customer awareness, and market share expansion.
Theoretical framework: The study developed a conceptual framework based on an extensive review of existing literature. The theoretical framework provided the foundation for understanding the relationships between modern marketing communication tools, customer satisfaction, and market performance. It incorporated relevant theories and models from the field of marketing and communication.
Design/Methodology/Approach: The research adopted a mixed research design, combining both descriptive and explanatory methods. A quantitative research approach was employed to gather data from a sample of 384 respondents who are customers of the Commercial Bank of Ethiopia in Addis Ababa, specifically focusing on the east district. The data collection methods included questionnaires and semi-structured interviews. Additionally, secondary data was collected from academic journals, books, and online resources. The researcher utilized a convenience sampling technique for participant selection.
Findings: The study's findings revealed a significantly positive impact of the implementation of modern marketing communication tools on the business. These tools contributed to increased sales volume, heightened customer awareness, and expanded market share within the industry. The research also identified diverse opinions on the role of these tools in enhancing customer satisfaction and their importance in customer retention.
Research, Practical & social implications: The research findings have several implications for research, practice, and society. From a research perspective, the study contributes to the existing literature by providing insights into the relationship between modern marketing communication tools and market performance. Practically, the findings offer valuable insights for businesses, especially banks, on how to leverage these tools effectively to enhance their sales and customer engagement. Socially, the study highlights the importance of adopting modern marketing communication tools in businesses, potentially leading to economic growth and employment opportunities within the community.
Originality/Value: The originality of this research lies in its focus on the Commercial Bank of Addis Ababa, Ethiopia, examining the specific impact of modern marketing communication tools within this context. The study adds value by providing empirical evidence and practical implications for businesses operating in similar environments, offering a valuable resource for academics, practitioners, and policymakers in the field of marketing and communication.
Downloads
References
Akmese, H., Aras, S. and Akmese, K. 2016. Financial Performance and social media: A Research on Tourism Enterprises Quoted in Istanbul Stock Exchange (BIST). Procedia Economics and Finance, 39, 705-710.
Anjum, A., More, V.S., & Ghouri, A.M. 2012. Social media marketing: a paradigm shift in business. International Journal of Economics Business and Management Studies, 1(3): 96-103.
Arslan, A., & İnci, C. (2015). Influencer Marketing: A Powerful Tool To Increase Brand Awareness And Sales In The Digital Age An Expanded Research Of Keywords Related To Brands And Celebrities On Social Networks European Journal of Social Sciences Education and Research 2(1): 14–20
Balaram & CH Mohan (2018). Role and impact of social media on banking industry. International Journal of Commerce and Management Research, 22(1), 55-70.
Barras R. (2009). Modern Marketing Research Techniques - The Complete Guide to Going Beyond Surveys to Make Information Relevant and Actionable. Kogan Page Publishrers.
Bokhari, J. (2017). Banking industry is facing organic stress. [online] DAWN.COM. Available at: https://www.dawn.com/news/1347302 [Accessed 6 June 2020].
Bolotaeva, V. & Cata, T. 2011. Marketing opportunities with social networks. Journal of Internet Social Networking and Virtual Communities, [Online]. Available: http://www.ibimapublishing.com/journals/JISNVC/jisnvc.html (Accessed on 10 March 2015).
Boohene, R., Agyapong, G. & Gonu, E. 2013. Factors influencing the retention of customers of Ghana commercial bank within the Agona Swedru Municipality. International Journal of Marketing Studies, 5(4):82-95.
Cha, M., Haddadi, H., Benevenuto, F., & Gummadi, K. P. (2010, May). Measuring user influence in twitter: Themillion follower fallacy. In fourth international AAAI conference on weblogs and social media
Chigamba, C & Fatoki, O. 2011. Factors influencing the choice of commercial banks by university students in South Africa. International Journal of Business and Management, 6(6):66-76.
Cooper, D. R., Schindler, P. S., Cooper, D. R., & Schindler, P. S. (2003). Business research methods.
Dizon, M. F. (2015) ‘What is an influencer?’, Business Mirror, pp. 1-2.
Dodokh, A.M.I. 2017. The Impact of Social Media Usage on Organizational Performance: A Field Study on Dead Sea Products Companies in Jordan. Master Thesis, Faculty of Business, Department of Management, Middle East University, 1-122.
Eden, K. (2021).Determinants of internet banking adoption in ethiopia a thesis submitted in partial fulfillment of the requirements for the degree of masters in business administration, adiss abeba university unpublished.
Farooq, F. & Jan, Z. 2012. The impact of social networking to influence marketing through product reviews. International Journal of Information and Communication Technology Research, 2(8):627-637.
Feldman R., Francis P., MacStravic, M.(2011) Relationship between Social Media Usage Behavior Among Small Business Owners/Managers and End User Purchase Evaluation Criteria Using Conjoint Analysis: The Moderating Role of Customer Ratings of Value Business Intelligence Journal IRMA 3(2): 1–19
Feldman R., Francis P., MacStravic, M.(2011) Relationship between Social Media Usage Behavior Among Small Business Owners/Managers and End User Purchase Evaluation Criteria Using Conjoint Analysis: The Moderating Role of Customer Ratings of Value Business Intelligence Journal IRMA 3(2): 1–19
Feshchuk, I. (2019). All The Endorsement Deals Wizkid Has Won This Year! Nike, Ciroc And More!. [online] Jiji Blog. Available at: https://jiji-blog.com/2018/09/all-theendorsement-deals-wizkid-has-won-this-year-nike-ciroc-and-more/ [Accessed 13 Sep. 2019].
Flecker M. (2001).The Strategic Role of Marketing Communications –A comprehensive guide on building effective strategies; Wiley Press: Chichester UK
Franco, M., Tursunbayeva, A. and Pagliari, C. 2016. Social Media for e-Government in the Public Health Sector: Protocol for a Systematic Review. JMIR Research Protocols, 5(1), 1-10.
Freberg, K., Graham, K., McGaughey, K. and Freberg, L. A. (2011) ‘Who are the social media influencers? A study of public perceptions of personality’, Public Relations Review, 37(1), pp. 90-92. doi: 10.1016/j.pubrev.2010.11.001.
Gretzel, U. (2018). Influencer marketing in travel and tourism. Advances in social media for travel, tourism and hospitality: New perspectives, practice and cases, 147-156.
Hidayanto, A. N., Adha, M. S., Jiwanggi, M. A., & Melia, T. (2018). A study of impact of search engine optimisation to internet marketing strategy. International Journal of Services, Economics and Management, 4(4), 298-316
Jansen, B. J., Zhang, M., & Schultz, C. D. (2017). Brand and its effect on user perception of search engine performance. Journal of the American Society for Information Science and Technology, 60(8), 1572-1595
Kasimu, A., Yang, L., Maimaitiaili, W., & Yusufujiang, Y. (2020). Assessment of the Impacts of Climate Change on Streamflow in the Tarim River Basin Using SWAT Model. Journal of Hydrology, 590, 125501. https://doi.org/10.1016/j.jhydrol.2020.125501
Khraim, H. S. (2015). The impact of search engine marketing on the performance of companies using online advertisement in Jordan. American Journal of Business and Management, 4(2), 76-84
Kim, D. Y., & Kim, H. Y. (2019, December). An Influencer Like Me: Does Influencer Social Status Matter?.In International Textile and Apparel Association Annual Conference Proceedings (Vol. 76, No. 1). IowaState University Digital Press.
Kouser, R. and Saba, I., (2011). Effects of Business combination on financial performance: Evidence fromPakistan's Banking Sector. Australian Journal of Business and Management Research, 1(8), p.54
Laksamana, P. (2018) ‘Impact of social media marketing on purchase intention and brand loyalty: Evidence from Indonesia’s banking industry’, International Review of Management and Marketing, 8(1), pp. 13-18. Available at: https://www.econjournals.com/index.php/irmm/article/view/5838 [Accessed 20 June 2019].
Lerner J. & Titterington B.(2019) Qualitative versus Quantitative Assessment of Digital Communication Strategies on Consumers' Perceptions Hotelier Middle East 186(7) 24‐30
Mekonnen ZA., Ibrahima TA., Ghirmay BS.(2019), An Investigation Into Modern Digital Marketing Techniques For Improved Brand Equity For Vendors In Micro/Small Scale Businesses: Empirical Evidence From Ethiopian Ready To Drink Juice
Mohammad M., Ali G., Nainul M., Atif S.(2017) Effects Of Online Advertising On Consumer Buying Behavior: An Empirical Study International Journal 4: 494–506
Muntinga, D. G., Moorman, M. and Smit, E. G. (2011) ‘Introducing COBRAs: Exploring motivations for brand-related social media use’, International Journal of Advertising, 30(1), pp. 13-46.
Nagar M & Pattnayakuni R 2016 ‘The Impact Of Digital Communication On Media Consumption And Advertising Spending: A Systematic Review Of Literature’ International Journal Of Scientific Research 7(9), 114-123
Nagar M & Pattnayakuni R 2016 ‘The Impact Of Digital Communication On Media Consumption And Advertising Spending: A Systematic Review Of Literature’ International Journal Of Scientific Research 7(9), 114-123
Nambisan, S., & Watt, J. H. (2011). Complementarity in business models between retailers and manufacturers: A framework for identification and analysis. Journal of the Acadamy of Marketing science, 39(1), 86-103.
Njeri, M.W. 2014. Effect of Social Media Interactions on Financial Performance of Commercial Banks in Kenya. Master Thesis, School of Business, Department of Finance, University of Nairobi, 1-56.
Nyaga RN. & Eshetie B.(2019), “The Role Of Digitalization On Performance Measurement Systems: Evidence From The Beverage Industry In Ethiopia” International Journal Of Innovative Technology And Exploring Engineering 8(11): 1075–1078
Piabari, N., Horsfall, H. O., Uwhubetine, O. G., & Okpalap, N. L. (2022). Digital marketing and performance of banks in port harcourt.British Journal of Marketing Studies,10(5), 1-10.
Ravi P., Sharma R.(2017). An Empirical Evidence on Mobile Marketing Aided Buyer’s Behaviour in Indian FMCG Industry Using Structural Equation Modeling Approach. International Journal of Research 4(5), 962–979
Roselyne, A. (2012) Factors affecting adoption of mobile banking technology in Kenya. Asian journal of business and management sciences. 2(11). P. 1-13.
Salem & Rashid (2011). Journal of Economics & Management Strategy/vol.16, issues
Schneider, C., & Jané, M. C. (2018). The impact of work–family reconciliation policies on employees' subjective well-being: Findings from Spain. Community, Work & Family, 21(3), 311-328. doi: 10.1080/13668803.2017.1356396.
Sen, R. (2015). Optimal search engine marketing strategy. International Journal of Electronic Commerce, 10(1), 9-25
Srinivasan, R., Pauwels, K., Silca- Risso, J,. &Hanssen, D.M. (2010). Product innovations, advertising, and stock returns, journal of marketing, 74(5), 1-17.
Tiwari, R., &Buse, S. (2007). The mobile Commerce Prospects: a strategic analysis of opportunities in the banking sector.Hamburg University press.
Tomasi, S., & Li, X. (2015). Influences of search engine marketing on performance of MEDIUM SIZED COMPANYs: A qualitative perceptive. Journal of Electronic Commerce in Organizations (JECO), 13(1), 27-49
Tsitsi, C, S., Contogiannis, E., and Jembere, E. (2013). The adoption of social media marketing in South African banks. European Business Review, 25(4), 365-381.
Zeleke AG. & Adane SB.(2020), “Impact of E-Marketing on Competitive Advantage: A Survey Analysis on Soft Drinks Producers In Ethiopia” International Journal Of Applied Business And Economic Research 18(13): 7541–7552
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
Authors who publish in this journal agree to the following terms: the author(s) authorize(s) the publication of the text in the journal;
The author(s) ensure(s) that the contribution is original and unpublished and that it is not in the process of evaluation by another journal;
The journal is not responsible for the views, ideas and concepts presented in articles, and these are the sole responsibility of the author(s);
The publishers reserve the right to make textual adjustments and adapt texts to meet with publication standards.
Authors retain copyright and grant the journal the right to first publication, with the work simultaneously licensed under the Creative Commons Atribuição NãoComercial 4.0 (http://creativecommons.org/licenses/by-nc/4.0/), which allows the work to be shared with recognized authorship and initial publication in this journal.
Authors are allowed to assume additional contracts separately, for non-exclusive distribution of the version of the work published in this journal (e.g. publish in institutional repository or as a book chapter), with recognition of authorship and initial publication in this journal.
Authors are allowed and are encouraged to publish and distribute their work online (e.g. in institutional repositories or on a personal web page) at any point before or during the editorial process, as this can generate positive effects, as well as increase the impact and citations of the published work (see the effect of Free Access) at http://opcit.eprints.org/oacitation-biblio.html
