EFFECTS OF SALES CONTEST ON GROWTH OF ...

ISSN: 2249-7196 IJMRR/Oct. 2015/ Volume 5/Issue 10/Article No-9/864-875 Elijah M. Kilonzi et. al.,/ International Journal of Management Research & Review

EFFECTS OF SALES CONTEST ON GROWTH OF DEPOSITS IN NATIONAL BANK BRANCHES WITHIN NAIROBI COUNTY OF KENYA Elijah M. Kilonzi*¹, Dr. Simon Rukangu², Gatobu Mugwika3 ¹Dept. of Business Management, Meru University of Science & Technology, Meru, Kenya. ²School of Education, Meru University of Science & Technology, Meru, Kenya. 3

Dept. of Business Management, Meru University of Science & Technology, Meru, Kenya.

ABSTRACT National Bank employed a sales contest campaign dubbed as Chomoka Na Mili to mobilize deposits, but the performance of the campaign has never been analyzed through a systematic approach. The objective of the study was to determine the relationship between the sales contest and growth in deposits in National Bank. Based on expectancy theory and AttentionInterest-Desire-Action (AIDA) model, the study used non-experimental design and employed descriptive survey of correlation in nature to specifically establish effects of sales staff contest and non-sales staff contest on deposits growth in National Bank. The study targeted 259 employees of the bank in branches within Nairobi County, from which a sample size of 155 employees was selected. The indicators for deposits growth were new accounts, customer transactions, customer traffic and deposits volume, while the indicator for both sales staff contest and non-sales staff contest was the Chomoka Na Mili campaign. Data was collected using a 5-level Likert scale and was analyzed using Multiple Regression analysis model. The overall mean value for all measures of deposits growth in relation to the campaign was 3.71, which was above the neutral level (3). The correlation between sales staff contest and deposits was 0.392, and between non-sales staff contest and deposits growth was .033. The sales staff contest was statistically significant (sig. =.000), while non-sales staff sales contest was statistically insignificant (sig.=.242) in predicting deposits growth. The sales staff contest was therefore positively related to deposits growth, while non-sales staff contest was not related to deposits growth. Keywords: Chomoka Na Mili, Deposits Mobilization, Liquidity, National Bank, Non-Sales staff Contest, Sales staff contest. 1. INTRODUCTION Competition in the banking sector has become intense with the increased accessibility to financial services and the challenges associated with differentiation of services in general. Banks have therefore been devising different marketing strategies to overcome the competition for their survival in the industry. Sales promotion is one of such strategies that have become common in the sector (Sadeh et al., 2012) as evidenced by numerous ads in different media platforms. With the increased competition and high overnight interbank *Corresponding Author

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lending rates, the usage of sales promotion has become inevitable in the sector, especially in mobilization of deposits. Deposits are critical to success of banks (Olokoyo, 2011) as they form the main source of funds alongside capital funds and borrowings (Shollapur and Baligatti, 2010). They therefore have the greatest impact on lending behavior of banks (Olokoyo, 2011) and their profitability. The more the deposits a bank has, the more it can lend, which in most cases translates to more revenues. Deposit mobilization has therefore become a common exercise in the industry (Venkatesan, 2012) as banks seek to overcome challenges associated with constant deposit fluctuations. In most cases banks resort to short-term strategies to either cushion the adverse effects of such fluctuations, or merely reap the benefits associated with interbank overnight lending. Short term deposits are majorly mobilized through different techniques of sales promotion in form of incentives (Sadeh et al. 2012). Theoretically, the incentives entice customers to open accounts, increase number of their transactions, increase traffic in banking halls and ultimately lead to general growth in deposits. Middlemen are on the other hand motivated to push for more business from customers. However, this may not be the case always as insignificant influence of the tool may be noted in some instances. The available literature on the effectiveness of sales promotion in banking is limited. Some studies only identify sales promotion as one of the Marketing Communications tools used in banking (Harangus, 2011), while others are too general as they only analyze the general effectiveness of the tool with no focus on the specific techniques employed (Sadeh et al. 2012). In other industries too, most studies are general as well, as they do not analyze the specific techniques employed, but rather analyze the performance of the tools in general (Omotayo, 2011; Jee and Run, 2010). Nevertheless, the findings in the previous studies have been contradictory, with some studies inferring positive, and others negative or insignificant influence (Mesaros et al. 2013). As inferred by Alam and Faruqui (2009), sales promotion only creates brand familiarity and does not create brand conviction, hence no significant influence on purchase decision. On the contrary (Jee and Run, 2010) observes that sales promotion has significant impact towards consumer behavioral intentions. The lack of common viewpoint on the effects of sales promotion as highlighted by Mesaros et al. (2013) could be due to factors like the specific techniques of sales promotion employed and differences in localities as suggested by Montaner and Pina (2008). It was important therefore to conduct related studies with focus on these factors. For knowledge growth therefore, the paper discussed a specific technique, unlike most of the previous studies in the banking sector whose focus was sales promotion in general. 1.1 Sales Contest Sales Contest is one of the sales promotion techniques employed by banks to mobilize shortterm deposits. It is a scheme that requires entrants to perform a task or demonstrate a skill that is judged in order to be deemed a winner (Manuere et al. 2012). It is used in different sectors and segments like consumer durables sector (Neha and Manoj, 2013), fast moving consumer goods (Michael and Ogwo, 2013), broadcasting (Preko, 2012), general retailing (Gilbert and Zackaria, 2002) and financial services sector (Sadeh et al. 2012), as well as manufacturing industry (Amusat, 2013).

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The technique is widely used in the banking sector across the world as noted by different scholars. It is frequently used by banks in Netherlands (Hellmann et al. 1994), Romania (Harangus, 2011), China (Fam, 2008), Malaysia (Jee and Run, 2010) and Nigeria (Ekankumo and Henry, 2011). Its effectiveness however has not been adequately covered in the sector, as most of the previous studies were rather too general and only identified sales promotion as one of the promotional tools used by banks (Harangus, 2011; Mittal and Pachauri, 2013; Samina and R. Alam, 2011) without even focusing on the general performance of the tool. Others only focused on the general performance of sales promotion with no focus on the effectiveness of the specific techniques employed (Sadeh et al. 2012; Samina and Alam, 2011). Consequently, there is a knowledge gap on the effectiveness of sales contest, particularly in the banking sector where none of the previous studies inferred the nature and magnitude of the influence of the technique. Nevertheless, the effectiveness of the technique has somehow been covered in other sectors and findings have been contradictory, with some studies inferring significant and others insignificant effects. Significant influence was observed towards purchase of refrigerators in India (Neha and Manoj, 2013) and soft drinks in Nigeria (Michael & Ogwo, 2013). Insignificant influence on the other hand was observed on decisions toward purchase of supermarkets merchandise in United Kingdom (Gilbert and Zackaria, 2002) and advertising space in TV Africa in Ghana (Preko, 2012). The technique cannot authoritatively be said to have either positive or negative influence on sales in any sector. Most of the previous studies on sales contests only identified the target as consumers or sales force/ employees, without focusing on the employee roles, yet some sales contests sometimes target both sales staff and non-sales staff. Sales staff usually dedicate much of their time on customer facing roles, unlike non-sales staff whose roles relate operation activities and service delivery. The effectiveness of sales contest targeting employees may as such vary on the basis of their role, which could be the possible cause of the contradictions on the effectiveness of the technique highlighted above. It was necessary therefore to systematically analyze and discuss effectiveness of sales contest with focus on employee roles, an approach which has not been adopted in the previous studies. This paper therefore discussed effectiveness of sales contest with focus on employee roles, in which case we have sales staff contest and non-sales staff contest. Banks in particular are still using sales contests in mobilization of cheap deposits despite the fact that there is no guarantee for success. National Bank ran a sales contest campaign dubbed as Chomoka Na Mili to mobilize short-term deposits in the month June 2014. The campaign was meant to encourage employees of the bank, both sales staff and non-sales staff, to aggressively grow their deposits portfolio to stand a chance of winning one million on weekly basis for one month. Given that the effectiveness of sales contest has not been extensively covered in the banking sector, and the fact that its effects can either be significant or insignificant as highlighted in other sectors, it was necessary to analyze the performance of the campaign. The paper therefore analyzed the performance of the sales contest in deposit mobilization efforts with focus on the employee roles.

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1.2. Key Issue of Sales Contest in the National Bank Most of the previous studies on the effectiveness of sales contests in different sectors inferred either significant or insignificant effects of the technique in inducing short term sales in different sectors (Neha and Manoj, 2013; Michael and Ogwo, 2013; Preko, 2012; Gilbert and Zackaria, 2002). However, the effectiveness of sales contest has not been widely covered in banking sector, though banks are still using the technique. National Bank in particular used a sales contest campaign, dubbed as Chomoka Na Mili, targeting both sales staff and non-sales staff to mobilize short-term deposits, but the effectiveness of the campaign has never been systematically evaluated. Although the bank’s deposits grew by 23% between January 2014 and June 2014 (NBK, 2014), the growth may not have necessarily been due to the campaign as different promotional tools were also used, and other factors like rebranding (NBK, 2012) could have had a stake as well. There was need therefore for a systematic evaluation of the performance of the campaign to establish the effects of the technique, which was addressed in this paper. 1.3. Objectives 1. To establish relationship between Sales Staff Contests and growth of deposits in National Bank. 2. To establish relationship between Non-Sales Staff Contests and growth of deposits in National Bank. 2. METHODOLOGY The study was carried out in Nairobi County of Kenya. The study population was 259 employees in the bank’s branches within the county, from which a sample of 155 employees was drawn using the Fisher’s sample size formulae in Equation 1. The sample elements were selected using simple random sampling technique. 2.1 Research Design The study was a quantitative research and it used non-experimental design and employed descriptive survey of correlation in nature to explain changes in deposits as a result of the Chomoka Na Mili campaign, as well as draw the necessary inferences on the effects of the campaign. Data was collected using self-administered survey method to ensure noninterference with respondents’ working hours as the nature of their job is usually demanding, in addition to cutting down on the cost of collecting data. A 5-level Likert scale, where 5 was the most favorable while 1 the most unfavorable response, was used to solicit information from respondents on their opinion on the movement of deposits during the Chomoka Na Mili campaign. Both descriptive and inferential statistics were used. Descriptive statistics were used to explain the overall movement in new accounts, customer traffic, transaction and deposit volume during the campaign period. The data analysis techniques used for descriptive purposes were percentages and mean. Inferential statistics, mainly multiple regression analysis was on the other hand used to establish the relationship between the independent variables (sales staff contest and non-sales staff contest) and deposits growth, as well as the

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statistical significance of the of sales staff contest and non-sales staff contest in predicting the deposits growth, for the purpose of drawing inferences on the effects of the technique. 2.1.1 Variables The independent variables of the study were sales staff contest and non-sales staff contest and the indicator for both was the Chomoka Na Mili campaign. On the other hand, the dependent variable was deposits growth, whose key indicators were growth in accounts, customer transactions, and customer traffic and deposits volume. The study is summarized in fig. 1. 2.2 Research Instruments Primary data was collected using self-administered questionnaires to the bank employees. The instruments were left with the employees to fill them on their own. Questionnaires were deemed suitable for the study as they gave employees freedom to fill them at their convenience, given their busy schedules and the fact that their free time could sometimes clash with the researcher’s free time. They also enabled collection of data from a fairly large number of respondents within a limited time frame at minimal cost. The questionnaire was designed to collect data on the respondents’ opinion in relation to changes in accounts, transactions, traffic and deposits volume as a result of both sales staff contest and non-sales staff contest. The reliability of the instrument was assessed using Cronbach Alpha. Reliability test was ran using SPSS software and the results in Table 1 were obtained, where the Cronbach coefficient was 0.764 (Equation 2). This was above the Nunnally’s recommended minimum of 0.7 (Hafiz and Shaari, 2013), hence the questionnaire was reliable. The validity was on the other hand determined based on the researcher’s and supervisors’ judgment, in line with Mugenda and Mugenda (1999) assertion that the validity of a measure is assessed by use of expert in a particular field. The data analysis technique is summarized in table 2. 3. RESULTS 3.1 Changes in Deposits as a Result of Sales Staff Contest To address the first objective of the paper opinion of respondents on the statements below was sought using a 5-level Likert scale (1=Strongly disagree, 2=disagree, 3=neutral, 4=agree and 5=strongly agree) and the results were as shown in table 3 below. The results revealed that majority of respondents (82.1%) where 71.5% agreed and 10.6% strongly agreed that sales staff opened more accounts during the Chomoka Na Mili campaign, compared to unfavorable response of 6.5%, where 1.6% strongly disagreed and 4.9% disagreed. Generally more new accounts were opened during the campaign due to involvement of sales staff as demonstrated by mean value of 3.85, which is above the neutral level (3). The customers’ transactions increased during the campaign due to involvement of sales staff, as demonstrated by a cumulative percentage of 81.3% of positive responses, where 74.8% and 6.5% agreed and strongly agreed respectively favoring positive statement, compared to unfavorable cumulative percentage of 6.5%, where 4.1% and 2.4% disagreed and strongly disagreed respectively. The mean of all responses in respect to customer transactions was

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3.79 (above neutral level) implying positive influence of the campaign through involvement of sales staff. Majority of the respondents (87%) also were in favor of the statement that customer traffic increased during the campaign was due to involvement of sales staff, with 5.7% strongly agreeing and 81.3% agreeing, compared to a cumulative total of 4.9% of which 1.6% strongly disagreed and 3.3% disagreed respectively. The mean value of the responses was 3.86, an indication of a positive influence. The results further revealed that involvement of sales staff in the campaign led to growth of deposits volume, as demonstrated by a cumulative favorable response of 87% (73.2% agreed and 13.8% strongly agreed), compared to a cumulative total of unfavorable response of 4.9% where 3.3% and 1.6% disagreed and strongly disagreed respectively. Based on the findings it was therefore deduced that involvement of sales staff in the Chomoka Na Mili campaign had positive influence on growth of deposits, which was confirmed by an overall mean 3.86. 3.2 Changes in Deposits as a Result of Non-Sales Staff Contest To determine effects of non-sales staff contests on growth of deposits, data on various statements in relation to the effects of Chomoka Na Mili campaign on growth of accounts, customer transactions, customer traffic and deposits volume due to involvement of non-sales staff was analyzed and the results were as summarized in Table 4 below (where 1=Strongly Disagree, 2=Disagree, 3=Neutral, 4=Agree and 5=Strongly Agree). The results revealed unfavorable opinion on effects of non-sales staff contests on growth of deposits. Only 4.9% and 17.9% respectively strongly agreed and agreed that non-sales staff opened more accounts during the campaign, which compared unfavorably to 14.6% and 30.9% who strongly disagreed and disagreed respectively. In total, 22.8% were in favor, 45.5% against and 31.7% neutral, hence involvement of non-sales staff had no influence on accounts growth. The insignificant influence was further confirmed by a mean value of 2.67 which lies below the neutral level (3). Respondents also felt that involvement of non-sales staff during the Chomoka Na Mili campaign had no influence on growth of customer transactions, with only 12.2% and 1.6% respectively agreeing and strongly agreeing that their involvement led to increased customer transactions, compared to 36.5% and 19.5% who respectively disagreed and strongly disagreed with the statement. The mean value of 2.40 implied that the involvement of nonsales staff in the Chomoka Na Mili campaign had no influence on customer transactions. Cumulatively, 56.9% of the respondents were against (19.5% strongly disagreed and 37.4% disagreed) 11.4% in favor (10.6% agreed and 0.8% strongly agreed) and 31.7% neutral to the statement that involvement of non-sales staff led to increased customer traffic. The mean response was 2.36 which implied that involvement of non-sales staff had no influence on growth of deposits. The respondents further felt that the involvement of non-sales staff had no influence on deposits volume during the campaign as demonstrated by favorable cumulative total of 18.7% where 17.1% agreed and 1.6% strongly agreed, compared to unfavorable cumulative total of 49.6% where 20.3% strongly disagreed and 29.3% disagreed and 31.7% indifferent

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responses. This was reinforced by a mean value of 2.50 which is between neutral and disagree, suggesting there was no influence. The results generally showed that the involvement of non-sales staff had no influence on growth of deposits in the bank, as confirmed by an overall mean value of 2.48. Using the regression model in Table 5, relational coefficients were obtained and tested. Test for the coefficients was meant to define the direction of the relationship between the independent variables (sweepstake, sales staff contests and non-sales staff contest) and growth in deposits. The results in the Table 6 were obtained. Table 6 provided information necessary to predict deposits growth from sweepstakes, sales staff contests and non-sales staff contests (independent variables), and determine whether their contribution to the model were statistically significant. From the table, regression coefficients for sweepstakes, sales staff contests and non- sales staff contests were 0.547, 0.392 and 0.033 respectively. Since deposits growth was a function of sweepstakes, sales staff contest and non-sales staff contest as shown in equation 3, the regression model shown in equation 4 was developed. However, sweepstake was beyond the scope of this paper. The results in Table 6 indicated correlation coefficients of 0.392 between sales staff contest and deposits growth, and 0.033 between non-sales staff contest and deposits growth. This implied that a unit change in sales staff contest led to 0.392 units growth in deposits, while a unit change in non-sales staff contest led to 0.033 units growth in deposits. Sales staff contest was statistically significant (sig.=.000) in predicting deposits growth, hence the change in deposits was not by chance. The usage of the sales staff contest therefore led to a statistically significant growth in deposits, hence sales staff contest and deposits growth were significantly positively related. Non-sales staff contest was on the contrary statistically insignificant in predicting deposits growth, hence the change in deposits was by chance. The usage of non-sales staff contest led to insignificant growth in deposits, and it was therefore was not related to deposits growth and as such had no effects on growth of deposits in the bank. 3.3. Discussion The study found that sales staff contest had positive significant effects on growth of deposits in the bank. This was agreeable with the findings of (Neha and Manoj, 2013) where positive effects of sales contest in general were observed towards purchase of refrigerators in India. It was also agreeable with the findings of Michael and Ogwo (2013) which concluded that the technique positively influenced purchase decisions for soft drinks in Nigeria. The findings were however contradictory to the findings of Preko (2012) and Gilbert and Zackaria (2002) which observed insignificant effects of sales contest in general on sales of advertising space in Ghana and supermarket merchandise in United Kingdom respectively. The study also found that non-sales staff contest had no significant influence on growth of deposit in the bank (Sig.=.242). This was both agreeable and disagreeable with findings of different studies on the effectiveness of sales contest in general. It was agreeable with the findings of Preko (2012) where insignificant influence of sales contest in general on sales of advertising space in Ghana was observed. It was also agreeable with the findings of Gilbert and Zackaria (2002) whose study found sales contest to have insignificant effects on sales of Copyright © 2012 Published by IJMRR. All rights reserved

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supermarket merchandise in United Kingdom. The findings were however contradictory to the findings of Neha and Manoj (2013), who observed positive effects of the technique towards purchase of refrigerators in India. They were as well contradictory to the findings by Michael and Ogwo (2013) where sales contest positively influence purchase decisions in soft drinks industry in Nigeria. The findings therefore were both agreeable and disagreeable some of the previous studies in the area. All the previous studies highlighted above did not specify the roles of the targeted staff yet the influence of the technique could differ on the basis of employee role. This paper unearthed this by focusing on the employee role and the results differed on these bases, with significant positive influence observed when targeted to sales staff, and insignificant influence observed when targeted to non-sales staff. Staff role is therefore a possible explanation for the contradicting findings inferred in the previous studies as highlighted above. There is need therefore for consideration of staff roles in future studies on sales contests to avoid blanket conclusions which could be misleading. Staff sales contests should therefore be grouped into sales staff contests and non-sales staff contests for the right judgement and recommendations to be made. 4. EQUATIONS (1) Fisher’s Sample Size formulae:

,

(2) Cronbach’s Alpha = 0.764. (3) Regression Deposits Growth (Y= f(X1, X2, X3) (4) Y = 0.269+0.547X₁+ 0.392X₂+0.033X₃+0.208 (Where, Y represented Deposits Growth, X₁ Sweepstake , X₂ Sales Staff Contest, and X₃ Non-Sales Staff Contest) 5. TABLES Table 1: Cronbach Reliability Statistic Cronbach's Alpha .764

N of Items 14

Table 2: Data Analysis Matrix Objective 1. To establish relationship between sales staff contest and deposits growth in National Bank 2. To establish relationship between nonsales staff contest and deposits growth in National Bank

Type of Data Interval

Measurement

Interval

Likert-Scale

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Likert-Scale

Data Analysis Technique Percentages Mean Regression Analysis Percentages Mean Regression Analysis

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Table 3: Changes in Deposits as a Result of Sales Staff Contest Statement

Sales staff opened more accounts during the Chomoka Na Mili campaign. Customer transactions increased during the Chomoka Na Mili due to involvement of sales staff. Customer traffic increased in banking halls during the Chomoka Na Mili campaign due to involvement of sales staff. Deposit volumes increased during the Chomoka Na Mili campaign due to involvement of sales staff. Overall mean

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

Total

Mean

F %

2 1.6

6 4.9

14 11.4

88 71.5

13 10.6

123 100

3.85

F %

3 2.4

5 4.1

15 12.2

92 74.8

8 6.5

123 100

3.79

F %

2 1.6

4 3.3

10 8.1

100 81.3

7 5.7

123 100

3.86

F %

2 1.6

4 3.3

10 8.1

90 73.2

17 13.8

123 100

3.94

3.86

Table 4: Changes in Deposits as a Result of Non-Sales Staff Contest Statement

Non-sales staff opened more accounts during the Chomoka Na Mili campaign Customer transactions increased during the Chomoka Na Mili due to involvement of non-sales staff. Customer traffic increased in banking halls during the Chomoka Na Mili campaign due to involvement of nonsales staff. Deposit volumes increased during the Chomoka Na Mili campaign due to involvement of nonsales staff. Overall mean

Strongly Disagree

Disagree

Neutral

Agree

Strongly Agree

Total

Mean

F %

18 14.6

38 30.9

39 31.7

22 17.9

6 4.9

123 100

2.67

F %

24 19.5

45 36.6

37 30.1

15 12.2

2 1.6

123 100

2.40

F %

24 19.5

46 37.4

39 31.7

13 10.6

1 0.8

123 100

2.36

F %

25 20.3

36 29.3

39 31.7

21 17.1

2 1.6

123 100

2.50

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2.48

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Table 5: Regression Model Statistics Summary Model 1

R .863a

R Square .745

Adjusted R Square .739

Std. Error of the Estimate .28623

a. Predictors: Constant, Sweepstakes, Other Sales Promotion Techniques Table 6: Coefficients for Model Model

(Constant) Sweepstakes Sales Staff Contests Non-Sales Staff Contests

Unstandardized Coefficients B Std. Error .269 .208 .547 .037 .392 .042 .033 .028

Standardized Coefficients Beta .694 .437 .055

t

Sig.

1.298 14.899 9.306 1.175

.197 .000 .000 .242

5. FIGURES Independent Variables

Extraneous Variables

Dependent Variable

- Other Sales Promotion Techniques

Sales Staff Contest Deposits Growth Non-Sales Staff Contest Fig. 1: Interactive Forces to Bank Deposits Growth 6. CONCLUSION The paper discussed a specific technique of sales promotion unlike most of the previous studies which analyzed sales promotion in general. It further discussed its effects with focus on the staff roles, an approach that had been ignored in the previous studies. From the findings the sales staff contest led to growth in accounts, customer transactions, traffic and deposits volume, with a unit change in sales staff contest contributing to 0.392 units growth in deposits. The sales staff contest was further statistically significant (sig.=.000) in prediction of growth of deposits. Consequently, the sales staff contest was positively related to deposits growth (R=.392) and therefore had positive effects on deposits. It was further found that non-sales staff contest was positively related (R=.033) to deposits growth, but the relationship was statistically insignificant (sig.=242). The technique therefore had no significant effects growth in deposits. The sales staff contest had positive effects on deposits growth in the bank, but non-sales staff contest on the contrary had no effect on deposits growth. The paper therefore concluded that effectiveness of contest sales contests

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targeted at staff is dependent on staff roles. Consideration of staff roles in the analysis of performance of sales campaigns is therefore recommended in future studies. The paper was only limited to National Bank’s branches within Nairobi County, hence it could neither be generalized for the entire bank nor the banking sector in Kenya. The paper recommends for similar studies in other counties and commercial banks, as well as studies on the other techniques for knowledge growth in the banking sector. It also recommends that future studies on sales contest in all business sectors to be conducted with focus on employee roles. REFERENCES [1] Alam MS, Faruqui MF. Effect of Sales Promotion on Consumer Brand Preference: A Case Study of Laundry Detergent in Dhaka City Consumers. ASA University Review 2009; 3(2): 1-7. [2] Amusat WA, Adejumo DA, Ajiboye FA. Sales Promotion as an Antecedent of Sales Volume: A Study of Selected Manufacturing Industry in Ibadan, South Western, Nigeria. Interdisciplinary Journal of Contemporary Research in Business 2013; 4(11): 465-474. [3] Ekankumo B, Henry KB. Sales Promotion Strategies of Financial Institutions in Bayelsa State. Asian Journal of Business Management 2011; 3(3): 203-209. [4] Fam K, Yang L, Tanakinjal G. Innovative Sales Promotion Techniques among Hong Kong Advertisers: Content Analysis. Innovative Marketing 2008; 4(1): 8-18. [5] Gilbert DC, Zackaria N. The Efficacy of Sales Promotion on UK Supermarkets: A Consumer View. International Journal of retail & Distribution Management 2002; 30(6): 315-322. [6] Hafiz B, Shaari JAN. Confirmatory Factor Analysis (CFA) of First Order Factor Measurement Model-ICT Empowerment in Nigeria. International Journal of Business Management and Administration 2013; 2(5): 081 - 088. [7] Harangus D. Promoting Banking Products in the Context of the Digital Economy. Bulletin UASVM Horticulture 2011; 68(2): 1-5. [8] Hellmann T, Murdock K, Stiglitz J. Deposit Mobilization through Financial Restraint. Workshop on Financial Development and Economic Growth: Netherlands on December 1994; 7(9): 1-5. [9] Jee TW, Run ECD. The Influence of Personal Values on Sales Promotion Techniques for Convenience Products. SEGi Review 2010; 3(2): 16-24. [10] Manuere F, Gwangwava E, Gutu K. Sales Promotion as a Critical Component of a Small Business Marketing Strategy. Interdisciplinary Journal of Contemporary Research in Business 2012; 4(6): 1157-1169. [11]Mesaros I, Dokic N, Penic M. Measuring the Communication Effects of Sales Promotion in a Food Company. Economics of Agriculture 2013; 60(1): 49-64.

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[12] Michael BN, Ogwo E. Trade Sales Promotion Strategies and Marketing Performance in the Soft Drink Industries in Nigeria. International Journal of Marketing Studies 2013; 5(4): 1-7. [13] Mittal S, Pachauri KK. A Comparative Analysis of Promotional Tools & Techniques Adopted For Retail Banking In Public Sector and Private Sector Banks. Journal of Business Management & Social Sciences Research (JBM&SSR) 2013; 2(2): 83-88. [14] Montaner T, Pina J. The Effect of Promotion Type and Benefit Congruency on Brand Image. The Journal of Applied Business Research 2008; 24(3): 15-28. [15] Mugenda OM, Mugenda AG. Research Methods, Quantitative & Qualitative Approaches Nairobi: Acts Press, 1999. [16] NBK. Annual Report and Financial Statements for the Year Ended December 31, 2014. [17] Neha S, Manoj V. Impact of Sales Promotion Tools on Consumer’s Purchase Decision towards White Good (Refrigerator) at Durg and Bhilai Region of CG, India. Research Journal of Management Sciences 2013; 2(7): 10-14. [18] Olokoyo FO. Determinants of Commercial Banks’ Lending Behavior in Nigeria. International Journal of Financial Research 2011; 2(2): 61-72. [19] Omotayo O. Sales Promotion and Consumer Loyalty: A Study of Nigerian Telecommunication Industry. Journal of Competitiveness 2011; 3(4): 66-77. [20] Preko A. The Effect of Sales Promotion on TV Advertising Revenue: A Case study of TV Africa, Ghana. Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2012; 3(2): 141-146. [21] Sadeh F, Birjandi RH, Miremandi A. Survey on the Effectiveness of Promotional and Communication Strategies Adopted by Financial Services. African Journal of Business Management 2012; 6(44): 10925-10937. [22] Samina QS, Alam R. Promotional Activity Involvement of Commercial Banks: A Comparative Analysis among Three Generation Banks in Bangladesh. International Review of Business Research Papers 2011; 7(5): 35-52. [23] Shollapur MR, Baligatti YG. Funds Management in Banks: A Cost-Benefit Perspective. International Business & Economics Research Journal 2010; 9(1): 21-30. [24] Venkatesan S. An Empirical Approach to Deposit Mobilization of Commercial Banks in Tamilnadu. IOSR Journal of Business and Management 2012; 4(2): 41-45.

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