Positioning a Bank Service in Nigeria: A Conceptual Framework

2010 International Journal of Business and Management  
The study looks at positioning of bank service in a competitive environment like Nigeria. Positioning was examined from the various definitions in the literature and the major components and strategies of positioning were discussed. The bank service in Nigeria was seen to be best positioned through non-functional and functional benefits. The non-functional benefits involve the bank's corporate identity and brand image, this were seen to be well suited for old banks with high public acceptance,
more » ... nd positioning through functional benefits, which involve developing new attributes for the product or altering the old attributes of the product was found to be well suited for both old and new banks, and a framework for this was also developed. Based on the foregoing, it becomes paramount to advance a conceptual framework that would serve as a guide to position the bank service in this turbulent environment of operations. Literature Review Positioning: Definitional Approach Kotler (2003) defines positioning as the act of designing a firm's offering and image to occupy a distinctive place in the mind of the target market with concomitant effect of creating a customer-focused value proposition that would facilitate patronage. www.ccsenet.org/ijbm
doi:10.5539/ijbm.v5n8p146 fatcat:sdqbykun7zcflibwuec67glzaq