Effect of Product Information Management on Growth of Market Share within the Banking Sector in Kenya: A case of National Bank
Shitakule, Joy Shimanyuli
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The study assessed the effect of product information management (PIM) on growth of market share within the banking sector in Kenya. The study focused on the following objectives: to establish the effect of management of information disclosure on market share growth of commercial banks; to verify the effect of management of integrated marketing communication on growth of market share; and to access the effect of management of information supply chain growth of market share of commercial banks in Kenya. The study targeted National bank of Kenya as a case study in Nairobi County. The target population of this study comprised total of 140 made up of 100 employees and 40 customers. Sample size of 50 respondents from employees and 20 respondents from customers was sampled. The study found out that under product price disclosure; the premium prices reflect the value of the bank products, the bank product are priced according to the target market. Under product risk disclosure the study found out that the bank includes a brief statement of product riskiness in summary of product disclosure to its target customers and customers does not have difficulty in assessing bank products risk and end up making wrong decisions, in terms of product quality disclosure to a great extent; the bank provides all the cost, interest and payment of mortgage product in one currency to the customers for them understand the actual long tong-term effect of the product and customers find it easy to engage with financial products and bank provides effective product disclosures to improve consumer choice by providing information to the aspect of the product in an engaging manner. The study revealed that under management integrated Marketing Communication; the bank is knee on giving information about the product features and prices and where the customers can obtain the product. The study further indicate that through management of information supply Chain; the bank has established a strong relationship with its customers through constant product information throughout its branches and the bank has seen value in sharing financial. The study concludes that the proposed framework of the study was able to influence of product information management factors on market share growth at National bank. Management of integrated marketing communications emerged as the strong predictor of market share growth at Nation al bank followed by product information management and management of information supply chain respectively. The study further concluded that the established regression model was fit for forecasting. The study recommended in tools as they offer tangible benefit on the market share growth of the bank, further in providing the information of the key aspects of product in a manner that is both engaging and comprehensible and establish a strong relationship with its customers through constant product information throughout its branches as well as share financial and marketing information with its consumers.
- Business School