Thesis:

Influence of marketing strategies on performance of commercial banks in Meru county, Kenya

The commercial banking industry is difficult due to the current economic climate, which is marked by increased rivalry among local and foreign enterprises, more picky clients, and significant technology improvements. This research looks at how commercial banks in Meru County, Kenya, fared when it came to marketing techniques including expanding into new markets, diversifying their customer base, and penetrating existing ones. Understanding the efficacy of these tactics for improving organizational performance and assuring growth is crucial in light of the increased competition and changing customer preferences that the banking sector is facing. The research used a mixed-methods approach, gathering quantitative and qualitative data from a sample of regional banking experts using structured questionnaires. According to the respondents, in order to successfully penetrate a market, one must have strong pricing strategies, customer recruiting campaigns, and competitive advantages. Market penetration is crucial for increasing market share and speeding up revenue growth, as the research showed a substantial positive connection (0.72) between the two. In order to bring in new clients and encourage long-term growth, the article also stresses the relevance of market development tactics. According to the participants, aligning individual performance expectations with company objectives improves the effectiveness of market growth approaches. Strategic alignment and mutually beneficial partnerships are essential for a successful market entrance, as shown by the results, which provide a correlation value of 0.75. With a correlation value of 0.70, diversification techniques were shown to have a limited influence on performance. Nevertheless, their merits were recognized. The report stresses the need of thorough market research and alignment with core competencies for successful diversification, therefore commercial banks shouldn't put too much emphasis on it. The relevance of these marketing techniques for boosting organizational performance is confirmed by the inferential analysis, which includes regression, correlation, and ANOVA. Financial sector policy and decision-makers should take note of the findings, which highlight the need of effective strategies for expanding into new markets and penetrating existing ones in order to improve performance indicators. As a whole, this study contributes to our knowledge of banking industry marketing tactics and gives practical advice to commercial banks in Meru County. Businesses may improve their performance and competitive advantage by concentrating on market penetration and growth strategies while also actively seeking diversification efforts. How banking industry marketing methods are changing in reaction to customer tastes and new technologies is an area that might need further investigation in the future