ABSTRACT

This research explores the relationship between marketing strategies and the development of new products in the banking industry, with a particular focus on Guaranty Trust Bank (GTBank) in Ekpoma, Edo state, Nigeria. The study employs a survey method, collecting data from 347 participants, from which 300 valid responses were analyzed. It addresses four research questions and tests related hypotheses, unveiling significant findings about the efficacy of GTBank's marketing tactics in advancing its banking products and services. The results underscore the pivotal role of digital marketing in attracting and engaging customers, highlighting GTBank's strategic investment in digital channels. Furthermore, the research points out that GTBank's marketing communications significantly influence customer preferences and foster brand loyalty. The successful integration of marketing strategies with new product development is shown to substantially boost the effectiveness of these initiatives, demonstrating the critical need for alignment between these business functions. The paper concludes by suggesting that GTBank should refine its marketing approaches, further develop its digital marketing, improve customer engagement practices, and pursue a more cohesive strategy in product development. It also proposes areas for future research to enhance the understanding of marketing strategy and product innovation in the banking sector.