Promotional Strategy of Banking Industry in Bangladesh: A Case Study on First Security Islami Bank Ltd.

Abstract

This thesis paper explores the promotional strategy employed by the banking industry in Bangladesh, with a particular focus on First Security Islami Bank Ltd. (FSIBL). The banking industry plays a vital role in the economic development of Bangladesh, and effective promotional strategies are crucial for banks to attract and retain customers in a competitive market. The study aims to analyze the promotional activities undertaken by FSIBL and evaluate their effectiveness in achieving the bank's marketing objectives. The research methodology employed a case study approach, utilizing both qualitative and quantitative data collection methods. Primary data was gathered through structured interviews with key personnel from FSIBL's marketing and promotional departments, as well as surveys administered to a sample of FSIBL customers. Secondary data was collected from various sources, including scholarly articles, industry reports, and FSIBL's promotional materials. The findings of the study reveal that FSIBL employs a range of promotional tools and channels, including advertising, personal selling, sales promotion, public relations, and digital marketing. The study further evaluates the effectiveness of these strategies based on customer perception and feedback. The research concludes with recommendations for FSIBL and the banking industry in Bangladesh to enhance their promotional strategies. These recommendations include the development of an integrated marketing communications plan, the incorporation of innovative digital marketing techniques, and the adoption of a customer-centric approach. Additionally, the study underscores the need for continuous monitoring and evaluation of promotional activities to ensure their alignment with the ever-changing market dynamics. Overall, this thesis contributes to the understanding of promotional strategies in the banking industry of Bangladesh, specifically focusing on FSIBL. The findings and recommendations can guide banks and other financial institutions in formulating effective promotional strategies to gain a competitive edge and foster sustainable growth in the dynamic market of Bangladesh.