The Impacts of the External Environment on the Marketing of Financial Services in Nigeria

• Author(s): Akanbi Ibrahim Olawale
• Paper ID: 1707650
• Page: 1244-1260
• Published Date: 29-03-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 9 March-2025

Abstract

This study examines the impact of external environmental factors on marketing financial services in Nigeria, using Unified Payment Services Limited (UPSL), a Nigerian payment solutions provider, as a case study. The study aims to identify the various environmental factors that challenge marketing financial services and payment solutions in the country. The marketing environment is the totality of external forces and institutions relevant to the firm. It consists of three levels: the task environment, the marketing mix of environmental forces, and the macro environment. The study aims to discuss the significant external environments in which organizations operate and stress the opportunities and threats in this environment. Unified Payment Services Limited operates in a dynamic and turbulent environment, which requires systematic scanning, identifying environmental threats and opportunities, and making intelligent adaptations to the changing environment. The study will address critical questions such as how broadly the company has devoted energy to its environmental scanning, how effectively it has identified its environmental threats and opportunities, and how it has made intelligent adaptations to its changing environment. Marketing managers need a contingency perspective to organize marketing units and departments, assuming a functional relationship between environmental factors and appropriate structure to optimize goals. This study also provides insights into the impact of external environmental factors on Nigeria's financial services marketing. It illuminates the role of UPSL as a case study. By comprehending the various environmental factors that pose challenges to marketing financial services, the study equips the company with the knowledge to adapt to the ever-changing market and make informed decisions about its marketing strategies. All external environmental factors (Demographic, Culture, Technology, Economic) were tested positively to affect the financial services marketing in Nigeria. Companies adopt strategies to survive environmental forces, such as identifying major external areas of interest and developing efficient systems for collecting and disseminating information. They also evaluate the impact and probability of occurrence of specific disturbances in their environment. A meticulous analysis of the data revealed that the company's business is mature if it considers opportunities and threats. It adapts effectively to major threats through a modification strategy and formulates long-range forecasts for its activities using trend extrapolation, trend correlation, cross-impact analysis, and multiple scenarios. This comprehensive approach ensures the validity and reliability of the study's findings. The researcher strongly advises companies to determine the various critical environmental factors that pose challenges to marketing their products. By adopting strategies to survive environmental forces and identifying their environmentally attractive arena, companies can enjoy a differential advantage. The stages of a company's business should be determined by considering its opportunities and threats, and the management should find a suitable and effective strategy to adapt effectively to major threats.

Citations

IRE Journals:
Akanbi Ibrahim Olawale "The Impacts of the External Environment on the Marketing of Financial Services in Nigeria" Iconic Research And Engineering Journals Volume 8 Issue 9 2025 Page 1244-1260

IEEE:
Akanbi Ibrahim Olawale "The Impacts of the External Environment on the Marketing of Financial Services in Nigeria" Iconic Research And Engineering Journals, 8(9)