Open Access Original Research Article

Promoting Life Insurance Products via Personal Selling: The Case of a Leading Insurer in Ghana

Israel Kofi Nyarko

Journal of Economics, Management and Trade, Page 175-182
DOI: 10.9734/BJEMT/2015/15807

Personal selling is a paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation. It is a powerful two-way form of communication. It allows an interactive relationship to develop between buyer and seller in which the latter can modify the information presented in response to the needs of the audience. The intent of this study is to establish the contribution of personal selling to the promotion of life insurance products in Ghana. A lot of literature abounds on advantages of personal selling but the outcome of this study will help establish contribution of personal selling to the promotion of life insurance. Thus, the study focused on life insurance clients in Ho, Ghana. Data were collected with a questionnaire administered to 100 clients of a leading insurer in the city of Ho. Simple frequency distribution tables were used to analyze the data. It was found that personal selling is an essential tool in prospecting, informing, educating and persuading life insurance clients. Thus, insurers must recruit and train more salespersons to intensify these activities. Also, insurance companies should consider apportioning a good percentage of their promotion budget to developing salespersons.

Open Access Original Research Article

Physical Evidence and Customer Patronage: An Empirical Study of Nigeria Banking Sector

Kenneth C. Adiele, Miebaka D. Grend, Ezirim Aloy Chinedu

Journal of Economics, Management and Trade, Page 188-199
DOI: 10.9734/BJEMT/2015/14176

This study examines the impact of physical evidence on customer patronage of quoted Banks in south-south zone of Nigeria. 14 quoted Banks at the Nigeria Stock Exchange Market were used for the study. The research considered firm level of analysis and top managers unit of analysis. Customers of the chosen banks were also used. By this arrangement, 42 managers and 7 customers randomly selected constituted our respondents for the study. Descriptively, the study variables were presented and inferentially, the Spearman Rank Correlation Coefficient was used in testing the various hypotheses. In addition, we employed the Pearson Partial Correlation to ascertain the extent to which the organizational factors mediate the relationship between physical evidence and customer patronage. The result of the analysis showed that there is a strong positive and significant correlation between physical evidence and customer patronage. The study specifically revealed that efficient design of work place ambience; physical architecture and signs significantly impact on sales volume, profit margin and customer retention.  It was further found that organization size and information technology capability strongly mediated the relationship between the predictor and criterion variable. The study therefore concluded that physical evidence significantly affects customer patronage. Hence, it was recommended that the panacea to poor customer patronage is predicated on the bank’s ability to efficiently adopt physical evidence dimensions used for the study as significant conditioning factors of the business environment.

Open Access Original Research Article

The Impact of the World Trade Organization (WTO) on Foreign Trade: Case Study of Vietnam

Hoang Chi Cuong, Tran Thi Nhu Trang, Dong Thi Nga

Journal of Economics, Management and Trade, Page 200-217
DOI: 10.9734/BJEMT/2015/16254

Previous studies of empirical surveys that focus on WTO foreign trade effects on its country members have placed less attention on individual developing countries. This contrasts with the large body of studies that exist on the foreign trade effects of WTO on its entire country members. In this paper, two gravity models have been constructed using the Hausman–Taylor (1981) estimator, and applied to recent panel data that includes 17 of Vietnam’s major trade partners during the period from 1995 to 2011. This was for the purpose to examine the possible impact of the WTO regime on foreign trade (exports and imports) of Vietnam. The empirical results show that the WTO has stalwartly increased Vietnam’s imports. By contrast, there is no evidence that the WTO has expanded Vietnam’s exports. This is consistent with theoretical models of the WTO.

Open Access Original Research Article

Mobile Marketing: A Study of Buying Intention

Mohammed Rizwan Alam, Mohammad Abu Faiz, Mohammed Zia Aftab

Journal of Economics, Management and Trade, Page 218-226
DOI: 10.9734/BJEMT/2015/16336

Lately, mobile marketing has emerged as one of the compelling channels of interactive communication mode between company and consumer. The message through such medium varyingly influences the buying intention. In this backdrop, the purpose of the research is to study the consumer’s buying intention based on independent variables, such as information. The method is exploratory in nature using interview questionnaire for a sample size of one hundred twenty from Dubai. The key finding suggests that most of the mobile marketing positively influences buying intention in terms of convenience, brand image, and information sufficiency, while irritation or noise and payment security are taken as inhibiting elements. The study is limited to research design and relatively small sample size. The significance of the research lies in methodology, diligent reviews, rich information, and valuable response, being highly useful for practitioners, academia, students, and others.

Open Access Original Research Article

Effects of Training on Employees’ Productivity in Nigeria Insurance Industry

Ofobruku Sylvester Abomeh, Nwakoby Nkiru Peace

Journal of Economics, Management and Trade, Page 227-235
DOI: 10.9734/BJEMT/2015/15001

Robust employees training programme will enable business organisations to have the right set of workers with the required skills, knowledge and attitude to manage the different industries in Nigeria, as well as plan adequately and wisely to meet the challenges of skills deficiency, for the industries in the future. This research study reviews the effects of training on employees’ productivity in the insurance industry, the challenges militating against employee training in the insurance industry in Nigeria. The study evaluates key policies on insurance employee training and development, how it enhances employees’ productivity in the insurance industry. The survey research methodology was employed in this study, this enable the researchers to successfully gain greater insight on the subject and resolve unexpected issues. The findings of the study shows that in order for organisation to achieve optimum returns from her investment, there is the need to develop training programs and effectively managed training of employees’, which is the most vital asset of organisations and the dynamic of their productivity. The study concludes that the insurance industry in Nigeria as a matter of urgency should formulate policies that enshrine employees training so as to improve employees’ productivity in the industry, in order to arrest the present poor productive situation.

Open Access Short Research Articles

Impact of Job Rotation on Organizational Performance

Austin O. Oparanma, Lawrence I. Nwaeke

Journal of Economics, Management and Trade, Page 183-187
DOI: 10.9734/BJEMT/2015/12051

This paper attempts to examine the effects of job rotation and employees’ performances in business organizations. It was mainly concerned with assessing, evaluating, and ascertaining the overall impact of job rotation on productivity, improvement of skills, talents, and correction of irregularities. The article reveals that; there is a significant and favorable relationship between job rotation and an employee performance. That the skills and knowledge acquired from a job rotation enhances productivity, and that job rotation assist even management in detecting and correcting wrongs. Base on these, it is recommended that job rotation should be practiced and management should build a viable and up-to-date internal control system, and that employees found wanting in wrong acts should be punished accordingly.

Open Access Review Article

Creation of Microfinance Banks in Nigeria: What is Their Main Object?

Edwin M. Egboro

Journal of Economics, Management and Trade, Page 158-174
DOI: 10.9734/BJEMT/2015/15107

This paper recognises the Central Bank of Nigeria’s (CBN) reference to Microfinance Institutions (MFIs) as “Banks” and notes that this appellation connotes a meaning, which is liable to misinterpretation; hence, microfinance practice has been misconstrued and extended by some Nigerian practitioners, as synonymous with conventional banking practice. Therefore, we have examined the operating functions of Microfinance Institutions (MFIs), vis-a-vis conventional banking practice to ascertain and highlight the differences. In the main, both are depository financial intermediaries, but their objectives are different. While MFIs create social capital which transforms into wealth, conventional banks create wealth primarily via lending of money and other core banking activities. Additionally, MFI operations are limited to micro credit and micro deposit while target population is the poor; and their relation with clients is guided by social traits of trust, norms and networks. Conventional banks have no banking limitations; and banker-customer relation is guided by conventional banking ethics. These differences have tended to throw serious doubts on the appropriateness of the appellation of “Bank” as a proper nomenclature for an MFI. Therefore, the conclusion is made, that MFIs are not banks; at best, they can be described as quasi-financial institutions, which are liable to financial regulation. Hence, as social institutions, their main object should be crafted to reflect the objective of creation of social capital. The paper recommends that existing and up-coming Nigerian MFIs should be compelled by the CBN to adopt the Grameen Bank-style of management.