THE IMPACT OF ADVERTISING IN A CORPORATE ORGANIZATION(A CASE STUDY OF FIRST BANK OF NIGERIA PLC A PROJECT WORK PRESENTED)

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

For proper understanding and perception of this work, it will be wise to trace the historical background of the bank under case study which is first Bank of Nigeria Limited, in line with background of uses of advertising .

Founded in 1894 by a shipping magnate from Liverpool, Air, Alfred Jones, the bank commenced as a small operation in the office of Elder Dumpster and company in Lagos State. It was in Cor-porated as a limited liability company on march 31^st, 1894 with head office in Liverpool. It started business under the corporate name of the bank for British west African (BBWA) with a paid- up capital of 12,000 pounds sterling after absorbing its predecessor, the African Banking Corporation, which was established in 1892. due to the impressive growth they worked closely with the colonial government in performing the tradition function of a central bank such as issue of species in the west African sub- region.

To justify its west African coverage, a branch was opened in Accra, Gold Coat Ghana in 1896 and another in free town, sierra-Leone in 1899. These mark the Genesis of the bank’s operations. The second branch of the Bank in Nigeria in was in the old calabar of cross – river State in 1990 and two years later, services were extended to Nigeria, with a network of 315 branches opened throughout the branch network in the industry.

To satisfy the needs and services of its customers, first Bank of Nigeria has diversified into a wide range of banking activities and services. These include corporate and retail banking, Registration trusteeship and insurance brokerage. To take advantage on several restructuring initiatives. In 1957, it changed its name from bank of British west Africa to bank of West Africa.

In 1964, the bank was incorporated locally as the standard bank of Nigeria limited in line with the companies decree of 1968. changes in the name of the bank also occurred in 1979 and 1991, to first Bank of Nigeria limited and first Bank of Nigeria PLC respectively. In 1985, the bank introduced a decentralized structure with five regional administrations.

This was reconfigured in 1992 to enhance the bank’s operational efficiency in 1996, the bank introduced the FBN century II project to revolutionary its operations in line with the dynamic of the environment. The bank has continued to be leader in financing long term investments in the economy, which was demonstrated in 1947, when the first long- time loan was advanced to the colonial government . To demonstrate its commitment to its customers and the development of the Nigeria economy, the bank has since broadcast its loan and credit portfolios to various sectors of the economy.

The bank has tremendously judging from a number of parameters including number of branches, growth in deposit base, asset size and size of loans and advances.

BACKGROUND OF ADVERTISING

Advertising is not a new activity of modern industrialism but an ancient practices that goes back to the very beginning of recorded history. The diggings of a choreologists in the countries rimming the mediate area sea have turned up evidence of the use of sign to announce various events and offers. The Romans painted walls to announce forth coming gladiatorial contests and Phoenicians painted murals on prominent rocks along trade routes extolling the wares they sold, a precursor of modern out door advertising . In pomepeil, w wall has been found praising a politician and asking for the people’s vote.

Another early form of the people’s advertising was the use of town cries . In Greece during the  Golden age, town criers were paid to circulate messages through the streets of Athens announcing the sales of stores, cattle’s and other goods as well as making public announcements.

An early singing commercials used in ancient Athens went as follows “for eyes that shinning, for checks like the dawn, beauty that last after girl hood is gone, for prices in reason, the woman who knows will buy her cosmetics of Aschypothes”. These town criers were the forerunner of radio as an advertising medium and the car louder speakers used by the modern political candidates.

The third early form of advertising was the mark placed by artisans on their individuals good such as pottery. As the reputation of particular artisan spread through word of mouth, buyers began to look for his distinctive mark just as trade marks and brand names are used today. They would pay a premium, for example, Osnabruck linen was carefully controlled for quality and commanded a price 20 percent higher than that of other westphalian linens, as production became more centralized and markets became more distant the mark or identifying name took on more significance.

The turning point in the history of advertising was in 1450, the year counter berry invented the printing press. No longer did advertisers have to produce extra copies of sign by hand. The first know printed advertisement in the English language appeared in 1478. starting in 1622, an important new medium gave advertising a substantial forward push namely the first English newspaper, the weekly news. Later, Joseph Addison and Richard Steele published the tellers and become devotes of advertising, Addison included this advice to copywriters.

The art of writing advertising is the finding out the method to catch the reader, without when a good thing may pass unobserved or be lost among commissions of bankrupts “ the September 14, 1710, issue of the tatter contained competitive advert for razor stops and patent medicine attempting to convince the readers of the products super entry over competing products.

Advertising had its greatest growth in the united states rather than English, Benjamin Franklin is often called the father of American becoming the cradle of advertising . first America industry led in the mechanization of production, which created surpluses and the need to convince the consumers to buy more. Second the development of fine network of water ways, highways and roads made the transportation of goods and advertising media to the countryside feasible.

Third, the establishment in 1813 of compulsory public education led to the decline of illiteracy and the growth of newspaper and magazine. The invention of radio and later television created two more amazing media for the dissemination of advertising.

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