Abstract

The study looks at positioning of bank service in a competitive environment like Nigeria. Positioning was
examined from the various definitions in the literature and the major components and strategies of positioning
were discussed. The bank service in Nigeria was seen to be best positioned through non-functional and
functional benefits. The non-functional benefits involve the bank’s corporate identity and brand image, this were
seen to be well suited for old banks with high public acceptance, and positioning through functional benefits,
which involve developing new attributes for the product or altering the old attributes of the product was found to
be well suited for both old and new banks, and a framework for this was also developed.

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