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The concept of marketing activities in banking business
Gulnoza AZIMOVA
1
University of World Economy and Diplomacy
ARTICLE INFO
ABSTRACT
Article history:
Received February 2021
Received in revised form
28 February 2022
Accepted 20 March 2022
Available online
15 April 2022
The article deals with the development of new scientific and
methodological approaches to the concept of marketing
activities in banking business. Proper formation of a transfer
pricing system will allow acquiring the necessary control over
the process, developing operational solutions, identifying
opportunities, deviations and trends in relation to individual
transactions and larger transactions for them.
2181-
1415/©
2022 in Science LLC.
https://doi.org/10.47689/2181-1415-vol3-iss3/S-pp
This is an open access article under the Attribution 4.0 International
(CC BY 4.0) license (https://creativecommons.org/licenses/by/4.0/deed.ru)
Keywords:
economic instability,
banking,
mobilization,
controlled transactions,
tax incentives,
transfer pricing.
Bank biznesidagi marketing faoliyati tushunchasi
ANNOTATSIYA
Kalit so‘zlar
:
iqtisodiy beqarorlik,
bank,
mobilizatsiya,
nazorat qilinadigan
operatsiyalar,
soliq imtiyozlari,
transfer narxlari.
Maqolada bank biznesida marketing faoliyati konsepsiyasiga
yangi ilmiy-
metodik yondashuvlarni ishlab chiqish haqida so‘z
boradi. Transfer bahosini shakllantirish tizimini to‘g‘ri shakl
-
lantirish jarayon ustidan zarur nazoratni olish, tezkor yechim-
larni ishlab chiqish, individual operatsiyalar va ular uchun
kattaroq operatsiyalarga nisbatan imkoniyatlar, og‘ishlar va
tendensiyalarni aniqlash imkonini beradi.
1
University of World Economy and Diplomacy, Tashkent, Uzbekistan. E-mail : g.gulyamova@inbox.ru
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Концепция маркетинговой деятельности в банковском
предпринимательстве
АННОТАЦИЯ
Ключевые слова:
экономическая
нестабильность,
банковское дело,
мобилизация,
контролируемые сделки,
налоговые льготы,
трансфертное
ценообразование.
В статье речь идет о разработке новых научно
-
методических подходов к концепции маркетинговой
деятельности
в
банковском
бизнесе.
Грамотное
формирование системы трансфертного ценообразования
позволит приобрести необходимый контроль над
процессом, выработать оперативные решения, выявить
возможности, отклонения и тенденции в отношении
отдельных сделок
и более крупных сделок по ним.
INTRODUCTION
To ensure the socio-economic development of the state in modern conditions of
economic instability, it is necessary to implement a comprehensive state tax policy, one
of the urgent tasks of which is the need to develop new scientific and methodological
approaches to the process of tax control as a mechanism for mobilizing budget revenues
at all levels.
Tax control is the activity of authorized bodies to control compliance by taxpayers,
tax agents and payers of fees with the legislation on taxes and fees in the manner
established by the Tax Code of the Republic of Uzbekistan [1].
In general, the activities of the tax authorities should be focused on creating a
perfect taxation system and achieving a level of tax discipline that excludes or minimizes
violations of tax laws. Thus, tax control should be aimed at preventing tax evasion, as well
as at identifying and withdrawing arrears in taxes and fees to the budget system.
From January 1, 2022, the provisions of
Section VI “Tax control in transfer pricing”
of the Tax Code of the Republic of Uzbekistan (hereinafter
–
“TC RUz”) come into force [2].
The concept of marketing activity is a consumer-oriented target philosophy and
strategy of the bank. It is based on an analysis of the entire range of indicators affecting
the financial and credit system in general and the bank in particular. On the basis of the
marketing concept, proposals are prepared to optimize the bank's activities, and
subsequently a comprehensive planning of the internal and external activities of the bank
is carried out.
Depending on the characteristics of the bank (size, specifics of activities, founders)
and its goals and objectives, a marketing concept is selected, which is taken as a basis
until the change in the most important indicators in the market included in the
calculations when choosing it. Some banks in Russia focus on one marketing concept for
3-5 years or more. However, only reliable and conservative banks with significant own
funds can afford it and their resources can withstand even economic disruptions and
political changes. Others change their concept quickly, depending on the dynamics of
external and internal factors, at the same time, it should be noted that in practice not a
single concept is found in its pure form.
The following marketing concepts can be applied in banking business:
1. Production or the concept of improving banking technologies. According to it,
when choosing a bank, customers are guided by affordable services that have a low price.
In this regard, banks that adhere to this concept offer mainly traditional services with
high efficiency (profitability). Banks choose this concept under the following conditions:
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–
the main part of real and potential clients of the bank has low incomes;
–
Demand for banking services is equal to supply or exceeds it;
–
the bank
’
s client base is growing and, on this basis, its conditionally fixed costs
are being reduced, which makes it possible to allocate funds to increase the share of
individual bank services in the market.
The efforts of the management of banks that adhere to the production concept of
marketing should be aimed primarily at studying the motivation for choosing a bank and
the reasons that prompt them to transfer from one bank to another and preparing
proposals for increasing the bank's client base based on improving banking technologies.
2. Product, that is, the concept of improving banking services. The main principle
of this concept is to attract customers to those services of the bank, which, in terms of
their characteristics and qualities, are superior to analogues offered by competitors and
thus provide consumers with great benefits. Banks in this case direct considerable efforts
to improve the quality of services provided. Most often, the product concept is followed
by banks and financial and credit institutions that provide services that are not
traditional, individual, sometimes unique and high in price (leasing, audit services) [3].
Let
’
s note some factors on which the product concept of marketing is based:
–
on the qualitative characteristics of the level of banking services provided;
–
taking into account the political and economic situation affecting the quality of
services;
–
to reduce risk in the provision of banking services.
3. Trading concept or the concept of intensifying commercial efforts. It is based on
active information and advertising of banking services based on market research in order
to ensure the necessary level of customer acquisition and growth in the volume of sales
of services. A typical way of using this concept is the active creation by banks of
insurance companies, pension funds, leasing companies in order to attract customers
with comprehensive services, including non-traditional services,
“
know-how
”
, providing
advice in various business areas, etc. To implement this concept, banks are creating a
multifunctional marketing service. Its goals are predominantly medium-term: to win the
attention of consumers of banking services, in particular, by conducting a more
aggressive advertising campaign than those of competitors and active personal selling.
4. Traditional marketing concept. According to it, the growth in the volume of
consumption of banking services can be ensured mainly after analyzing the needs and
motivations of the demand of certain social groups of the population or contact audiences
for these services, and developing on this basis a targeted proposal to promote banking
services. In other words, marketing should begin with an analysis of supply and demand
for a particular banking service, and only after that proposals and programs for their
promotion are drawn up. This concept began to gain its supporters in the banking sector
in the mid-90s when it began:
•
saturation of demand for traditional services;
•
some banks began to have a developed external and internal infrastructure;
•
development of state and international financial markets;
•
limited financial resources.
LITERATURE REVIEW
In modern economic literature, there are many works devoted to various aspects
of transfer pricing, the totality of which can be divided into two groups.
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The first group of studies includes purely theoretical works devoted to the analysis
of the use of transfer prices in the system of intercompany relations. The work of this
group is mainly devoted to modeling company structures in order to identify universal
dependencies between the level of transfer prices, allowing to maximize the total profit,
and various internal and external factors. The most striking are the works of such foreign
economists as J. Hirschleifer, R. Vansil, R. Kaplan, D. Dietman, S. Emmanuel, L. Eden,
T. Itagaki, G. Holstrum, I. Sauls, S. Tisdel, Dreben A., Edward J. et al. The main advantage of
these studies is the consideration of many factors that may affect transfer pricing. In later
theoretical works, conclusions are drawn on the basis of complex mathematical
calculations with the introduction of a large number of restrictions and simplifying
assumptions. However, often these studies do not refer to empirical data at all.
The second group of works on transfer pricing includes empirical studies of the
application of various transfer pricing methods, in which conclusions are drawn based on
the analysis of data obtained by questioning companies. Among the empirical works, the
works of such foreign researchers as Eccles R., Spicer B., Adler R., Dean J., Borkowski S.,
Grannotover M., Thompson J. can be especially distinguished. Basically, this group of
researchers was engaged in identifying groups of factors affecting choice of transfer
pricing method.
Despite the obvious relevance of the problem of transfer pricing, in the domestic
literature there are only a few examples of fundamental studies that consider transfer
prices as one of the tools to increase the efficiency of the intra-company mechanism. As
an example, we can cite the works of N.I. Mnogolet, A.A. Porokhovsky, V.Yu. Pashkus,
A.S. Pleshchinsky, A.A. Zaikin, D. Kasatkin.
At the same time, most other domestic researchers are interested in transfer
pricing in the light of the problems of tax optimization using intra-company settlement
prices without conducting the necessary, in the author's opinion, comprehensive
analysis, including both the study of the nature of transfer pricing, the scope of its
distribution, and state regulation in this area. directly affecting the practice of
application.
It should be noted that the problem of establishing intra-company prices is closest
to the range of issues of the theory of transaction costs, however, in the latter there is
insufficient knowledge of the nature.
RESEARCH METHODOLOGY
To achieve the goal of the study, the following general scientific methods were
applied: observation, analysis, synthesis, comparison, historical method, grouping,
induction, deduction. In addition, the author used special scientific methods of micro- and
macroanalysis, economic-statistical and graphical methods.
METHODS AND ANALYZING
All transactions between related parties are controlled for transfer price
regulation. In this case, the tax authorities have the right to compare the prices applied
by the taxpayers with the market prices and to charge additional taxes in case of
deviations from the market prices.
Transfer price is a price that is formed in transactions between related parties and
(or) differs from an objectively formed price that would be applied in comparable
economic conditions in transactions between independent parties.
The grounds for recognizing persons as related for tax purposes are given in
Article 37 of the Tax Code of the Republic of Uzbekistan.
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In quadrant I
–
(
“
consensus
”
or
“
satisfaction
”
) can be attributed to banks that
successfully implement the interests of customers while receiving significant profits.
Such banks often occupy a leading place in the reliability ratings. Banks included in this
quadrant provide a full range of services at a high quality level. Bank clients (quadrant I)
are usually financially stable and have a positive credit history.
In quadrant II
–
“
bait for the client
”
–
one can include banks whose clients are not
sufficiently oriented in the banking services market. Due to the fact that while ensuring
high profitability of the bank from a particular service, the client often pays a higher price
for this service than in other banks. In this quadrant, most often there are banks that
want to receive high profits without high costs in banking technologies.
“
Finding
”
banks
in this quadrant usually lasts a year or two, and then such banks lose their credibility in
the business world and customers, as well as counterparties, transfer their accounts to
other banks. Banks of Quadrant II will face financial difficulties in the future without
changing their tactics.
Quadrant IV
–
“
philanthropists
”
, or
“
bait for the bank
”
refers to banks meeting the
needs of customers who, at the expense of bank loans, often introduce new technologies,
change the assortment policy or increase production volumes without preliminary
marketing studies on the needs of the market, namely:
•
introduce new technologies without a real calculation of the payback period of
the project;
•
change the range of products before the buyer is ready to pay for the innovation,
that is, the volume of potential demand is insufficient to pay off the costs of innovative
work.
In addition, this also includes banks that lend to customers producing goods for
children, the elderly, the sick and the disabled and having certain state benefits in this
regard. At the same time, the benefits provided to them do not always ensure the timely
repayment of borrowed funds.
The IV quadrant of the matrix most often includes banks that, when considering an
application for a loan, do not qualify the submitted documents in terms of:
Quantity and quality of investment in innovation;
a/ the share of innovation costs in profit;
b/ share of research costs in profits;
c/ the share of the cost of new, original developments in profits;
2. Relationships with competitors:
a/ at the stages of preliminary analysis and the production process;
b/ at the stage of technological development of the product;
c/ in the organizational direction;
3. Dynamics of the new product release process:
a / the frequency of new products;
b/ duration of product life cycle;
4. Dynamics of product competitiveness:
a/ technological modifications of the goods;
b/ obsolescence of products;
c/ sensitivity of technology to government regulation;
d/ technology sensitivity to consumer pressure, etc.
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Quadrant III
–
“
bankrupts
”
–
a variant of unfair fulfillment of the assumed
contractual obligations by the bank (on the return of deposits and deposits, on the timely
execution of payment orders from clients), in case of untimely fulfillment of obligations
on the part of clients (on the return of loans) and due to economic or marketing
miscalculations or depreciation of securities acquired by the bank.
In practice, the relationship between the bank and the client in its pure form
cannot be attributed to a specific quadrant. It is only possible to determine the prevailing
relationships (by the sum of the coordinate points in assessing the relationship between
the interests of the bank and the client) and attribute them to a specific quadrant.
It is necessary to consider the fifth concept somewhat separately.[4]
5. The social and ethical concept is based on the fact that the target philosophy,
ideology, strategy and policy of the bank is oriented towards the priority of universal,
rather than narrow departmental interests. This concept is sometimes referred to as
“
human-centered
”
or
“
smart consumption
”
. According to this concept, in our opinion, the
most promising for banks
–
it should contribute to the interests of society as a whole.
This concept was formed in the early 1980s. One variation of this concept is the
“
7-C
”
concept. In it, with the help of marketing tools, a balance is achieved between the
interests of consumers, producers and society as a whole. In other words, in the process
of meeting the needs of customers, banks receive their profits and society (through
customers and the bank) receives its share in the form of budget allocations or the
construction of social facilities [5].
The figure shows the elements of the
“
7-C
”
system in relation to banking business.
All elements of the
“
7-C
”
system have a specific content. They are dependent
variables (on various external and internal factors). Their values can be both quantitative
and qualitative, but for modern analysis tools using the current generation of computers,
there is no difficulty in modeling them.
CONCLUSION
Consider the elements of the
“
7-C
”
system:
C-1
–
a bank client or a consumer of a banking service. Any bank exists only when
there is a consumer for its service. The bank and the consumer meet in the market. The
specificity of the financial market lies in a very close relationship between its main
subjects, the relationship between which is very specific, but depends on many factors.
To do this, banks conduct a deep analysis of the client base, in particular, in terms of
volume indicators, financial indicators, solvency, the credit history of a client or a
potential consumer of banking services is studied.
Increasing competition between banks requires special attention to the problem of
organizing relationships with each client, establishing partnerships between the bank
and clients
–
which largely determine the win in the competition.
C-2
–
personnel
–
an element that largely unites the bank, customers and
competitors. The level of efficiency of any bank depends on the qualifications of
personnel and their attitude to work. And here one of the main problems for the bank is
the search for personnel and the collection of information about the management
personnel of customers and competitors. The experience of the United States can be cited
as an example of the search for potential employees. There, in colleges and universities,
at the end of each academic year, collections of "Who is who?" are published, which
publish brief characteristics of students studying in senior courses and having a
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definitely high success in scientific and practical research. Banks purchase these
collections and select their future staff and invite them for an internship. Thus, students
get acquainted with the practice of implementing their scientific research, and banks, in
particular, have the opportunity to get those specialists that they need at a given moment
(they also pay for further education of selected students). Such experience provides
mutual benefit
–
both to students and banks, as the stage of
“
entry
”
(about 1-1.5 years) of
a specialist into the team and work is sharply reduced. In Russia, this stage is only timidly
beginning to find its application. Thus, at the Department of Marketing of the
St. Petersburg State University of Economics and Finance, collections of scientific papers
of students are published annually. These collections are a kind of application for a range
of issues to which young scientists are interested. In a number of universities and
institutes of the country, the collection of personal data about students, their scientific
and practical interests is practiced. The issuance of nominal scholarships of the governor,
commercial structures, in particular OJSC PSB, to the best students of the city
’
s
universities are being established.
C-3
–
communication
–
these are methods and forms of bringing the main ideas of
the bank and specific provisions on a particular service to the consumer of banking
services. C-3 consists of four
“
C-parts
”
, namely:
C-3.1
–
technical support of communication
–
TV, radio, Internet, etc.;
C-3.2
–
completeness of information for the partner (consumer, counterparty,
client) about the subject of the contract, about the bank service and its characteristics,
about the procedure for providing banking services. This information should answer five
basic questions: when? as? where? to whom? and how much? In addition, there is a basic
rule that helps to attract a potential client to the bank, the essence of which is as follows.
The first step is to define a floor of allowable concessions and create a margin of variables
to work with during the negotiation. Everyone agrees on the bottom line: in any
negotiation - especially when it comes to a contract with a client. You can afford to make
certain concessions, that is, manipulate prices, terms, conditions for the provision of
various services, and other things that are minimally acceptable to the bank. The more
variables in the stock, the more different options can be offered to the client, the richer
the content of these options and the better the chances of bringing the deal to a
conclusion. If negotiations are being carried out with an important client, then the first
concern of a bank employee is to avoid deadlocks: you can negotiate until an acceptable
deal can be concluded. This work should be carried out by employees of the marketing
service and commercial departments conducting personal sales of bank services.
C-3.3
–
specificity and clarity of expression of goals, which allows you to acquaint
your time and the time of partners, to increase the efficiency of your activities. Often
recommended: Record items that require discussion. Negotiations are often confused.
The client is then annoyed by the apparent lack of progress; he begins to return to
already resolved issues. A good way to avoid these embarrassments is to take stock and
outline what needs to be discussed. A short but frequent summary really helps keep the
negotiation momentum, and beyond. Shows the client that the bank employee listens to
his arguments. Skilled negotiators know how to neutralize the most outspoken
opposition by turning objections into topics for further discussion. The trick is to keep
your composure.
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1.
M. Temirkhanova. Accounting development under the modernization of the
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М.Ж.
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Совершенствование
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политики
государства
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условиях
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Ценообразование: особые вопросы (Т. Кошелева, 4 апреля 2014 г.)
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М.Ж. Организация учета обязательств в туристической
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