FORMATION OF THE MARKETING MIX MODELLING IN THE BANKING SECTOR
Abstract
The objective of this paper is to study the principles of formation of the marketing mix modelling in the banking sector under modern business conditions. To achieve this goal, tasks were determined, in particular, to outline the 8P of marketing mix modelling in the banking sector, to analyze its elements and justify the results of applying this concept. In the process of conducting the study, it was found that many domestic and foreign scientists were engaged in this topic. It is noted that the use of banking marketing will be more effective if it is perceived as a philosophy, strategy and tactics of the bank, which, in combination, will contribute to the effective satisfaction of customer needs, their requests and expectations, as well as solving the problems of existing and potential banking customers through the successful implementation of banking products on market, taking into account the development trend not only of the bank, but also of society by managing assets and liabilities, profits and expenses, bank liquidity, determining the level of risk of banking operations. It has been established that the 8P of marketing mix modelling contributes to building a personalized marketing strategy for the bank, achieving marketing goals, increasing the efficiency of its activities, increasing profits, maximizing customer satisfaction and strengthening the bank's competitive position. The main elements of the 8P of marketing mix modelling (price, product, place, promotion, people, process, physical evidence, perceptual psychology) and their advantages and disadvantages are listed, their characteristics are carried out. It is noted that the 8P of marketing mix modelling is based on the provisions of the marketing mixes of the 4P, 5P, 7P. However, it is the 8P of marketing mix modelling that is most appropriate for use in the banking sector, since it takes into account the specifics of its functioning to the maximum. The top 10 banks in terms of spending on marketing and advertising in 2021 were named, as well as the leaders in spending on marketing events (PUMB, Alfa-Bank, Raiffeisen Bank). It has been established that the success of the implementation of the 8P of marketing mix modelling depends on the level of use of information technologies, the internationalization and globalization of banking processes, the development of information technologies and means of communication; focus on customer needs; increasing competition in the banking sector and its diversification.
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