Jurnal Internasional Customer Decision An Empirical Study on Sourcing Credit from Banks
‘ Volume VIII, Issue 2(24), Spring 2017
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Quarterly Volume VIII Issue 2(24) Spring 2017
ISSN: 2068-696X Journal’s DOI: https://doi.org/10.14505/jarle 327 Journal of Advanced Research in Law and Economics 328
Contents:
8 Concept and Different Types of Restrictive Business Practices in the Legal Orders of BRICS Countries (the Case of China, India, Russia and South Africa) by Ksenia Michailovna Belikova, Natalia Vladimirovna Badaeva, Evgenia Evgenevna Frolova, and Mihail Nikolaevich Dudin ... 404
Co-Editors Russell Pittman International Technical Assistance Economic Analysis Group Antitrust Division, USA Eric Langlais EconomiX CNRS and Université Paris Ouest-Nanterre, France
Madalina Constantinescu Association for Sustainable Education Research and Science, Romania, Romania
Spring 2017 Volume VIII, Issue 2(24) Editor in Chief
11 Improving Competitiveness of the Wheat Production within the Siberian Region (in Terms of the Omsk region) by Igor Aleksandrovich Bobrenko, Oksana Viktorovna Shumakova, Natalya Viktorovna Goman, Yuriy Ivanovich Novikov, Valentina Ivanovna Popova, and Oleg Anatolievich Blinov … 426
10 Newly Discovered Circumstances in Administrative Legal Proceedings of Ukraine Olena Bielova, Yevgeniy Romanenko, and Roman Kaydashev … 418
9 Localization of Subjective Assessment Risks in the Public Procurement System Based on Fuzzy Logic by Kirill Anatolievich Belokrylov, and Lidiya Pavlovna Runova … 411
7 Increase in Economic Efficiency of Irrigated Lands in Kazakhstan by B. Bekbenbetova, B. Turebekova, Z. Rakhmetulina, I. Sembieva, and l. Gumilyev … 397
1 Issues of Cooperation Between Russian Federation and European Union Member States in Frames of the 1980 Convention on the Civil Aspects of International Child Abduction by Aslan Khuseinovich Abashidze, Denis Andreevich Gugunskiy, Kristina OtarovnaKeburia, Aleksandra Evgen’evna Koneva, and Alexander Mikhailovich Solntsev … 333
6 Assessment of Competitive Advantages of the Pavlodar Region and its Economic Strength by Marat Asilbekovitsh Bayandin, Aina Serikovna Narynbayeva, Zulfiya Amangeldinovna Arynova, Gulmira Duisenbayevna Bayandina, and Roza Kenzheevna Alimkhanova, … 380
5 Novice Voters Politics Culture (The Study About the Orientation of Novice Voters Politics on the Election of the Mayor and Vice Mayor in Kendari in Year 2017) by Unhalu Bahtiar … 369
The Bulgarian Case by Margarita St. Bachvarova, and Tzveta J. Zafirova … 357
4 Strategic and Legal Alternatives in Case of Adverse Organizational Crisis Results.
3 The Social Aspects of Pension System Modernization in Modern Russia by Sergei V. Babakaev, Olga V. Kaurova, Olga S. Kulyamina, Alexandr N. Maloletko, and Marina V. Vinogradova … 352
2 The Concepts of Commercial (Trade) Law in The Legal Doctrine of Russia and Foreign Countries by Olga Nikolaevna Amvrosova, Gayane Yuryevna Atayan, Ekaterina Viktorovna Kasevich, Galina Viktorovna Stankevich, and Polina Nikolaevna Durneva … 342
Editorial Advisory Board Huseyin Arasli Eastern Mediterranean University, North Cyprus Jean-Paul Gaertner Ecole de Management de Strasbourg, France Shankar Gargh Editor in Chief of Advanced in Management, India Arvi Kuura Pärnu College, University of Tartu, Estonia Piotr Misztal Technical University of Radom, Economic Department, Poland Peter Sturm Université de Grenoble 1 Joseph Fourier, France Rajesh K. Pillania Management Developement Institute, India Rachel Price-Kreitz Ecole de Management de Strasbourg, France Andy Stefanescu University of Craiova, Romania Laura Ungureanu Association for Sustainable Education Research and Science, Romania, Romania Hans-Jürgen Weißbach, University of Applied Sciences - Frankfurt am Main, Germany
Spring 2017 Volume VIII, Issue 2(24), Spring 2017
Volume VIII, Issue 2(24) Re-Industrialization and Innovative Development of Russia
12 by Ivan P. Danilov, Ekaterina A. Ilyina, Tatiana I. Ladykova, Nataliia V. Morozova, Yuri G. Nikiforov … 437 Self-organization and Self-development as Key Factors in Improving Productivity
13 by Lyutsiya Mugtabarovna Gaisina, Marina Lvovna Belonozhko, Stepan Mikhailovich Kirichuk, Ekaterina Alexandrovna Sultanova, and Aleksandrina Yurievna Tumanova… 444 The Organization as a Social Self-governing System
14 by Lyutsiya Mugtabarovna Gaisina, Marina Lvovna Belonozhko, Andrey Viktorovich Artyukhov, Ekaterina Alexandrovna Sultanova, and Galiya Rashidovna Dallakian … 454 Russian Regions in the System of International Cooperation
15 by Marat Zufarovich Gibadullin, Aigul Rustamovna Nurieva, Asiya Mirgasimovna Ilyasova, and Farida Fargatovna Gatina … 463 Territorial Imperatives of Industrial Production Development
16 by Natalia Nikolaevna Kiseleva, Anna Aleksandrovna Orlyanskaya, Azamat Borisovich Tlisov, Arsen Azidovich Tatuev, and Nina Rafaelovna Gukasova … 469 The Problems of Economical Safety During the Formation of the Creative Cluster for a Region
17 by Alyona Sergeevna Koksharova, Elena Nikolaevna Vanchikova, Vladimir Alekseevich Ruban, Viktori ya Matveevna Baginova, Iand rina Arkhipovna Sharaldaeva … 477 Some Aspects of the Formation and Development of the Jury in Foreign Countries and in Kazakhstan
18 by Galym Kozhakhmetov, and Manshuk Rakhimgulova … 485 Provisions for Effective Development of Regional Agricultural Systems in Russia’s Economy
19 by Nikolai Ivanovich Kuznetsov, Nadezhda Viktorovna Ukolova, Sergey Vladimirovich Monakhov, and Juliya Anatolyevna Shikhanova … 490 Information Flows Balance and Price of Real Estate
20 by Konstantin L. Lidin, Mark G. Meerovich, Elena A. Bulgakova, and Svetlana A. Zabelina … 496
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Volume VIII, Issue 2(24) Influence of Marketing and Advertising on Efficiency of the Pharmaceutical Distribution Services
23 by Nikolay V. Mordovchenkov, Larisa N. Mitroshkina, Gennady A. Tikhomirov, and Elena V. Panina … 520 Assessment of Risks of Investment and Construction Activities: Russian Practice
24 by N.A. Osadchaya, A.D. Murzin, and E.E. Torgayan … 529 Social and Political Processes, Socialization Institutions and Youth Policy Subjects of Modern Russia
25 by Nadezhda G. Osipova, Sergey O. Elishev, Gennadi B. Pronchev, and Danila N. Monakhov … 545 Transformation of Traditional Competitive Advantages of Companies Within
Ensuring the Economic Security
26 by Tatyana A. Polovova, Irina P. Gladilina, Yuri V. Gusev, Marina Yu. Pogudaeva, and Vladimir V. Kolesnik … 559 Modern Russian and Foreign Approaches to Strategic Planning of the Regional Socio-Economic Development
27 by Vladimir Grigorievich Prudskiy, Grigoriy Alekseevich Demin, Andrei Mihailovich Oshchepkov, and Aleksandr Aleksandrovich Gershanok … 570 Improvement of Assessment Mechanism of Agricultural Enterprises Creditworthiness in Conditions of National Specificity
28 by Natalia Glebovna Sapozhnikova, Yelena Alekseyevna Batishcheva, Tatyana Nikolayevna Steklova, Irina Anatolyevna Demchenko, and Anastasia Yuryevna Kalnaya … 586 Customer Decision: An Empirical Study on Sourcing Credit from Banks
29 by Noor Sembiring … 591 Impact of External Labor Migration on Labor Market Development
30 by Maryia Igorevna Seredina, Galina Viktorovna Tretjakova, Tatyana Viktorovna Oberemko, Veronika Olegovna Kozhina, and Kostyantyn Anatol'evich Lebedev … 596
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36 Current Trends Influencing the Competitiveness of International Tourism by Svetlana V. Veretekhina, Alla V. Medvedeva, Mikhail V. Vinichenko, Tatiana S.
Spring 2017 Volume VIII, Issue 2(24)
Hotel Chains in Russia by Natalia A. Zaitseva, Anna A. Larionova, Olga V. Skrobotova, Raisa M. Ivanova, and Oksana I. Radina … 689
38 The Role of the Prosecutor in the System of Criminal Prosecution in Russia by Magomedgadzhi Yu Yusupov, Bagavdin M. Magomedov, Bika B. DZhamalova, Guseyn
37 Analysis and Prospects of Developing Higher Education as a Key Factor of Economy Development (Comparative Analysis) by E. Yeralina … 670
Demchenko, Tatyana V. KaryaginA, and Sergey A. Makushkin … 658
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35 Crisis Management of Regional Development: Cluster Initiatives in Russia and their Efficiency by Sergey L. Vasenev, Natalya M. Ovanesyan, Marina V. Rossinskaya, Svetlana V.
34 Efficient Model of Economic Growth in the Conditions of Post-Crisis Development of the Society in the Republic of Kazakhstan by Assel T. Uskelenova, Kairatbek K. Shadiyev, and Aidar A. Tatygulov … 635
B. Magomedov, and Rasul M. Akutae v … 679
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DOI: https://doi.org/10.14505/jarle.v8.2(24).29
Customer Decision: An Empirical Study on Sourcing Credit from Banks
Noor SEMBIRING Universitas Tama Jagakarsa
noorutj@gmail.com Suggested Citation:
Sembiring, Noor 2017. Customer decision: An empirical study on sourcing credit from banks. Journal of Advanced Research in Law and Economics, Volume VIII, Spring, 2(24): 591 – 595. DOI: 10.14505/jarle.v8.2(24).29 . Available from: http://journals.aserspublishing.eu/jarle/index
Article’s History: Received December, 2016; Revised February, 2016; Published March, 2017. © ® Copyright 2017, by ASERS Publishing. All rights reserved. Abstract:
Many companies require external financial resources (including from the banking sector) to meet their operational needs or
for their business development. Such financing in most cases comes in form of bank loans. As a commercial service sector,
banking also carries out promotions to attract customers. This study seeks to establish the influence of product / service
promotion both partially and or simultaneously in increasing customer demand for credit and other banking services in the
Jakarta region of Indonesia. The study is conducted on 351customers and players in the banking sector in Jakarta region
using methods of sampling and analysis of data and testing with the t-test and f-test. From the findings, there is a significant
influence of product promotion on customer response.Keywords: credit; SME; promotion; service; decision. JEL Classification: D81; L21; G21.
Introduction
The more advanced a country becomes, the more directly or indirectly the needs of its population increases. This is so because the population responds to the development situation going on in their country. This is also the case with business and commerce, where a range of conditions is experienced by many companies at different levels. In cases where financing is not sufficient, loans come in as convenient sources of business funding. A lot of companies require external sources of funding from outside companies to meet their operational needs. Funds coming from outside the company can be obtained by taking a loan or loans from a third party. In meeting its financial needs, a company, can source out loans from banks in the form of credit investments or working capital credit. While for individuals, because of their various financial needs, they can also take credit from financial institutions. One of the functions of financial institutions is to give credit facilities to the public.
The needs of the public to find personal financial safety makes them eager to take loans from banks with the hope of accessing required funding with low interest rates, and satisfactory financial services, however loan interest rates basically are the domain of government in its effort to stabilize the country’s economy, so banks have no authority on policy related to loan interest rates. In response to the demands of the public, financial institutions like banks compete for customers. Competition is done by giving a satisfactory service to customers and giving clear information to the public through promotional activities the banks may provide. The competition among banks is certainly to the advantage of their customers because borrowers can choose various banking services offered as banks compete. The banking services determine whether a particular banking institution is able to compete in the global market or not. Simple requirements that must be fulfilled by the banking institution are among others their ability to provide services in accordance with the needs and desires of the society and the respective government regulation. To cope with competition, banks execute speedy and exact responses to current customer needs. The services provided create gratification to customers. Another benefit to customers is
591 Journal of Advanced Research in Law and Economics
an increase in the harmonious relations between banks and customers that creates a good foundation for repeated purchase of bank products, hence encouraging and creating customer loyalty and leading to a mouth- to-mouth situation which is of benefit to banks as their customers regularly use bank products (Fandy Tjiptono 2005, 24).
Product promotions are one of most important activities that banks carry out. They are done by introducing and informing customers on the benefit of products to encourage consumers to purchase the products which are being promoted. To carry out a product promotion, each financial institution determines the right promotion instrument that can be used to achieve success in selling. An enterprise in distributing their product needs to design and distribute information about the product’s presence/ availability, its characteristics, the condition of the product and the usefulness which may be obtained by customers / prospective customers over other products offered by the company and its competitors. Efforts to introduce a product on the market are referred to as a promotion strategy. The concept used to introduce and promote a product is referred to as a
promotion mix, combining activities, products and persuading consumers to buy (Swastha 2005, 349).
Considering that the national credit decreased below the set target in 2014, this instability had an impact on growth in the banking sector in Indonesia, which similarly affected the number and amount of loans disbursed. Hence it required proper marketing strategies to find new market opportunities and provide maximum customer service to safeguard and keep existing customers. If customers are satisfied, they are likely to be loyal and it is also possible that they may influence others in taking credit provided by the banking sector.
This study seeks to establish the influence of product / service promotion both partially and or simultaneously to increase customer demand for credit and other banking services among in the Jakarta region of Indonesia.
A number of variables affect customer decision in taking credit for SMEs from banks; some of them are influenced by the service and promotion. Therefore the study will focus on the service and promotion variables, and their influence on customers’ decision in taking credit for SMEs from the banking sector in Jakarta Region.
1. Literature review Promotion Theory
Essentially product promotion is a form of marketing communication and intended to encourage demand. While marketing communication may be referred to as an activity of spreading influencing information to a target market about a company and in their products so that customers accept, buy, and become loyal to products or services offered by companies concerned (Swasta and Irawan 2005). While Husein (2002) notes that promotion is communicating information between the seller and buyer or other parties so that a product is known and finally purchased. Promotion aims at affecting the public to participate in buying. Promotion also seeks to motivate communities to purchase products or services of a company, as well as a means of building relationships with customers (Nickels 2008). Meanwhile according to the Swasta and Irawan (2005), the main objective of promotion is to modify consumer behavior through information, influence and persuasion, and reminding target consumers about a company’s products or services on sale. Based on the above statements it can be noted that promotion involves communication to give people more information about a product offered so consumers can be interested in purchasing products or services offered.
Promotional Mix
Hotchpotch promotion is a combination of the best strategy of variables involving advertising, selling, and other promotional activities planned to accomplish a purpose of a sales program (Irawan, 2005). Lupiyoadi (2006), asserts that promotion does not only function as an organ of communication between providers and consumers, but also as apparatus for effecting consumers purchase in the decision-making process. Hotchpotch promotion components can be further elaborated with examples like: advertising on magazine covers, personal sales, sales promotions, publicity and public relations, information by word of mouth and direct marketing (Lupiyoadi 2000).
Service
One person to another defines a service as presentation of an act in a specific way to meet the needs and or desires and hopes of the one being served (Sugiarto 2002). Cashmere (2005), states that a service is defined as an act by a person or organization (a collection of people) that give satisfaction to customers. Philip Kotler in (Husein Umar 2003) notes that services are any actions that can be offered by a party to another, that are essentially intangible and not necessarily comprising of something physical.
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1. Methodology
This study used both primary and secondary data; primary data was sourced from responses in interviews with mainly employees in the banking sector in Jakarta, Indonesia, while the secondary data was sourced from various literature on banking and from the Jakarta Region Bank Customers Association at Jl. Cikini Raya in Jakarta Indonesia. The sampling method was by use of the Random Sampling Method, by way of selecting the number of elements in the population to be members of a sample (Supranto 2007). The selection was in such a way that each element got the same opportunity to be chosen to be a member of the sample in the process of the determination of the total sample as represented in the formula below
= /(1 + ( 2)) where: – sample; – population e – % concessions / inadvertence (limitation = 10%) The sample based on the formula is as follows:
!
) = 2.842/ 1 + 2.842 (0,05 = 2.842/ 8,105 = 350,6 ≈ 351 sample Based on the calculation on (5%), the total of error followed by 351 men took credit for the banking customer in Jakarta.
2. Results and discussion
Data processing was done using the double regression analysis. Considering the large side variables that affect the decision of customers in the credit for SMEs in Banking, and was used only in the double regression of variable promotion ( and ), the service variable as free and the customers decision ( ) as a bound variable.
! !
Using the data obtained based on relations and variable: = 13.317 + 0.418 + 0.880
! ! with determination coefficient 0.583 or 58 %.
Referring to the regression equation as produced by the coefficients determined at 0.583, it means that the contribution of the promotion variable ( and (services of the decision of customers ( ) in taking credit
! !
from banking is significant, while the rest are explained or influenced by other factors outside the model of this study. If with reference to the regression equation produced, it can be interpreted that if the promotion and services variable is 0, hence the decision of customers is valued at 13.317. In other words, if the promotion and services are less, the decision of customers to take credit for SMEs from banks in Jakarta region is still 13.3 % maybe this figure is influenced by factors other than the promotion and excellent service.
The regression coefficient of the promotion variable is 0.418 which means that if the promotion is ( ). If 1
!
unit increase of the services variable is disregarded the decision of customers will increase by 0.418 which is positive. In other words if there is a promotion by 1 unit, customers’ decision to take credit for SMEs in Jakarta baking is 13.735. This means that means that there is a relationship between promotion and customers’ decision to take credit from banking. The regression coefficient variable ( ) is 0.880 meaning that if a 1 unit increase in
!
the promotion variable is disregarded, customers’ decision will increase by 0.880 which is positive. In other words, if there is a significant 1 unit increases in services, the decision of customers who would take credit for SMEs in Jakarta is 14.197. This means that there is a relationship between promotion and customers’ decision to take credit from banking.
To see the studied side variables meet the normality assumption, refer to the observed relations between the cum prob and expected cum prob, from data of the dependent variable of customers decision in a Graph 1 below:
593 Journal of Advanced Research in Law and Economics
Graph 1. Dependent Variable, Customers decision.
The heteroscedasticity dependence of clients’ decisions variable can be viewed in graph 2 below. Heteroscedasticity happens when there is no similarity in standard deviations of the dependent variable on any independent variable.
Graph 2 . Heteroscedasticity Dependent Test of the Customer Decission Variable
From these graphs, it can be seen that data points are spread out at random and do not form a defined pattern, and are scattered either above or below 0 on the y-axis, so it can be said that heteroscedasticity does not happen in this case. Based on the test it turns out that there is influence on the independent variable (promotion and services) and partial evaluation against the dependent variable ( ). This can be seen from the t- count value that is greater than the t-table value of (7.816 > 1.984). The inferred Ho was rejected and Ha accepted or influential partial service and evaluation of customers’ decision. While the t-test side variables against promotion of dependent variable ( ) also it has a t-count value that is greater than the value of the t-table (3.380 > 1.984 then it is inferred that Ho was rejected and Ha accepted or promotion is influential to partial evaluation of customers’ decision.
Based on the test, f-variable is the promotion of service and having influence simultaneously on customers’ decision variable. The f-count value greater than f-table value (67.815 > 2.70 ). It can be inferred that Ho is rejected and Ha accepted, or expressed promotion and services paradoxically and simultaneous impacts on customer decision.
Conclusion
From the tests the study obtained, product promotion is partially influential to customer decision basing on the value of the t-count that was greater than the t-table (3.380 > 1.984) respectively. The test also showed that the service variable also has partial influence on customer decision based on the t-count value, which is greater than the t-table value (7.816 >1.984) respectively. Furthermore, tests indicated that product promotion and services simultaneously and paradoxically influence customer decision. While it can also be concluded that product/service promotion contribute to customers’ decision to take credit from the banking sector in Jakarta by up to 58.3%, the other remaining percentage is influenced by other factors outside the scope of this study.
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‘ Volume VIII, Issue 2(24), Spring 2017
‘ S ASER www.aserspublishing.eu and www.asers.eu
Web: URL: http://journals.aserspublishing.eu
E-mail: jarle@aserspublishing.eu
ISSN 2068-696X Journal DOI https://doi.org/10.14505/jarle Journal’s Issue DOI https://doi.org/10.14505/jarle.v8.2(24).00 697