Analysis of Marketing Mix and MSME Loan Distribution Strategies at Bank Tabungan Negara
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Published
31 January 2024
Keywords:
-
banking loans, digital transformation, financial technology, importance-performance analysis, MSMEs
Abstract
Bank Tabungan Negara (BTN), a state-owned company, is committed to the government to expand access to capital for all MSMEs. Bank BTN MSME, loan distribution performance, is still low and unable to meet the targets set by the government and regulators, so further studies need to be carried out through market research. This research aims to analyze the marketing mix on the decision to use BTN MSME loan products and formulate loan distribution strategies by improving the marketing mix in connection with the low performance of Bank BTN's MSME loan distribution. The sampling technique used convenience sampling involving 100 respondents, who were then analyzed using SEM-PLS and Importance Performance Analysis (IPA) matrix to determine priorities for improving the marketing mix. The results show a significant effect of the marketing mix variables product, price, place, promotion, people, and process on the decision to use a BTN MSME loan, while the physical evidence does not have a significant effect. There are five indicators of marketing mix variables that take in the high-priority quadrant of the IPA Matrix: price suitability, price affordability, processing time, convenience, and online channels. Based on research results, Bank BTN is advised to prioritize improvement strategies on these five variable indicators to increase BTN MSME loan distribution.
References
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Arthur, K. M., Asmara, A., & Simanjuntak, M. (2019). The effect of marketing mix on “KPR Xtra Bebas” decision making in Bank X Regional I. Journal of Consumer Sciences, 4(1), 1–12. https://doi.org/10.29244/jcs.4.1.1-12
Asamoah, E. S. (2021). The Effect of the Marketing Mix on Customer Purchase Decision in the Mobile Telecommunication Industry in Sub-Sahara Africa. The Journal of Applied Business and Economics, 23(7), 21-34. https://www.proquest.com/scholarly-journals/effect-marketing-mix-on-customer-purchase/docview/2617204916/se-2
Athar, H. S. (2020). The impact of marketing mix on the purchase decision when borrowing consumer loans. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), 40–49. https://doi.org/10.29313/amwaluna.v5i1.6615
Bakhadirov, M., Pashayev, Z., & Farooq, O. (2022). Effect of location on access to finance: international Evidence on the moderating role of employee training. Review of Behavioral Finance, 14(2), 260–276. https://doi.org/10.1108/RBF-07-2020-0166
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Choi, H. S., & Chen, C. (2019). The effects of discount pricing and bundling on the sales of game as a service: An empirical investigation. Journal of Electronic Commerce Research, 20(1), 21–34. https://core.ac.uk/download/pdf/345092241.pdf
Dewi, C. S., & Hidayat, W. G. P. A. (2023). The role of marketing mix on public interest of banking credit submission application. Jurnal Sistim Informasi dan Teknologi, 198-202. https://doi.org/10.37034/jsisfotek.v5i2.264
Fauziyah, D., P., & Utomo, S. H. (2022). Analisis suku bunga, jangka waktu kredit, dan kemudahan kredit terhadap keputusan kredit UMKM. Jurnal Manajemen, 14(2). https://doi.org/10.30872/jmmn.v14i2.10998
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hairiyah, S., & Ali, H. (2017). Customer decision analysis in taking multipurpose loan: promotions, location and credit procedures (a case of the Bank ‘PQR Jakarta’). Saudi Journal of Business and Management Studies, 2(3A), 149-156. https://doi.org/10.21276/sjbms.2017.2.3.6
Idrus, M., & Syam, M. (2022). Analisis pengaruh bauran pemasaran terhadap keputusan pengambilan kredit usaha bagi nasabah di sentra kredit kecil PT. BRI (PERSERO) Cabang Watampone. Jurnal Ilmiah Mandala Education, 8(1), 433-443. https://doi.org/10.36312/jime.v8i1.2625
Indonesian Government. (2008). Laws of The Republic Indonesia, Number 20 of 2008 concerning Micro, Small and Medium Enterprises, Supplement to the State Gazette of the Republic of Indonesia Number 4866. State Secretariat. Jakarta
Indonesian Government. (2021). Regulation Number 7 of 2021 Facilitation, Protection and Empowerment of Cooperatives and Micro, Small and Medium Enterprises, Supplement to the State Gazette of the Republic of Indonesia Number 6619. State Secretariat. Jakarta
Komari, A., Indrasari, L. D., Tripariyanto, A. Y., & Rahayuningsih, S. (2020). Analysis of SWOT Marketing Strategies and 7P Influence on Purchasing Decision. Journal of Physics: Conference Series, 1569(3). https://doi.org/10.1088/1742-6596/1569/3/032002
Kotler, P., & Armstrong, G. (2018). Principles of Marketing Global Edition (17th Edition). London (UK): Pearson Education.
Kotler, P., & Keller, K. L. (2016). Marketing Management. London (UK): Pearson Education.
Leo, Z. A., Arifin, S., Sumarwan, U., & Najib, M. (2020). The influence of marketing mix on brand image, motivation and student's decision to choose graduate studies of IPB University. Journal of Consumer Sciences, 5(2), 139-156. https://doi.org/10.29244/jcs.5.2.139-156
Ministry of Cooperatives and SMEs. (2019). Development of data on micro, small, medium enterprises (MSME) and large enterprises in 2018 - 2019. Retrieved from https://www.kemenkopukm.go.id/
Nahdira, S., & Rofiq, A. (2018). Web quality and its Impact on customer purchase decision (a case from Shopee’s customers in Indonesia). Jurnal Ilmiah Mahasiswa FEB, 7(1),1-20. Retrieved from https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/5348
Noor, S. (2017). Customer decision: An empirical study on sourcing credit from banks. Journal of Advanced Research in Law and Economics, 8(4), 1250–1254. https://doi.org/10.14505/jarle.v8.4(26).23
Othman, B., Weijun, H., Huang, Z., Rashid, W. N., Xi, J., & Yuan, F. (2021). The effect of service marketing mix elements and customer retention towards clothing store brands in China. Industria Textila, 72(4), 388–397. https://doi.org/10.35530/IT.072.04.1777
Parmana, P., Fahmi, I., & Nurrohmat, D. R. (2019). The influence of marketing mix factors in purchasing decision for wooden furniture case of Furnimart Bogor. Indonesian Journal of Business and Entrepreneurship, 5(1), 54-64. https://doi.org/10.17358/ijbe.5.1.54
Paurova, V., & Nadanyiova, M. (2020). Marketing mix as part of marketing strategy used in the service industries. Economic and Social Development: Book of Proceedings, 649–657. Varazdin Development and Entrepreneurship Agency (VADEA). Retrieved from https://www.proquest.com/conference-papers-proceedings/marketing-mix-as-part-strategy-used-service/docview/2422421025/se-2?accountid=32819
Rizal, M., Maulina, E., & Kostini, N. (2019). Fintech sebagai salah satu solusi pembiayaan bagi UMKM. AdBispreneur, 3(2), 89-100. https://doi.org/10.24198/adbispreneur.v3i2.17836
Rusmiyati., & Hartono, S. (2022). Influence the influence of product quality, brand image and promotion on financing decision with customer interest as mediating variable. Journal of Consumer Sciences, 7(1), 20–33. https://doi.org/10.29244/jcs.7.1.20-33
Savitri, P. D., Krisnatuti, D., & Hannan, S. (2020). The effect of innovation and marketing mix toward brand image and usage decision in online food delivery services industry. Asia Pacific Management and Business Application, 009(02), 99–110. https://doi.org/10.21776/ub.apmba.2020.009.02.2
Sharma, Y., Nasreen, R., & Mishra, V. (2017). Impact of consumer-centric marketing-mix on purchase behavior of non-core food items: an empirical study of urban subsistence Marketplace. Asian Journal of Managerial Science, 6(2), 28–41. https://doi.org/10.51983/ajms-2017.6.2.1253
Singh, N. K., Rathod, H. S., Alagawadi, M. V, Bailpattar, M., Daimari, A., Kumar, K., & Patil, S. (2023). Factors influencing customers’ purchase decision towards amul’s camel milk in india. In Karnataka Academy of Marketing Studies Journal, 27, 6.
Suandewi, P. R., & Maradona, A. F. (2023). The influence of online review, subjective norm, perceived ease of use and customer online experience on online buying intention in e-commerce in Indonesia with consumer attitude and trust as mediation. Jurnal Pemikiran dan Penelitian Administrasi Bisnis dan Kewirausahaan, 8(1), 45. https://doi.org/10.24198/adbispreneur.v8i1.42739
Suyanto, A. M. A., & Dewi, D. G. (2023). Marketing mix on purchase intention and its impact on the decision to purchase Somethinc products. International Journal of Professional Business Review, 8(10), e03779. https://doi.org/10.26668/businessreview/2023.v8i10.3779
Trilaksono, B. R., Riza, H., Jarin, A., Darmayanti, N. D. S., & Liawatimena, S. (Eds.). (2023). Prosiding Use Cases Artificial Intelligence Indonesia: Embracing Collaboration for Research and Industrial Innovation in Artificial Intelligence. Penerbit BRIN. https://doi.org/10.55981/brin.668.c533
Wirtz, J., & Lovelock, C. (2016). Services Marketing (8th ed.). World Scientific (US). https://doi.org/10.1142/y0001
Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2013). Service Marketing (Integrating Customer Focus Across the Firm) (6th ed.). New York (US): McGraw-Hill.
Abdullah, S. I. N. W., Teng, P. K., Heng, B. L. J., Subramaniam, K., Yuling, J., & Shoep, A. M. A. (2023). Effect of Marketing Mix Strategies on the Buying Behaviour of Organic Products: Comparison between Consumers in Malaysia and China. IOP Conference Series: Earth and Environmental Science, 1165(1). https://doi.org/10.1088/1755-1315/1165/1/012007
Abidin, Z., & Triono, L. D. (2020). Fresh frozen fish consumer behavior: Effect of the mix and trust marketing on buying interest, purchase decision and customer satisfaction in E-commerce, silly fish Indonesia. IOP Conference Series: Earth and Environmental Science, 493(1). https://doi.org/10.1088/1755-1315/493/1/012041
Arthur, K. M., Asmara, A., & Simanjuntak, M. (2019). The effect of marketing mix on “KPR Xtra Bebas” decision making in Bank X Regional I. Journal of Consumer Sciences, 4(1), 1–12. https://doi.org/10.29244/jcs.4.1.1-12
Asamoah, E. S. (2021). The Effect of the Marketing Mix on Customer Purchase Decision in the Mobile Telecommunication Industry in Sub-Sahara Africa. The Journal of Applied Business and Economics, 23(7), 21-34. https://www.proquest.com/scholarly-journals/effect-marketing-mix-on-customer-purchase/docview/2617204916/se-2
Athar, H. S. (2020). The impact of marketing mix on the purchase decision when borrowing consumer loans. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), 40–49. https://doi.org/10.29313/amwaluna.v5i1.6615
Bakhadirov, M., Pashayev, Z., & Farooq, O. (2022). Effect of location on access to finance: international Evidence on the moderating role of employee training. Review of Behavioral Finance, 14(2), 260–276. https://doi.org/10.1108/RBF-07-2020-0166
Bank Indonesia. (2022). Regulation Number 24/3/PBI/2022 about Amendment to Bank Indonesia Regulation Number 23/13/PBI/2021 Concerning Macroprudential Inclusive Financing Ratio for Bank Conventional General, Sharia Commercial Banks, and Sharia Business Units.
Budisantoso, Totok, & Nuritmo. (2014). Bank dan Lembaga Keuangan Lain (3rd ed.). Jakarta (ID): Salemba Empat
Duman, M. C., & Akdemir, B. (2021). A study to determine the effects of industry 4.0 technology components on organizational performance. Technological Forecasting and Social Change, 167, 120615. https://doi.org/https://doi.org/10.1016/j.techfore.2021.120615
Choi, H. S., & Chen, C. (2019). The effects of discount pricing and bundling on the sales of game as a service: An empirical investigation. Journal of Electronic Commerce Research, 20(1), 21–34. https://core.ac.uk/download/pdf/345092241.pdf
Dewi, C. S., & Hidayat, W. G. P. A. (2023). The role of marketing mix on public interest of banking credit submission application. Jurnal Sistim Informasi dan Teknologi, 198-202. https://doi.org/10.37034/jsisfotek.v5i2.264
Fauziyah, D., P., & Utomo, S. H. (2022). Analisis suku bunga, jangka waktu kredit, dan kemudahan kredit terhadap keputusan kredit UMKM. Jurnal Manajemen, 14(2). https://doi.org/10.30872/jmmn.v14i2.10998
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hairiyah, S., & Ali, H. (2017). Customer decision analysis in taking multipurpose loan: promotions, location and credit procedures (a case of the Bank ‘PQR Jakarta’). Saudi Journal of Business and Management Studies, 2(3A), 149-156. https://doi.org/10.21276/sjbms.2017.2.3.6
Idrus, M., & Syam, M. (2022). Analisis pengaruh bauran pemasaran terhadap keputusan pengambilan kredit usaha bagi nasabah di sentra kredit kecil PT. BRI (PERSERO) Cabang Watampone. Jurnal Ilmiah Mandala Education, 8(1), 433-443. https://doi.org/10.36312/jime.v8i1.2625
Indonesian Government. (2008). Laws of The Republic Indonesia, Number 20 of 2008 concerning Micro, Small and Medium Enterprises, Supplement to the State Gazette of the Republic of Indonesia Number 4866. State Secretariat. Jakarta
Indonesian Government. (2021). Regulation Number 7 of 2021 Facilitation, Protection and Empowerment of Cooperatives and Micro, Small and Medium Enterprises, Supplement to the State Gazette of the Republic of Indonesia Number 6619. State Secretariat. Jakarta
Komari, A., Indrasari, L. D., Tripariyanto, A. Y., & Rahayuningsih, S. (2020). Analysis of SWOT Marketing Strategies and 7P Influence on Purchasing Decision. Journal of Physics: Conference Series, 1569(3). https://doi.org/10.1088/1742-6596/1569/3/032002
Kotler, P., & Armstrong, G. (2018). Principles of Marketing Global Edition (17th Edition). London (UK): Pearson Education.
Kotler, P., & Keller, K. L. (2016). Marketing Management. London (UK): Pearson Education.
Leo, Z. A., Arifin, S., Sumarwan, U., & Najib, M. (2020). The influence of marketing mix on brand image, motivation and student's decision to choose graduate studies of IPB University. Journal of Consumer Sciences, 5(2), 139-156. https://doi.org/10.29244/jcs.5.2.139-156
Ministry of Cooperatives and SMEs. (2019). Development of data on micro, small, medium enterprises (MSME) and large enterprises in 2018 - 2019. Retrieved from https://www.kemenkopukm.go.id/
Nahdira, S., & Rofiq, A. (2018). Web quality and its Impact on customer purchase decision (a case from Shopee’s customers in Indonesia). Jurnal Ilmiah Mahasiswa FEB, 7(1),1-20. Retrieved from https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/5348
Noor, S. (2017). Customer decision: An empirical study on sourcing credit from banks. Journal of Advanced Research in Law and Economics, 8(4), 1250–1254. https://doi.org/10.14505/jarle.v8.4(26).23
Othman, B., Weijun, H., Huang, Z., Rashid, W. N., Xi, J., & Yuan, F. (2021). The effect of service marketing mix elements and customer retention towards clothing store brands in China. Industria Textila, 72(4), 388–397. https://doi.org/10.35530/IT.072.04.1777
Parmana, P., Fahmi, I., & Nurrohmat, D. R. (2019). The influence of marketing mix factors in purchasing decision for wooden furniture case of Furnimart Bogor. Indonesian Journal of Business and Entrepreneurship, 5(1), 54-64. https://doi.org/10.17358/ijbe.5.1.54
Paurova, V., & Nadanyiova, M. (2020). Marketing mix as part of marketing strategy used in the service industries. Economic and Social Development: Book of Proceedings, 649–657. Varazdin Development and Entrepreneurship Agency (VADEA). Retrieved from https://www.proquest.com/conference-papers-proceedings/marketing-mix-as-part-strategy-used-service/docview/2422421025/se-2?accountid=32819
Rizal, M., Maulina, E., & Kostini, N. (2019). Fintech sebagai salah satu solusi pembiayaan bagi UMKM. AdBispreneur, 3(2), 89-100. https://doi.org/10.24198/adbispreneur.v3i2.17836
Rusmiyati., & Hartono, S. (2022). Influence the influence of product quality, brand image and promotion on financing decision with customer interest as mediating variable. Journal of Consumer Sciences, 7(1), 20–33. https://doi.org/10.29244/jcs.7.1.20-33
Savitri, P. D., Krisnatuti, D., & Hannan, S. (2020). The effect of innovation and marketing mix toward brand image and usage decision in online food delivery services industry. Asia Pacific Management and Business Application, 009(02), 99–110. https://doi.org/10.21776/ub.apmba.2020.009.02.2
Sharma, Y., Nasreen, R., & Mishra, V. (2017). Impact of consumer-centric marketing-mix on purchase behavior of non-core food items: an empirical study of urban subsistence Marketplace. Asian Journal of Managerial Science, 6(2), 28–41. https://doi.org/10.51983/ajms-2017.6.2.1253
Singh, N. K., Rathod, H. S., Alagawadi, M. V, Bailpattar, M., Daimari, A., Kumar, K., & Patil, S. (2023). Factors influencing customers’ purchase decision towards amul’s camel milk in india. In Karnataka Academy of Marketing Studies Journal, 27, 6.
Suandewi, P. R., & Maradona, A. F. (2023). The influence of online review, subjective norm, perceived ease of use and customer online experience on online buying intention in e-commerce in Indonesia with consumer attitude and trust as mediation. Jurnal Pemikiran dan Penelitian Administrasi Bisnis dan Kewirausahaan, 8(1), 45. https://doi.org/10.24198/adbispreneur.v8i1.42739
Suyanto, A. M. A., & Dewi, D. G. (2023). Marketing mix on purchase intention and its impact on the decision to purchase Somethinc products. International Journal of Professional Business Review, 8(10), e03779. https://doi.org/10.26668/businessreview/2023.v8i10.3779
Trilaksono, B. R., Riza, H., Jarin, A., Darmayanti, N. D. S., & Liawatimena, S. (Eds.). (2023). Prosiding Use Cases Artificial Intelligence Indonesia: Embracing Collaboration for Research and Industrial Innovation in Artificial Intelligence. Penerbit BRIN. https://doi.org/10.55981/brin.668.c533
Wirtz, J., & Lovelock, C. (2016). Services Marketing (8th ed.). World Scientific (US). https://doi.org/10.1142/y0001
Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2013). Service Marketing (Integrating Customer Focus Across the Firm) (6th ed.). New York (US): McGraw-Hill.
Authors
Alfarizy R. S., Fahmi I., & Santoso M. H. (2024). Analysis of Marketing Mix and MSME Loan Distribution Strategies at Bank Tabungan Negara. Journal of Consumer Sciences, 9(1), 63-81. https://doi.org/10.29244/jcs.9.1.63-81
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