Academic journal article Journal of Marketing and Management

The Application of Marketing Concept within Financial and Banking Industry of Countries in Transition. the Internal and External Factors.The Case of Albania

Academic journal article Journal of Marketing and Management

The Application of Marketing Concept within Financial and Banking Industry of Countries in Transition. the Internal and External Factors.The Case of Albania

Article excerpt

Introduction

The process of change toward market economy and democracy, generally known under the term transition, includes radical changes in the context of ownership pluralism, market pluralism and pluralism of political system. Although these processes are highly interdependent and as such need to be observed as a whole, we contend that the focus of this paper should be the market transition. In fact, market transition serves as a basis for the full application of marketing (as an instrument for reconciling production and consumption), i.e. a basis for satisfaction of social and individual needs of business entities and end users of goods and services.

With the development of theory and practice of marketing it becomes apparent that meeting the long-term goals of the above mentioned parties can be achieved with the application of the marketing concept. This concept became popular during the fifties of last century, when it started to be used by the business entities of the most economically development countries of the world.

Increasing earnings and generally increasing the value of equity by means of offering value and meeting expectations of users of goods and services tends to be an objective of any society. For this reason, the application of marketing concept is justified in transitional economies as well.

Intrigued by almost defeating results of the mentioned researchers, this works investigates the significant aspects of marketing concept application in Albania. Special emphasis put on factors of its adoption, have been little researched, in general, particularly under the transitional conditions.

This research, which includes the explanation of methodology and the conclusion, comprises two significant sections. In the first section, significance of marketing concept application in Albanian economy is reviewed briefly from the theoretical point of view. The second section tends to be wider and more significant. It examines the peculation of adoption and application of marketing concept in Albanian economy in transition on the basis of analysis of empirical research.

Research methodology

This paper investigates marketing concept application in the most profitable of Albanian Financial and banking businesses. The goal of each economic activity is creating value for the end users. In this context, profit is a measure of value which firm has created for the customer and indicator of how well the enterprise has understood customer needs and translated the understanding into products and services that deliver superior value. From the above stated, the conclusion can be made that the most profitable Financial and banking businesses adopt marketing concept to the largest extent. For this reason the above mentioned Financial and banking businesses are considered relevant for the assessment of internal and external factors in adopting marketing concept.

The total population is defined according to the profitability criteria, whereby the stratified Sample of 100 Financial and banking businesses was applied. These Financial and banking businesses have achieved the highest level of profit (earnings after tax) in Albania in 2005- 2010 years.

The research is aimed at gathering primary data by the questionnaire sent via mail. The questionnaire includes questions about two essential areas of research:

v The degree of acceptance of the marketing concept, determined on the basis of 25 structured questions;

v Factors of adoption of marketing concept in transitional economies researched through: 20 structured questions about impact of internal and external factors. Furthermore, 1 non-structured question was asked with reference to the peculiarities of market-oriented business and adoption of marketing concept of designated Financial and banking businesses operating within the transitional economy.

Analysis of the research result was performed on the basis of 60 returned questionnaires (the rate of response is 60%). …

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