The optimization of system financial management of enterprise based on the analysis of investments in its marketing activities
Analyzed approaches to the financial management of the business and its interdependence with investment analysis and marketing activities of enterprises in modern conditions of development. Investigated basic indicators of efficiency of investments.
| Рубрика | Финансы, деньги и налоги |
| Вид | статья |
| Язык | английский |
| Дата добавления | 24.11.2020 |
| Размер файла | 284,0 K |
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The optimization of system financial management of enterprise based on the analysis of investments in its marketing activities
Levytskyi Viktor, PhD in Economics, Associate Professor, Department of finances and credit
The article describes the main issues of formation and optimization of the system of financial management of enterprise based on the analysis of investments in its marketing activities. Analyzed theoretical approaches to the financial management of the business and its interdependence with investment analysis and marketing activities of enterprises. Investigated basic indicators of efficiency of investments into marketing activities of the company.
Developed scheme of optimization of system of financial management based on the analysis of investments in its marketing activities, consisting of three levels of indicators, namely: financial management, analysis of investments in marketing activities and other indicators. Revealed advantages and disadvantages of this optimization scheme.
Key words: management, finance, marketing, enterprise, financial management, investment analysis, marketing activities.
Оптимизация системы финансового менеджмента предприятия на основе анализа инвестиций в его маркетинговую деятельность
Левицкий Виктор, кандидат экономических наук, доцент, кафедра финансов и кредита, Восточноевропейский национальный университет имени Леси Украинки
В статье рассмотрены основные вопросы формирования и оптимизации системы финансового менеджмента предприятия на основе анализа инвестиций в его маркетинговую деятельность. Проанализированы теоретические подходы к финансовому менеджменту предприятия и его взаимозависимости от составляющих анализа инвестиций и маркетинговой деятельности. Исследованы основные показатели анализа эффективности инвестиций в маркетинговую деятельность предприятия. Разработана схема оптимизации системы финансового менеджмента предприятия на основе анализа инвестиций в его маркетинговую деятельность, состоящую из трех уровней-показателей, а именно: финансового менеджмента, анализа инвестиций в маркетинговую деятельность и других показателей. Выявлены преимущества и недостатки данной схемы оптимизации.
Ключевые слова: управление, финансы, маркетинг, предприятие, финансовый менеджмент, анализ инвестиций, маркетинговая деятельность.
Оптимізація системи фінансового менеджменту підприємства на засадах аналізу інвестицій у його маркетингову діяльність
Левицький Віктор, кандидат економічних наук, доцент, кафедра фінансів та кредиту, Східноєвропейський національний університет імені Лесі Українки
У статті розглянуто основні питання формування та оптимізації системи фінансового менеджменту підприємства на засадах аналізу інвестицій у його маркетингову діяльність. Проаналізовано теоретичні підходи до фінансового менеджменту підприємства та його взаємозалежності від складових аналізу інвестицій і маркетингової діяльності. Досліджено головні показники ефективності аналізу інвєстицій у маркетингову діяльність підприємства серед яких виділено індекс задоволеності фінансового менеджменту, що характеризується сукупністю показників у вигляді оптимізованої системи їх взаємодії й включатиме у себе комплексні, якісні та кількісні оцінки його задоволеності і ґрунтується на регулярному стратегічному й порівняльному аналізі даних інвестицій у маркетингову діяльність підприємства.
Крім того, проведено оптимізацію системи фінансового менеджменту підприємства на засадах аналізу інвестицій у його маркетингову діяльність у вигляді схеми, що складається із трьох рівнів взаємодії. Перший рівень оптимізованої системи охоплює вимірювання рентабельності маркетингових інвестицій, як головного елементу досягнення мети діяльності підприємства, через максимізацію його прибутку із одночасним дотриманням фінансової стійкості підприємства. Показники другого рівня є елементами рівняння аналізу інвестицій у маркетингову діяльність та ґрунтуються на трьох показниках другого рівня: максимізації кількості клієнтів, максимізації вартості підприємства та рівні маркетингових витрат. Третій рівень охоплює - інші показники, що показують ефективність заходів перед здійсненням продажу і допомагають реалізувати комплексну систему фінансового менеджменту та надають цінну інформацію, що необхідна для модифікації стратегії й сигналізує, що у даній маркетинговій програмі є вирішальним для успіху фінансового менеджменту підприємства та допоможе краще орієнтуватися на ринку інвестиційних пропозицій, приймати більш зважені адміністративно-управлінські рішення і є головним критерієм при оцінці порівнювань очікувань від інвестицій з реальними ризиками діяльності підприємства.
Ключові слова: управління, фінанси, маркетинг, підприємство, фінансовий менеджмент, аналіз інвестицій, маркетингова діяльність.
Formulation of the problem. Effective activity of any enterprise depends on the quality of management of its finances. A complex of measures financial management necessitates the development and improvement of theoretical bases of financial management, the purpose of which is management of financial assets, including analysis of the main directions of activity and prospects of development.
In a globalized economy, the economic entities have independently and quickly solve the problems of financial support and analysis of investment, production and economic and marketing activities, therefore, financial management plays a significant role in the management of their activities.
The analysis of researches and publications. The research of problems of formation and implementation of efficient financial management on the basis of the analysis of investments in marketing activities of the company were engaged in many domestic and foreign economists, among them worth mentioning such as: Blank I., Baziluk Ye., Duka A., Denisenko M., Kuzmin O., Lipich L., Fedulova L., Shtal T., Shchukin M. and other [1-4].
It is worth noting that despite the significant scientific advance in this direction of research, re quires a detailed study the process of optimization system financial management, including analysis of investments in its marketing activities.
That is why, in modern conditions of managing these issues remain relevant and unresolved, and requires of the further scientific research as a combination of factors influencing financial management from the point of view of the analysis of investments in marketing activities of the company.
The purpose of the work. The purpose of this paper is to optimize the system of financial management based on the analysis of investments in the marketing activity of the enterprise in modern conditions of development.
Presentation of the main research material. In the process of using major theories and practices of financial management have identified a significant number of problems that require complex analysis. In the early development of financial management considerable attention was paid mainly the financial issue of the creation of new firms and companies, and further - management of financial investments and the problems of bankruptcy, but at the moment it includes a range of all areas of financial management.
On opinion Podderegin A.M. [10], the main component of the system of financial management is the efficient use of the financial mechanism of the complex financial management which designed for the organization of the components interaction of financial relations and funds to optimize their impact on the final results of the company that in the modern seedbed ensure the achievement of its strategic and tactical goals. Scientist identified to the main tasks of financial management such as [10]:
• identifying financial sources for the development of production;
• the definition of effective ways of investing financial resources;
• rationalization of operations with securities;
• establishing optimal relations with financial-credit system and its entities.
Thus, in our opinion, the financial management system is a set of managerial decisions and much depends on the skill of financiers, their ability to find and economically justify alternative scenarios and choose the most efficient financial methods and the optimal scheme of financial transactions on the basis of the main elements of the analysis of investments in marketing activities.
The current direction of the study will be implemented in the optimization of system financial management through analysis of investments in marketing activities of the company, as their scientific realization will allow to define prospects of development of the enterprise and its growth reserves, which clearly links financial management, investment analysis and marketing.
Note that the investment activity is one of the necessary conditions for sustainable economic growth and effective functioning, competitiveness and development of most businesses. Her realize in the form of development investment programs and individual investment projects [1 -2].
The mechanism of acceptance of administrative decisions in the investment area has the following objectives: first, the formation of sufficient financial resources to ensure normal production activities at the lowest price; and secondly, in the selection and implementation of investments based on rigorous economic analysis and management [7].
Real investments are financed at the expense of the company, the budget, foreign investors, private funds and bank loans. Currently, most enterprises do not have their own sources of financing of capital investments. In these conditions the increasing importance of scientifically based calculations to assess the economic efficiency of investment projects and their selection from a range of pre-developed alternative options for financing and implementation.
Effective means to base the implementation of alternative projects is the analysis of investments in marketing activities of the company, which is used for the development and adoption of effective managerial decisions and plays a key role in the system of management, organization, planning of financial management of the enterprise.
Note that one of the main directions of investments is the marketing activities of the company, as in contemporary society, attention should be given to not only the individual functions of the enterprise, but forming an integrated system of financial management based on the analysis of investments in its marketing activities. In addition, with the help of marketing can be implemented, the main goal, the most important stakeholder groups of a company (owners, shareholders, staff) [7-8].
A significant impact of marketing activities on financial management of the enterprise is reflected by the level of marketing costs relative to total costs incurred by enterprises. Reduction of marketing budgets of companies today is an objective reality, but unfortunately, not all businesses understand that if they do not maintain a constant dialogue with the consumer, it will inevitably lead to loss of credibility and a substantial reduction of financial resources.
On our opinion, during the crisis, companies will have to look for less costly ways of interacting with the target audience, but given the prospects for development, is to generate an optimal system of financial management based on the analysis of investments in marketing activities of the company.
One element of this system is the analysis of investments in marketing activities of the company. The science of investment analysis is closely connected with the science of the management of market and marketing processes, which means that investment professionals need a certain set of knowledge and skills in the analysis of investments in marketing activities of the company. Analysis of investments in marketing activities of enterprises are closely connected with the study of economic theories, financial practices, management, sociology, political science, philosophy, and the need primarily for the training of specialists for integrated management.
Analysis of investments in marketing activities of enterprises is considered in two aspects. The first aspect is associated with traditional marketing activities, consumer research, market segmentation, selection of target segment, developing product policy, methods of sales promotion. The second aspect related to the analysis of investments and their market, members of which are corporations, credit institutions, insurance organizations, extra-budgetary funds. The interaction of these parties is based on the negotiation of investment opportunities and needs in the investment research. The investment market will include: financial market, money market, stock market, the market of intangible assets [11].
The concept of the analysis of investments in marketing activities considers investment as the basis of economic activity of enterprises and investment projects are considered here as a means to achieve the goal.
The purpose of the analysis of investment in marketing activities is to provide complex research, innovation and market-practical knowledge in the field of investment and, consequently, to contribute to the revitalization of the investment process, the rise of competitive potential of the enterprise and finding an optimal interaction with financial management.
The main tasks of analysis of investment in marketing activities can act to maximize profits, amount of investment, growth of market share. The main tasks and methods of its study lies in the disclosure of the following matters, namely [9]:
• procedures evidence-based decision-making in the system analysis of investments in marketing activities of the company;
• study of investment risks, their assessment, directions to prevent or reduce;
• financial management of capital investments and methods to select the most profitable and reliable;
• formation of the optimal portfolio investment in a particular marketing activities;
• methodology of economic substantiation of financial management of investments in marketing activities of the company;
• planning and forecasting the optimal relationship and the effectiveness of the interaction of financial management, investment analysis and marketing activities of the company.
In our opinion, one of the main indicators of the analysis of efficiency of investments into marketing activities of the company is the satisfaction index of financial management which may be characterized by a set of indicators in the form of an optimized system of their interaction. It will include a comprehensive qualitative and quantitative assessment of satisfaction with the financial management of the enterprise and is based on regular strategic and comparative analysis of data for the analysis of investments in marketing activities of the company.
This optimized system was supplements of the quantitative calculations of the state statistics service and other government agencies with qualitative parameters of investment segment of the market and the indicators of the enterprise or group of enterprises. In addition, the system helps identify new trends (trends) development and potential growth points of investment analysis based on their correct comparison and ranking by a special technique.
Optimization of the system of financial management of enterprise based on the analysis of investments in its marketing activities helps to better focus on the market of investment proposals, to make more informed administrative decisions, is a decisive criterion when assessing the comparison of expectations with actual risk.
The first level of the optimized system is covers the measurement of the efficiency of marketing investments, which is to maximize profit while maintaining the financial sustainability of the enterprise. Many indicators of marketing are regularly used in the activities of enterprises, such as conversion rate and increased costs selling, they are based on three indicators for the second level of this hierarchy, namely on the values of the client, including the clients and marketing expenses. The figures from the second level of the hierarchy are elements of the equation return on investment. The third level covers indicators relating to financial management of the enterprise as a whole that are below it in the hierarchy, but those that provide valuable information and as to the contrary, required for the modification of the strategy, which indicates that in this marketing program is crucial for success.
On fig. 1 we presented basic elements of optimization of system of financial management based on the analysis of investments in its marketing activities.
The results of research that was conducted by «Accenture» [6], among the indicators to measure the effectiveness of marketing activities in practice, the most popular are the four indicators of marketing efficiency:
• rates of reaction (79 %);
• generate revenues (78 %);
• customer retention (69 %);
• profit generation (66 %).
All the indicators mentioned above are important and necessary to determine the profitability of marketing investment, extends the capabilities of employees engaged in marketing activities for planning and management decisions of the financial management.
It is worth noting that our proposed optimized system of financial management of enterprise based on the analysis of investments in its marketing activities can have some drawbacks, namely:
Fig. 1. Optimization scheme of the system financial management of enterprices based on the analysis of investments in its marketing activities [5]*
*Source: modified and compiled by the author based on the analysis of [5]
• difficulties in determining the cumulative effect of marketing investments, which are due to the necessity of taking into account not only current but also future purchases and future expenses clients;
• systems and forms of remuneration in enterprises in most cases is an obstacle to evaluating the effectiveness of marketing activities in terms of the efficiency of marketing investment;
* the inability to predict the behavior of customers at a sufficiently rapid change of the market, which, in turn, requires employees of the marketing service quick operational decisions without conducting a deep analysis of changes in customer priorities;
• the process of calculating ROI analysis for marketing activities of the enterprise is complicated through by the use of two and more channels for communication with customers.
However, together with the shortcomings and problems, the use of an optimized system of financial management of enterprise based on the analysis of investments in its marketing activities has several advantages:
• without its use it is impossible to implement effective interconnection of financial management, investment and marketing activities to maximize profits;
• the use of this system allows to improve the methods of management in relations with consumers and clients through the financial management system of the enterprise and to the opposite effect;
• the evaluation process ROI analysis for marketing activities of the enterprise allows to make the right choice between marketing aimed at attracting new customers and marketing which focus on retention of existing clients;
• the use of this optimized system allows you to get the maximum return on investment through effective systems of financial management.
Therefore, the use of an optimized system of financial management of enterprise based on the analysis of investments in its marketing activities will allow for the comparison of marketing activities and programs and their choice, more than just make appropriate investment decisions in the sphere of marketing activities of enterprises to strengthen and improve the efficiency of financial management of enterprise taking into account modern features of the development.
financial management business investment
Джерела та література
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5. Ленсколд Дж. Рентабельность инвестиций в маркетинге. Методы повышения прибыльности маркетингових компаний. Санкт-Петербург: Питер, 2005. 272 с.
6. Мак-Дональд М. Стратегическое планирование маркетинга. Санкт-Петербург: Питер, 2000. 320 с.
7. Крикавський Є.В., Косар Н.С., Мних О.Б., Сорока О.А. Маркетингові дослідження: навч. посіб. Львів: НУ «Львівська політехніка», Інтелект-Захід, 2004. 288 с.
8. Ламбен Ж.-Ж. Стратегический маркетинг: Европейская перспектива. Санкт-Петербург: Наука, 1996. 589 с.
9. Пересада А.А., Коваленко Ю.М., Онікієнко С.В. Інвестиційний аналіз: підручник. К.: КНЕУ, 2003. 485 с.
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