An Indian customer surrounding 7P׳s of service marketing

Abstract

The primary aim of the study is to examine the effects of services marketing mix elements on Indian customer for making the appropriate marketing mix strategy in banking services context. The study is based on a sample of 351 customers of bank users in India who filled an online questionnaire. The paper uses confirmatory factor analysis and structural equation modeling (SEM) to analyse and confirm the conceptual model proposed in the research. The paper finds that physical evidence, process, place, and people have a positive and significant effect on customer. The study suggested an appropriate services marketing mix strategy for Indian customer perspective in the context of banking services. The paper would help the bankers to create marketing strategies and action plans to retain their existing customers and to attract new customers. The paper is first of its kind to discuss the effects of ‘7Ps’ of services marketing mix collectively on Indian customer. The results of the analysis indicated that managing the marketing mix dimensions of product, price and promotion is of less importance except place than managing interactive marketing dimensions such as people, physical evidence, and process.