Banking service in Bangladesh: The impact of service marketing mix on purchase intention of university students

Abstract

AbstractBanking plays a vital role in the financial life of an industry, and the significance of banks can be realized from the fact that they are measured as to be the life‐blood of the modern economy. The Banking industry is considered as the mirror of any country. Banks are especially crucial for developing economies like Bangladesh, which has 57 listed banks. Due to increased competition, banks are trying to grab a new and growing market segment like the students' segment. So, there is a gap to explore student's purchase intention toward banking service as the intention is one of the critical predictors of behavior. Banks utilize service marketing strategies, a key concept of service marketing, to retain existing customers, and attract new ones. Therefore, this paper addressed the impact of a service marketing mix on the purchase intention of banking service among university students in Dhaka city, the capital of Bangladesh. The results should enable marketers to detect the most critical and significant drivers affecting the purchase intention of university students. All the elements of the service marketing mix except place, promotion, and physical evidence were significantly related to purchasing intention. It has implications for bank service marketers regarding the practical design of mix strategy of service marketing for student segments.