EFFECT OF THE SERVICE MARKETING MIX (7PS) ON CUSTOMERS PERCEPTIONS TOWARDS SELECTED PUBLIC SECTOR AND PRIVATE SECTOR BANKS IN CHENNAI CITY

Abstract

The function of bank marketing tactics is to act more as a "enabler" than as a supplier of goods and services. The study's goal is to compare the marketing strategies (7Ps) used by public and private sector banks by identifying the factors that influence each bank's marketing strategy, including people, process, physical evidence, price, place, and promotion. The goal of the study is to determine which elements of each of the seven service marketing strategies (or "Ps") affect consumers' perceptions and levels of satisfaction with public and private sector banks. The survey, which comprised a sample of 281 respondents  provided the information for the study through telephone interviews and in-person interviews. comparative study of the service marketing tactics (7Ps) used by 3 private sector banks and 3 public sector banks in India using interviews and an online questionnaire. The study investigated and validated 45  factors related to the Service Marketing Mix (7Ps) Model and discovered that 45 variables affect the marketing strategies, customer satisfaction levels, and consumer perceptions of the banks. The study attempts to address the perception gaps and opportunities for development identified in the current study by putting forth an effective marketing strategies.

Keywords: Banking, Financial Services, 7Ps of Marketing, Customer Satisfaction