IMPACT OF MARKETING STRATEGIES ON CUSTOMER SATISFACTION FOR PUBLIC AND PRIVATE SECTOR BANKS

Abstract

Amidst the rapidly evolving banking sector characterized by deregulation, technological innovation, and heightened competition, this research aims to explore the direct correlation between the marketing strategies of banks and the resulting customer satisfaction.Employing a quantitative research methodology, the study analyzes data from 488 respondents, collected through a structured questionnaire and analyzed using Structural Equation Modeling (SEM) via AMOS software. The sample encompasses a balanced mix of participants from both public and private sector banks, obtained through non-probability quota sampling.The findings reveal a significant positive relationship between marketing strategies and customer satisfaction in both sectors, with a marginally higher impact observed in private sector banks. This suggests that while public sector banks are effectively utilizing marketing strategies, there is scope for enhancement, particularly in innovation and personalization aspects. The study concludes that refining marketing strategies is crucial for both public and private sector banks to elevate customer satisfaction. It highlights the need for public sector banks to focus on customer engagement and employee training, while private sector banks should maintain their competitive edge through continuous innovation and personalization. This research offers valuable insights for strategic decision-making in the banking sector, emphasizing the importance of well-designed marketing strategies in achieving customer satisfaction and sustainable competitive advantage.

Keywords: Marketing Strategies, Customer Advocacy, Public Sector Banks, Private Sector Banks and convenience.