Yoo, Donthu and Lee (2000:208) conducted a study in the product market
industry to determine what effect various selected marketing mix elements
might have on brand equity. The findings indicated that to enhance the strength
of a brand, organisations should invest in advertising, distribute through retail
stores with a good image, increase distribution intensity and reduce price promotions.
This research document attempted to follow a similar approach by
exploring the relationship between selected marketing mix elements and the
customer experience in a financial services environment. The study was based
on Berry’s (1999:200) Service Branding model. This model indicates that the
customer’s experience of a service influences brand meaning, and that brand
meaning influences brand equity. The marketing mix elements tested were
functional design (physical evidence), employee’s appearance and responsiveness
(people and process) and transaction fee charges (price).