The relationship between selected marketing mix elements and overall customer satisfaction in South African banks

Abstract

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).