development strategic for Indonesia Industrial Cluster of Palm Oil

An Indian customer surrounding 7P's of service marketing

Gyaneshwar Singh Kushwaha 1, Shiv Ratan Agrawal n

Management Studies, Maulana Azad, National Institute of Technology (MANIT), Bhopal, MP, India

a r t i c l e i n f o

Article history:Received 4 August 2014Received in revised form13 October 2014Accepted 14 October 2014Available online 8 November 2014

Keywords:Services marketing mixBankingIndian customer

a b s t r a c t

The primary aim of the study is to examine the effects of services marketing mix elements on Indiancustomer for making the appropriate marketing mix strategy in banking services context. The study isbased on a sample of 351 customers of bank users in India who filled an online questionnaire. The paperuses confirmatory factor analysis and structural equation modeling (SEM) to analyse and confirm theconceptual model proposed in the research. The paper finds that physical evidence, process, place, andpeople have a positive and significant effect on customer. The study suggested an appropriate servicesmarketing mix strategy for Indian customer perspective in the context of banking services. The paperwould help the bankers to create marketing strategies and action plans to retain their existing customersand to attract new customers. The paper is first of its kind to discuss the effects of ‘7Ps’ of servicesmarketing mix collectively on Indian customer. The results of the analysis indicated that managing themarketing mix dimensions of product, price and promotion is of less importance except place thanmanaging interactive marketing dimensions such as people, physical evidence, and process.

& 2014 Elsevier Ltd. All rights reserved.

1. Introduction

The competitive climate in the Indian financial market haschanged dramatically over the last few years. The expectations ofthe customers are changing. Indian banking sector has also under-gone financial reforms since the 1990s (Agarwal et al., 2009; Lenkaet al., 2010). Earlier, banks enjoyed a protected market. Aftereconomic liberalisation, banks were exposed to free marketcompetition, advanced technological sophistication and changingcustomer dynamics (Melewar and Bains, 2002). Owing to theglobalisation of markets, banking in India is experiencing internalturmoil. Few Indian banks initiated experimenting with newinnovative services by offering online and mobile banking whichprovides 24 h service (Kannabiran and Narayan, 2005). Privatesector banks and foreign banks have also introduced some newinnovative services. Banking firms have become flatter andcustomer-centric now.

In recent years, there has been an increasing interest in the servicemarketing mix which aims to achieve the maximum outcomes interms of customer satisfaction and retention that allow firms, includ-ing banks, to be competitive over time. During the past decade,marketers and researchers have identified the importance of 7Ps ofservices marketing and customer orientation for sustainable compe-titive advantage (Gronroos, 2004). Crisis in banking industry have

shown the need for sustainable and effective service marketing mixstrategies. Krasnikov et al. (2009) suggested that a successful market-ing mix approach can help banks to achieve better customer serviceand support, greater efficiency and cost reduction. The major differ-ence between services marketing mix and regular marketing is thatinstead of the traditional 4Ps i.e. product, price, place, and promotion,there are three additional Ps consisting of people, physical evidence,and process. It means that service marketing mix involves the 7Ps ofmarketing i.e. product, price, place, promotion, people, physicalevidence, and process. To a certain extent managing services are morecomplicated thenmanaging products. Products can be standardised, tostandardise a service is far more difficult as there are more inputfactors involve, namely, physical evidence, process, and people(Gronroos, 1997). There is evidence to suggest that managing themarketing mix (i.e. product, price, place, and promotion) is of lessimportance than managing interactive marketing dimensions, namely,people, processes and physical evidence (Gummesson, 1987, 1999).While the literature defines 7Ps of services marketing as being wide inscope and it encompasses all of the dimensions, some dimensions areof more importance than others. In such a situation, marketing is nolonger a function of its own but rather it becomes part of the variousfunctions of the firm (Gronroos, 2000).

On the other hand, bank deals with providing services to satisfycustomers' financial needs and wants. Banks have to find out thefinancial needs of the customers and offer the services which cansatisfy those needs. Banks may also require satisfying the customers'financial and other related needs and wants. The individuals andcorporate bodies have certain needs in relation to money commodity(Bang and Philipp, 2013). To satisfy these financial needs, customers

Contents lists available at ScienceDirect

journal homepage: www.elsevier.com/locate/jretconser

Journal of Retailing and Consumer Services

http://dx.doi.org/10.1016/j.jretconser.2014.10.0060969-6989/& 2014 Elsevier Ltd. All rights reserved.

n Corresponding author. Mobile: þ91 9826149599.E-mail addresses: [email protected] (G.S. Kushwaha),

[email protected] (S.R. Agrawal).1 Mobile: þ91 9479540151.

Journal of Retailing and Consumer Services 22 (2015) 85–95

want specific services. Wallis (1997) stated that “customers will seekout those financial products and services which offer the best valuefor money”. Different banks offer different benefits by offeringvarious schemes which can take care of the wants of the customers.Service marketing mix helps in achieving the organisational objec-tives of the bank (Gronroos, 1982). It is the ‘aggregate of functions’which signify the totality of the marketing activity. This aggregate offunctions is the sum total of all individual activities consisting of anintegrated effort to discover, create, arouse and satisfy customerneeds (Alexander and Colgate, 2000). This means that each indivi-dual function in the banking is a marketing function which con-tributes to the total satisfaction to customers and the bank shouldultimately develop integrated customer orientation approach.Because firm cannot stay in business so long if it does not attractand hold enough customers, no matter how efficiently it operates(Zeynep and Toker, 2012).

The literature review revealed that the concept of marketingmix and additional three P's of services marketing have beendefined by a large number of marketing researchers in differentcontexts and along different industries. The importance ofresearch on these P's strategy is undoubted. However, empiricalresearch on the 7P's of services marketing mix in banking industryis unfortunately characterised by non-significant, contradictoryand confusing (Berry, 1995). Banking is such as industry that thedegree of flexibility of the service marketing mix is low, and theinitiative of banks that present those services is less than otherindustries (Lovelock, 1996). In addition, banking sector has beensuffering in creating superior individual service performance anddirect relations with their customers (Shin and Elliott, 2001). Afundamental issue facing Indian banking is the question of how tocoordinate the different generic services marketing mix dimen-sions around the Indian customer. The literature on servicesmarketing strategy provides a magnitude of arguments for boththe standardisation and the adaptation of the different combina-tion of 7Ps in various financial services (Gronroos, 1997, 2004).Many researchers have also focused on a single analysis of theinfluence of one marketing mix dimension on a firm's perfor-mance (Lymperopoulos et al., 2013; Lees et al., 2007). However, amarketing mix does not result in a single marketing ‘P’ strategy. Itmay be the interplay of all 7P's elements at the same time. So thereis a need to examine the appropriate services marketing mixstrategy for Indian customer perspective in banking services.Therefore, the present study is expected to contribute to theliterature on services marketing mix as related to Indian customerin banking services. The primary aim of the current study is toexamine the effects of services marketing mix elements on Indiancustomer for making the appropriate marketing mix strategy inthe context of banking services.

The rest of the paper proceeds as follows: Section 2 presents theliterature review and hypotheses of the study. In Section 3, theimplemented methodology is described. The data analysis and find-ings of the paper are given in Section 4 and in Section 5, disc-ussion and conclusion of the study are presented. The Section 6presents the managerial implications of the research. Finally, Section 7includes some limitations and proposals for future research.

2. Literature review and hypotheses development

2.1. Customer

It was McCarthy (1960) who clarified that the customer is not apart of the marketing mix; rather, he should be the target of allmarketing efforts (Kotler, 2000). In order to develop effectivemarketing strategies, the marketers need first to understand whycustomers use services and how they choose among competing

service suppliers (Lovelock, 1983). What are their expectations ateach step in service delivery? Finally, of course, they shoulddetermine whether the experience of using the service andreceiving its benefits has met customers' expectations and leftthem satisfied and ready to repurchase in the future (Coye, 2004).Indian customers also typically hold similar desired expectationsacross banking services (Shanker, 2002). A customer's desiredservice expectation from banks may be quick, convenient, valueadded, low cost, with advanced technology, easy and smooth, safeand reliable through a modern branch setting (Zeithaml et al,2008; Gronroos and Vioma, 2013). Safe and reliable banking is theprimary concern of all customers (Dabholkar and Bagozzi, 2002;Joseph et al., 1999; Yang et al., 2004). Marketers do not usuallyneed to know the specifics of how physical goods are manufac-tured—that responsibility belongs to the people who run thefactory (Johnson and Mathews, 1997). However, the situation isdifferent in services because their customers are often involved inservice production and may have preferences for certain methodsof service delivery, so that marketers must understand the natureof the processes through which services are created and delivered(Zeithaml, 1981). Because designing a simple and seamless servicedelivery process support firms to reduced the necessary time ofdelivering the service products (Danaher and Mattsson, 1998;Gronroos, 1990). It has an important role in shaping customersoverall perception of service quality evaluation (Anderson andSullivan, 1993; Cronin and Taylor, 1992). This strategic response ofa firm can achieve the competitive advantage from its competitorsand surpass the competition. It significantly affects the creationand delivering of superior value, customer satisfaction, competi-tive advantage, growth opportunity, and profitability of the firm(Shamah, 2013; Lytle and Timmerman, 2006; Gronroos and Vioma,2013; Haas et al., 2012).

Due to a dynamic business environment, Indian banks have alsostarted to adopt customer-driven marketing strategies to address therapid and changing needs of their customers (Agarwal et al., 2009).Thus, banks have come to realise the importance of differentiatingthemselves from their competitors on the basis of superior customerservice and relying on effective service marketing mix strategiesinstead of the traditional banking (Levitt, 1974; Gronroos, 1982). Butthe first and most important step in applying any marketing strategyis to have a whole hearted commitment to customer orientation(Gummesson, 2008). This means that the central focus of all themarketing activities of a bank is customer (Carson et al., 2004). As aresult, the notion of 7Ps of services marketing mix has emerged as akey factor in modern banking and their customer analysis (Zeithamland Bitner, 1996). Understanding and gaining access to India'smarkets will also require careful analysis of customer perceptionregarding services marketing mix.

2.2. Services marketing mix

The concept of the marketing mix was coined by Neil Borden in1953 and then formalised in his article ‘The concept of theMarketing mix’ (Borden, 1964). McCarthy (1960) then summedup 12 elements of Borden's marketing mix into ‘4Ps’- product,price, place, and promotion. Alternative models of marketing mixwere also proposed around the same time. However, McCarthy'sfour Ps model has dominated marketing thoughts, particularly inthe goods marketing context (Gronroos, 1994). For service indus-tries, it was observed that the traditional marketing mix wasinadequate because the original marketing mix was developed formanufacturing industries (Gitlow, 1978; Shamah, 2013). The mar-keting practitioners in the service sector found that the marketingmix does not address their needs (Helm and Gritsch, 2014). Theyobserved that the services have certain basic characteristics whichin turn, have marketing implications (Rathmell, 1974). For example

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–9586

there is a problem as regard to maintaining the quality due to lackof standardisation. Also services cannot be inventoried, patentedor transferred. Services are basically different in comparison tophysical products (Gitlow, 1978; Fukey et al., 2014). Therefore, themarketing models and concepts have to be developed in directionof the service sector (Gronroos, 1987). Then, the marketing mixhas extended beyond the 4Ps for marketing of services (Gronroos,1983). The three additional Ps are added to meet the marketingchallenges posed by the characteristics of services such as people,physical evidence, and process. A number of marketing researchstudies supplements the relevance of each of the ‘7Ps’ of servicesmarketing mix (Berry and Parasuraman, 1991; Gronroos and Helle,2012).

On the other hand, Indian banking sector has been slow inadopting the modern marketing knowledge to their advantage(Kannabiran and Narayan, 2005; Taherdoost et al., 2014). There isno actual realisation that 7Ps of services marketing can be of use tothem. They are not even clear about the scope and dimensions ofmarketing, as applicable to banking industry (Shanker, 2002). Butthe present scenario is totally changed because of fast-changingcustomer needs and intense competition in the banking services.This business environment has created more diversified anddynamic customer base (Barnes et al., 2004). Customers now havea lot of options fromwhich to opt, they can easily switch over fromone service provider to other who promises to offer better servicesat lower costs (Bhardwaj, 2007). So the focus of banking servicesnow has been completely shifted from a transactional marketingapproach to a customer oriented approach. In this regard, servicesmarketing mix can be a critical component in running a successfulbusiness in today's economy (Zeithaml et al., 2008). Becausedeveloping a complete marketing mix is vital for any business.Without it, all efforts to achieve organisational goal are likely to behaphazard and inefficient. This has resulted in banks becomingincreasingly engaged in marketing and planning activities in orderto achieve certain objectives such as attracting new customers orproviding a superior service for high net-worth clients or retainingvaluable customers. These changes in the nature of marketingactivity have repercussions for service marketing mix decisionmaking and implementation (Lovelock et al., 2001). As marketingactivities become more sophisticated in banking sector, greaterattention needs to be directed towards product, price, place,promotion, people, physical evidence, and process.

2.2.1. ProductProduct is anything which is offered to the market for exchange

or consumption (Kotler, 2000). In goods marketing, there is atangible component to which some intangibles like style, after-sales-service, credit, etc. are integrated (Gronroos, 1987). In thecase of services, the tangible component is nil or minimal (Bangand Philipp, 2013). A service is a bundle of features and benefitsand these have relevance for a specific target market (Taherdoostet al., 2014). Since the products offered to the customers of a bankare more or less standardised in nature, banks are feeling anincreasing need to design customised products/services to meetcustomer needs (Pathmarajah, 1991). Yang (2012) investigated inhis empirical study in Taiwan banking that banks customise theirproducts/services in innovative ways, responsive to customerneeds. In terms of complexity in financial services, due to highrisk and high involvement nature, access to a trusted provideroffering value added products/services is paramount (O’Loughlinand Szmigin, 2006; Haas et al., 2012). Value added dimensionincludes those features which are embedded in service itself as itscharacteristics. Bank's product such as saving accounts, currentaccounts, fixed deposits, and investment options are the primarycomponent in this category (Estiri et al., 2011). Gounaris et al.

(2003) based on the SERVQUAL model suggested that customerperceptions about service quality in banking sector should beconsisted product innovativeness and value added products/ser-vices (Sjodin and Kristensson, 2012). The bank marketing litera-ture indicates that the transaction context in banking services ismainly concerned with product and then achieving organisationalgoals that emphasise product profitability (Coviello et al., 1997).Therefore, while developing a service product it is important thatthe package of benefits in the service offer must have a customer'sperspective (Skowron and Kristensen, 2012). Hence, in the samedirection our first hypothesis states that:

H1. Product has a positive and significant effect on customer.

2.2.2. PricePrice could be considered as an attribute that must be scarified

to obtain certain kinds of products or services (Zeithaml, 1988). Inbanking industry, price includes fees, bank charges, and interestrates (Gerrard and Cunningham, 2004). If prices are not chargedwith fairness and competitiveness, it triggers customer switchingimmediately in banking and other financial services (Colgate andHedge, 2001). It means that perceptions of price have a directimpact on customer satisfaction and customer loyalty (Martin-Consuegra et al., 2007; Bang and Philipp, 2013).

Pricing is yet another strong variable of the marketing mix(Shanker, 2002). The service pricing should be such as to providevalue addition and quality indication to the customers (Ng et al.,2012). Customers see price as a key part of the costs they must incurto obtain wanted benefits (Zeithaml, 1988). To calculate whether aparticular service is worth it, they may go beyond just money andalso assess the outlays of their time and effort (Zeithaml et al., 2008).Otherwise customers have a lot of alternatives to choose in themarket and can easily switch over from one service provider to otherwho promises to offer better goods/services at lower prices(Bhardwaj, 2007; Valenzuela, 2010; Lees et al., 2007). Customersare becoming more price-sensitive and less loyal (Low, 2012).Customer attrition has become a real and pressing concern. There-fore, service marketers must not only set prices that target customersare willing and able to pay as a low cost, but also convey the messagethat they are getting more in using that particular product or service(Clemes et al., 2010). Many marketing researchers investigated thatpricing is an important key driver for different customer relatedvariables such as, attraction, satisfaction, retention and loyalty (Low,2012; Lees et al., 2007; Mavri and Ioannou, 2008; Manrai andManrai,2007; Gupta and Dev, 2012). Therefore, it is expected that:

H2. Price has a positive and significant effect on customer.

2.2.3. PlaceA flurry of research has considered that services differ from

products in terms of characteristics such as, intangibility, inse-parability, perishability, and interactivity (Carson et al., 2004;Taherdoost et al., 2014). Hence, traditional distribution channelsavailable for product marketing cannot be used in servicesmarketing (Gronroos, 1983). Services cannot be separated fromselling; it must be created and sold at the same time (Borden,1964). The field of logistics has not been recognised as an area ofconsideration for effective distribution of services whether it isthe question of locating a site for a new branch of a bank, locationof educational institutions, hotels, etc. (Gronroos, 2011). In India,these logistical problems are always overshadowed by govern-ment policy or interventions. There are guidelines suggestingthat to open a single branch in any urban area, a nationalisedbank has to first open a fixed number of branches in rural areas(Shanker, 1992).

Over the last three decades, the proliferation of new informa-tion and communication technologies in the banking sector has

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–95 87

changed the way banks service their customers (Kivijarvi andSaarinen, 1995; Brodie et al., 2013). The increased availability ofself-service technologies has enabled banks to pursue an electro-nically mediated multi-channel strategy (Hannan and McDowell,1984; Purcarea et al., 2013). Automated teller machines (ATMs)have been considered as one of the most well-known and classicexamples of self-service technology application in the bankingsector since 1960s (Ordanini and Parasuraman, 2011; Hung et al.,2012). Now the banks are able to deploy more and more ATMs andreplace costly counter tellers in order to improve cost efficiency(Beccalli, 2007; Al-Hawari et al., 2005). To enhance their customerservice, attract new customers and remain competitive in bankingindustry, all domestic as well as foreign banks in India areestablishing technology-driven delivery channels based branchesnear to customer (Lovelock et al., 2007). In banking sector,customers choose different service delivery channels in a com-plementary way such as, the bank's physical location (Castleberryand Resurreccion, 1989; Oppewal and Vriens, 2000), the openinghours, distance to reach a bank, parking places, and ATM avail-ability (Santos, 2003; Al-Hawari and Ward, 2006; Wu, 2011;Levesque and McDougall, 1996; Manrai and Manrai, 2007). Guptaand Dev (2012) also argued that the large number of branches andATMs at various locations make the bank more approachable tothe customers. Consequently, the study states the followinghypothesis:

H3. Place has a positive and significant effect on customer.

2.2.4. PromotionIt represents the communications that marketers use in mar-

ketplace including advertising, public relations, personal sellingand sales promotion (McCarthy, 1960; Gronroos, 1994). In certainservice industries it is not possible to use the conventionalpromotion tools with success (Rathmell, 1974; Santouridis andKyritsi, 2014). For example, a bank may face difficulty to affordheavy promotional budgets due to its small size of the operations(Borden, 1964; Aaker and Jacobson, 1994). Duncan (1985) sug-gested that the service industries have to think about otherpromotional tools like public relations and publicity (Lacey,2012). Therefore, promotional activities like community relations,event management, media blitz, and corporate identity pro-grammes have relevance and they should be used innovativelyand effectively (Kotler, 1986; Trainor, 2012). Lovelock (1996)identified the impact of marketing communication on customerbehavioural intentions such as, satisfaction, loyalty, retention andamong others (Hoffmann and Birnbrich, 2012). All the techniquesand strategies of promotional mix are used so that ultimately theyinduce the people to do business with a particular firm (Gronroos,1994; Angel and Manuel, 2005; Jayakumar and Anbalagan, 2012;Goyal and Joshi, 2012; Michael and Mekoth, 2012). Indian MarketResearch Bureau (IMRB), one of the largest market researchconsultancy organisations, has conducted market research studiesin the field of banking and evaluated the bank's advertising andpublicity and its image among the people (Shete, 1989). It reflects acustomer's overall perception about that firm (Bloemer et al.,1998). Hence, we put forward the following hypothesis:

H4. Promotion has a positive and significant effect on customer.

2.2.5. PeopleJudd (1987) came out with another ‘P’, People. He even went

further by recommending that people power should be formalised,institutionalised and managed like the other 4Ps as a distinctivecomponent of the market mix. Judd's argument was that it is theemployees of an organisation who represent the organisation tothe customers. If these employees are not given training in how togo about face-to-face customer contact, the entire marketing effort

may not prove to be effective (Salloum and Ajaka, 2013; Anca andDaniel, 2012). Berry and Parasuraman (1991) suggested that aservice firm can be only as good as its people. A service is aperformance and it is usually difficult to separate the performancefrom the people (Shanker, 2002). The way service is delivered bythe people can be an important source of differentiation as well ascompetitive advantage (Lovelock et al., 2007; Raj et al., 2014).These are the reasons why the ‘People’ element forms such animportant part of the 7Ps of services marketing mix (Zeithamlet al., 2008).

In the case of banking, the service employee is often the primarycontact point for the customer whenever the customer interacts withthe employee (Crosby et al., 1990). Customers' perceptions of theperformance of service employees play an important role in custo-mers' evaluations of service quality (Gronroos, 1982, 1984). Therefore,the bankers' attention should be focused on employee service qualityand to develop of their services skills consistently (Jamal and Naser,2002; Ahearne et al., 2012). Many consider personal interaction is akey driver among the dimensions of service quality and mergedtogether some of the SERVQUAL's items related to responsiveness,assurance, and empathy (Dabholkar et al., 1996; Carman, 1990;Sheorey et al., 2014). More specifically, it includes attitude, behaviour,expertise, confidence, courtesy, and willingness to help of theemployees toward customers (Bitner, 1990; Brady and Cronin,2001; Dabholkar et al., 1996; Yavas et al., 1997; Fukey et al., 2014).In addition, customer-oriented service employees with a focus onshowing personal attention, interpersonal care, willing to help,politeness, and promptness behaviour are likely to contribute sig-nificantly toward the strength of customer–employee relationship(Beatty et al., 1996; Levesque and McDougall, 1996; Johnston, 1997;Winstanley, 1997; Gronroos and Helle, 2012). Thus, we propose thefollowing hypothesis:

H5. People have a positive and significant effect on customer.

2.2.6. Physical evidenceServices are often intangible, and customers cannot assess their

quality well. So customers use the service environment as animportant proxy for quality (Shanker, 2002). Service environ-ments, also called servicescape or physical evidence, relate to thestyle and appearance of the physical surroundings and otherexperiential elements encountered by customers at service deliv-ery sites (Lovelock et al., 2007; Klaus and Maklan, 2012). Servicefirms need to manage physical evidence carefully, because it canhave a profound impact on customers' impressions (Zeithaml etal., 2008; Kranias and Bourlessa, 2013). The appearance of build-ings, landscaping, interior furnishing, equipment, staff members'uniforms, signs, communication materials, and other visible cuesall provide tangible evidence of a firm's service quality (Zeithamland Bitner, 1996; Fukey et al., 2014).

The physical evidence is also important for banks because itconveys to the customers an external image of the service package(Miles et al., 2012). If a bank wants to have user friendly, hi-tech andefficient image, the branch infrastructure will have a comfortableseating, pleasant lighting and temperature, computer systems withadvanced technology and network connectivity (Bloemer et al., 1998;Helm and Gritsch, 2014). The modern infrastructure with latesttechnology influences customers' perceptions of the service providerand customers' behavioural intentions (Sohn and Tadisina, 2008).Many technological and structural changes have taken place withinthe global banking environment to attract and retain the customers(Angur et al., 1999). In the post-liberalised economy, Indian public andprivate sector banks have reformed their workplace layout to give acomfortable, efficient and user-friendly image (Lenka et al., 2010).Therefore, we hypothesise:

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–9588

H6. Physical evidence has a positive and significant effect oncustomer.

2.2.7. ProcessProcesses are the architecture of services (Amin et al., 2013).

Process describes the method and sequence in services and createsthe value proposition that has been promised to customers(Lovelock et al., 2001; Salloum and Ajaka, 2013). In high-contactservices, customers themselves are an integral part of the opera-tion and the process becomes their experience (Gronroos, 2011;Helm and Gritsch, 2014). Badly designed processes are likely toannoy customers because they often result in slow, frustrating,bureaucratic and poor-quality service delivery (Lahteenmaki andNatti, 2013). The well designed process assures service availability,consistent quality, total ease and convenience to the customers(Zeithaml et al., 2008; Purcarea et al., 2013). As service cannot beinventoried, it is essential to designed sound process managementsystem which can balance service demand with service supply inpeak hours (Bitner, 1990; Fukey et al., 2014; Danaher andMattsson, 1998; Sheorey et al., 2014).

For service industries, such as banking, process is an importantway of creating better value-in-use (Zeithaml et al., 2008). Theavailability of advanced self-service technologies within the financialindustry has changed the way banks service their customers(Liljander et al., 2006). The financial service sector has used remotedistribution channels such as the telephone or Internet to reach morecustomers, cut out intermediaries, bring down overheads andincrease profitability (Kivijarvi and Saarinen, 1995). Banking custo-mers today can access a variety of services from their home, office orelsewhere (Hoehle et al., 2012). But the processes involved in thebanking services should be easy and smooth, fast and accurate, andcustomer friendly (Dabholkar and Bagozzi, 2002; Joseph et al., 1999;Meuter et al., 2000). Businesses have moved from off-line to on-linethrough electronic channels (Chen and Chen, 2004; Zeynep andToker, 2012). This approach is commonly called ‘e-banking’ in termsof banking services (Colgate and Alexander, 1998). Many authorsargued that the accessibility of e-banking from any location, at anytime of the day, is an important factor for customers (Tan andThompson, 2000). In banking services, customer satisfaction mainlydepends on the process of service delivery (Shamah, 2013). Sohn andTadisina (2008) investigated that ease of use and speed of deliveryare also important dimensions of service quality for online financialservices. Similarly, Ibrahim et al. (2006) reported that convenienceof services, accuracy, and ease of use are the essential factors ine-banking services. Therefore, we hypothesis (Fig. 1):

H7. Process has a positive and significant effect on customer.

3. Methodology

3.1. Measurement instrument

The survey instrument was developed based on an extensivereview of the literature and studied definitions. The constructs andtheir observable items are presented in Table 1. The final set of 20items was examined by an academic experienced in questionnairedesign. The questionnaire was subsequently piloted with 20different banking customers to ensure that the questions andresponse formats were clear. Minor amendments were madebased on feedback from the pilot study. The final questionnaireconsisted of three sections. In the first section, questions wererelated to banking services in terms of 7P's of service marketingtoward customer. The second section contained questions regard-ing demographic characteristics of the respondents such as gen-der, age, education, profession and gross income per month. In thelast, respondents were asked about their bank name and location.

All the items were put on a five-point Likert scale where a value of1 expresses strongly disagree and a value of 5 expressesstrongly agree.

3.2. Sampling design and data collection

Testing the suggested research hypotheses was accomplishedthrough an online convenience sample survey of bank customersof 24 cities in India. There was a note enclosed with thequestionnaire that the customers have to share one of the bankingservices experiences which is being operating by them frequently.Three hundred and seventy-six respondents filled up the ques-tionnaire online within the months of March–July, 2014. Total of376 questionnaires were received out of which 351 were found tobe completely and accurately filled, the rest 25 were discarded dueto incomplete information. Respondents were the customers ofdifferent 15 banks. Ten of these banks were public sector banksnamely, State Bank of India (SBI), Central Bank of India (CBI), VijayBank, Bank of India (BOI), Punjab National Bank (PNB), CanaraBank, Allahabad Bank, Bank of Baroda (BOB), Union Bank of India(UBI), and United Commercial Bank. Other five were private sectorbanks namely, Housing Development Finance Corporation (HDFC)Bank, Industrial Credit and Investment Corporation of India (ICICI)Bank, Industrial Development Bank of India (IDBI) Bank, Axis Bank,and Citi Bank. All 15 banks have the largest network of branches inIndia. The detailed sample characteristics are shown in Table 2.

4. Data analysis and findings

The study used structural equation modeling (SEM) to test theconceptual model. SEM technique is also useful for concurrentassessment of both reliability and validity. As the conceptualmodel is relatively complex, a partial least squares (PLS) approachwas employed with a 2000 subsamples bootstrapping procedureusing the SmartPLS software (Anderson and Gerbing, 1988; Chin,1998, 2001).

4.1. Scale validity and reliability

A confirmatory factor analysis (CFA) was conducted to assessthe construct validity of each latent construct of measurementmodel (Hair et al., 1998; Bagozzi and Edwards, 1998). It isexamined through convergent validity and discriminant validity.Convergent validity is tested by examining the factor loadings andthe average variance extracted (AVE) which should be greater than0.50 for both (Lin and Ding, 2006). Discriminant validity has beenassessed using the Fornell and Larcker (1981) criterion. The squareroot of AVE should exceed the construct correlations with all otherconstructs. The constructs' internal consistency can be measuredfor all scales through Cronbach's α as well as a measure of

H7 H1 H2

H6 H3

H5 H4

Product

Customer

Price

PlacePhysical Evidence

Promotion

Process

People

Fig. 1. The conceptual framework of the study.

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–95 89

composite reliability (CR) and should be exceed the recommendedthreshold criterion of 0.70 for both (Nunnally, 1978).

As shown in Table 3, all items had significant loadings onto therespective latent constructs with values varying between 0.65 and0.93 and the AVE for all exceeded the recommended level of 0.50(Bagozzi and Yi, 1988). CR and α-values of all the latent variablesare greater than the acceptable limit of 0.70 (Carmines and Zeller,1988). Table 4 shows the values of the square root of the AVEare all greater than the inter-construct correlations. Thus, the

measurement model reflects good construct validity and reliabil-ity. Common method bias was also considered when choosingitems and designing the survey, the test of Harman's single-factorfound no evidence of such bias (Podsakoff et al., 2003).

4.2. Structural model analysis

4.2.1. Model assessmentSEM is a comprehensive statistical technique for examining

relations between observed and latent variables. But employedSmartPLS software does not provide a traditional assessment ofoverall model fit (Chin, 1998). Therefore, to evaluate the model, thegoodness of fit (GoF) index was used (Tenenhaus et al., 2005).Tenenhaus et al. (2005) proposed a GoF criterion to assess theglobal model as such:

GoF¼ffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiAVEX R2

p

Thus, GoF is calculated by the geometric mean of the ave-rage communality and the average R² (for endogenous con-structs). The R² refers to the exploratory power of the predictorvariable(s) on the respective construct. In the present study,the calculated value of AVE¼0.68 and R²¼0.285 (see Fig. 2).For the model, a GoF value is 0.44, which indicates that a verygood global model fit with the data collected. Wetzels et al.(2009) suggested the following cut-off values for assessing theresults of GoF analysis: GoF¼0.1(small); GoF¼0.25(medium);and GoF¼0.36(large).

As multicollinearity can affect the results, the study examinedthe tolerance and variance inflation factor values (VIF) for multi-collinearity assessment. To assess collinearity issues of the studymodel, the latent variable scores (calculated by SmartPLS) can beused as input for multiple regressions in IBM SPSS software to getthe tolerance and VIF values, as SmartPlS does not provide thesenumbers. As shown in Table 5, the variables had no VIF valuesexceeding 5 (variables VIF o2) and tolerance level of 40.2(Grewal et al., 2004; Hair et al., 2011), so there is no multi-collinearity between the independent variables. Hence, we pro-ceeded to examine the study model shown in Fig. 2.

Table 1The latent variables and their observable indicators.

Latentvariables

Observable variables

Product IP: innovative products/services (Yang, 2012; Gounaris et al., 2003; Gustafsson et al., 2003; Berthon et al., 2004)VAP: value added products/services (O’Loughlin and Szmigin, 2006; Estiri et al., 2011; Gounaris et al., 2003; Gustafsson et al., 2003; Berthon et al., 2004)

Price LC: low cost (Zeithaml, 1988; Bhardwaj, 2007; Valenzuela, 2010; Lees et al., 2007)GM: getting more (Zeithaml, 1988; Clemes et al., 2010; Gronroos, 1994; Levitt, 1974)

Place BLC: branch location convenience (Castleberry and Resurreccion, 1989; Oppewal and Vriens, 2000; Lovelock et al., 2007)EAA: easy availability of ATM (Beccalli, 2007; Al-Hawari et al., 2005; Santos, 2003; Al-Hawari and Ward, 2006; Levesque and McDougall, 1996; Oppewaland Vriens, 2000; Manrai and Manrai, 2007)

Promotion BAD: bank advertisement (Shete, 1989; Jayakumar and Anbalagan, 2012; Goyal and Joshi, 2012)SCE: social and cultural events (Duncan, 1985; Frey, 1961; Kotler, 1986)PSI: promotional strategies impact (Lovelock, 1996; Gronroos, 1994; Angel and Manuel, 2005)

People PA: personal attention (Beatty et al., 1996; Levesque and McDougall, 1996; Johnston, 1997; Winstanley, 1997)PO: politeness (Gronroos, 1982, 1984; Beatty et al., 1996; Levesque and McDougall, 1996; Johnston, 1997; Winstanley, 1997)WTH: willing to help (Bitner, 1990; Brady and Cronin, 2001; Dabholkar et al., 1996, Yavas et al., 1997)QR: quick response (Beatty et al., 1996; Levesque and McDougall, 1996; Johnston, 1997; Winstanley, 1997)

Physicalevidence

MI: modern infrastructure (Sohn and Tadisina, 2008; Bloemer et al., 1998; Lovelock et al., 2007; Zeithaml and Bitner, 1996)ATECH: advanced technology (Angur et al., 1999; Sohn and Tadisina, 2008; Bloemer et al., 1998; Liljander et al., 2006)

Process EAS: easy and smooth (Chen and Chen, 2004; Zeithaml et al., 2008; Dabholkar and Bagozzi, 2002; Joseph et al., 1999; Meuter et al., 2000)FOS: fast online services (Colgate and Alexander, 1998; Hoehle et al., 2012; Chen and Chen, 2004)SAYC: services at your convenience (Tan and Thompson, 2000; Ibrahim et al., 2006; Shanker, 2002; Gronroos, 2004; Zeithaml et al., 2008)

Customer OPQ: overall products/services quality (Danaher and Mattsson, 1998; Gronroos, 1990; Zeithaml, 1981; Zeithaml et al., 2008; Anderson and Sullivan,1993; Cronin and Taylor, 1992)SR: safe and reliable (Dabholkar and Bagozzi, 2002; Joseph et al., 1999; Yang et al., 2004)

Table 2Demographic breakdown of participants.

Category n Percentage (%)

GenderMale 209 59.54Female 142 40.46

Ageo21 15 4.2721–30 91 25.9331–40 199 56.7041–50 33 9.40450 13 3.70

EducationUnder graduate 33 9.40Graduate 102 29.06

Post-graduate 180 51.28Doctorate 36 10.26

OccupationService 272 77.50Businessman 33 9.40Professional 20 5.70Self-employed 11 3.13Student 15 4.27

Monthly Incomeo&10000 15 4.27&11000 - &20000 96 27.35&21000 - &30000 134 38.18&31000 - &40000 67 19.094&41000 39 11.11

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–9590

4.2.2. Main effects and path coefficientsBootstrapping with 2000 resample was done to derive t-values

for significance testing of the structural path (Chin, 2001). Stan-dardised path coefficients (β), t-statistics, and associated signifi-cance levels for all relationships in the study model are presentedin Table 5. Using a two-tailed t-test with a significance level of 5%,the path coefficient will be significant if the t-value is largerthan 1.96.

The results indicated that place (β¼0.147; po0.05), people(β¼0.124; po0.05), physical evidence (β¼0.195; po0.05), andprocess (β¼0.181; po0.05) had a positive and significant effect oncustomer. Thus, H3, H5, H6, and H7 were accepted. However,product (β¼0.096; p40.05), price (β¼0.032; p40.05), andpromotion (β¼0.057; p40.05) showed no significant effect oncustomer. Therefore, H1, H2, and H4 were rejected.

5. Discussion and conclusion

The purpose of the study was to demonstrate the most importantelements of services marketing mix that influence Indian customer

and to determine the right services marketing mix in the context ofbanking sector. The research emphasises the important role ofservices marketing mix on banking industry. In bank marketing,little prior research focuses on the relationship among the ‘7Ps’ ofservice marketing mix efforts toward customer. The present studyexamined a model to explain the mentioned relationship in thecontext of Indian banking customer. In other words, the effect ofindividual ‘P’ of services marketing mix on customer was deter-mined. Confirmatory factor analysis was employed to produceempirically-verified and -validated underlying dimensions of pro-duct, price, place, promotion, people, physical evidence, process, andcustomer. SEM was then applied to test the model with a 2000subsamples bootstrapping procedure using the SmartPLS software(Anderson and Gerbing, 1988).

The findings show that there exists a need for a different viewof every single dimension of the services marketing mix. The studyfound place, people, physical evidence and process had a positiveand significant effect on customer (Vargo et al., 2008; Amin et al.,2013). However, product, price, and promotion had no significanteffect on customer (Gummesson, 1987, 1999). The results of theanalysis indicated that managing the marketing mix dimensions ofproduct, price and promotion is of less importance except placethan managing interactive marketing dimensions such as people,physical evidence, and process (Walsh et al., 2004; Iriana et al.,2013). More specifically, it can be inferred that managing theadditional services marketing mix elements such as people,physical evidence, and process with the concern of place are moreimportant in the context of bank marketing (Purcarea et al., 2013).Finally, the study has brought together the right services market-ing mix elements in terms of Indian banking customer namely,place, people, physical evidence, and process. Among the servicesmarketing mix efforts addressed in the model, the physicalevidence had the most (β¼0.195) impact on customer (Klausand Maklan, 2012), followed by process (β¼0.181) (Nguyen andWaring, 2013) and place (β¼0.147) (Boon-itt and Wong, 2011). Onthe other hand, people (β¼0.124) had a small effect on customeramong them (see Table 5). The study also indicated that customersare found to care about modern infrastructure and advancedtechnology with loadings of 0.93 and 0.84 respectively (Vera andTrujillo, 2013). They are the good indicators of physical evidencewith highest β value of 0.195 in the research model. Meanwhile, itwas revealed that easy and smooth service process, fast onlineservices, and services at customer's convenience are importantobservable variables of process (β¼0.195) with loadings of 0.85,0.76 and 0.82 respectively (Vera and Trujillo, 2013). The indicatorsof latent construct of place with (β¼0.147) such as branch locationconvenience and easy availability of ATM are also the concerningfactors with loadings of 0.78 and 0.88 respectively (Ordanini andParasuraman, 2011; Hoehle et al., 2012). In addition, personalattention, politeness, willing to help, and quick response towardcustomers are also the important factors with loadings of 0.85,0.88, 0.86, and 0.86 respectively. These are the indicators of people

Table 3Measurement model summary.

Construct Items Factor loading AVE CR Cronbach's α

Product 0.68 0.81 0.75IP 0.91VAP 0.73

Price 0.64 0.78 0.71LC 0.65GM 0.93

Place 0.69 0.82 0.76BLC 0.78EAA 0.88

Promotion 0.66 0.85 0.75BAD 0.82SCE 0.79PSI 0.83

People 0.75 0.92 0.89PA 0.85PO 0.88WTH 0.86QR 0.86

Physical evidence 0.79 0.88 0.74MI 0.93ATECH 0.84

Process 0.65 0.85 0.74EAS 0.85FOS 0.76SAYC 0.82

Customer 0.61 0.75 0.71OPQ 0.79SR 0.77

Note: AVE¼average variance extracted, CR¼composite reliability.

Table 4Discriminant validity of latent constructs.

Constructs Product Price Place Promotion People Physical Evidence Process Customer

Product 0.82a

Price 0.11 0.80a

Place 0.12 0.21 0.83a

Promotion 0.20 0.20 0.24 0.81a

People 0.20 0.03 0.16 0.20 0.87a

Physical evidence 0.18 0.04 0.15 0.20 0.42 0.89a

Process 0.39 0.14 0.28 0.39 0.52 0.49 0.81a

Customer 0.26 0.12 0.28 0.25 0.36 0.39 0.45 0.78a

Note: aDiagonal elements are squared AVE; off-diagonal elements are the correlation between constructs.

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–95 91

(β¼0.124) with small effect on customer compare to physicalevidence, process and place (Miles et al., 2012). Based on the priordiscussion, the hypothesised model was modified (Fig. 3) toremove the ‘Ps’ which had no significant effect on customer.

6. Managerial implications

Indian banking industry has gone through the pre-independence,post-independence, pre-nationalisation, nationalisation and post-liberalisation stages (Shanker, 2002). Marketing was always consid-ered not to be a banker's cup of tea. But today, it is considered to be anintegral management function in the banking sector. And if a bank isfunctioning based on marketing tools and techniques, it simply meansthat a bank's decisions are made through the eyes of the customers ofthe bank (Lahteenmaki and Natti, 2013). As banks do not providetangible products, their managers need to put a lot of emphasis onservices marketing mix to acquire and retain the customers (Hoehleet al., 2012). The study suggested that physical evidence, process, placeand people are the main services marketing mix elements in thecontext of bank services (Iriana et al., 2013). Importantly, rightcombination of services marketing elements can be used to createstronger customer-firm relationships, as shown in the present study(Karpen et al., 2012; Gronroos and Helle, 2012). All these areimportant for banks because it helps customers to develop an imageof the bank. This can be achieved by attaching more importance to theindicators of these ‘Ps’. Moreover, there is a dire need to improvebanking services with modern infrastructure (Zeithaml and Bitner,1996) and advanced technology (Sohn and Tadisina, 2008), followedby easy and smooth banking process (Chen and Chen, 2004; Zeithamlet al., 2008), fast online (Colgate and Alexander, 1998; Ladhari and

Leclerc, 2013) and other services at customer's convenience (Tan andThompson, 2000; Zeithaml et al., 2008). A user-friendly image of thebank can be built by its interior design with a comfortable seatingarrangement, pleasant lighting, temperature and cleanliness, compu-ter systems with advanced technology and network connectivity, andconvenient and easy accessible counters (Lenka et al., 2010; Dabholkaret al., 1996; Miles et al., 2012). Further, branch location and easyavailability of ATM machines should be considered in the view pointof customer convenience by the bankers (Levesque and McDougall,1996; Oppewal and Vriens, 2000; Patrick et al., 2013; Hung et al.,2012). The convenience of the location of branches of the bank and itsATMs are the dominant criterion both for subsequent satisfaction andselection of bank (Bahia and Nantel, 2000; McKechnie, 1992; Thwaitesand Vere, 1995). A large number of branches and ATMs at variouslocations make the bankmore approachable to the customers (Kraniasand Bourlessa, 2013). Banks should also encourage employees todevelop friendship and long-term relationship with customers (Bitneret al., 1990; Crosby et al., 1990; Gronroos and Helle, 2012; Salloum andAjaka, 2013). It can be achieved by listening to what customer has tosay, pay personal attention to him. Especially, in the case of Indiancustomers, they look for a personal attention in all their transaction(Gupta and Dev, 2012). To have a close relation with customers, thebank management has to ensure that core service is delivered on thetimewith quick response (Amin et al., 2013). Because quick and timelyresponse is important for banking in order to create customersatisfaction and loyalty (Beatty et al., 1996; Levesque and McDougall,1996). It can also be helpful to handle the possible conflicts betweenstaff and customer. The banks must undertake strategies, such asemployees training to make them courteous, caring and responsive(Tohidi and Jabbari, 2012, Fukey et al., 2014). The speed in servicedelivery, courtesy and helpfulness of bank staff are the most criticalattributes that influence customers (Parasuraman et al., 1988; Veraand Trujillo, 2013; Ahearne et al., 2012). In general, customers look foran environment, where the employees listen to their problems andshow willingness to help them, and are polite to them (Levesque andMcDougall, 1996; Johnston, 1997; Michael and Mekoth, 2012; Tohidiand Jabbari, 2012). Customers feel more satisfied when they get quickresponse to their problems (Winstanley, 1997; Helm and Gritsch,2014). Ultimately, the findings of the study indicated that the properimplementation of right services marketing mix elements may behelpful for banks to attract new customers and retain old customerswhich results in higher sales, market share, and profits. Becauseoverall the banks are delivering the identical products, charges arefixed and driven by marketplace. Thus, banker tends to differen-tiate its firm from competitors through right services marketing mixdimensions.

7. Limitations and future research directions

The study gauges the effect of ‘7Ps’ of services marketing mixon Indian customer in the context of bank marketing. Theresearch, however, is subject to some limitations. The study resultsFig. 2. The Structural Model. Note: t-value in bracket under beta coefficient.

Table 5Structural model estimates.

Path Coefficients (β) t-values p-value Tolerance VIF Results

H1: Product-customer 0.096 1.939 0.053 0.845 1.183 RejectedH2: Price-customer 0.032 0.669 0.504 0.925 1.081 RejectedH3: Place-customer 0.147 3.017 0.003n 0.878 1.139 AcceptedH4: Promotion-customer 0.057 1.122 0.262 0.812 1.232 RejectedH5: People-customer 0.124 2.255 0.025n 0.690 1.449 AcceptedH6: Physical evidence-customer 0.195 3.627 0.000n 0.725 1.380 AcceptedH7: Process-customer 0.181 2.851 0.005n 0.515 1.943 Accepted

Note: npo0.05, based on two-tailed test; t¼1.96.

G.S. Kushwaha, S.R. Agrawal / Journal of Retailing and Consumer Services 22 (2015) 85–9592

obtained by the convenience sampling method were difficult togeneralise to the population because it was a type of non-probability sampling. A more representative sampling techniqueneeds to be considered in future research to generalise thefindings of the study. The current study was primarily a cross-sectional due to time and cost constraints, although a longitudinalstudy is recommended to monitor the evolution of customerbehaviour over time. It is important to note that the study islimited to a sample size of 351 Indian customers. The largersample sizes with foreign customers residing and having bankaccounts in India can be considered by future researchers. Thescope of the study is also limited to the number of banks (15) inthe research. The application of the services marketing mixelements identified in the study cannot be generalised as we havetaken only one industry (banking). To confirm its applicability inother financial services like insurance, loans, share trading etc., thesame study should carry out in various other financial servicebased firms. There is obviously opportunity for a similar study indifferent geographic locations. Finally, the future research isrecommended to measure the effect of identified services market-ing mix elements on bank performance. However, irrespective oflimitations, the current paper has contributed toward the existingliterature by demonstrating that identified services marketing mixsuch as physical evidence, process, place, and people have thepositive and significant effect on Indian customer in the context ofbanking services.

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