Impact of 7Ps in Creating Brand Resonance with Reference to Indian Banking Industry

Abstract

Purpose: This research applies Consumer Based Brand Equity (CBBE) model to analyze the newlineimpact of 7Ps of Services Marketing Mix on creating a strong brand resonance with respect to Indian Banking Industry. The various areas explored by the current research are: role of 7Ps in defining the overall perceived performance of the brand and its impact on overall brand resonance; evaluating the impact of Brandand#8223;s Performance on Imageryand#8223;, Feelingsand#8223; and newline Judgementand#8223; of the consumers towards the brand; determining the impact of customers newlineperceived Imageryand#8223; on Feelingsand#8223; and Judgementand#8223; towards the Brand and understanding the role of Judgementand#8223; and Feelingsand#8223; for a brand to create a strong brand resonance. The mediating relationships of Imageryand#8223;, Judgementsand#8223; and Feelingsand#8223; have also been explored in this research. newlineDesign/Methodology/Approach: This is a primary research which uses Structural Equation Modelling to analyse the data collected from 407 respondents across urban India. The sample includes both Men and Women in the age group of 25 70 years having at least one active banking account in either Public Sector or Private Sector Banks from Socio-Economic Classification- A/B/C. The respondents are Key Decision Maker/Joint Decision Maker/Key Influencer with respect to financial decision making. newlineFindings: The research establishes that 7Ps of Services Marketing aptly defines the variable Brand Performanceand#8223; which yields an impact on Feelingsand#8223;, Imageryand#8223; and Judgementand#8223; for the brand. The research also established the impact of Imageryand#8223; on Feelingsand#8223; and Judgementand#8223; towards the brand. Considering a highly involved category, Judgementand#8223; appeared to play a critical role in building brand resonance. Banking being an extremely regulated industry, the research established that Product and Pricing did not play a significant role in building resonance. The key elements aiding a brand to build resonance are Process, newlinePromotion, Physical Evidence and Place. People also did not seem to play a critical role