A Theoretical Analysis of Marketing Mix Strategies and Customer Satisfaction in Banking: Insights from the state Bank of India in Punjab

Abstract

This paper attempts to theoretically classify the impact of marketing mix strategies on customer satisfaction with special reference to State Bank of India (SBI) in Punjab. Satisfaction is an essential key success parameter to the highly competitive Indian Banking Industry; and it determines by the four P's of marketing mix- Product, Promotion, Pricing, and Place which have crucial influences upon customer perception and retaining as a loyal consumer. This paper analyses the effects of the marketing mix activities on customer satisfaction by using a theoretical framework based on renowned theories as the SERVQUAL model. In this way, we will scrutinize literature to explore the relationship between all ingredients of marketing mix and customer satisfaction through a case on of Punjab state particularly at SBI. Building on these insights, the paper additionally weaves a theoretical analysis combining established models to explore how well SBI's present marketing practices meet customer satisfaction goals. The study reveals a gaping difference in theoretical expectations and the real application of strategies by SBI in Punjab that represents valuable insights for bank executives and policy makers. This discussion enhances the current knowledge related to the relationship with customer's satisfaction been offered new research conceptual model between marketing mix strategies and in view of the holistic perspective called for a comprehensive customer-based interpretation in the banking sector. The research makes some preliminary suggestions for potential future research paths and suggests that further work be done to enhance tactical marketing strategies in a way that would increase customer satisfaction.