A comparative study of customer service level based on service marketing mix (7Ps) in selected public and private sector banks in Bhopal, M.P., by using mystery shopping as a tool

Abstract

Bank marketing revolves around the service marketing mix (7Ps) i.e., Product, Price, Place, Promotion, People, Process and Physical Evidence, to satisfy customers requirements. It has been observed that these 7Ps vary significantly within the public and private sector banks. The objective of this study is to compare these 7Ps in the selected public and private sector banks in Bhopal, MP, India, by using mystery shopping behaviour as a tool to collect customers' perception of the service level of banks. It focuses on observations made by mystery shoppers for comparing service levels at different banks during the branch visit made by them. This paper will help the bankers to acknowledge the comparative, rather competitive strengths they have and the areas of improvement which they must work on and also help them to formulate action plans to retain existing customers and attract new customers by taking care of 7Ps.