Service Marketing Mix and Customer Loyalty in Commercial Banks of Bangladesh: Investigating the Mediating Role of Customer Satisfaction
DOI:
https://doi.org/10.51137/wrp.ijarbm.831Keywords:
Marketing Mix, Customer Satisfaction, Customer Loyalty, Commercial Banks, BangladeshAbstract
This study evaluates the impact of the service marketing mix on customer loyalty in commercial banks in Bangladesh and examines the mediating role of customer satisfaction in this relationship. Survey data were collected from 210 customers of commercial banks located in Dhaka City using a structured questionnaire and a convenience sampling approach. The collected data were analyzed using Structural Equation Modelling through SmartPLS version 4. The findings reveal that all seven elements of the service marketing mix product, price, place, promotion, people, process, and physical evidence have significant and positive relationships with customer satisfaction and customer loyalty. The results also highlight the importance of customer satisfaction as a key mechanism through which service marketing strategies can strengthen customer loyalty in the banking sector. The study provides useful implications for bank managers by identifying the strengths and weaknesses of existing marketing strategies and demonstrating how improved customer satisfaction can contribute to stronger customer retention and loyalty. From an academic perspective, this research contributes to the literature on service marketing and customer behavior in the banking industry. As the role of the service marketing mix in Bangladesh’s commercial banking sector has not been adequately explored, this study offers valuable insights into how effective service marketing strategies can enhance customer loyalty and support long-term sustainability through customer satisfaction.
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