Marketing mix: It's role in customer satisfaction in the South African banking retailing

Abstract

Most South African banks find it difficult or lack the flexibility in adapting to the changing needs of their customers brought by the global financial crisis. This leaves most customers' unsatisfied and possible loss of customers. This paper seeks to inform bank retailers on the role of the marketing mix (4P's) framework as an essential tool in satisfying and retaining their customers in the present recovering stage of the global financial crisis. The authors used questionnaires designed on the 4P's paradigm to determine customers' consensus to its role in satisfying their banking needs. The SPSS software was used in analyzing responds from the survey. Results are presented in a cross tabulation and further illustrated on through a descriptive statistics. Research findings indicated that the marketing mix is an essential tool in satisfying and retaining banking customers. It was also evaluated that price was the most influential element that customers relate to most. Knowledge of the role of marketing mix paradigm in customer satisfaction is that banks may enable policy makers adopting appropriate measures in satisfying their customers. "This paper is important because more researchers have been done on the impact rather than the remedies of the global crisis on the South African banking sector. Pessimists are of the opinion that, the worst case scenario with regard to the global crisis may be merely delayed, thus, it is important to have effective measures in place.