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Marketing Mix Influence on Service Brand Equity and Its Dimensions

Service sector is growing across the globe including India. Despite the growing importance of the sector and services marketing, there is a paucity of literature in the area in general and branding literature in particular. This study is carried out in the retail banking sector with loans as the product category. Retail banking sector is increasingly seen as an attractive market segment with opportunities for growth and profits. We have reviewed the service branding literature and it is observed that most of the available brand equity models are for goods. Based on the research gap, a service branding model has been proposed and empirically validated. The model represents service marketing mix influence on certain selected dimensions of brand equity, namely, brand image(s) and perceived service quality and thereby on brand equity. Structural equation modelling is used to test the hierarchical relationship. The study has established significant relationships among the marketing mix elements and brand equity dimensions. It contributes significantly to the literature on service branding and provides valuable insights to practicing managers.