The financial service marketing mix : a prerequisite for building customer relationships-a conceptual model

Abstract EN

The aim of this paper is to carry out a critical examination on the financial services marketing mix paradigm to reveal theoretical gaps that have emerged and require further investigation.

The methodology used in this paper is desk-based in which a critical examination on the services marketing mix paradigm literature is carried out to achieve its objectives.

Examining the services marketing literature indicates that financial services businesses need the modified and extended services marketing mix paradigm as a general framework for the marketing of financial services.

One of the crucial conclusions to come out of this paper is that the 7Ps of the services marketing mix paradigm is the most accepted paradigm among services marketing authors.

However, there has not been significant empirical evidence that has validated this paradigm’s components together, even though it has been accepted and supported from a theoretical standpoint.

Empirical evidence is required to validate this paradigm in financial services businesses.

Based on a critical examination of relevant literature in marketing theory this paper has developed a conceptual paradigm in which the financial service marketing mix (7Ps) and relationship marketing are integrated together to improve companies performance; measured by financial and non-financial dimensions.

Based on this research literature and its proposed paradigm a number of hypotheses are advanced in order to be tested in future research endeavours.

Further, future research opportunities are also discussed.