An Empirical Study on The Brand Equity of State Bank of India using Aaker Model

Purpose: This research paper aimed to investigate the relationship between brand equity components and the customer satisfaction level. This paper also tried to understand the brand equity of the State Bank of India and the factors which affect the State Bank of India's brand equity. Design: An expansive review of literature was done which created the framework of the research. The Aaker model (Aaker, 1991), a pre tested method was used to perform the research. A total of 160 respondents within Bangalore, India were asked to fill in the questionnaire. To determine significant difference between gender of respondent and customer satisfaction level, one sample t test was used by the researchers, whilst Multiple Regression Analysis was used to determine relationships between brand equity components and customer satisfaction. Findings: The study showed that overall; the State Bank of India had a positive brand image. Respondents were majorly agreeing with the statements provided in the survey. This was followed by a majority of people with no opinion on the questions asked. In the end over half of the respondents were satisfied with the bank, but, had complaints such as ATM's having shortage of cash and employee attitude towards customers, being the most common. Implications: This study shows that the State Bank of India is going on a positive path in terms of their marketing efforts. However to improve, SBI can take heed to improving the customer facing employees and their ATMS. This research lays down a foundation for future research being conducted into the same field, as well as shows a realistic situation of how SBI's brand image is perceived by the public.