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Research Report On“ROLE OF OUTDOOR ADVERTISING
IN BRINGING AWARNESS ABOUTINSURANCE PRODUCT”
Submitted in partial fulfillment of the requirementFor the degree
Master of Business AdministrationSession : 2012-2014
Under the Supervisor:- Submitted byMr. ABHISHEK SIR DEEPAK KUMAR(Faculty Member) MBA IV SemesterF.M.T., Varanasi Roll No.-1215470009
HARISHCHANDRA P.G. COLLEGEBAWAN-BEEGHA, VARANASI-221002
DECLARATION
I DEEPAK KUMAR hereby declare that the research report
entitled “ROLE OF OUTDOOR ADVERTISING IN BRINGING
AWARNESS ABOUT INSURANCE PRODUCT” Submitted in partial
fulfillment of the requirement for the Award of the degree of
“MBA ”. It is the original work of mine and not submitted for the
award of any degree or similar title or prize.
Place: (DEEPAK KUMAR) Date:
ACKNOWLEDGEMENT
Any accomplishment requires the effort of many people, and this
work is no different.
I hereby express my heartiest gratitude to my project guide, Mr.
Abhishek Sir, (Faculty member), for giving me an opportunity to
complete my project report under his supportive guidance. I am very
grateful to him for his valuable suggestion and for sharing with me his
past experience related to the project.
I am also very thankful to our Director of “Institute Of Management
sciences” Varanasi, Dr.. R.C.sharma for his generous cooperation
and guidance without which it would not have been possible for me to
complete my work.
I also thankfull to all my faculty members, all my friends and the
people who are directly or indirectly related to project and helped me
out for completing my work successfully.
Place: DEEPAK KUMAR Date:
3
TABLE OF CONTENTS
1. Introduction
1.1. Industry Profile
1.2. Company Profile
1.3. Product Profile
2. Research Methodology
2.1. Research Objectives
2.2. Research Design
2.3. Sample Design
2.4. Methods of Data Collection
2.5. Data Analysis
3. Analysis and Finding
4. Limitations
5. Conclusions and Recommendations
Appendices
Bibliography
4
Chapter 1
Introduction
1.1 Objectives of the Study
1.2 Primary Research
1.3 Secondary Research
1.4 Limitations of the Study
1.5 Media Industry & Overview
1.1 Objectives of the study
Marketing Strategies adopted by insurance companies in India.
To know about the companies strategies for choosing outdoor media
for insurance product.
To know about the consumer awareness about the outdoor media.
To know the consumer’s satisfaction about the outdoor media for
insurance product.
5
Research MethodologyThe methodology adopted for this project involves Primary data and Secondary data.
1.2 Primary Data
A one-to-one communication was carried out with the concerned officials of
the organization through a drafted and finalized questionnaire.
Information regarding the various media vehicles is obtained from the ad
agency and the makers of Outdoors.
1.3 Secondary DataSecondary data is collected from various Magazines on Outdoor Advertising,
Textbooks and Internet.
1.4 Limitations of the study
The project had to be completed within a very short span of time.
Thus, market study could not be carried out.
Not much of first hand information could be gathered from agency as most of
them outsource Outdoors.
6
CHAPTER - I
PART–A : MARKETING STRATEGIES IN LIFE
INSURANCE
Concept of Marketing
There are many definitions of marketing. The better definitions are focused upon
customer orientation and satisfaction of customer needs:-
According to Philip Kotler - Marketing is the social process by which
individuals and groups obtain what they need and want through creating and
exchanging products and value with others.1
According to P.F Drucker - Marketing is not only much broader than selling, it is
not a specialized activity at all It encompasses the entire business. It is the whole
business seen from the point of view of the final result, that is, from the customer's
point of view. Concern and responsibility for marketing must therefore permeate
all areas of the enterprise.2
The Production Concept of Marketing
The production concept prevailed from the time of the industrial revolution until
the early 1920's. The production concept was the idea that a firm should focus on
those products that it could produce most efficiently and that the creation of a
supply of low-cost products would in and of itself creates the demand for the
7
products. The key questions that a firm would ask before producing a product
were.
8
At the time, the production concept worked fairly well because the goods that
were produced were largely those of basic necessity and there was a relatively
high level of unfulfilled demand. Virtually everything that could be produced was
sold easily by a sales team whose job it was simply to execute transactions at a
price determined by the cost of production. The production concept prevailed into
the late 1920's.
The Sales Concept of Marketing
By the early 1930's however, mass production had become commonplace,
competition had increased, and there was little unfulfilled demand. Around this
time, firms began to practice the sales concept (or selling concept), under which
companies not only would produce the products, but also would try to convince
customers to buy them through advertising and personal selling. Before producing
a product, the key questions were.3
The sales concept paid little attention to whether the product actually was needed;
the goal simply was to beat the competition to the sale with little regard to
customer satisfaction. Marketing was a function that was performed after the
product was developed and produced, and many people came to associate
marketing with hard selling. Even today, many people use the word "marketing"
when they really mean sales.
9
Modern Concept of Marketing
Old concept
Profit maximization through sale.
Sale
Product/ service
New concept
Product/ Service
Identify customer‘s Need
Sale
Customer welfare
Profit through customer satisfaction
Fig . I -1 Represents 4 P’s
10
4 P’S :
Product planning.
Pricing polices.
Physical distribution.
Promotion policies.
11
MARKETING MIX FOR INSURANCE
COMPANIES
The marketing mix is the combination of marketing activities that an organization
engages in so as to best meet the needs of its targeted market. The Insurance
business deals in selling services and therefore due weight age in the formation of
marketing mix for the Insurance business is needed. The marketing mix includes
sub-mixes of the 7 P‘s of marketing i.e. the product, its price, place, promotion,
people, process & physical attraction. The above mentioned 7 P‘s can be used for
marketing of Insurance products, in the following manner:
PRODUCT A product means what we produce. If we produce goods, it means
tangible product and when we produce or generate services, it means intangible
service product. A product is both what a seller has to sell and a buyer has to buy.
Thus, an Insurance company sells services and therefore services are their
product. In India, the Life Insurance Corporation of India (LIC) and the General
Insurance Corporation (GIC) are the two leading companies offering insurance
services to the users. Apart from offering life insurance policies, they also offer
underwriting and consulting services. When a person or an organization buys an
Insurance policy from the insurance company, he not only buys a policy, but along
with it the assistance and advice of the agent, the prestige of the insurance
company and the facilities of claims and compensation. It is natural that the
12
users expect a reasonable return for their investment and the insurance companies
want to maximize their profitability. Hence, while deciding the product portfolio
or the product-mix, the services or the schemes should be motivational. The
Group Insurance scheme is required to be promoted, the Crop Insurance is
required to be expanded and the new schemes and policies for the villagers or the
rural population are to be included. The Life Insurance Corporation has intensified
efforts to promote urban savings, but as far as rural savings are concerned, it is not
that impressive. The introduction of Rural Career Agents Scheme has been found
instrumental in inducing the rural prospects but the process is at infant stage and
requires more professional excellence. The policy makers are required to activate
the efforts. It would be prudent that the LIC is allowed to pursue a policy of direct
investment for rural development. Investment in Government securities should be
stopped and the investment should be channelized in private sector for
maximizing profits. In short, the formulation of product-mix should be in the face
of innovative product strategy. While initiating the innovative process it is
necessary to take into consideration the strategies adopted by private and foreign
insurance companies.
13
PRICING In the insurance business the pricing decisions are concerned with:
The premium charged against the policies,
Interest charged for defaulting the payment of premium and credit facility, and
Commission charged for underwriting and consultancy activities.
With a view of influencing the target market or prospects the formulation of
pricing strategy becomes significant. In a developing country like India where the
disposable income in the hands of prospects is low, the pricing decision also
governs the transformation of potential policyholders into actual policyholders.
The strategies may be high or low pricing keeping in view the level or standard of
customers or the policyholders. The pricing in insurance is in the form of premium
rates. The three main factors used for determining the premium rates under a life
insurance plan are mortality, expense and interest. The premium rates are revised
if there are any significant
changes in any of these factors.
• Mortality(deaths in a particular area):
When deciding upon the pricing strategy the average rate of mortality is one of the
main considerations. In a country like South Africa the threat to life is very
important as it is played by host of diseases.
• Expenses:
The cost of processing, commission to agents, reinsurance companies as well as
registration are all incorporated into the cost of installments and premium sum and
forms the integral part of the pricing strategy.
• Interest:
14
The rate of interest is one of the major factors which determines people‘s
willingness to invest in insurance. People would not be willing to put their funds
to invest in insurance business if the interest rates provided by the banks or other
financial instruments are much greater than the perceived returns from the
insurance premiums.
PROMOTION The insurance services depend on effective promotional
measures. In a country like India, the rate of illiteracy is very high and the rural
economy has dominance in the national economy. It is essential to have both
personal and impersonal promotion strategies. In promoting insurance business,
the agents and the rural career agents play an important role. Due attention should
be given in selecting the promotional tools for agents and rural career agents and
even for the branch managers and front line staff. They also have to be given
proper training in order to create impulse buying.
Advertising and Publicity, organization of conferences and seminars, incentive to
policyholders are impersonal communication. Arranging Kittens, exhibitions,
participation in fairs and festivals, rural wall paintings and publicity drive through
the mobile publicity van units would be effective in creating the impulse buying
and the rural prospects would be easily transformed into actual policyholders
PHYSICAL DISTRIBUTION
Distribution is a key determinant of success for all insurance companies. Today,
the nationalized insurers have a large reach and presence in India. Building a
distribution network is very expensive and time consuming. If the insurers are
willing to take advantage of India‘s large population and reach a profitable mass
15
of customers, then new distribution avenues and alliances will be necessary.
Initially insurance was looked upon as a complex product with a high advice and
service component. Buyers prefer a face-to-face interaction and they place a high
premium on brand names and reliability. As the awareness increases, the product
becomes simpler and they become off-the-shelf commodity products. Today,
various intermediaries, not necessarily insurance companies, are selling insurance.
For example, in UK, retailer like Marks & Spencer sells insurance products. The
financial services industries have successfully used remote distribution channels
such as telephone or internet so as to reach more customers, avoid intermediaries,
bring down overheads and increase profitability. A good example is UK insurer
Direct Line. It relied on telephone sales and low pricing. Today, it is one of the
largest motor insurance operators. Technology will not replace a distribution
network though it will offer advantages like better customer service. Finance
companies and banks can emerge as an attractive distribution channel for
insurance in India. In Netherlands, financial services firms provide an entire range
of products including bank accounts, motor, home and life insurance and
pensions. In France, half of the life insurance sales are made through banks. In
India also, banks hope to maximize expensive existing networks by selling a range
of products. It is anticipated that rather than formal ownership arrangements, a
loose network of alliance between insurers and banks will emerge, popularly
known as banc assurance. Another innovative distribution channel that could be
used are the non-financial organizations. For an example, insurance for consumer
items like fridge and TV can be offered at the point of sale. This increases the
16
likelihood of insurance sales. Alliances with manufacturers or retailers of
consumer goods will be possible and insurance can be one of the various
incentives offered.
ROLE OF IRDA IN INSURANCE SECTOR
Concept of IRDA:
IRDA is Insurance Regulatory Development Authority, that has been set up to
protect the interests of the policy holders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or
incidental there to.
*[This definition has been taken from the IRDA website...]4
Insurance Regulatory and Development Authority To protect the interests of the
policyholders Insurance Regulatory & Development Authority is regulatory and
development authority under Government of India in order to protect the interests
of the policyholders and to regulate, promote and ensure orderly growth of the
insurance industry. It is basically a ten members' team comprising of a Chairman,
five full time members and four part-time members, all appointed by Government
of India. This organization came into being in 1999 after the bill of IRDA was
passed in the Indian parliament.
Role of IRDA in insurance sector
Regularizing the activities of the insurance companies, which were permitted to
establish their business in India; besides more number of our citizens be brought
into the net of life insurance cover. Then to create healthy competition among
insurance companies of both general and life, besides regulating them.
17
specifying the percentage of premium income of the insurer to finance schemes
for promoting and regulating professional organizations referred to in clause (f);
specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector; and
exercising such other powers as may be prescribed
Impact of IRDA On Indian Insurance Sector
The creation of IRDA has brought revolutionary changes in the Insurance sector.
In last 10 years of its establishment the insurance sector has seen tremendous
growth. When IRDA came into being; only players in the insurance industry were
Life Insurance Corporation of India (LIC) and General Insurance Corporation of
India (GIC), however in last decade 23 new players have emerged in the filed of
insurance. The IRDA also successfully deals with any discrepancy in the
insurance sector.
Regulators Insurance is a federal subject in India. The primary legislation that
deals with insurance business in India is: Insurance Act, 1938, and Insurance
Regulatory & Development Authority Act, 1999.Insurance Industry has
ombudsmen in 12 cities. Each ombudsman is empowered to redress customer
grievances in respect of insurance contracts on personal lines where the insured
amount is less than Rs. 20 lakes, in accordance with the Ombudsmen Scheme.
18
Insurance Regulatory & Development Authority (IRDA)
IRDA was constituted by an act of parliament. The Authority is a ten member
team consisting of:
(a) a Chairman (b) five whole-time members (c) four part-time members
(1) Subject to the provisions of Section 14 of IRDA Act, 1999 and any other law
for the time being in force, the Authority shall have the duty to regulate, promote
and ensure orderly growth of the insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section
(1), the powers and functions of the Authority shall include, -
(a) Issue to the applicant a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning
of policy, nomination by policy holders, insurable interest, settlement of insurance
claim, surrender value of policy and other terms and conditions of contracts of
insurance;
(c) Specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
(d) Specifying the code of conduct for surveyors and loss assessors;
(e) Promoting efficiency in the conduct of insurance business;
(f) Promoting and regulating professional organizations connected with the
insurance and re-insurance business;
19
(g) Levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries
and investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organizations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may
be offered by insurers in respect of general insurance business not so controlled
and regulated by the Tariff Advisory Committee under section 64U of the
Insurance Act, 1938 (4 of 1938);
INSURANCE CONTRACT
The insurance contract is a legal document that spells out the coverage, features,
conditions and limitations of an insurance policy. It is critical that you read the
contract and ask questions if you don't understand the coverage. You don't want to
pay for the insurance and then find out that what you thought was covered isn't
included. Insurance terminology you should know:
Bound
Once the insurance has been accepted and is in place, it is called "bound". The
process of being bound is called the binding process.
Insurer
20
A person or company that accepts the risk of loss and compensates the insured in
the event of loss in exchange for a premium or payment. This is usually an
insurance company.
Insured
The person or company transferring the risk of loss to a third party through a
contractual agreement (insurance policy). This is the person or entity who will be
compensated for loss by an insurer under the terms of the insurance contract.
Insurance Rider/ Endorsement
An attachment to an insurance policy that alters the policy's coverage or terms
Insurance Umbrella Policy
When insurance coverage is insufficient, an umbrella policy may be purchased to
cover losses above the limit of an underlying policy or policies, such as
homeowners and auto insurance. While it applies to losses over the dollar amount
in the underlying policies, terms of coverage are sometimes broader than those of
underlying policies.
Insurable Interest
In order to insure something or someone, the insured must provide proof that the
loss will have a genuine economic impact in the event the loss occurs. Without an
insurable interest, insurers will not cover the loss. It is worth noting that for
property insurance policies, an insurable interest must exist during the
underwriting process and at the time of loss. However, unlike with property
insurance, with life insurance, an insurable interest must exist at the time of
purchase only.
21
Nature of life insurance contract
Unilateral
An – Aleotory
Conditional
Contract of adhesion
Contract of certain amount
Essential general contract" 5
General Nature of a contract
Offer & Acceptance
Consideration
Competence of parties
Legality of object
Free consent of the parties" 6
THE INSURANCE ACT, 1938
THE INSURANCE ACT, 1938 ACT NO. 4 OF 1938
[26th February, 1938.]
An Act to consolidate and amend the law relating to the business of insurance.
WHEREAS it is expedient to consolidate and amend the law relating to the
business of insurance; it is hereby enacted as follows:--
PART I
PRELIMINARY
22
1*[(2) It extends to the whole of India 2***.] (3) It shall come into force on such
date 3* as the Central Government may, by notification in the Official Gazette,
appoint in this behalf.
2. Definitions. In this Act, unless there is anything repugnant in the subject or
context,--
(1) "actuary" means an actuary possessing such qualifications as may be
prescribed ;
4*[(2) "policy-holder" includes a person to whom the whole of the interest of the
policy-holder in the policy is assigned once and for all, but does not include an
assignee thereof whose interest in the policy is defensible or is for the time being
subject to any condition ;]
5*[(3) "approved securities" means--
(i) Government securities and other securities charged on the revenues of the
Central Government or of the Government of a 6*** State or guaranteed fully as
regards principal and interest by the Central Government, or the Government of
any 6* State;
Extended to Goa, Daman and Diu with modifications, by Reg. 12 of 1962, s. 3 &
Sch.
The Act comes into force in Pondicherry on 1.10.1963 vide Reg. 7 of 1963, s. 3
and Sch. I.
Extended to and brought into force in Dadra and Nagar Haveli (w.e.f.
1.7.65) by Reg. 6 of 1963, s. 2 & Sch. I.
Extended to Laccadive, Minicoy and Amindivi Islands (w.e.f.
23
1.10.1967): vide Reg. 8 of 1965, s. 3 & Sch.
Extended to and brought into force in the State of Sikkim (w.e.f.
1.7.1975) vide Notifn. No. S.O. 274(E), dated 24.6.1975. [See footnote 1 for this
section]
(ii) debentures or other securities for money issued under the authority of any
Central Act or Act of a State Legislature by or on behalf of a port trust or
municipal corporation or city improvement trust in any presidency-town ;
(iii) shares of a corporation established by law and guaranteed fully by the Central
Government or the Government of a 1* State as to the repayment of the principal
and the payment of dividend ;
(iv) securities issued or guaranteed fully as regards principal and interest by the
Government of any Part B State and specified as approved securities for the
purposes of this Act by the Central Government by notification in the Official
Gazette ; and (v) subject to the limitations contained in the proviso hereto,
securities guaranteed fully as regards principal and interest by a Provincial
Government in Pakistan or charged on the revenues of any part of that Dominion,
and debentures or other securities for money issued by or on behalf of the trustees
of the port of Karachi :
Provided that securities or debentures specified in item (v) shall be recognized as
approved securities only for such purposes and for such period and subject to such
conditions as may be prescribed;]
24
2*[Explanation.-- In sub-clauses (i) and (iii), "Government of a State" in relation
to any period before the 1st November, 1956, means the Government of a Part A
State.]
3*[(4) "auditor" means a person qualified under the Chartered Accountants Act,
1949 (38 of 1949), to act as an auditor of companies;] 4*[(4A) "banking
company" and "company" shall have the meanings respectively assigned to them
in clauses (c) and (d) of sub-section (1) of section 5 of the Banking Companies
Act, 1949 (10 of 1949)5*;]
(5) "Certified" in relation to any copy or translation of a document required to be
furnished by or on behalf of
[See footnote 2 for this section]
1*[an insurer or a provident society as defined in Part III] means certified by a
principal officer of 2*[such insurer or provident society] to be a true copy or a
correct translation, as the case may be;
3*[(5A) "chief agent" means a person who, not being a salaried employee of an
insurer, in consideration of any commission--
(i) Performs any administrative and organizing functions for the insurer, and (ii)
procures life insurance business for the insurer by employing or causing to be
employed insurance agents on behalf of the insurer;
(5B) "Controller of Insurance" or "Controller" means the officer appointed by the
Central Government to perform the duties of the Controller of Insurance under
this Act;]
25
(6) "Court" means the principal Civil Court of original jurisdiction in a district,
and includes the High Court in exercise of its ordinary original civil jurisdiction;
3*[(6A) "fire insurance business" means the business of effecting, otherwise than
incidentally to some other class of insurance business, contracts of insurance
against loss by or incidental to fire or other occurrence customarily included
among
THE LIFE INSURANCE CORPORATION ACT, 1956
THE LIFE INSURANCE CORPORATION ACT, 1956 ACT NO. 31 OF
1956[18th June, 1956.]
An Act to provide for the nationalization of life insurance business in India by
transferring all such business to a Corporation established for the purpose and to
provide for the regulation and control of the business of the Corporation and for
matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Seventh Year of the Republic of India as
follows:--
CHAPTER I
PRELIMINARY
1. Short title and commencement. (1) This Act may be called the Life Insurance
Corporation Act, 1956.
(2) It shall come into force on such date 1* as the Central Government may, by
notification in the Official Gazette, appoint.
2. Definitions. In this Act, unless the context otherwise requires,--
26
(1) "Appointed day" means the date on which the Corporation is established under
section 3;
(2) "Composite insurer" means an insurer carrying on in addition to controlled
business any other kind of insurance business;
(3) "Controlled business" means--
(i) in the case of any insurer specified in sub-clause (a) (ii) or sub-clause (b) of
clause (9) of section 2 of the Insurance Act and carrying on life insurance
business--
(a) All his business, if he carries on no other class of insurance business; (b) All
the business appertaining to his life insurance business, if he carries on any other
class of insurance business also;
Extended to and brought into force in Dadra and Nagar Haveli (w.e.f. 1.7.65) by
Reg. 6 of 1963, s. 2 & Sch. I.
Extended to Goa, Daman and Dui by Reg. 11 of 1963, s. 3 & sch.
(with modifications)
Extended to the Union territory of Pondicherry by Act 26 of 1968, s. 3 and
Schedule.
1. 1st July, 1956, see Gazette of India, 1956, Extraordinary, Pt.
II, Sec. 3. p. 1531.
246 (c) all his business, if his certificate of registration under the Insurance Act in
respect of general insurance business stands wholly cancelled for a period of more
than six months on the 19th day of January, 1956;
27
(ii) In the case of any other insurer specified in clause (9) of section 2 of the
Insurance Act and carrying on life insurance business--
(a) All his business in India, if he carries on no other class of insurance business in
India;
(b) All the business appertaining to his life insurance business in India, if he
carries on any other class of insurance business also in India;
(c) all his business in India, if his certificate of registration under the Insurance
Act in respect of general insurance business in India stands wholly cancelled for a
period of more than six months on the 19th day of January, 1956;
Explanation.-An insurer is said to carry on no class of insurance business other
than life insurance business, if, in addition to life insurance business, he carries on
only capital redemption business or annuity certain business or both; and the
expression "business appertaining to his life insurance business" in sub-
Clauses (i) and (ii) shall be construed accordingly;
(iii) in the case of a provident society, as defined in section 65 of the Insurance
Act, all its business;
(iv) in the case of the Central Government or a State Government, all life
insurance business carried on by it, subject to the exceptions specified in section
44;
(4) "Corporation" means the Life Insurance Corporation of India established under
section 3;
(5) "Insurance Act" means the Insurance Act, 1938 (4 of 1938);
28
(6) "Insurer" means an insurer as defined in the Insurance Act who carries on life
insurance business in India and includes the Government and a provident society
as defined in section 65 of the Insurance Act;
(7) "Member" means a member of the Corporation;
(8) "Prescribed" means prescribed by rules made under this Act;
247 (9) "Tribunal" means a Tribunal constituted under section 17 and having
jurisdiction in respect of any matter under the rules made under this Act;
(10) All other words and expressions used herein bu...
CONCEPT OF INSURANCE
An introduction to insurance
With the insurance sector in full bloom, today, it would not be wrong to say that in
the present market scenario, there is an insurance available for just about anything
and everything. With even a bourgeois family man opting for various insurance
schemes, the question today is not whether you have insurance or not. Instead it is,
whether you need a particular insurance or not? Insurance is no doubt an area of
immense importance in regards to the financial and monetary sectors of every
individual. The whole idea behind Insurance as a financial security tool was to
design something which could secure the financial well-being of an individual as
well as his/her dependents, in case he/she undergoes an unforeseen loss. These
losses could be related to health, property, assets or life in general. Insurance helps
people manage monetary risks and losses related to investments, liabilities for
wrong financial actions, and risks for inability to earn income at any stage of life.
Insurance generally covers all these risks.
29
Media Industry & Overview
Advertising is one of the integral elements of the marketing process, just as sales,
product design, promotion and customer service are. We might look at advertising
as the mass selling of a product. Where is advertising seen or heard? In the media.
What business is an advertising agency in? In the advertising creation and placement
business. What business is the media in? The advertising delivery business.
Professionals throughout the entertainment & media industries can help develop
stories to capture and move audiences in ways many did not know were possible –
while drastically enhancing the collaborative process from concept to successful
release. Studios, networks, and production companies can capture, develop, and
successfully market the best material possible while drastically cutting investments on
ineffective to outright misguided story and project development – with more
consistent results. Everyone will have a common creative language.
In the past decade information technology has undergone substantial changes. The
Internet, digital television, virtual reality are only a few examples. The convergence
of different types of media forms (e.g. computers, satellites, networks, etc...) have
and are currently changing society into what many people refer to as the,
"Digital Age." These developments are not solely dependent on technological factors
as much of the popular "hype" asserts. Accordingly we will examine new media from
cultural, historical, legal, and psychological perspectives.
"Cyberspace and Communication" encompasses a wide array of issues and topics.
Accordingly, we will cover numerous areas with a focus on the Internet, and the
World Wide Web. However, it is difficult to distinguish between convergent media
systems and forms often labeled "new media" - in contrast to the "legacy" media
routinely studied in telecommunications programs. Thus, on occasion we will discuss
other new media technologies including, streamed digital broadcasting, networking,
film innovations, and other emerging media forms.
30
The media industry has unique qualities that distinguish it from other industries.
One is its privileged legal position under the First Amendment guarantee of freedom
of the press, making the media exempt from government restraints and oversight as
compared with other businesses.
Many critics have expressed dissatisfaction with how the mass media industry has
lived up to such responsibility. Media coverage of political elections has been
criticized for focusing on campaign tactics and personal foibles of political candidates
rather than substantive issues. Newspapers and television news media programs have
been criticized for simply covering the latest murder or sensational crime story rather
than substantively investigating the causes of and solutions to crime.
The media and Information Technology (IT) scenario has undergone a radical
change in the recent past in India as it has happened elsewhere in the world. The
change is both quantitative as well as qualitative. It is also observed that the gap
between invention of new technology in the Western world and its use in India is also
reducing day by day. Earlier technologies took comparatively longer time to develop
roots in the country. But now days, soon after a new technology is developed
anywhere in the world, it starts getting used in India too.
Take any technology, whether it is electronic, print or information technologies, the
growth has been very rapid in the last decade and a half. It will be seen in later part of
the article how the individual technologies have grown during this period. The growth
also contributes to expansion of the reach as well as access. It is also found that the
growth is not necessarily restricted only to urban areas as it used to happen in the
past. It spreads to smaller towns and rural areas also in reasonable time. Apart from
the rapid growth, the change is also facilitated largely due to the increased user
friendliness of the technology.
The government has been creating a more facilitative regulatory regime. The
emphasis is now on encouraging expansion and reducing the obstacles that come in
the way. Some of the rules and regulations have been changing fast. In the earlier
31
days, the change in the rules used to be very slow and tedious, but over the years the
situation is improving. The socio-political atmosphere is more open and this greatly
supports both the changes in rules and regulations as well as efficient implementation
of the policies. The whole growth process has obviously become possible because the
technologies have become more affordable and also because the society has started
understanding the importance of new communication technologies.
The speed and type of changes have varied from technology to technology
a. The Broadcast Media: This will include radio, television and related media;
b. The Print Media; and
c. Telecommunications: This will include telephones, pagers, cellars, computers
and the Internet.
It is seen that some of the characteristics traditionally associated with a particular
medium are undergoing changes. The distinctions between different media are getting
slowly blurred. It is no longer possible to say that a medium is strictly a print
medium. Obviously these newspapers and magazines are no longer ‘print media’. It
also used to be believed that there is a certain amount of permanency or lack of
permanency of the output of a medium Because once they are transmitted, it is not
possible to have a re-look at them. However, the invention and ease of recording has
changed the scenario. It is possible to record any television programme at any time
and watch it one's convenience. Similarly, the print medium considered being more
permanent than the ‘ethereal’ TV or radio services. However, if the newspaper is
only on the Internet, it can no longer have that characteristic. Of course, it is always
possible to download and take a hard copy and this again make it into a print or
permanent medium. The biggest change, however, has come through the marriage of
different technologies. The greatest contribution has come from the personal
computer.
32
Cinema
India is the leader in the number of film productions. It produces the highest number
of films in the world every year. India produces on an average about 800 feature films
per year. In 1996 there were 12,867 Cinema halls with a seating capacity of 7.3 per
1000 population. The films are produced in many languages by a large number of
individual producers and production houses. Indian cinema has yielded about 28,000
feature films and thousands of documentary short films so far. The first exposure to
motion pictures, which India received, was in 1896, when the Lumiere Brothers'
'Cinematographe' unveiled six soundless short films in Mumbai (called Bombay). On
May 3, 1913 at the Coronation Cinema, Bombay, Dhundiraj Govind Phalke, was
responsible for the production of India's first fully indigenous silent feature film 'Raja
Harishchandra' that heralded the birth of the Indian film industry. The first Indian
talkie 'Alam Ara' produced by the Imperial Film Company and directed by Ardeshir
Irani was released in 1931. The thirties are recognised as the decade of social protest
in the history of Indian cinema. The film industry is the major entertainment industry.
It also provides a very substantial support to the television channels. A large number
of programmes are feature films based - songs, dances, and a good deal of prime time
is taken up by full-length feature films.
B. PRINT MEDIA
Newspaper/Magazines
The newspaper industry has traditionally functioned as a free press in India. The
freedom of expression and independence for print media has been ensured in the
Indian constitution and the newspapers zealously guard this independence. It is of
significance to note that there is no pre-censorship for newspapers. However, there
are certain laws of the land, which apply to the newspaper industry. There is Press
Council with quasi-judiciary powers.
33
The Gujarati Daily Bombay Samachar, started in 1822 AD, is the oldest existing
newspaper in Asia. Apart from English and 18 principal languages enumerated in the
Eighth Schedule of the Constitution, newspapers are published in 81 other languages,
mostly Indian languages and a few foreign languages. The total number of
newspapers and periodicals as of December 1995 was 37,254. The total number of
Daily Newspapers in India is 4,236.
Media Process
Once the advertising is created, the focus shifts to how best we can take it the
people. Who are the people we need to reach, how can we reach them,
where and when can we deliver our ads to them, how often do we need
to reach them, and what will it cost us to do so?
The Media Strategy
Media Strategy refers to a specific course of action with the media. It describes how
the media planner will achieve the stated media objectives. There are 4 strategic
decisions to be taken by the media planner:
Which media will be used?
How often each will be used?
How much of each will be used?
When will they be used?
34
MEDIA PROCESS
Media Strategy
Media Planning
Media Buying
Media Scheduling
The media planner has to take the following factors when developing a media
strategy:
Scope of the target audience
Consumer purchase patterns
Mechanical considerations
The Media Planning
The Media Planning process starts with looking at what objectives the media plans
need to achieve, and what kind of media budgets are available to do so. The first step
in media planning i.e. to match the media with the target group. The better the match
of the target with the media, the less will be the money wasted on delivering the
messages to the consumers for whom the product was intended to. This is known as
“weighting”.
The second step in media planning process will be the selection of the “Media Mix”
or the most optimal combination of media. It is important for the media planner to
distinguish between media types, vehicles and media units.
Media Buying
Media planning also involves allocating media budgets to media types. Budgets may
be allocated based on the importance of media types and/or geographic regions.
Geographic allocation usually marketing objectives.
REGION SALES POTENTIAL BUDGET GOAL
(based on sales potentialSOUTH 25% Rs. 50 lakhsEAST 15% Rs. 30 lakhsWEST 30% Rs. 60 lakhsNORTH 10% Rs. 20 lakhs
35
Media buying may be defined as the process of executing a schedule of desired media
weights for brands at a lowest possible cost. The media buying process can be divided
into 2 broad stages:
- Deciding what to buy
- Setting out to buy at the most competitive rates.
INSURANCE MARKETING AND DISTRIBUTION
INTRODUCTION
The life insurance industry in India has a great potential to develop. It can develop
only if it accepts the problems and challenges and makes use of the significant
opportunities available in the country. Particularly, the marketing strategy of
insurance companies ultimately leads to a change aimed at merger and consolidation,
the efficiency of the insurance system and also wider and efficient coverage.
Marketing of life insurance service is considered a difficult area to be seen. It is also a
more challenging phenomenon in India. The insurance selling process is required to
be transparent and create educative value to the prospects. Only a professional
approach to the marketing programs will serve the purpose of dealing positively with
the consumers.
Insurance is a business of sacrifice. This is mainly due to the fact that the sacrifice of
the customer by way of paying premium is real and present. The benefits of insurance
are recovered after a long period and hence it is not attractive to people. Insurance is
like sand when it is bought and gold when it is realized. Given a choice, people would
postpone the decision to buy insurance as they do not realize its benefit at the time it
is offered. They have to be convinced1.
Insurance marketing must be considered as a positive trend by the consumers since it
develops the habit of buying insurance products to protect the health of their families
and also their assets at a future date. The strategies of insurance marketing are to be
designed in such a way that they attract the different sections of the society by
identifying the need of the
36
1Neelam C.Gulati, ‘Principles of Insurance Management’, Excel Books, New Delhi,
2007, p.257.254
prospects and also the designing of the suitability of the product. The marketing
strategies should be designed for maximization of insurance gains to the customers
rather than minimization of insurance risk. It needs larger investment of both time and
effort besides talented marketing personnel as it is a difficult job to undertake.
The marketing of life insurance is universally considered a matter of highest priority
at all levels in different institutions. New marketing methods occupy a significant
place among top management intelligentia. These include an aggregation of the
salesmanship of the marketing personnel and the professional approach to the
marketing problems by the top management. It should contemplate the concept of
insurance positively by convincing the customers to make their life happier. Buying
insurance by a customer needs to be a matter of their longevity. The insured will be
understood through marketing that life is not about how many years he lives but about
how he lives is of paramount importance.
There is no product differentiation in insurance business. One company offers today
may be offered by some other company tomorrow. To reduce the level of competition
among insurance companies, the insurers have to stand efficiently in the area of
communicating their products early to the customers through insurance marketing.
The liberalization of Indian life insurance sector has created many changes in the
market place. This results in massive inflow of foreign brands and also a
revolutionary change in the consumer behavior. These changes require a movement of
the insurance sector from production-driven marketing to the professional marketing.
The market development taken place by liberalization results in many changes in the
intermediary role of the distribution channels. The insurance arena has been shifted to
a market- oriented environment and hence the insurance system has been adjusted to
255
37
the new changes and also major challenges of insurance distribution. Focus on the
distribution channel is an important pre-requisite to an efficient sale of insurance
product.
The Indian insurance industry has been strongly growing for the last few years. To
ensure improved penetration of insurance, the distribution system of insurance has to
be more focused. And also the well established training and educational organizations
should play a significant role in educating and motivating people. This provides good
opportunities to improve the delivery mechanism and also tap the vast market.
Marketing requires intriguing creative implying updating knowledge on the markets
with global perspective which calls for availability of enough right data or
information at the hands of the operating offices. It needs appropriate comprehension
of markets2.
Insurance selling should not be regarded as a mere act of selling insurance policies.
But, it must be regarded by the policyholders as a habit of buying insurance policies
to protect the health and assets of their families at a later date. Hence, the goal of
distribution management is to maximize sales, attract maximum market share, tap
new markets, find out the customer needs and preferences and above all promote
customer satisfaction.
ROLE OF DISTRIBUTION
Distribution of insurance products and efficient service delivery has been an
important element of insurance business. The development taken place in the
insurance sector is made possible only with the efficient role played by the
distributors in delivering insurance products. A significant feature of the complete
process of distribution and service delivery of insurance product is that the multiple
distribution channels have yielded many service benefits not only to the company but
also to customers. The process
2Satish S.V. ‘Life Insurance Marketing – A Phenomenon’, Southern Economist,
February 15, 2009, p.37.256 of channel diversification and expansion has accelerated
38
in India since insurance liberalization. Many insurers have intensified their efforts for
establishing and developing cost-efficient and result-oriented distribution strategies.
Due to the emerging convergence and globalization, the entire insurance industry is
undergoing rapid changes. The lower middle class customers are more concerned
with savings and consequent tax planning and hence rely on insurance. Brokers,
agents, direct agents and bancassurance offer good services to these customers. The
rural and semi-urban customers are generally the average working class population.
They can afford to save a little amount. They have little knowledge of insurance.
Only agents can reach these customers.
The corporate customers and institutional investors are interested in liability
insurance, group insurance and healthcare insurance. They are largely situated in
metropolitan centers and cities. They required altogether a different distribution
strategy. Most of these customers are cost-conscious and well- informed. Corporate
agents, brokers and direct marketing are ideally suitable to attract these customers.
Consequently from a single channel industry i.e., the individual agent, the industry, at
present, has embraced a few well established channels and continues to experiment
with a few more. In the light of severe competition amongst insurers, the new
distribution strategies require complete professionalism and flexibility towards facing
marketing challenges. A well- trained and plain-speaking distributor has the ability to
be the best brand ambassador for any insurance player. Market expansion, consumer
loyalty, consumer preferences and competition amongst life insurers will initiate
innovations in the distribution segment. This ensures good capacities and capabilities
on the part of distributors so that there are no practices of mis-257
selling and misrepresentation of the facts. Although there is discernible difference in
the marketing styles of the present day insurers, a great qualitative improvement is yet
to be perceived. The marketing initiatives of the new companies have certainly helped
to enhance insurance awareness in the country.3
39
Insurance is a business of keeping people’s hopes, aspirations and expectations
through a life insurance contract. It is more important for insurance companies to be
transparent at the time of selling. The policy documents should be as simplified as
possible with minimal fine print4.
The distributor is the first line representative of the life insurance company and
assumes greater responsibility in initial underwriting of the policies. The distributor
should understand the needs of the prospective customer and recommend suitable
policy that satisfies his needs. As a result, the business retention ratios will improve
and the persistency ratio will increase. The distributor is well trained and equipped in
identifying properly the needs of the customers. He requires to be well-versed in all
matters relating to his job for favour of a proper matching between the needs of the
customer and also the service delivery.
A distributor is the vital link in the policy life cycle. His role begins the time he starts
prospecting till settlement of claims. A life insurance agent is the key distributor.
However, insurance brokers and other intermediaries also play a key role in this
process5. The insurers, at present, require immense distribution strength and
tremendous manpower to reach out to the present huge customer base available for
insurance service in our country. The future of distribution for insurance products is a
‘brave new world’ and it will require
3David Chandrasekharan, “Marketing of Life Insurance – Have Things Really
Changed?”, IRDA Journal, May, 2009, p.18.
4Anjana Agarwal, ‘Emphasis on Trust – Grievance Management in Insurance’, IRDA
Journal, October, 2011, p.28.
5Baradhwaj, C.L., ‘Arresting the Trends – Frauds in Insurance Industry’, IRDA
Journal, June, 2011, p.29.258
40
both courage and judgment to lead an organization into the rapidly unfolding realm of
possibilities6.
The insurance companies have to concentrate mostly on non- traditional and more
innovative channels and also multi-level delivery systems. Under these systems, like
in the West, the customers can buy an insurance product from any bank, mall, post
office, internet cafes, etc. The distribution systems have been influenced significantly
by cost pressures. Besides, competition for saving amounts of the consumers is also
intensifying. An efficient and effective distribution strategy for life insurance products
should also be mostly customer-centric. It should represent both the customer and the
company goals.
Customer retention marketing is a process whereby marketers look at building a long
term association with their customers. This involves a continuous process of
interaction with the customer at any point of time. It needs to understand the needs of
the customers and provide products and services accordingly7.
One of the major challenges of insurance marketing is to identify which distribution
method fits best and suitable to the business. The decisions relating to distribution
strategies must be made dependent upon what the other insurers are doing. It is very
common that every business insurance prospect expects to receive customized service
from his insurer. But, busy agents can hardly afford any time or expense to present an
individualized proposal each time. A little extra care and attention to some often
overlooked talents can fill this gap and guide the insurer close to the sale8.
6Chari, V.G. “Insurance – A Re-look at the Distribution Strategy’, Insurance
Chronicle, March, 2005, p.31.
7Teena Makhija, ‘Retention Marketing – The Key to Business Performance’, The
Journal of Insurance Institute of India, Mumbai, January-June, 2008, p.55.
8Shulman, Allen L., ‘Nine ways to get personal when selling Business Insurance’,
Insurance Chronicle, March, 2005, p.40.259
41
Most of the private insurers are very much trying for a right channel mix for reaching
the potential customers. It is the distributor who makes the difference in terms of the
quality of advice for choice of product, after-sale service and settlement of claims.
The distributors should become trusted financial advisors for the customers and
trusted associates for the insurers.
The new companies are looking for well educated, knowledgeable individuals with an
interest in insurance marketing. At present, insurance companies are moving from
merely selling insurance to marketing an essential financial product. New players are
finding expensive and time- consuming to bring up a distribution network of good
and cost effective standards. Usage of alternate channels will help, to some extent,
bring down the costs of distribution and thus, benefit the customers and insurers both.
Channel conflicts may arise in some cases. But, those must be regulated to the best
advantage of the customer and the insurer. The distribution strategy can’t be taken up
in isolation. Major elements like, the organization structure, systems, processes,
employees, organizational cultures are to be taken care of by the insurer for designing
the distribution strategy. The insurance companies consider this distribution channel
profitable due to low customer acquisition cost, quicker reach to untapped markets,
introduction of innovative products and administrative convenience and suitability.
The quality of service rendered by the distributor should be made the key parameter
for efficient distribution management and also persistence.
INSURANCE ADVERTISING
At present, insurance advertisements take up a lot of space in television or print
media. The emphasis on insurance advertising is on creative and accent on awareness.
The communication in advertising is modern, young, approachable and conveying the
difficult product offering. The 260
insurance selling activity usually reaches a peak around March and it needs to be
taken into account by the insurers in spending marketing budget on insurance
advertising. The visual is always more effective and universal.
42
The ICICI Prudential is the first private insurance company to recognize and use the
power of TV advertising with its ‘Sindoor’ campaign in 2001. The retirement solution
campaign of the company with the tagline ‘Retire from work not life’ also has
attracted a good number of customers.
SBI life has 63 per cent business coming from bancassurance. Its advertisements are
mostly confined towards saying people that they can buy insurance from the bank.
Their advertisements consist of branch merchandising. It is more about point-of-
purchase type of advertising. LIC has contemplated celebrity marketing – a segment
noted for the presence of high net worth individuals. Life insurance products have
accounted for about 88 per cent of overall insurance advertising expenditure with Life
Insurance Corporation topping the list of advertisers
Media types for Advertising
The opportunities for offering space and time to advertisers have mushroomed since
the early days of Pompeii when messages were carved out with a stylus on the sides
of buildings. Today, a number of channels have been accepted as major advertising
media. The major ones available for advertising purpose are: newspaper,
magazines, radio, television, direct mail, outdoor displays and online advertising.
Newspaper:
Newspapers come under the print media. The characteristics of newspaper
advertising are- high coverage, low cost, short lead time for placing ads, Ads can be
placed in interest sections, Low cost Timely (current ads), Can be used for coupons,
Short life, Clutter Low attention-getting capabilities, Poor reproduction quality,
Selective reader exposure.
Magazines:
Magazines are also included under the print media. The characteristics of
magazines are-segmentation potential, Quality reproduction, High information,
43
content Longevity, Multiple readers, Long lead-time for ad placement, Visual only,
Lack of flexibility.
Radio:
It is a broadcasting media. The characteristics of radio as an advertising media are-
Local coverage, Low cost, High frequency, Flexible, Low production costs, Well-
segmented audiences, Audio only, Low attention getting, Fleeting message.
Television:
It is also a broadcasting media. The characteristics of this media are- Mass coverage,
High reach, High prestige, favorable image, Low cost per exposure, Attention getting,
Low selectivity, Short message life High absolute cost High production costs.
Direct mail:
The characteristics of this media are- High selectivity, Reader controls exposure,
High information content, Opportunities for repeat exposures, High cost/contact, Poor
image (junk mail).
Outdoor displays:
This media includes posters, neon signs, banners, hoardings, transit, sky advertising,
kiosks, etc. The characteristics of this media are- High coverage, Location specific,
High repetition, Easily noticed, Short exposure time requires short ad, Poor image,
Local restrictions.
Online advertising:
This includes Internet advertising, advertising on mobile phones (SMS advertising)
etc. The characteristics of this media are- Flexible Timely (current ads), Reader
controls exposure, Impact of media (sound, video, animation and so on), Low
attention getting, Selective reader exposure, Poor image.
44
Future of Outdoor Advertising
The size of the outdoor media industry in India is estimated to be about 11% of the
total ’05 media spends of Rs. 11,000 crores. Due to the fragmented nature of the
industry, there is no single audited figure of spends on outdoors.
In terms of potential, the Indian outdoor industry is bigger than that in U.K., Germany
and the U.S. where the market share is 5.2, 3.2 and less than 2 percent respectively.
Additionally, with printing & site level impact enhancing innovations gaining
importance, the outdoor industry offers tremendous potential for growth. Retail &
Multiplex Space are the newer applications for this media.
Outdoor advertising has traditionally lagged behind other media. This has made
outdoor planning and buying very subjective. But there are some profound changes
on the anvil…crystal gazing into the future of outdoors and attempting to answer the
direction the medium is predicted to go, the medium is bound to recast itself in the
years to come & become an increasingly potent media vehicle.
The cornerstone of this hypothesis is that outdoor will become an increasingly
important element of the media mix – most certainly for some new age categories like
telecom, automobiles – both 2 wheelers and 4 wheelers, Insurance, durables and this
will drive media spends to increase to 20% levels from the current 11%. These high
outdoor consuming categories will demand greater width & depth of outdoor
deliverables.
As affluence spreads into India’s hinterland, marketers will train their sights to find
focused and localized media to supplement visibility. As the market demand led
change surges ahead across markets large and small, the large towns will be the first
to fell the heat of market and media saturation & media inflation. This will throw up
interesting ‘localised’ opportunities for outdoor media practitioners in small and mid-
45
size towns. Outdoors can lead this ‘localised’ media surge & attempt to match the
‘demand’ led footprint.
Today “outdoor” includes an enormous selection of media display products
(billboards, transit, street furniture, and alternative outdoor media). The status of
outdoor has improved as it is being repositioned from a limited, fragmented, price-
driven local medium to a powerful, cost-effective, high reach, synergy medium
Today the Indian advertising scenario is as unpredictable as the British Weather, You
never know what’s next but with little imagination, outdoor advertising is an ideal
medium for achieving local reach, frequency and continuity on a very limited budget.
As a national and global medium, outdoor advertising has achieved great success. In
today’s growing advertising industry each medium has created a place for itself. As
each medium offers something better or different than other medium may / may not
offer, outdoor carries the message 24 hours with good geographical and
demographical flexibility which helps break linguistic barriers and helps to create an
impact on the precise target group.
Today outdoor is so popular that demand now exceeds supply, but such hurdles would
definitely be overcomed by a whole new generation of buzzing advertisers, who will
find out new outdoor tools with guaranteed innovation. With the family members
working income levels increasing their purchasing power also increases. Increase in
education standards in the country means more people are responsive to the
advertising stimulus and hence there are greater needs of advertising. As regards
product lifecycle, it is obvious that in future also, firms will need to concentrate in
growth areas to achieve or maintain leadership position. Outdoor advertising is bound
to grow with the extension in the national highways. Due to increase in the number of
automobiles in use, the dispersion of population to the suburbs will lead to greater
mobility of the people. The more people travel, the more people are exposed to this
medium.
46
Future of Indian advertising, if spoken about is definitely growing as technology and
right infrastructure of a country is directly related to each other.
We also have to accept the fact that Indoor advertising especially Television is
growing at a very rapid rate, but outdoor is going to definitely catch up, as today
Indian brands are going more and more local; India is a country with great diversity
in Culture from village to village so advertisers have to face a lot of linguistic
barriers. This need compared to all other mediums is best catered by outdoors.
Technologically too outdoors advertising has started to move from painted hoardings
to digitally Vinyl Printed Hoardings in the urban areas.
47
FINDING AND ANALYSIS
1) GENDER
a) MALE b) FEMALE
INTERPRETATION
1.70% of the respondents were male.
2) MARITAL STATUS
48
GENDER
MALE 70
FEMALE 30
a) MARRIED b) UNMARRIED
MARRIED 65UNMARRIED 35
INTERPRETATION
2.65% of the respondents were MARRIED.
49
3.EDUCATIONAL QUALIFICATION
ANY PROFESSIONAL DEGREE (MBA/CA)
35
GRADUATE 45POST GRADUATE 15UNDER GRADUATE/12th OR EQUIVALENT
5
INTERPRETATION
3.45% of the respondents were Graduate.
4) OCCUPATIONAL BACKGROUND
50
a) GOVT SERVICES b) PVT JOB
c) PROFESSIONAL (CA/MBA) d) OTHER………………..
Govt. SERVICES 30
PVT. JOB 42professional 14
others 14
INTERPRETATION
4.42% of the respondents WERE DOING PVT. JOB.
5) Do You have any insurance policy ?
51
Yes 55
No 45
INTERPRETATION
5.55% of the respondents had Insurance Policy.
6) If Yes Which companies ?
52
Public Sector 65
Private Sector 35
INTERPRETATION
6.65% of the respondents had insurance policy of Public Sector.
7) From where you get the information about the insurance plan?
53
Print 20
Electronic 25Outdoor 35Any other 20
INTERPRETATION
7.35% of the respondents get information from Outdoor Media.
8)According to you which the most attractive media for the insurance product/plan ?
Print 35
54
Electronic 15Outdoor 25Any other 25
INTERPRETATION
8.35% of the respondents say that print media is most attractive
media for insurance products.
9) Do you find the advertisement of your insurance company outside your house/office?
55
Yes 65
No 35
INTERPRETATION
9.65% of the respondents find the advertisement of insurance
product outside their house or office.
10) If yes, where ?
Flex 35
56
Banner 35
Wall Painting 20
Any other 10
INTERPRETATION
10.35% of the respondents see the outdoor ad. through Flex &
Banner.
11) Is the information on the outdoor media is enough to take decision about the insurance plan ?
57
Yes 65
No 35
INTERPRETATION
2.65% of the respondents say that outdoor ad. is enough to take the
decision about insurance plan.
CONCLUSION
58
Insurance companies are adopting all the elements of promotion to
promote their producys.
Companies choose media in accordance with the different segments of
customers.
Most of the customers are aware of the about the outdoor media.
Most of the customers are satisfied with the outdoor media for
insurance product.
QUESTIONNAUIRE
59
Dear Sir/Madam, I DEEPAK KUMAR, Student, MBA IVthSemester of Harish Chandra P. G. College, Azamgarh Road,Varanasi Kindly fill the questionnaire. This is meant for the study of
“ROLE OF OUTDOOR ADVERTISING IN BRINGINGAWARNESS ABOUT INSURANCE PRODUCT” under theresearch report. It is assured. That the that information shared will bekept confidential and used for academic. Purpose only. Kindly give your responses to the best of yourknowledge, experience and belief.
NAME :- ………………………………………
1) GENDER
a) MALE b) FEMALE
2) MARITAL STATUS
a) MARRIED b) UNMARRIED
3) EDUCATIONAL QUALIFICATION
a) ANY PROFESSIONAL DEGREE (MBA/CA) b) GRADUATE
c) POST GRADUATE d) UNDER GRADUATE/12th OR EQUIVALENT
4) OCCUPATIONAL BACKGROUND
a) GOVT/STATE b) PVT JOB
c) PROFESSIONAL (CA/MBA) d) OTHER………………..
5) Do You have any insurance policy ?
a) Yes No
60
6) If Yes Which companies ?
a) Public Sector b) Private Sector
7) From where you get the information about the insurance plan?
a) Print) b) Electronic
c) Outdoor d) Any other
8)According to you which the most attractive media for the insurance product/plan ?
a) Print) b) Electronic
c) Outdoor d) Any other
9) Do you find the advertisement of your insurance company outside your house/office?
a) Yes b) No
10) If yes, where ?
a) Flex b) Bannerc) Wall Painting d) Any other
11) Is the information on the outdoor media is enough to take decision about the insurance plan ?
a) Yes b) No
12) If no what are the other Medias you go through ?
61
………………………………………………………………..
13) Are you satisfied with the promotional strategy of your insurance company ?
a) Yes b) No
14) Any Suggestion ?
………………………………………………………………………….
BIBLIOGRAPHY
www.wikipedia.org
www.textbooksonline.tn.nic
62
www.library.thinkquest.org
www.Nseindia.com
BOOKS:
Marketing Research – GC Beri
Marketing Management – Michel Kelvin and Philip Kotler
63
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