Marketing Concepts A Sure Way Of Enhancing Growth In The Sell Of Insurance Services

Marketing Concepts A Sure Way Of Enhancing Growth In The Sell Of Insurance Services

Chapter One

Preface

Background Of Study

The generalities “ insurance ” has been defined by numerous authors and from different perspectives but all those description are emphasizing on one effects, that’s being a pool of threat and also a threat transfer from one person to another.

According to FalganJ.I( 1989). Insurance is defined as a social decide of reducing threat by digging a sufficient number of exposure units to make their individual losses, inclusively

Insurance allows the individual ensured to cover a small cost( ie decoration) for so large but uncertain loss( not to exceed the quantum of insurance) under an arrangement whereby the fortunate numerous who escape loss will help the fortunate numerous who escape loss will help compensate the unfortunate many who suffer loss. The end of insurance contract is to give reprisal, ie compensation for injury or loss sustained. Insurance has two broad classes which include life andnon-life insurance. Life insurance comprise of whole life assurance, term assurance, talent assurance and anmioty wholenon-life insurance correspond of fire insurance, marine insurance, motor vehicle insurance, contractors “ all threat ” and engineering threat insurance eclectic insurance and oil painting and gas insurance, enthrall a strategic position in an frugality because it’s the only business which exists for the survival of other business.

The marketing generalities is a gospel of business that sates that the client wants satisfaction as the profitable and social defense of their wants at a profitable volume in an intertwined business operation.

The marketing generalities can also be said to be the gospel that recognizes that the consumers is at the center of everything we do in business it’s generalities religionists that without the consumers there can be no marketing and grounded on this it should be aimed at satisfying the need of the consumer. The following are some of the factors that enhanced the relinquishment of the marketing generalities.

MASS Labels AND MASS AFFLUENCE The existent of well to do consumers whose patronage, a discordant collection of directors would contend, inspires these directors to borrow the marketing conception. In this state of request competition, with consumers who are rich, selling generalities helps directors to sufficient satisfy these consumer so as earn.

ENHANCES IN MARKETING CHANNELS Nigerian distribution channels then changed vastly over the times, getting more complex and more diversified. This has enabled the consumer to detect and buy products of their choice easier from patron. Directors always borrow marketing generalities to ease the diversification and complexity of distribution channels.

TECHNOLOGICAL CHANGES Technological charge in utmost developing countries as enhanced the product of goods and services in amazing kinds which can be made available to consumer the speed associated with these technological changes means that directors would more seriously contend for the consumers plutocrat. Marketing generalities offers the surest way for completely satisfying consumers want under this situation.

GROWTH OF MASS COMMUNICATION MEDIA this also contributes to the relinquishment of marketing conception in the sense that numerous further consumers in far places can be informed about the actuality of products. In this way an ensure in owerri, Imo state could contend with an insurer in far down Lagos for the patronage of consumers in Lagos. This actuality growth of mass communication means that competition for the consumer plutocrat is generally more violent since a patron would be well apprehensive that indeed a competition who predicate in overseas coned fight for a original consumer. To manage in this state of intensively competitive request situation, we’re likely to borrow and apply the marketing conception.

e. A CROP OF PROFESSIONAL MANGERS The actuality of a crop of professional directors, the transfer of full operation and administrative responsibility and authority for the different associations from the author to a crop of educated and professional mangers would enhance the relinquishment of the marketing conception.

In malignancy of the inductive appeal of the marketing generalities, numerous enterprises are unfit to borrow it in their association. This state of affair is typically due to one a combination of these factors.

Product exposure position of profitable development of a society and certain peculiar characteristics in the dynamic cycle of an frugality may mean that certain goods and services. Which vary in duration due to the would maybe perceive its major function as service a s possible for trade to satisfy the inviting demand. This situation beget competition to be mild and marketing generalities would remain ungrateful and un espoused.

ii. COMMUNICATION DIFFICULTIES AND Awkward PROLIFERATION OF SPECIALIZE the actuality of communication difficulties among the different function department within the association may arise as a result of fully of the function performed by the colorful departments and their lack of relationship with one another. The growing complexity generally followed by in match proliferation of special lost. It may also head to work at purpose, frication and inefficiencies.

iii. CONFLICTS AMONG DEPARTMENT GOALS This is the generally strong drive within the different specialist to justify their own positions

The marketing conception is grounded on three abecedarian beliefs.

Marketing exposure the insurance company should try to probe and find out how stylish to produce mindfulness or initiate the guests.

ii. Profitable trade volumes Target guests should be examined by the company to find out whether their products, guests, salesperson and homes are profitable.

iii. Collaboration of marketing conditioning This is also appertained to as organizational characteristics of the principal marketing superintendent. This measure is used determine the extent of the perpetration of the marketing generalities. Then, the organizational status of the principal marketing directors and the extent of integration of marketing functions under the principal marketing functions is the main concern.

still, to accepts a conception is one thing to apply that generalities is another thing. It’s vie of the maturity of the superintendent that most marketers in Nigeria are most actually putting the marketing in Nigeria are most actually putting the marketing generalities into operations in their day to day marketing conditioning although they’ve paid considerable attention to the conception.

thus, the major problem facing the marketing generalities in Nigeria is perpetration, that’s why strategies are being counterplotted out by utmost companies to meet the demand of the guests by applying marketing generalities to it business. Those strategies will be operating on these demesne;

1. Emphasis must be on guests wants.

2. The insurance company must determine first what the guests want and also figure out to make and deliver a product to satisfy those want.

3. The insurance company’s operation must be profit acquainted.

4. The company planning must be long- men acquainted in terms of new products, hereafter’s requests and unborn growth.

Statement Of Problem

In point of the growing number of insurance companies in Nigeria, the position of confidence on the assuring public is still low. This is because some companies borrow dealing generalities to marketing generalities in their marketing conditioning.

also, internal problems among directors in an association can hamper the smooth perpetration of marketing conception to insurance conditioning. Conflicts among departmental head communication difficulties and in collaboration of to effectively and efficiently apply the marketing conception to insurance operations.

Eventually, over robotization on the trade conception rather than the marketing conception ha redounded in reduced deals, gains and efficiently in company’s operation. This has negatively affected the assiduity because people are beginning to lose faith in insurance assiduity.

Statement Of The Thesis

The following thesis were formulated in order to carry out a detailed exploration on the content they include.

thesis I

Ho; the operation of marketing conception has not enhanced the marketing insurance in Nigeria.

Hi the operation of marketing generalities has enhanced the marketing of insurance in Nigeria.

thesis II

HO; The marketing conception can not be successfully applied in the insurance assiduity in the area of marketing

HI; The marketing generalities can not be successfully applied in the insurance assiduity in the area of marketing.

thesis III

HO; Marketing conception has not increased deals volumes of insurance products in Nigeria.

Ideal Of The Study

The end of this study is to examine the extent and compass of the operation of marketing conception to insurance assiduity.

The specific objects of the study are;

To examine the applicability of the marketing conception in the marketing of insurance services in Nigeria.

ii. To identify those factors that militates against effective operation of marketing conception in insurance conditioning( ie marketing).

iii. To examine the problems encountered in the relinquishment of marketing conception in insurance assiduity in Nigeria.

iv. To examine the extent to which marketing conception has enhanced marketing of insurance in Nigeria.

Significance Of The Study

This study will be of immense benefit to mangers and departmental directors as it’ll help them to determine the stylish way to apply marketing conception to their business conditioning.

The study is inversely significant in portraying the problems encountered by insurance companies in espousing marketing conception in the operation. This will serve as a vital information to new entrants into the assiduity as they will strive to avoid those problems.

further over, the lose of pubic confidence on the assiduity operation will be removed, as information on the operation of marketing examines. This will enable directors and department directors to shift emphasis from deals conception to marketing conception. Eventually, this exploration work will be useful to implicit druggies of information, speakers, pupil marketers, insurers and the public as it’ll serve as are reference point for farther exploration.

Compass And Limitation Of Study

This study is on the operation of marketing conception and its functional mechanices in insurance assiduity in Nigeria. The study enterprises Nigeria, but because of time and distance, the study was conducted in enugu state. The reason behind the choice of the area was of time and incapability of the experimenter to cover all the insurance companies in different countries.

Description Of Terms

INSURANCE this is can be defined as any device aimed at reducing the chances of threat being, and when it happens, it reduce the extent of it damage thereby furnishing the affected persons with compensation it’s generally know as a safe- guard against pitfalls.

ensured this refers to the person or pot copping insurance. They’re also appertained to as policy holder.

request this refers to all the insurers who trade in a specific area( eg the London request). The term Lioyd’s request refers to all the lioydo’s syndicates contending with each other for business in the lioyd’s underwriting apartments.

MARKETING this is the operation process responsible for relating, anticipating and satisfying guests demand profitable.

MARKETING STRATEGIES this is spell out the game plan for attaining the business ideal of products or request objects.

MARKETING Conception this is a gospel business that state that the client way satisfaction as the profitable and social defense for a enterprises.