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

CHAPITRE ONE

INTRODUCTION 1.1 STUDY BACKGROUND
The term “insurance” has been defined by many authors and from various perspectives, but all definitions emphasize one thing: it is a pool of risk as well as a risk transfer from one person to another.
According to J.I. Falgan (1989). Insurance is defined as a social benefit that reduces risk by combining a sufficient number of exposure units to make their individual losses, collectively, bearable.
Insurance allows the individual insured to substitute a small cost (ie premium) for a large but uncertain loss (not to exceed the amount of insurance) under an arrangement in which the fortunate many who avoid loss will help compensate the unfortunate few who suffer.

suffer a setback. The purpose of an insurance contract is to provide indemnity, or compensation for injury or loss. There are two types of insurance: life insurance and non-life insurance. Non-life insurance, which includes fire insurance, marine insurance, motor vehicle insurance, contractors “all risk” and engineering risk insurance, miscellaneous insurance, and oil and gas insurance, occupy a strategic position in an economy because it is the only business that exists to ensure the survival of other businesses.
Marketing concepts are a business philosophy that states that customers want satisfaction as the economic and social justification for their wants at a profitable volume in an integrated business operation.

The marketing ideas

can also be defined as a philosophy that recognizes that the consumer is at the heart of everything we do in business. Its concepts believe that without the consumer, there can be no marketing, and that marketing should be aimed at satisfying the consumer’s needs. The following are some of the factors that contributed to the increased adoption of marketing concepts.
a. LARGE MARKERS AND AFFLUENCE:
The existence of well-to-do consumers, for whose patronage a disparate group of producers would compete, inspires these producers to embrace the marketing concept. In this state of market competition, with affluent consumers, marketing concepts assist producers in sufficiently satisfying these consumers in order to earn.

b. EXPANSION OF MARKETING CHANNELS IN NIGERIA:

can also be channels here have changed significantly over the years, becoming more complex and diverse. This has made it easier for consumers to locate and purchase products of their choice from manufacturers.