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THE IMPORTANCE OF INSURANCE IN FIELD OF MARKETING CONCEPTS: A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES

ABSTRACT

Today’s huge industry relies on new goods and innovations to stay afloat, and tomorrow’s growing industries will be built on the same foundation. This market concept project is certain to increase growth in the selling of insurance services. There were five chapters in this work. The first chapter covered the study’s introduction and background, as well as the study’s goal, which was to identify two significant barriers to the effective commercialization of new goods and innovation in Nigeria. The study’s significance was also explored. Further examination of the topic was aided by the utilization of related literature. Data was gathered through the distribution of questionnaires, and the information gathered was presented in a tabular format. On the basis of the research findings, a conclusion and recommendation for additional research were drawn.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Nigerians are now in the age of the industrial institution. Both government and private sector activities are giving new product development and nations a new and rising basis and attention. While the federal government has established a research institute (PRODA) in Enugu that is avidly funded. And the Oshodio Lagos Federal Institute of Industrial Research.

Marketing research is used to uncover and define marketing opportunities and challenges, modify and assess marketing activity, monitor marketing performance, and improve understanding of the marketing process (Kotler and Armstrong 1999, p.115-116).  The idea of technology transfer, which was ripe between the late 1970s and the early 1980s, has failed to benefit us. In the transfer transaction, we were duped. We have yet to receive any appreciable package of product technology nineteen years after paying the hefty price, and we have remained a net importer of practically made items from foreign nations. The federal government has had to limit the importation of some items due to the high cost of our imports and the plummeting prices of our petroleum and commodities, and those that can still be imported are not our naira, which has depreciated by over 400 percent in the foreign exchange market.

STATEMENT OF PROBLEM

1. Insurer product coverage can be a concern in the sense that it will not be sold if it is not well pauafed.

2. A lack of educational foundation can lead to a bad market concept implementation.

3. In marketing, price can be an impediment in the sense that if the price is too high, the marketing strategy’s viability is jeopardized.

4. If the product isn’t well-marketed, it will have a negative impact on insurance coverage sales.

OBJECTIVES OF THE STUDY

1. Determine two main roadblocks to the successful marketing of innovative products and innovations in Nigeria.

2. To identify any shortcomings (if any) in the commercialization of innovative products and technologies by Nigerian investors and innovators.

3. To recommend appropriate marketing tactics for the effective commercialization of new products and technologies in Nigeria.

4. To define the attributes and co-editors that must be met in order for a new product to be commercialized.

RESEARCH QUESTIONS

What kind of innovation do you employ in your sales strategy?

How do you arrange insurance coverage for your items for customers?

Is your premium pricing reasonable in comparison to the coverage supplied to customers, or is it excessive?

How did you discover that your new inventors/innovations have commercial potential?

Approximately how many times have you had to adjust your prices in the last twenty-four months?

SIGNIFICANCE OF THE STUDY

This research is designed to serve as a guide for Nigerian investors, innovators, individuals, and corporate research organizations who would play critical roles in commercialization. This study, the researchers believe, will pique marketing’s interest in the development and effective promotion of new products and technologies.

SCOPE OF THE STUDY

Though only a few respondents from Anambra state are scheduled to participate in this survey, it is projected to cover some specific locations in Enugu state.

The following are some of the variables that limited the scope of this investigation.

Time: The project’s time frame was too short, as other academic work had almost cut into the investigation and data collection time.

1.2 The uncooperative attitude of certain respondents who saw this research project as a danger to their job position, which posed a hindrance to this study project.

Lack of research material, as a result of insufficient research material, also contributed to the research work’s limitations.

Due to a lack of cash, the author is unable to travel from place to place in order to gather information.

DEFINITION OF TERMS

1. Enthusiasm or Enthusiasm: A strong feeling of appreciation or interest.

2. Salvage refers to the process of rescuing a stranded ship or its cargo from the sea. It’s also known as the act of preventing useful and valuable property from being destroyed, lost, or damaged as a result of wrecking.

3. Macedonia Cell: Biblical terminology conveys the urgency with which one is required.

4. Innovation is the act of bringing something new into existence. A brand-new concept, approach, or invention.

5. Insurer: An insurer is someone who agrees to cover a risk and compensate the insured if it occurs.

6. The insured, also known as the policy holder, is the individual who pays a premium to an insurer in exchange for the risk of being insured.

REFERENCE

1. Jane Nwoye Ogechukwu, Nwoye Ogechukwu, Nwoye Ogechukwu, Nwoye

2. Edoga, P.N., on the role of modern marketing in the development and commercialization of new products and inventions (Mrs).

3. Market and marketing research prior to the creation and launch of new products Peter Okey Odo, J.U. Ozo, J.U. Ozo, J.U. Ozo, J.U. Ozo, J.U. Oz

The American Marketing Association is number four (1987).

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