A Study On Promotional Mix Of Insurance Products

This article is based on A Study On Promotional Mix Of Insurance Products. To analyze briefly about the companies products and also the promotional strategies following for the development of the company.  Through this research we can also know about the customer, competitors of the company.This article is based on A Study On Promotional Mix Of Insurance Products. this article includes methodology, problem, research objectives etc. You can download the entire project as well.

METHODOLOGY

The objective of the present study can be accomplished by conducting a systematic market research. Market research is the systematic design, collection, analysis and reporting of data and findings that are relevant to different marketing situations facing the company. The marketing research process that will be adopted in the present study will consist of the following stages:

Defining the problem and the research objective:

The research objective states what information is needed to solve the problem. The objective of the research is to derive the opinion of the users and opinion of the potential customers.

Developing the research plan:

Once the problem is identified, the next step is to prepare a plan for getting the information needed for the research. The present study will adopt the exploratory approach wherein there is a need to gather large amount of information before making a conclusion. If required, the descriptive and casual approaches may also be used.

Collection and Sources of data:

Market research requires two kinds of data, i.e., primary data and secondary data. Being a firm in financial services, data gathering will involve usage of both primary and secondary data though there   Will be an extensive usage of primary data. Well-structured questionnaires will be prepared for both the existing and potential customers. There will be personal interview surveys mostly in-home (door-to-door) surveys. The questionnaires will contain both open-ended and close-ended questions. Here, open-ended questions will be more useful, as it is an exploratory research being conducted, wherein the main objective is to get an insight into how investors think. Secondary data will be collected from various journals, books and web sites.

Analyze the collected information:

This involves converting raw data into useful information. It involves tabulation of data, using statistical measures on them for developing and calculating the averages.

Report research findings:

This phase will mark the culmination of the marketing research effort. The report with the research findings is a formal written document. The research findings and personal experience will be used to propose recommendations to develop the performance of the organization.

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