Exam Ques Paper
Subject :
Topic :
Subject Course Semester Topic
CLASS NOTES Insurance Business Environment BBA Banking and Insurance Fourth Insurance Marketing
MARKETING
WHAT IS MARKETING ? Marketing concept may be taken as “Developing a strategy to get the product in front of customers, so they have the opportunity to buy it determining scientifically what products or services o make and how best to market them to be taken as a way of thinking or a management philosophy about an organisation’s total marketing activities.” When this philosophy is adopted, it not only affects marketing activities – including planning of action, control, objectives, follow-through etc., finance and other activities which are geared towards satisfying customer needs, wants and diseases. The marketing concept has the following basic features : (i) Adoption of a market or customer orientation. (ii) A coordinated set of activities that allow the organization to achieve the goals. (iii) Result-oriented marketing. Marketing strategy for every kind of product is adopted. But because of the peculiar nature of the insurance industry, it is difficult to implement the marketing strategy.
THE MARKETING MIX OF INSURANCE The basic task of a marketer is to deliver to the customer satisfaction. He does so by offering a product at a reasonable price, at a suitable place and after appropriate promotion. These four Ps could deliver satisfaction and they were called the Elements of the Marketing Mix. Now with marketing of services becoming more and more important, three more Ps have been added. These are People, Process and physical factors. Insurance is a service industry. Let us discuss Marketing Mix of Insurance in detail : PRODUCT A product is basically something which a producer offers to a consumer. It is an aggregate of utilities, values, expectations and precautions, a complex cluster of value satisfactions. One buys satisfaction and states of mind rather than simply goods and services. Even in case of
Topic :
Subject Course Semester Topic
CLASS NOTES Insurance Business Environment BBA Banking and Insurance Fourth Insurance Marketing
MARKETING
WHAT IS MARKETING ? Marketing concept may be taken as “Developing a strategy to get the product in front of customers, so they have the opportunity to buy it determining scientifically what products or services o make and how best to market them to be taken as a way of thinking or a management philosophy about an organisation’s total marketing activities.” When this philosophy is adopted, it not only affects marketing activities – including planning of action, control, objectives, follow-through etc., finance and other activities which are geared towards satisfying customer needs, wants and diseases. The marketing concept has the following basic features : (i) Adoption of a market or customer orientation. (ii) A coordinated set of activities that allow the organization to achieve the goals. (iii) Result-oriented marketing. Marketing strategy for every kind of product is adopted. But because of the peculiar nature of the insurance industry, it is difficult to implement the marketing strategy.
THE MARKETING MIX OF INSURANCE The basic task of a marketer is to deliver to the customer satisfaction. He does so by offering a product at a reasonable price, at a suitable place and after appropriate promotion. These four Ps could deliver satisfaction and they were called the Elements of the Marketing Mix. Now with marketing of services becoming more and more important, three more Ps have been added. These are People, Process and physical factors. Insurance is a service industry. Let us discuss Marketing Mix of Insurance in detail : PRODUCT A product is basically something which a producer offers to a consumer. It is an aggregate of utilities, values, expectations and precautions, a complex cluster of value satisfactions. One buys satisfaction and states of mind rather than simply goods and services. Even in case of