INTORDUTION TO THE CONCEPT OF MARKETING Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.[1] Marketing is used to identify the customer, to keep the customer, and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. [citation needed] The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.[citation needed] The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.[2] It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors DEFINITIONS Marketing is defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."[3] The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering views marketing as "a set of processes that are interconnected and interdependent with other functions,[4] whose methods can be improved using a variety of relatively new approaches." The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably."[5] A different concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value.[6] In this context, marketing is defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage."[6]

Marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science, allowing numerous universities to offer Master-of-Science (MSc) programmes. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and post-sales promotional activities. It is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture.

Inbound Marketing Includes Market Research to Find Out:
1. What specific groups of potential customers/clients (markets) might have which specific needs (nonprofits often already have a very clear community need in mind when starting out with a new program -- however, the emerging practice of nonprofit business development, or earned income development, often starts by researching a broad group of clients to identify new opportunities for programs) 2. How those needs might be met for each group (or target market), which suggests how a product might be designed to meet the need (nonprofits might think in terms of outcomes, or changes, to accomplish among the groups of clients in order to meet the needs) 3. How each of the target markets might choose to access the product, etc. (its "packaging") 4. How much the customers/clients might be willing pay and how (pricing analysis) 5. Who the competitors are (competitor analysis) 6. How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition) 7. How the product should be identified -- its personality -- to be most identifiable (its naming and branding)

Outbound Marketing Includes:
1. 2. 3. 4. 5. Advertising and promotions (focused on the product) Sales Public and media relations (focused on the entire organization) Customer service Customer satisfaction

Too often, people jump right to the outbound marketing. As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective -- and less difficult -- outbound marketing and sales.

Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world

leader in Financial Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity. With a vision to become the leader and preferred company for financial protection in India, Bharti AXA General Insurance offers its customers – individuals and businessesa wide range of products and services that meet their insurance needs. The values upon which its business practices are based are availability, attentiveness and reliability. The company leverages the Bharti Group’s large customer pool, and has developed a strong multi-channel distribution network in both urban and rural markets. The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company currently has 40 branches across India. The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their company’s vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India. Bharti AXA presents an array of protective plans to suit clients personal and business requirements. Bharti AXA system of values are as follows: a) Reliable – prompt settlements, customer service and professionalism. b) Attentive – to customer needs as they change with time, and actively listening to our customers. c) Available – easy customer access to money and to our company, and have built-in flexibility and convenience. plans that

Mission: “To be the preferred company for General Insurance & Life Insurance in India” Strategy: Quality Policy – To provide fast. multi-product platform To adapt AXA’s best practice blueprints as a sound platform for profitable growth To leverage Bharti’s local knowledge. infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers To be the employer of choice to attract and retain the best talent in India Strong distribution network & customer base of Bharti – provides access to customer base of more than 60 million Strategic differentiators: Multi channel execution capability . fair and friendly service to customers & partners To achieve a leadership position in India through a multi-distribution.

Shop B)Commercial: a. Fire b. Property Crime . Motor b. Marine d. Engineering c. 7 P’s of Marketing of Bharti AXA General Insurance: 1. Health c. Products and Services: A)Retail Insurance: a. Personal Accident d.AXA’s current Asia product range which is a strong match to products sold to the masses Global scale of AXA providing cost effective and speedy re-use of systems. products and business capability. Home e.

But in true sense. Agricultural Pumpset b.Accidental damage to the vehicle due to: • Fire. malicious act. self-ignition. 2.Liability cover for: . Liability f. Cattle Insurance Policy 2. Example of Bharti AXA General Insurance: Policy of Two Wheeler Insurance: This policy provides the following covers 1. burglary. Package C)Rural: a. housebreaking or theft. cyclone and inundation Whilst in transit by rail. flood. elevator. Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable. Price: Pricing factor is decided on the basis of the type of products which the customer buys. lightning. road. pricing is very competitive as there are lots of competitors all over the country. earthquake.e. external explosion. lift. air. terrorism. • • Riot and strike.

New Link Road. 4. 844/4. Fun Republic.• • Third party injury or death Third party property damage caused to their property. Plot No. People: . Shah Industrial Estate. business magazines and FM radio 5. They are Fort and New Link Road of Andheri(W). Place: Bharti AXA General Insurance Co. 3. Promotion: The following are the tools through which Bharti AXA promotes its general insurance business: • • • • • Tele-marketing Internet Hoardings Personal Selling Advertisement through newspapers. Andheri(W) Mumbai:400053 Bharti AXA has selected good location in Mumbai. Mazzanine Floor. Ltd.

Bharti AXA CLAIMS MISSION is “Fast. nourish and retain them to achieve the long term Corporate Vision. the general insurance customer is very much satisfied while taking policy. 6. shareholders and employees. 7. fair and friendly services. Alongwith the claim procedure being so smooth. and it is committed to create an emotional commitment with its employees. cost efficient manner through technology platforms. The Company believes that by being available. the Country specific proven best practices of Bharti Group and supplement it with its own set of initiatives towards creating a culture that can attract best of the talents.Bharti AXA has a vision to ascend to the “preferred company” status by 2012 – to be preferred by customers. Physical Evidence: • Stationery . And its people are Human Capital who have a key role in this process. Process: From the minute customers claim intimation is received. delivered in a proactive. it will become the preferred company for its customers. The company also have synergy of the Global best practices of AXA Group. the Claims Team becomes active and acts efficiently and swiftly towards its settlement. This is part of their endeavour to make the Bharti AXA General Insurance customer experience always a positive one. The customer is given every minute details about a particular policy which he wants. attentive and reliable.

which seek to propose means to answer the preceding questions. Advertising. Pricing. Below are listed some prominent marketing strategy models. Accordingly. should it attempt to rival immediately Toyota. A given firm may hold numerous products in the marketplace. This involves setting strategies to effectively and efficiently deal with the Marketing Mix. Moreover. Evidently. or a ceasing of production may be made. and Research and Development activities. Ford. With regard to the aforesaid questions.• Separate departments for smooth functioning of work like Public Relation Department • • • Brochures Internet / Web Pages Business cards MARKETING STRATEGY Marketing strategy The field of marketing strategy encompasses the strategy involved in the management of a given product. each scenario requires a unique marketing strategy to be employed. Distribution. a plan is required in order to manage effectively such products. As an example. a start-up car manufacturing firm would face little success. spanning numerous and sometimes wholly unrelated industries. a company needs to weigh up and ascertain how to utilize effectively its finite resources. Thus. a product may be reaching the end of its life-cycle. MARKETING MIX FOR INSURANCE INDUSTRY . the issue of divest. The marketing manager formulates a strategy to achieve the objectives of marketing plan. Promotions. Nissan or any other large global car maker.

most insurance companies invite their customer to participate in the process of designing the services. offering greater customization. Before the liberalization of the insurance sector. as happens with the marketing goods. To give a sense of ownership. more specialized services have become available in the market o meet he specific needs of customer.• PRODUCT:There is no transfer of ownership in services marketing. However. The customer can only experience the service. he cannot own it. with the opening up of the insurance sector to private and foreign players. which had only a few policies targeted at lucrative segments of the market. there were only government players like LIC and GIC. o Life insurance o Accident insurance o Health insurance o House insurance o Liability insurance o Travel insurance o Commercial insurance o Property insurance o Automobile insurance o Baggage insurance o Cattle & Livestock insurance . There were very few specialized or customized insurance policies to meet customer needs. The range of products being offered by various industries.

As the market has become highly competitive and the products have very little to differentiate one from another. the higher the price. etc. known as premium. investment or tax savings. Prevailing rate of interest. it may not be difficult to increase the volumes. This is more so when various services (Instead of single services) are offered. Policy price. In a market departure from the earlier scenario when most insurance players were regarded s the same. the offerings has to be competitively priced. today’s insurance companies give due importance to brand building. Therefore. it is the quantum of risk involved that ultimately decides the pricing of insurance products. are priced based on .o Engineering insurance o Marine-cargo insurance The basic marketing strategy of marketers in a competitive market has been to identify the special needs of customers and target them. companies have resorted to Brand Building. Higher the risk involved for the marketer. However. the pricing of product Based on the cost of Production and delivery becomes difficult. If separate policies are offered to customers to meet their different needs. • PRICE:Price plays a dominant role in marketing insurance products. In his individual segment most customers see insurance as a means of security. Pricing of Life insurance is generally done on the base of competition. A result most insurance product. It is difficult to determine the fixed and variable costs associated with per unit of production of services. has a good impact on the number of policies sold and the total net revenue generated as price is taken into consideration by most potential customers.

competitors strategy and the risk involved. • PLACE:Place in terms of channels for distribution is very important in marketing insurance products. Some insurance companies have tied up with NGO’s and cooperative to promote their products while some have tied up with he employers. Nevertheless. with customized offerings. • PROMTION:There ha been an increased emphasis on promotion in the insurance businesses in the recent times. In addition pricing can also be done taking advantage of the demand fluctuation in the market. Work sits marketing promotions involved an understanding between the insurance company and the employers. telemarketing etc can be used to provide supplementary services to customers. The fact that the volume of business generated depends on the company reach is the reason why place is so important. The basic reason for this is that the supply for insurance services far exceeds the demands from the market and the marketers need to employ a push . The core products of insurance companies is the best sold through personal selling. The distribution channels like the internet. some innovative changes have been taking place in the distribution of services. Most insurance companies use a combination of distribution channel and do not relay on any single channel to generate more sales. advertising. An insurance company needs to offer a personalized service to customers to lower their perceived risk and for that. The reason behind this is simple expanding the reach with little investments. it needs the services offer large number of able agents.

More than any other element of the promotional mix. It is about stimulating customers to buy a product. sign-ups rebates. Under sales promotions of insurance products the widely used techniques are induced premiums. sales promotion is about “action”.strategy. door-to-door calling. and personal letters on other methods”. especially because the insurance business is a “do good businesses” for the customers. increased PR activity. discounts. offering free gifts or trading stamps.” . setting up competitions with attractive prizes. This is usually known as “selling into the trade. Maintaining good public relations is also an important promotional. Sales promotion can be directed at: • The ultimate consumer (a “pull strategy” encouraging purchase) • The distribution channel (a “push strategy” encouraging the channels to stock the product). It is not designed to be informative – a role which advertising is much better suited to. future price discounts and special services enhancements. temporary price reductions. The advertising in insurance services stresses the need for insurance and its benefits. a free-sample campaign. Individualized advertising in the benefits offered by specific companies is not very common as there is very little to differentiate the services of one company from those of others. strategy. It may include an advertising campaign. SALES PROMOTION “An activity designed to boost the sales of a product or service. arranging demonstrations or exhibitions. The importance of personal selling as a promotional strategy has been discussed in the earlier sections. telemarketing. gift coupon.

way of offering a discount. Consider the following examples of the use of coupons: .A cut-out coupon as part of an advert . a) Price promotions Price promotions are also commonly known as” price discounting” These offer either (1) a discount to the normal selling price of a product. b) Coupons Coupons are another.On a pack to encourage repeat purchase .On the back of till receipts . summarized in the table below. or (2) more of the product at the normal price. A producer must also guard against the possible negative effect of discounting on a brand’s reputation.In coupon books sent out in newspapers allowing customers to redeem the coupon at a retailer . very versatile. Increased sales gained from price promotions are at the expense of a loss in profit – so these promotions must be used with care.Methods of sales promotion There are many consumer sales promotional techniques available.

It is also known as a “premium promotion” in that the customer gets something in addition to the main purchase. One problem with coupons is that they may simply encourage customers to buy what they would have bought anyway.g. a customer receives a money refund after submitting a proof of purchase to the manufacturer. Another problem occurs when retailers do not hold sufficient stocks of the promoted product – causing customer disappointment.g.Subscription-based products (e. perfumes) d) Competitions and prizes Another popular promotion tool with many variants. c) Gift with purchase The “gift with purchase” is a very common promotional technique. This type of promotion is widely used for: . e) Money refunds Here. magazines) . Most competition and prize promotions are subject to legal restrictions. therefore.Consumer luxuries (e. Use of coupon promotions is.The key objective with a coupon promotion is to maximize the redemption rate – this is the proportion of customers actually using the coupon. These schemes are often viewed with some suspicion by customers – . often best for new products or perhaps to encourage sales of existing products that are slowing down.

Technological changes has also helped simplified he process in the insurance sectors. train companies. Which helps . f) Frequent user / loyalty incentives Repeat purchases may be stimulated by frequent user incentives. g) Point-of-sale displays Research into customer buying behavior in retail stores suggests that a significant proportion of purchases results from promotions that customers see in the store. to attract them. In insurance companies. car hire companies etc. informative and well-positioned point-of-sale displays are. therefore. The customer can now gathered more information on the internet. insurance companies offer convenience and savings on cost and time to customers. very important part of the sales promotional activity in retail outlets. • PROCESS:The process of buying an insurance products and paying the regular premiums has become a simple process in recent times. Attractive. Perhaps the best examples of this are the many frequent flyer or user schemes used by airlines.particularly if the method of obtaining a refund looks unusual or onerous.

Therefore. They need to be motivated through commissions and award to choice higher targets. the importance of people increase even in the post liberalized insurance industry. Marketing on the insurance industry is. providing physical evidence o customers is quite difficult. • PEOPLE:Insurance needs to be sold. Insurances companies have realized their importance of their agents in running and expanding their business have risen that it is important to hire agents who can win their’s and confidence of customers Therefore they have started recruiting retired employees from banks. Therefore agents need to be empowers to offer customized services to suit the specific of customers.customers to choose his services provide and the service that will cater best to his needs? The customers can even purchased policy online. Therefore . The agent’s ability to convince and persuade I the determining factor in the insurance deal. very few customers would buy it in the absence of selling. Process have to customer friendly and time saving. therefore dominated by agents and insurance advisor. if he so desire. In most cases e customer might not ever visit the premises of the Company as he buys the policy through the agent at this resident or office. • PHYSICAL EVIDEENCE:In insurance marketing. Insurance policies can be purchased through the net also. Who already have a known customer base and ho ca win the confidence of prospective customers.

goods and services through mass media such as newspapers.g. they can be included as an element of physical evidence. There are five main stages in a well-managed advertising campaign: Set Advertising Objectives An advertising objective is a specific communication task to be achieved with a specific target audience during a specified period of time.the office building.g. are some of the techniques used by insurance companies to provide physical evidence.. television or radio by an identified sponsor". remind buyers where to find a product .e. encourage customers to switch to a different brand (c) To remind . The policy certificates and the receipts of payments contribute to minimizing the perceive risks of the customers Therefore.e. Kotler and Armstrong provide an alternative definition: "Advertising is any paid form of non-personal presentation and promotion of ideas. well dressed and well-behaved employees Displayed certificates and achievements of the company. Advertising objectives fall into three main categories: (a) To inform . However a good ambience. Contribute very little to physical evidence.e. equipments etc. etc. The logo and brand name of the company displayed in advertisements and articles/press release in newspapers provide physical evidence. magazines. tell customers about a new product (b) To persuade . infrastructure. ADVERTISING "The means of providing the most persuasive possible selling message to the right prospects at the lowest possible cost".g.

customers should find the message relevant (b) Distinctive . This.a difficult task. since research suggests most consumers doubt the truth of advertising in general . The advertising message must be carefully targeted to impact the target customer audience. Research suggests that the clarity of the advertising message is often more important than the amount spent.g. The amount spent on advertising should be relevant to the potential sales impact of the campaign.capture the customer's attention (c) Believable .Set the Advertising Budget Marketers should remember that the role of advertising is to create demand for a product. For example. A product that is highly differentiated may also need more advertising to help set it apart from the competition emphasizing the points of difference. advertising/sales ratio) as a guide to set the budget. new products tend to need a larger advertising budget to help build awareness and to encourage consumers to trial the product. Setting the advertising budget is not easy . in turn will reflect the characteristics of the product being advertised. A successful advertising message should have the following characteristics: (a) Meaningful . Determine the key Advertising Messages Spending a lot on advertising does not guarantee success (witness the infamous John Cleese campaign for Sainsbury). Which parts of the advertising campaign will work best and which will have relatively little effect? Often businesses use "rules-of-thumb" ( can a business predict the right amount to spend.

if the target customer sees the message . when and which channels) or in a national newspaper or perhaps a magazine focused on this segment of the population? Another key decision in relation to advertising media relates to the timing of the campaign.has the campaign generated the intended sales growth.How many times will the target customer be exposed to the advertising message? (c) Media Impact . Christmas hampers) whereas for other the intended message being communicated effectively and to the intended audience? (2) The Sales Effects . a regular advertising campaign throughout the year in media such as newspapers and specialist magazines (e.Decide which Advertising Media to Use There are a variety of advertising media from which to chose.g. This .will it have most impact? For example does an advert promoting holidays for elderly people have more impact on Television (if so. The key factors in choosing the right media include: (a) Reach .What proportion of the target customers will be exposed to the advertising? (b) Frequency . Some products are particularly suited to seasonal campaigns on television (e.g. cottage holidays in the Lake District) is more appropriate.Where. A campaign may use one or more of the media alternatives. Evaluate the results of the Advertising Campaign The evaluation of an advertising campaign should focus on two key areas: (1) The Communication Effects .

Why? • The advertiser can target a promotional message down to an individual level. The planned recording. Direct mail is widely thought of as the most effective medium to achieve a customer sales response. DIRECT MARKETING Direct marketing is concerned with establishing an individual relationship between the business offering a product or service and the final customer. the one in most widespread use is direct mail. and .second area is much more difficult to measure. These include: • Direct-response adverts on television and radio • Mail order catalogues • E-commerce marketing • Magazine inserts • Direct mail • Telemarketing Direct mail Of the above direct marketing techniques. analysis and tracking of customer behavior to develop a relational marketing strategies The process of direct marketing covers a wide range of promotional activities you may be familiar with.

although creative packaging can still stimulate customer response • Lead times to produce direct mailing campaigns can be quite long • There is increasing customer concern with “junk mail” – the receipt of unsolicited mail which often suggests that the right to individual privacy has been breached.where possible personalize the message. for longer however. There are a large number of mailing databases available that allow businesses to send direct mailing to potential customers based on household income. current and potential customers. The mailing list is a database which collects together details of past. representative sample) before committing to the more significant cost of a larger campaign. occupation and other variables. direct mail has several weaknesses: • A piece of direct mail is less “interactive” than a television or radio advert. • Businesses can first test the responsiveness of direct mailing (by sending out a test mailing to a small. The Direct marketing database Direct mailing is based on the “mailing list” – a critical part in the direct marketing process. A properly managed mailing database enables a business to: • Focus on the best prospective customers • Cross-sell related products • Launch new products to existing customers How is the mailing database compiled? The starting point is the existing information the business keeps on its customers. • Direct mailing campaigns are less visible to competitors – it is therefore possible to be more creative. All . interests.

with existing and potential customers about the product range. but will always ultimately end with an attempt to "close the sale" Personal selling is one of the oldest forms of promotion. directories. The Internet. It is also possible to “buy” mailing lists from elsewhere. What are the main roles of the sales force? Kotler describes six main activities of a sales force: (1) Prospecting .providing support and service to the customer in the period up to delivery . The personal selling may focus initially on developing a relationship with the potential buyer.forms of communication between a customer and the business need to be recorded so that a detailed. (4) Servicing . associations and other sources are good sources. It involves the use of a sales force to support a push strategy (encouraging intermediaries to buy the product) or a pull strategy (where the role of the sales force may be limited to supporting retailers and providing after-sales service). answering questions and trying to close the sale. PERSONAL SELLING Personal selling is oral communication with potential buyers of a product with the intention of making a with the customer. (3) Selling . There are numerous mailing list owners and brokers who sell lists of names. (2) Communicating . up-to-date profile can be maintained.trying to find new customers.

obtaining information about the market to feedback into the marketing planning process. the sales force may have the power to decide how available stocks are allocated. (5) Information gathering .and also post-sale. (6) Allocating – in times of product shortage. customers therefore obtain a relatively high degree of personal attention • The sales message can be customized to meet the needs of the customer • The two-way nature of the sales process allows the sales team to respond directly and promptly to customer questions and concerns • Personal selling is a good way of getting across large amounts of technical or other complex product information • The face-to-face sales meeting gives the sales force chance to demonstrate the product • Frequent meetings between sales force and customer provide an opportunity to build good long-term relationships Given that there are many advantages to personal selling. why do more businesses not maintain a direct sales force? . What are the advantages of using personal selling as a means of promotion? • Personal selling is a face-to-face activity.

With the other marketing communication tools not offering much interaction facilities. Sales people are expensive. In addition. the best example f which is the ITERNET.Main disadvantages of using personal selling The main disadvantage of personal selling is the cost of employing a sales force. INTERNET The world of advertising is slowly evolving facilited by technological development. In addition to the basic pay package. travel and subsistence costs. This is clearly justifiable when we look at the websites of companies which have all facilities in one place. mobile phone etc). from providing . the trend favors interactive advertising and promotions. from product knowledge to promotions. a business needs to provide incentives to achieve sales (typically this is based on commission and/or bonus arrangements) and the equipment to make sales calls (car. This is not a costeffective way of reaching a large audience. a sales person can only call on one customer at a time.

Product strategy has already shifted from mass production to customized and personally delivered services. companies have nowadays also started sales promotion incentives via the internet by offering coupons. Distribution problems and costs have been minimized with the online availability of the product. Companies are even known to have improved the efficiency of their direct marketing. Apart from the major activity of advertising. . provides wider reach with personalized messages and two-way interaction. It helps a company to have access to the global marketplace and identify the target audience with minimal effort. The internet also servers as an effective marketing communications tool. The use of the internet in the future could also bring about a change in each of the elements of the marketing communications mix. It also facilitates quick interaction with customers.information to gathering responses and suggestions. as an effective communications tool. Price discrimination is no more at the discretion of managers. Customers can now easily track the price changes sitting in one place and opt for the lowest. with customized messages and in tracking communication effectiveness. Thus. we see that the internet. contests and sweepstakes. its inspection and purchase. personal selling and public relation activities after switching over to the internet.

life insurance is unique in that it gives the customer the reassurance of asset protection. it becomes imperative to make the right choice when investing your hard-earned money. especially tailored to meet financial needs Need for Life Insurance Today. mutual funds and of course. and protecting your assets. life insurance. Simultaneously. Given the plethora of choices. an investment can play two roles . The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment . Modern day investments include gold. Life insurance is a unique investment that helps you to meet your dual needs .saving for life's important goals. Asset Protection From an investor's point of view. along with a strong element of asset appreciation.asset appreciation or asset protection. fixed income instruments. While most financial instruments have the underlying benefit of asset appreciation. property. The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. there is no shortage of investment options for a person to choose from. insurance products also have a strong inbuilt wealth creation proposition.KEY BENEFITS OF LIFE INSURANCE:Life insurance.

the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. in 1980. and hence sees even sales than those products positioned as tax-saving tools. and hence ensures that the financial goals of that life stage are met. a joint venture between ICICI and JP Morgan. For a young. planning for one's retirement will begin to take precedence. the erstwhile financial institution. newly married couple. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage. Having said that.'' ICICI. Once. Goal based savings Each of us has some goals in life for which we need to save. life insurance in India is still regarded as a tax-saving instrument. Life insurance is the only investment option that offers specific products tailor made for different life stages. Marketing Strategy ''ICICI Prudential Life positions its life insurance products as complete financial solutions. it could be buying a house. as your life stage and therefore your financial goals change. retail credit. comprising a large advisor force that targets various customer segments. Clearly. they decide to start a family. With focus on . Sharma was involved in setting up ISec. credit cards and web trade. the goal changes to planning for the education or marriage of their children. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. and also ICICI's personal financial services that includes retail deposit taking. So we are also likely to see higher sales over the next three months. Tied Agency is the largest distribution channel of ICICI Prudential. though the perception is changing.options available to a customer. as the latter are purchased more at the time of filing taxes. As one grows older.

sales & people development. The team achieves this through target database acquisition and communicating customized product information through e-mailers. The Marketing function at ICICI Prudential covers an array of activities . the company is planning to bring in additional equity of Rs 50 crore in a couple of months. brand development. tied agency has emerged as a robust. With the business growing and to meet the reserving and capital adequacy norms. Time frame: The game is set for 8 decision rounds. The Brand and Communications team is in charge of advertising. Target courses: The Strategic Marketing simulation is designed for the Marketing Strategy. advertising. Content: The decision content includes market opportunity analysis. It also includes profitability projections and profitability analysis decisions. predictable and sustainable business model. that helps develop and nurture ICICI Prudential's corporate identity while effectively communicating its varied product offerings to the customer. and sales force management decisions. media planning & buying and Public Relations. direct marketing and corporate communications. It exposes the participant to all the aspects of modern marketing. consumer research. . channel support. Channel marketing provides support to the sales force by streamlining the design and development of collaterals and sales tools across distribution channels. telemarketing and innovative direct mailers. with each round taking one hour to two hours to complete. pricing. Marketing Management and Capstone Marketing courses.brand and media management. The Direct marketing team was set up to generate high quality leads for profitable business.

For instance. Given the demographic and social conditions of India . There are 13 policies to cater to individuals. people are more motivated to keep their policy in an ageing population. For our . liquid and transparent as possible. ICICI Prudential Life has met its rural obligations as per IRDA [Insurance Regulatory Development Authority] guidelines. group gratuity and group superannuation. Also. which can be enhanced with six riders so as to create a number of combinations. Our products have been structured to be as flexible.Forever Life. ICICI Prudential Smart Kid has been structured with flexible maturity ages and in a manner that the child receives the money at specific educational term. in both individual and group policies. Lifetime Pension and Life Link Pension. Many products have been designed based on customer feedback so as to include elements that would appeal to customers. The average sum assured is now well over Rs 2 lakh. We have already introduced three retirement products . because of the increased awareness of benefits of life insurance. ICICI Prudential Life has attracted business of premiums and sums assured greatly exceeding those that we had seen two-three years ago. The company also offers three group policies . and hence the percentage of policies that are surrendered or lapsed has also decreased. ICICI Prudential Life has a range of products that meet the needs of every segment. absence of a social security system and inflation .ICICI Prudential Life sees immense potential in the growth of retirement products.Owing to its focus on selling life insurance on the platform of protection and as a versatile financial instrument.

consistent returns in the long term.there are guaranteed additions for four years. the task was to present the visiting card of the company to the public at large and build credibility and stature and to give the consumer the confidence that ''here is a company that can be trusted to invest funds with. Save 'n' Protect and Smart Kid . after which bonuses are declared on a yearly basis. Communication strategy and budgeted promotional spend When we first began operations. We follow a proactive strategy of reviewing these on a regular basis in order to provide sustainable. balancer and maxi miser. Marketlinked products such as Lifetime. of which there are three options . Lifetime Pension and Life Link Pension are valued on a NAV [net asset value] basis.Reassure and Assure Invest.'' This .Cashbox.endowment products . Life Link.protector. There are two products with guaranteed returns . We believe that there is a place for assured return products in our product portfolio. Hence policyholders benefit from the appreciation in the fund.

to establish the brand. Policyholders investing in our market-linked products can select from three fund options . The policies are structured to be as transparent as possible and policyholders can check the NAV of the policy on a biweekly basis in leading newspapers.required a corporate campaign . consistent returns over the long term. build awareness and give the brand a larger-than-life image. retirement solutions or Lifetimes. This was tackled through product-specific advertising. The reduction in interest rates has not affected ICICI Prudential Life drastically. Once the corporate image and brand identity were established.first of all insurance and secondly from ICICI Prudential Life. Can you explain your investment strategy? How did the sliding down of interest rates and dull equity markets affect or alter your business plans? What are your investment income and the yield on investments? Life insurance is a long-term financial investment and ICICI Prudential Life invests policyholder's funds in order to earn sustainable. which was encapsulated in symbols of protection from the initial print campaign. Strategic Sales and Marketing Plans . the next phase of communication was to give the consumer a rational and tangible reason to buy . such as for ICICI Prudential Smart Kid. The advertising idea.each with a varying degree of risk and return. as our products are priced sustainable and our assured return products are revised on a regular basis. and as the company expanded and its product range grew. culminated in the corporate film.

• Sales and marketing administration. helps you set a clear course for your sales and marketing strategy. You get valuable. awareness. giving you direction and guidance to help you turn the art of marketing and sales into science. . and lays the foundation for continual improvement. up-to-date information on such important topics as: • Stakeholder analysis • Situational analysis • Internet marketing • Lead management • Lead qualification • Customer life cycle management • Customer relationships • Competence. and • Product management.The Sales and Marketing Policies and Procedures manual helps you organize and manage these essential functions. It emphasizes communication and unity of purpose. • Sales process. This manual helps you break down the barriers between sales and marketing departments. The Bizmanualz Sales and Marketing manual covers: • Sales and marketing strategies • Marketing tactics. and training • Product development and launch .

and for the creation of enhanced data gathering methods. without much restriction. A firm can lose out to competitors. In recent years. and a FREE Internet Marketing Guide Use of technologies Marketing management can also note the importance of technology. such transfers of information would have taken longer to send. Technological advancements can facilitate lesser barriers between countries and regions. within the scope of its marketing efforts. aiding in a better processing and storage of data. etc. leading to marketing managers being cognizant of the latest technological developments. the netbook personal computer has gained significant market share among laptops. the launch of smartphones into the cellphone market is commonly derived from a demand among consumers for more technologically advanced products. Computer-based information systems can be employed. largely due to its more user-friendly size and portability. Via using the World Wide Web. should it refrain from noting the latest technological occurrences in its industry.Also included in the Sales and Marketing Procedures Manual is a glossary of sales and marketing terms. Prior to the mass usage of the Internet. especially if via snail mail. a Sales & Marketing Executive’s Manual. to improve a company's marketing decision-making process. . telex. firms can quickly dispatch information from one country to another. Marketing researchers can use such systems to devise better methods of converting data into information. Moreover. Information technology typically progress at a fast rate. Information technology can aid in improving an MKIS' software and hardware components.

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