MERI COLLEGE

SUMMER TRAINING REPORT

MANAGEMENT EDUCATION AND RESEARCH INSTITUTE

AFFILIATED TO GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY,DELHI

“A STUDY ON UNDERSTANDING CONSUMER BUYING BEHAVIOUR WITH RESPECT

TO SALES AND MARKETING”

AT

IFORTIS

Under the guidance of MERI

Submitted by : RAHUL SHOKEEN
Enrolment No. : 09915101720

Course : Bachelor of Business Administration (2020-23)

1
 TABLE OF CONTENTS

SERIAL NO. TITLE PAGE NO.

1 Declaration 3
2 Acknowledgement 4
3 Certificate 5
4 Summer Training Appraisal 6-7
5 Form B 8
6 Executive Summary 9-11
7 Introduction 12-13
8 Objectives of the Internship 14
9 Literature Review 15-18
10 About the topic 19-23
11 About the Company 24-25
12 Research Methodology 26
13 Objectives of the study 27
14 Data Analysis And 28
Interpretation
15 Findings 29
16 Conclusion 30
17 Recommendations 31
18 Limitations of the Project 32
19 Reference 33

2
 STUDENT DECLARATION

I hereby declare that the project entitled ““A STUDY ON UNDERSTANDING CONSUMER
BUYING BEHAVIOUR WITH RESPECT TO SALES AND MARKETING“ under the guidance
of Deepti Kapoor rsubmitted in the partial fulfilment of degree of Bachelor of Business
Administration 5th semester from “MANAGEMENT EDUCATION AND
RESEARCH INSTITUTE “ , New Delhi.
This is my original work and this project work has not formed the basis for the award of
any degree to the best of my knowledge .

Date :

Name :

Enrolment No. :

(Signature of the student)

3
 ACKNOWLEDGEMENT

I am particularly indebted to Director Management Education and Research Institute

which inculcated in me utmost respect for human values and groomed me up in the field
to take on the challenges of the competitive world.

I would also like to express my regards to Deepti Kapoor for her constant encouragement
and support. I would also like to express my immense gratitude towards all the lectures
of our college for providing the invaluable knowledge, guidance
,encouragement extended during the completion of this project.

I extend my sincere gratitude to all my teachers and guide who made unforgettable
contribution . Due to their sincere efforts ,I was able to excel in the work entrusted upon
me.

Name :
Enrollment No. :

Course : BBA

(Signature of student)

4
CERTIFICATE

5
 SUMMER TRAINING APPRAISAL
Name of the student: RAHUL SHOKEEN
Enrolment No. :
Programme : Bachelor of Business Administration
You are require to provide your opinion on the following parameters.
Outstanding Good Satisfactory Unsatisfactory
A B C D

1.Technical knowledge gathered about the industry and the job he/she was A
involved.

A
2.Communication Skills: Oral/Written/Listening Skills.

3.Ability to work in a team A

4.Ability to take initiative . A

A
5.Ability to develop a healthy long term relationship with client.

6.Ability to relate theoretical learning to the practical training.

6
7.Creativity and ability to innovate with respect to work methods and procedures.

8.Ability to grasp new ideas and knowledge .

9.Presentation Skills A

A
10.Documentation Skills

11.Sense of responsibility A

12.His/her ability and willingness to put in hard work A

13.Acceptability (Patience, Pleasing manners, the ability to install trust, etc) . A

14.In what ways do you consider the student be valuable to the organization? A
Consider the student’s value in term of (a)Qualification
(b)Skills and Abilities
(c)Activities roles performed

15.Punctuality
A

7
Assessor’s Name
Organization Name: IFORTIS
Address :

8
 EXECUTIVE SUMMARY

I opted for this particular topic named “A STUDY ON UNDERSTANDING

CONSUMER BUYING BEHAVIOUR WITH RESPECT TO SALES AND MARKETING

Insurance is a means of protection from financial loss. It is a form of risk

management primarily used to hedge against the risk of a contingent or
uncertain loss. The life and property of an individual are surrounded by the
risk of death, disability or destruction. These risks may result in financial
losses. Insurance is a prudent way to transfer such risks to an insurance
company. The insurance policy has details about the conditions and
circumstances under which the insurance company will pay out the insurance
amount to either the insured person or the nominees. Insurance is a way of
protecting yourself and your family from a financial loss. It is a form of
contract between the insurance company and a person who gets his life
assured, for the payment of a sum of money the unfortunate happening of an
event.

9
 INTRODUCTION

Human life is a most important asset and life insurance is the most important
type of insurance which provides financial protection to a person and his family
at the time of uncertain risks or damage. Life insurance provides both safety and
protection to individuals and also encourages savings among people. The present
exploratory and descriptive based study was selected with an objective to
identify those factors which influence customers policy buying decision and also
analyze the preferences of customers while life policy investment decision-
making. Various insurance related factors have been discussed in the paper. The
data for the study has been collected from both primary and secondary sources.
The study area is limited to Coimbatore city, Tamil Nadu and the sample size of
110 respondents. The study tries to analyse the type of policy preferred by the
respondent, which insurance company they prefer, feature of Insurance policy
that attracted their purchase, benefit for which they have purchased, satisfaction
level on the life insurance policy purchased, difficulties encountered in decision
making while buying a life insurance policy. The study also analyses the
relationship between Age and type of policy preferred. Keywords: Life
Insurance, Buying Decision, Preference of Customer, Consumer Behavior.

INTRODUCTION
Insurance is a means of protection from financial loss. It is a form of risk
management primarily used to hedge against the risk of a contingent or uncertain
loss. The life and property of an individual are surrounded by the risk of death,
disability or destruction. These risks may result in financial losses. Insurance is a
prudent way to transfer such risks to an insurance company. The insurance
policy has details about the conditions and circumstances under which the
insurance company will pay out the insurance amount to either the insured
person or the nominees. Insurance is a way of protecting yourself and your
family from a financial loss. It is a form of contract between the insurance
company and a person who gets his life assured, for the payment of a sum of
money the unfortunate happening of an event. Life insurance is a must for
everyone because life is very precious. The payment is made to theinsurer on the
date of maturity or at an unfortunate earlier death. Under the terms of a contract
a person who gets his life insurance. Life insurance is universally acknowledged
to be an investment which eliminates risk and substituting certainty for
uncertainty and comes to the timely aid of the family in unfortunate event of

10
death.
DEFINITION OF BUYING BEHAVIOR
Buying Behavior is the decision processes and acts of people involved in buying
and using products. According to Engel, Blackwell, and Mansard, ‘consumer
behavior is the actions and decision processes of people who purchase goods and
services for personal consumption’.

CUSTOMER BUYING BEHAVIOR

Customer buying behavior refers to the action taken by consumer before buying
a product or service. This process may include consulting search engines,
engaging with social media posts, or a variety of other actions. It is valuable for
business to understand this process because marketers can predict how
customers will respond to marketing strategies. Customer buying behavior refers
to the buying behavior of the ultimate end user customer. Customers are the
main pillar of life insurance business. Every company tries to attract and retain
existing customers to keep their profits high. The proper understanding of
customers, their needs and expectations help insurance providers to bring
improvement in product as well as services offered. When compared with the
developed foreign countries, the Indian life insurance industry has achieved only
a little because of low consumer awareness, poor affordability, delayed customer
services, lack of suitable products. Customer is the king and it is the customer
who decides what a business is and therefore a sound marketing program starts
with a careful analysis of habits, attitudes, motives and needs of the customers.
Consumer buying behavior is the study of when, why, how, and where people do
or do not buy a product. Behavior of consumer differs between a purchase of a
physical product and a service-related product.

11
 Objectives of Study

 To understand the buying behavior of consumer

 Understanding the relation between the household
income and insurance policy.
 To find Consumer preference for ifortis .

12
 LITERATURE REVIEW

Sandeep Chaudhary1 (2016) - The current study examines the various factors that
affect the consumer perception towards life insurance policy. Data was collected
with the help of structured questionnaire with 100 samples. The main finding of the
study reflected that there are six factors i.e., customized and timely services, better
company reputation, effective service quality, customer convenience, tangible
benefits and healthy customer client relationship that influence the consumer
perception towards life insurance policy Guru. P Dr.

D. Umamaheswari 2 (2018) - This study intends to analyse the various factors which
are influencing the customers in selecting the insurance company and choosing the
policies. It was noted in the research that there are more than 20 players in the
industry, however the greatest challenges lies in understanding the buying behaviour
of the consumers. Many companies tend to sell the insurance product as a tax saving
scheme rather utilizing the product to meet various financial objectives of the
customers. Mr. Sandeep Deshmukh & Dr. Rajiv

Jadhao 3((2017) – It analyze the preferences of customers while life policy

investment decision-making. The data for the study has been collected from both
primary and secondary sources. The study area is limited to Nagpur District of
Maharashtra. The paper concludes with that most of the respondents take insurance
policies for Savings and Wide risk coverage

S. EZILARASI 4(2020) – It studies various factor related to insurance. Collected

data from both primary and secondary sources and sample size is 50 policyholders of
LIC. LIC is the most accepted and popular, market share of private insurers is
gradually increasing with people trust and better services offered by them are some
of the main findings of the study. The paper concludes with that demographic factor
of the people play a major role in deciding the purchase of life insurance policies.

Ram Singh, Rohit Bansal5 (2020) – The primary goal of this paper to recognize
client inclination with respect to plans and friends, their motivation of purchasing the
protection strategies, fulfilment level and their likely arrangements for new
protection strategy. Data was gathered with assistance of organized survey from 200
clients of Bareilly city in the research. The finding shows that Protection is the
fundamental reason for purchasing an insurance strategy.

A. Muthusamy, Dr. R. Yuvarani6 (2021) - In the paper an endeavor has been made
to know the challenges on deals position of protection enterprises and furthermore a
point-by-point study was made to distinguish the potential section of individuals to

13
advertise protection in Salem district. It concluded that in the rising situation, the
protection business must focus on (a) Product development, (b) Appropriate
estimating and (c) Speedy settlement of cases. Srimannarayana Gajula, P.

Dhanavanthan7 (2019) – The study attempts to know the perception levels to find
out the awareness, influence, expectations, and willingness to purchase policy from
the Non-Health Insurance Policy holders in Hyderabad City with sample size of 118.
It shows that socio economic factors, individuals’ perception and personality traits
induces health insurance policy buying Behavior in the region M. Vijaya
Ragunathan8(2016) – The paper explains the behaviours of customer for purchasing
service and attempts to explore the effect of customers behaviour in financial
services especially in Life Insurance Industry. It concluded, the consumers are
satisfied with the service provided by the IDBI Fortis, still they have to improve the
service facility.
Guru.P, Umamaheswari.D9 (2019) – It examine the factors that determines the
consumer buying Behavior of life insurance policies in Thanjavur City. 150 samples
were chosen by convenience sampling technique. Used chi-square and regression. It
concluded that the major factors like service quality, easy of procedures and
company loyalty are possessing significant impact on the consumer’s buying
behaviour on life insurance policies

14
 ABOUT THE TOPIC
Insurance is a means of protection from financial loss. It is a form of risk
management primarily used to hedge against the risk of a contingent or uncertain
loss. The life and property of an individual are surrounded by the risk of death,
disability or destruction. These risks may result in financial losses. Insurance is a
prudent way to transfer such risks to an insurance company. The insurance policy
has details about the conditions and circumstances under which the insurance
company will pay out the insurance amount to either the insured person or the
nominees. Insurance is a way of protecting yourself and your family from a financial
loss. It is a form of contract between the insurance company and a person who gets
his life assured, for the payment of a sum of money the unfortunate happening of an
event. Life insurance is a must for everyone because life is very precious. The
payment is made to theinsurer on the date of maturity or at an unfortunate earlier
death. Under the terms of a contract a person who gets his life insurance. Life
insurance is universally acknowledged to be an investment which eliminates risk
and substituting certainty for uncertainty and comes to the timely aid of the family
in unfortunate event of death.

DEFINITION OF BUYING BEHAVIOR

Buying Behavior is the decision processes and acts of people involved in buying and
using products. According to Engel, Blackwell, and Mansard, ‘consumer behavior is
the actions and decision processes of people who purchase goods and services for
personal consumption’.

CUSTOMER BUYING BEHAVIOR

Customer buying behavior refers to the action taken by consumer before buying a
product or service. This process may include consulting search engines, engaging
with social media posts, or a variety of other actions. It is valuable for business to
understand this process because marketers can predict how customers will respond
to marketing strategies. Customer buying behavior refers to the buying behavior of
the ultimate end user customer. Customers are the main pillar of life insurance
business. Every company tries to attract and retain existing customers to keep their
profits high. The proper understanding of customers, their needs and expectations
help insurance providers to bring improvement in product as well as services
offered. When compared with the developed foreign countries, the Indian life
insurance industry has achieved only a little because of low consumer awareness,
poor affordability, delayed customer services, lack of suitable products. Customer is

15
the king and it is the customer who decides what a business is and therefore a sound
marketing program starts with a careful analysis of habits, attitudes, motives and
needs of the customers. Consumer buying behavior is the study of when, why, how,
and where people do or do not buy a product. Behavior of consumer differs between
a purchase of a physical product and a service-related product.

16
 ABOUT THE COMPANY

Rohit Naidu, the CEO of IFortis Worldwide, the largest women-led organization in
India, has been vividly promoting the idea of self-reliance among women through his
bold yet thoughtful women program initiative. The self-made young entrepreneur is
an optimistic soul and a zealous confidence cultivator for all students and women
worldwide. With 98% women joining his grand expedition and 124+ global clients,
his company, as well as his intellectual initiatives, are set to leave their mark
globally. Rohit Naidu is an immensely dedicated individual and an eminent global
corporate citizen. He is always up for a challenge and is never belittled by one.
Instead of breaking his will, the corona virus pandemic has only encouraged him to
overcome societal and environmental issues such as poverty, hunger, unemployment,
and growing inequality in workspaces for women. The pandemic gave him a lot of
time to reflect on his life and goals, and ultimately, 26 motivated him to become a
capable entrepreneur.

The young and successful entrepreneur has always been eager to learn from people,
experiences, and vigorous market research. He believes eagerness to learn from
practical life situations paves way for some incredibly innovative and highly
effective management ideas. “I am very goal-driven”, says the venturesome
entrepreneur and CEO of IFortis Worldwide. CEO of IFortis Worldwide, Naidu, has
always been consistent about cultivating the right skill-set of qualities and values in
people who join him. From employees to students, he ensures they all work towards a
sustainable future that is ready to face stressful situations such as the coronavirus
pandemic more confidently. He plans on cultivating eco-friendly management and
youthful ventures to fulfil his responsibility towards society.

17
IFortis Worldwide, a subsidiary of American Ruler Private Limited, is a well-
established, Tirunelveli-based company which provides top-notch HR Consultancy,
Information Technology, and Marketing services to clients across the globe. Naidu
shares that his team of women leaders and his family have been the most encouraging
factors during the company’s expansion phase. He looks up to his inspiration, the
chairman of Augustan Group, Mr Aathimoolam Naidu’s life and work whenever he
is low on motivation. Under Rohit Naidu’s leadership, IFortis continuously launches
exclusive evidence- based programs for young entrepreneurs, especially for women
across the globe. These revolutionary entrepreneurship programs are for women,
youth, and men alike. Mainly because Naidu believes practiced learning and well-
structured experiments are the best way to train and develop today’s generation. One
such brilliant initiative by him is the IFortis Worldwide HR Traineeship program.
The exclusive women’s program targets ambitious and career-driven women across
theglobe. The program helps self-reliant women get hands-on experience in
recruiting cycle, manmanagement, and employee relations.

It gives them a golden opportunity to represent themselves as the women

ambassadors of IFortis Worldwide. Josna K. Joseph, a female trainee at the IFortis
HR Traineeship program, says, “At IFortis, I was provided with a wonderful platform
to learn many new things and earn a handful of experience on end-to-end recruitment
cycle, employee relation, training, andmany more.” She further adds, “The
experience I have earned from IFortis and my mentor, Mr. 27 Rohit Naidu, is beyond
my expectations.” The stay-at-home mother has certainly learned and polished her
personal and professional skills through the programs and highly recommends them.

Ameera Hasan, working as an HR-Officer at IFortis Worldwide, says, “The HR

traineeship programme at IFortis Worldwide gave me a golden opportunity to work
in one of India's leading firms and polished my communication and administrative
skills. I feel honoured to have been working in IFortis Worldwide under the guidance
of Rohit sir. His exemplary and visionary mentorship made everything easier to grasp

18
andinspired me to do better every day. From learning new skills, polishing existing
ones, and gaining new experiences, my time at IFortis Worldwide has provided me
with a strong foundation for my future endeavours.” Deepti Mehta, another trainee at
IFortis, says, “IFortis has helped me become the best version of myself. At IFortis,
one can learn about the various skills that are importantin our career growth. The
company has made me shed all inhibitions and made me a strong, independent, and
confident woman. It provided me with a platform to have one-to-one as well as group
conversations where I could open up easily. In short, joining IFortis was the best
decision of my life, and I’m sure this is going to help me inthe long run.” Many
women have achieved their dream life, just like Josna K. Joseph and Ameera Hassan.

They have successfully broken through the age-old chains of confinement. They have
paved the way for equally recognized and fortunate corporate lives just as their male
counterparts. The initiative has given strong and determined women a stirring level
of leadership. Rohit Naidu, CEO of IFortis Worldwide, and a self-made entrepreneur,
is set on expanding his company and fulfilling his social responsibility, especially
towards women, through his continuous and strenuous efforts. To learn more about
his company and its incredible women’s program initiative

19
 RESEARCH METHODOLOGY

Primary Data:

Primary data is the data which is collected through observation or

direct communication with the respondent in one form or another.
These are several methods for primary data collection like Observation
method, Interview method, through schedule, through questionnaires
and so on.

Secondary Data:

Internal Sources:

Published documents of a. Annual Reports.

External Sources:

Books, Articles, Journals, Newspaper, Web browsing

Questionnaire Design:

Questionnaire was prepared with both open and close ended questions. The
target population was Management of IFORTIS.
RESEARCH PLAN:

Data Source Primary Data

Research Approach Research Instrument

Survey Questionnaire

Method of Contact Personal

Sample Size 100 Respondents

 DATA
ANALYSIS
AND
INTERPRETATION
22
23
24
25
26
27
 FINDINGS

60.4% of respondents gave importance to go through advertisement before

buying an insurance policy.

For consumers the advertise is effective tool to know about company in buying
decision. - 69.8% chosen Interest rate/ return factor as important and above in
scale.

Consumer give importance to return of investment while purchasing the policy. -

Tax benefit is most important factor chosen by respondents while buying policy
i.e., 82.3%. Consumer give importance to the tax factor which they save by claim.
- 54.2 % very strongly preferred IFLI Company policy.

More than half also prefer the Indiafirst Life insurance in buying the insurance. -
The Buying behaviour of respondents are positive i.e.,51% and very positive i.e.,
39.6%.

Consumer is overall having the positive behaviour towards buying the insurance.
- The consumer would have the positive behaviour if there is a higher interest rate
/ return. Return on investment is important factor by which consumer have
positive behaviour toward buying policy. - 74.07% respondents with household
annual income in a range of Rs.10,00,000 and above already have the insurance
policy.

High income group are currently the major market for insurance companies. -
There is a significant impact of Interest rate with respect to buying behaviour of
consumer. This has been proved by accepting the alternative hypothesis.

28
 CONCLUSION

This study is made to analyze the customer buying behavior in Life Insurance
Company. It provided up with some interesting trends which can be seen in the
above analysis. Majority of the respondents are willing to invest in government
owned insurance company (LIC). So, private insurance company must focus on the
promotional activities to improve their company’s name among the customer.
Customers are expecting more innovative policies with high return and more policy
benefits. Life Insurance Company should provide digitalized services to the
customers as the customers are expecting the same. The customers are satisfied with
the policies of the life insurance company. Still some customer view about the life
insurance policy is only as a saving tool the life insurance company has to make
people believe that life insurance is tool to protect their family in future need.
Customer trust agent for buying and further process of life insurance like payment of
premium, clarifying their doubts etc., so the relationship among public with regards
to policy and agents still requires to be improved.

29
 SUGGESTIONS

 As the awareness of insurance is less among the people, its awareness should
be creating among the people by conducting stage shows and explaining its
need and importance.
 SALES AND MARKETING should devise policies which provide effective
risk coverage rather than focusing on the tax benefits and also encourages
them for long term investment in insurance.
 It is also recommended to concentrate to on lower income group people.
 Customer relation should be maintained by the inviting the existing customers
to the seminars conducted when launching a new product or any changes are
made to the products or rules to retain them.

30
Limitations of the Report

First limitation of this project is the very short time limit.

A portion of the respondents are not cooperative.

The researcher is inexperienced.

Not much of importance was attached to this task by some of the

Respondents.
The sample size of the respondents is very small.

The method of sampling is judgment sampling.

31
 REFERENCES

 Harinamsingh “Consumer buying behavior towards life insurance: An

analytical study” International Journal of Commerce and Management
Research Volume 3; Issue 7

 Page No. 01-05 Singh, “An Empirical Study of Life Insurance Consumer's
Behavior in Uttar Pradesh”, An Internationally indexed Refereed Research
Journal & A complete Periodical dedicated to Humanities & Social Science
Research, Half Yearly Vol-5, Issue-1, pp 1-7. Thesis, pp1-96 Goel.

 S (2014), Health insurance an empirical study of customer behavior in Rohtak

district of Harayana. International journal of research and management,
science andtechnology, vol.2, No.2, August2014 Mahajan K, “Analysing
Consumer Decision Making Process in Life Insurance Services”, International
Journal of Marketing,

 Financial Services & Management Research, Vol.2, No. 5, pp 60-68. Manuel

2013 “Consumer Perception Regarding Life Insurance Policies: A Factor
Analytical Approach” Pacific Business Review International Volume 9 Issue
6,

 Dash (2013) “A buyer vs seller perspective of 7P’s in post liberalization

Indian life insurance sector” Delhi Business Review, vol. 14. January 2014

 Sunaynakhurana. (2013). "Analysis of Service Quality Gap in Indian Life

Insurance Industry."European Journal of Commerce and Management
Research (EJCMR) Vol-2(Issue 3)

 Kaur and Negi (2010) “consumer perception regarding life insurance” Pacific
Business Review International. Volume 9 issue Dec 2010 K., Nagaraj. Rao.
(2010). "Challenges in Designing Need Based Products in Life Insurance for
Inclusive Growth in India." Southern Economist: 21

32