59864443-synopsis-of-project.doc

MBA (Weekend) Program USMS, I. P. University Delhi, India

First Semester

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

Synopsis for project

Study of Marketing Strategy of Various Insurance Companies, Agency Business Model

Submitted By:

Guide by:

Deepak Kumar (Roll # 05016608509)

Ms. Deepti Prakash

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY Kashmere Gate, Delhi - 110 006 (INDIA).

www.ipu.ac.in

Index

INTRODUCTION...................................................................................................................3 PROJECT PROPOSED..........................................................................................................3 OBJECTIVE OF THE PROJECT.........................................................................................4 RESEARCH METHODOLOGY...........................................................................................4 DATA COLLECTION.............................................................................................................5 DATA ANALYSIS TOOLS......................................................................................................5 LIMITATIONS:.......................................................................................................................5 References

5

2

Introduction There are various types of insurance companies:

Marketing is delivering customer satisfaction at a profit. Marketing strategies for insurance firms to determine the type of market analysis that is needed for decision-making. A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key of customer satisfaction and delight. A good marketing strategy should integrate an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows an organization to carry out its mission effectively and efficiently.

Project proposed Study of Marketing Strategy of Various Insurance Companies , Agency Business Model. Different agencies of different insurance companies are having some strategies to survive in the market. Their strategies may be in the form of:  How they target their customers.  How they make their advisors active.  How they make their operational and sales department effective.

3

 How they promote their employees.  How they handle the conflict in agency.

Objective of the project Main objective of the project is to find out the strategies of different insurance agencies and evaluate them.  Recruiting their advisors  To make their advisors active  Well educated and capable employee in the agency  Marketing of their products  Deployment of their products  Targeting the right and potential customers  Differentiating from other companies  Future plan of the company This study consists of to find out the marketing strategies of different insurance companies.

Research Methodology Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data has been collected by meeting with the branch and agency manager of different insurance agencies and branches in NCR. Data collection will be done by structured questioner.

4

Data collection Data collection is doing from top insurance companies in term of market share. Apart, from this I will refer to Marketing Management by Kotler, to understand the marketing strategies. Resources available online on internet will be referred.

Data Analysis Tools I will be using the following data analysis tools:



Logical Analysis/Matrix Analysis: Flow charts, diagrams, pictorial representations will be used.



Event Analysis/Micro Analysis: Will find out precise beginning and ending of events by finding specific boundaries and things that mark boundaries and events.



Bar Graphs.



Pie Charts.

Limitations:  Time limitation  Research will be done only in Delhi/NCR.  Companies did not disclose their secrets data and strategies.  Possibility of Error in data collection.  Possibility of Error in analysis of data due to small sample size.

References  Books 1. Marketing Management: Millennium Edition, Philip Kotler

 Internet

1. Google search

5

2. Yahoo search 3. Msn search 4. Websites of different insurance companies

6