Factors Critical in Marketing Strategies of Insurance Companies in the United Kingdom

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ACKNOWLEDGEMENT

I would like to thank my supervisor for supporting me throughout my project and giving his valuable suggestions. Finally thanks to all my friends and family for their utmost support and inspiration.

DECLARATION

I, (Your name), would like to declare that all contents included in this dissertation stand for my individual work without any aid, & this dissertation has not been submitted for any examination at academic as well as professional level previously. It also represents my own views & not essentially the ones associated with university.

Signed __________________ Date _________________

ABSTRACT

This study will examine the insurance industry and will specifically test the relationship between marketing, the stability of the environment, and organizational performance. In addition, the stability of the environment as perceived by the decision making managers will be measured simultaneously with comprehensiveness and performance. This study will therefore provide an opportunity for business-pertinent research to be performed that could then be applied in the business environment. Thus, as previously noted, there has been very little empirical research performed in the aforementioned areas and even less research directly utilizable by business executives in United Kingdom in the insurance industry. The approach, methodology, and purpose of this study avoid the previous problems, relative to the insurance industry encountered in the field of academic research. The marketing concept is not useful or appropriate for every situation. In term of business philosophy, management has a choice among three distinct concepts production, sales, or marketing, which are used by both buyers as well as sellers in the exchange partnership. The marketing concept and the importance of comprehensive strategic management is important rather than just strategic planning. The ideas of maintaining a customer orientation throughout the organizations and of practicing the marketing concept were once again important corporate strategies. The principal function of marketing was to convince customers that they needed the goods, which the factory was producing

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Introduction1

Background1

Purpose of the study2

Theoretical framework3

Aims and objectives3

Research questions3

Structure of the dissertation4

Chapter 2: Literature Review4

Chapter 3: Methodology4

Chapter 4: Finding and Analysis4

Chapter 5: Conclusion4

CHAPTER 2: LITERAUTRE REVIEW5

Introduction5

Market orientation6

Marketing Concept Development7

Real time marketing9

Study Context13

Changing Consumer Needs14

Competition16

Consumer Behaviour18

Customer Retention18

Customer Loyalty20

Pricing Strategy22

Sophisticated Pricing Strategies23

CHAPTER 3: METHODOLOGY26

Introduction26

Steps for methodology26

Reason for selecting the research method27

Resources27

Research Philosophy28

Approach of the research28

Quantitative Data Analysis29

Limitaitons of the study29

Assumptions of Study29

CHAPTER 4: FINDINGS AND ANALYSIS31

Descriptive statistics31

Summary of findings35

Comparing findings with literature40

Competitive Advantage41

Types of Competitive Advantage42

a)The Cost Advantage42

b)Differentiation Advantage42

Competitive Strategies43

CHAPTER 5: CONCLUSION45

Marketing Strategy51

Characteristic51

Strategic Options51

International Marketing and Global Marketing52

Adaptation Strategy53

Standardization Strategy54

Product55

Pricing56

Placement56

Promotion57

REFERENCES58

APPENDICES61

Questionnaire61

CHAPTER 1: INTRODUCTION

Introduction

The market for life insurance has begun to change. The consumer has become disenchanted with life insurance as a means of savings. Life insurance companies have been dedicated to the sale of life insurance whole life policies, endowment policies and limited payment life policies, as a means of providing financial security. These contracts have been guaranteed. The fixed dollar benefits are supported in turn, by investments in fixed dollar securities such as bonds which pay a guaranteed rate of interest for a stated whole life ...