Customer Perception Of ICICI Prudential Products In India Commerce Essay
I am acquiring all these information chiefly through questionnaires. These questionnaires typically address satisfaction on assorted facts of the merchandise every bit good as to supply an overall satisfaction mark for each client.
In today ‘s concern, environment is more of import that which measures the people ‘s perceptual experience for acquiring inside informations about the Company.
It plays critical function in selling. It is necessary for cut downing the misinterpretation of the client.
This survey exposes the “ people ‘s perceptual experience of ICICI Prudential merchandises ” and dependable provender back of the merchandise.
Descriptive research design is selected for the research from the entire size of population out of 300 clients, 50 per centum of population is selected as sample size ( i.e. , 150 clients ) .
Introduction OF THE STUDY
This undertaking aims to mensurate the Customers perceptual experience of ICICI Prudential Life Insurance Products. It focuses towards the possibilities of mensurating the consciousness of insurance merchandises. It besides aims to propose techniques to better the present degree of consciousness.
Brand is word, grade, symbol device or a combination thereof, used to place some merchandise or services.
By and large, a company will hold five major picks in trade name scheme.
They are as follows:
The company can present merchandise line extensions ( bing trade name name ) .
Multi trade names.
New trade names.
It increases the efficiency of selling programmes
It increase trade name trueness among the people.
It develops more trade names.
It provides merchandise cognition.
It increases the assurance on the merchandise.
It gives more satisfaction.
Brand consciousness is a common step of selling communications effectivity. Unaided consciousness is self-generated, aided or promoted consciousness is when the name is recognized among others that are listed or identified.
A alone set of associations within the heads of mark clients which represent what the trade name presently stands for and implies the current promise to clients. ( Note that trade name image is what is presently in the heads of consumers, whereas trade name individuality is aspirational ) .
What is insurance
1. The concern of insurance is related to the protection of economic values of assets. Every plus has a value. The plus would hold been created through the the attempts of the proprietor. The plus is valuable to the proprietor, because expects some benefit from it.
2. The benefit may be an income or something else. It benefit because it meet some of his demand. In instance of a mill or cow, the merchandise generated by is sold and the income generated. In the instance if a motor auto, it provides comfort and convenience in transit.
To analyze on the “ Customers perceptual experience of ICICI Prudential Life Insurance Products ” .
To analyse the willingness of the respondents to purchase ICICI Prudential Life Insurance Products.
To compare the characteristics insurance merchandises offered by assorted participants.
Scope OF THE STUDY
The primary intent of this survey is to analyse consciousness of ICICI Prudential Life Insurance Plans or Policies.
It will besides assist in analysing the consumer perceptual experience sing ICICI Prudential Life Insurance Company and their ailments were analyzed and suggestions are given to rectify the ailments, so that it bridge the spread between the criterion and existent service provided.
The survey is to analyse whether the bing consumers are satisfied with the merchandise and services, provided by ICICI Prudential Life Insurance Company.
The survey will assist the house in understanding the outlooks, future demands and demands and ailments of the consumers.
The survey is dedicated chiefly towards the publicity of merchandise or construct in the Nellore Market.
REVIEW OF LITERATURE
Before taking this subject for my thesis undertaking I have read some on-line article and diary which increase my involvement to choose this for research. I reviewed a diary which has great influence to me to make research on the ICICI Brands in universe broad, the name of the subject is ICICI Prudential Life Insurance Plans or Policies Insurance. Harmonizing to Grace and Timme, 1992, Yuengert, 1993 and Gardner and Grace, 1993 there were survey and focused on the efficiency on the Life insurance. These surveies help them to be given to happen grounds on important scale economic systems in the industry, although houses which by and large were to establish to exhibit in diminishing returns to scale. During in the 1880ss and 1890ss, the Life insurance company were experient alone moving ridge of amalgamations and Acquisitions. But the concern of the life insurance was bing in India from started twelvemonth of 1818 with was established by the oriental life insurance company in Calcutta. There are some people at that place believe that life insurance would assist them from there retirement. In 1912 the Indian life confidence over 50 old ages, there is merely one insurance company were there its life insurance corporation of India ( LIC ) were tied up with IRDA ( Insurance Regulatory and Development Authority ) .before in the Nineteenth century India started with out any Regulation. In the centuries ago a few British companies dominated the market largely in big urban Centres. British companies were nationalized chiefly three counts.
Indian lives were non insured.
Even if there were insured, they were treated them as substandard lives and excess premium were charged.
It was abnormalities in the operation of life insurance was nationalized in the twelvemonth 1956 and the general insurance was nationalized in the twelvemonth 1972.In the 1999 the private companies were came back once more into insurance sector with maximal cap of 26 % foreign retention.
In the past centuries there no insurance safety step done for there future life. Now in current many private companies came in to be and made insurance secure policy chief to the clients. In India there were in-between category people who will be after with their rewards what there? Get in monthly footing and at that place will procure some money in to insurance for their future life. In the last centuries this sort of installations non available now in the present coevals there are many Brand new policies came in to be. Some people think for “ revenue enhancement benefits ” and some think for “ future benefits ” for there kids ‘s. Example: In the in-between category household the major individual dice so the life insurance policy can be helpful for his household.
At present in India most people trust ICICI Bank batch because there are standing 1st topographic point in India. There are taking power house is in UK. In past the industry branded by high cost distribution system and non-price competition were effected with more intensive competition with other non- traditional beginning like Bankss, common financess and investing consultative houses were captured with the major portion market plus to built-up merchandises rente and hard currency value of life insurance. By this manner it reduced borders and motivated insurance companies to acquire manner to cut down costs. There made is more purely on belly-up criterions were implemented to command hazard on capital system in 1993 and there were unbroken force per unit area on the insurance companies to back up their fiscal statements. In 2003-2005 the entire factor productiveness growing in the life insurance industry assessed by Sinha ( 2007 ) . The Technical efficiency comparing shows that in the life insurance industry the private companies are still behind the life insurance Corporation of India ( A Govt of India Company ) .in proficient effeminateness mark merely life insurance corporation of India and State Bank of India ( Both are Govt Enterprise ) scored 1 that means they are proficient sufficient but all other private insurance houses are proficient insufficient ( scored less than 1 ) . From 2002 to 2005 all other private insurance Firms, insures were increasing returns to scale except Life Insurance Corporation of India. ING Vysya and Max New York life insurance were diminishing to returns to scale. Staying all other life insurances companies were positive in entire factor on their productiveness growing. Comparing to private life insurance company the productiveness growing rate is much higher so Life insurance Corporation of India. In regard of proficient efficiency for the period 2002-03 to 2005-06. Om Kotak Life Insurance Company secured the highest growing rate among the 13 private life insurance companies and Aviva life insurance secured the 2nd place. ( Sinha 2007 ) . Insurance is concerned with protection of economic value of assets. Every plus has a value and it is created at considerable cost. They have a life-time during which clip they are expected to execute. But they can be destroyed or made nonfunctional through Accidental happenings. Such awful happenings are called hazards. The harm the hazards may do to the plus is the Hazard. Risk merely means that there is possibility of loss or harm. There has to be uncertainness about Risk. Insurance is relevant merely when there is uncertainness. The happenings have to be random, inadvertent and non intentionally created.
HOW IT WORKS
Peoples confronting common hazards come together and do a little part. The part is made on the premise that all of them are exposed to the hazard, but who will go the victim is non known. By analyzing events for a long clip it is possible to calculate occurrence of the hereafter.
Therefore insurance concern is all about sharing. A hazard which can non be borne by one individual is spread over the full community, so the Risk becomes endurable.
Insurance Acts of the Apostless as a societal security tool: Even though the Government is expected to look after the societal security of people, it is frequently non possible. Insurance companies supplement the attempts of the Government in this respect.
Role in the economic development: Insurance Companies collect immense sums by manner of Premiums. These financess are available for a long clip. Insurance Companies can put in undertakings with long gestation period. They help in development of substructure like roads, Bridgess, irrigation undertakings, power workss etc.
Insurance protects economic values of assets.
A hazard means events which are beyond the control of homo.
Insurance is possible merely when there is uncertainness.
A thing certain to go on can non be insured.
Events should happen at random.
The American Marketing Association defines Marketing Research as “ The systematic assemblage, recording, and analysing of informations about jobs related to the selling of goods and services ” .
Marketing Research Design
Marketing research design is the specification of processs for roll uping and analysing the informations necessary to assist place or make to a job of chance, such that the differences between the cost of obtaining assorted degrees of truth and the expected value of the information associated with each degree of truth is maximized.
1. Descriptive Research Design:
Descriptive research includes studies and fact happening questions of different sorts. The major intent of descriptive research is description of the province of personal businesss as it exists at present. In societal scientific discipline and concern research we get frequently use the term “ Ex station facto ” research for descriptive research surveies.
The chief features of this method, is that the research worker has no control over the variables ; he can merely describe what has happened or what is go oning.
2. The survey is based on primary informations and secondary informations:
That information which are followed for first clip and therefore go on to be original in character, primary information is collected through study and the method used for
Secondary informations are those which have already been collected by person else. But in my study there is no such type of informations which is already collected. So the information is collected from demand of clients and employees.
Company internal records
Web sites etc.
3. Research Instrument:
Questionnaire building is a important portion of the study and one time the questionnaire is up to the grade, so that itself is an indicant of the success of the undertaking. A good questionnaire will do the respondents experience easy and generate involvement to make full up the questionnaire which besides minimizes rejection of questionnaire by the respondent to a greater extent.
4. Sampling Procedure:
Sampling procedure consists of the undermentioned consecutive stairss.
( I ) Define the population
The population for a study of “ Brand consciousness of ICICI Prudential Life Insurance Products ” defined as analysing the consciousness of consumers of ICICI Prudential Life Insurance in Nellore metropolis.
Element – Brand consciousness of ICICI Prudential
Sampling unit – Consumers
( two ) Sampling Frame
Sampling frame is a agency of stand foring the elements of the population.
Sampling frame – Consumers address record.
( three ) Sampling Size
( four ) Sampling Method
The sampling method is the manner the sample units are to be selected.
Convenience trying involves taking the sample on the footing of convenience.
( V ) Sampling Area
LIMITATIONS OF THE STUDY
Time is the major restraint. Given three months clip, it is non sufficient to hold a deep penetration.
The study is conducted merely in Hyderabad metropolis.
The sample size is restricted to 52 lac ‘s as it is non possible to cover the full population in a given clip.
Peoples ‘s perceptual experience of ICICI Prudential Life Insurance Company
1. Age group of policy holders in ICICI PRUDENTIAL
a ) 18-25 [ ]
B ) 25-35 [ ]
degree Celsiuss ) 35-45 [ ]
vitamin D ) 45-60 [ ]
2. Beginning of income
a ) Business [ ]
B ) Job [ ]
degree Celsiuss ) Professional [ ]
vitamin D ) Others [ ]
3. Income per annum
a ) Below 50000 [ ]
B ) 50000-1lakh [ ]
degree Celsiuss ) 1-2lakhs [ ]
vitamin D ) Abow2lakh [ ]
4. Savingss per annum
a0below25000 [ ]
B ) 25000-50000 [ ]
degree Celsiuss ) 50000-1lakh [ ]
vitamin D ) Abow1lakh [ ]
5. How the nest eggs for hereafter are made
a ) Purchase of life policies [ ]
B ) Deposits in public provident financess [ ]
degree Celsius ) Deposits in a bank [ ]
vitamin D ) Shares or unsecured bonds purchased [ ]
6. How do you know assorted policies of ICICI Prudential life insurance policies?
a ) Television [ ]
B ) Newspaper [ ]
degree Celsius ) Word of oral cavity [ ]
vitamin D ) Outdoor media [ ]
7. Which company policies do you hold?
a ) ICICI Prudential [ ]
B ) HDFC Standard life [ ]
degree Celsius ) LIC [ ]
vitamin D ) Others [ ]
If others please stipulate
8. What is your sentiment about ICICI PRUDENTIAL?
a ) Very good [ ]
B ) Good [ ]
degree Celsius ) Fair [ ]
vitamin D ) Unsatisfactory [ ]
9. Make you wish to hold another extra benefit?
Yes [ ]
No [ ]
If yes please stipulate
10. Are you satisfied with the policies and services provided by the company?
If no specify ground
1. Are you satisfied with the premium rate provided by the company?
a ) Highly satisfied [ ]
B ) Satisfied [ ]
degree Celsius ) Dissatisfied n [ ]
vitamin D ) Highly disgruntled [ ]
12. Did you avail any loan installation on your ICICI Prudential Policies?
If yes please stipulate
If no because of
Excessively many formalities
Interest rate is high
Delay in the processing
13. Rank the trade names harmonizing to the your sentiment
a ) ICICI Prudential [ ]
B ) HDFC [ ]
degree Celsius ) LIC [ ]
vitamin D ) Others [ ]
14. Which attributes forced to you put in ICICI PRUDENTIAL?
a ) Hazard coverage [ ]
B ) Future disbursals for the kids purpose [ ]
degree Celsiuss ) Protection of the household [ ]
vitamin D ) Other factors [ ]
15. Which program of ICICI Prudential is better than the similar programs of others?
a ) Cash back [ ]
B ) Education insurance [ ]
degree Celsiuss ) Health solution [ ]
vitamin D ) Others [ ]