Consumer Behaviour
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7 Ps of MARKETING
What is marketing? The definition that many marketers learn as they start out in the industry is:
Putting the right product in the right place, at the right price, at the right time.
Its simple! You just need to create a product that a particularly group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then youve got it made!
“Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.
The Characteristics of a service that are:
(1)Lack of ownership
(2) Intangibility
(3) Inseparability
(4) Perishability
(5) Heterogeneity.
The Service marketing mix involves analyzing the 7p of marketing involving, Product, Price, Place, Promotion, Physical Evidence, Process and People.
Product: Create the product the people want
Price: Offer it at a price people will pay
Place: Deliver it or sell it at a price that will appeal to people
Promotion: Promote it so everyone knows about it!
People: Recruiting right people and train best to serve customers
Process: Procedures ,mechanism through services are consumed
Physical evidences: the ability and environment in which services are delivered
About LIC
Life Insurance Corporation of India (LIC) is an autonomous body authorized to run the life insurance business in India with its Head Office at Mumbai. It has been established by an act of the Parliament and started functioning from 1/9/1956.
LIC is the biggest insurance player in the country. Out of the total premium of Rs 3766 crore generated by the insurance industry through group business in the year 2005-06, LIC alone accounted for Rs 3051 crore.
In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of lives insured, LIC has shown a growth of over 152%. In respect of number of schemes, LIC has a growth of 2%. LICs market share in number of individuals covered and number of policies stands at 77% and 81%, respectively.
Mission
“Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”
Vision
“A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.”
PRODUCTS
Insurance plan
As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
CHILDREN PLANS
PENSION PLANS
Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
UNIT PLANS
Unit plans are investment plans for those who realize the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you dont have consistent income.
SPEACIAL PLANS
LICs Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!
GROUP SCHEME
Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs.
PRICE
Price and premium varies from product to product. It is according to the category of product as well as the time period of insurance. It can be better explained with the help of following examples: This is an Endowment Assurance plan designed for the benefit of handicapped dependants. Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Product Number : 136
Product Name : Jeevan Vishwas
Date of birth:
(dd/mm/yyyy)
Sum Assured :(in Rs.)
(Range: Rs.50000 and above)
Policy term 🙁 in yrs.)
Premium paying term 🙁 in yrs.)
Accident benefit:
Results
Age
: 43
Policy term
(in yrs.)
: 10
Payment term
(in yrs.)
: 10
Yearly
: 11,844.00
Half yearly
: 6,013.00
Quarterly
: 3,052.00