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TITLE PAGE
MARKETING RESEARCH AS A TOOL FOR INCREASED
PROFITABILITY IN SERVICE INDUSTRY
(A CASE STUDY OF NICON INSURANCE COMPANY PLC)
BY
OGBUNANKWA PIUS .O.
MKT/2006/040
A RESEARCH REPORT SUBMITTEDTO
DEPARTMENT OF MARKETING
FACULTY OF MANAGEMENT AND SOCIAL SCIENCE,
CARITAS UNIVERSITY, AMOJI – NIKE
EMENE ENUGU
IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE
AWARD OF BACHELOR OF SCIENCE (B.SC) DEGREE IN
MARKETING
AUGUST, 2010
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CERTIFICATION
This research work written by OGBUNANKWO, PIUS .O.,
MKT/2006/040 is hereby certified as meeting the partial
requirement for the Award of Bachelor of Science (B.SC) Degree
in Marketing Department of Caritas University, Amoji – Nike
Emene, Enugu.
…………………………
MR. ANYIONU .C. SAMUEL
……………………..
DATE
Project Supervisor
……………………….
MR.OKAFOR JONES
……………………….
DATE
Head of Department
………………………..
EXTERNAL EXAMINER
………………………
DATE
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DEDICATION
This research work is mostly dedicated to the Glory of
Almighty
God
for
His
knowledge,
love,
grace
wisdom,
understanding, protection etc. To the Bless Virgin Mary, Mother
of Perpetual help. To my worthy parents, Mr. And (Chief) Mrs.
Michael Ogbunankwo, my sister Oge and Lindy Ogbunankwo.
To
my
beloved
Late
brother,
Obinna
Chukwuzurum
Ogbunankwo, who died few weeks after birth, may his gentle
infant soul lest in perfect peace in the realm of bless. Amen.
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ACKNOWLEDGEMENT
This study marks the climax of my four years in the
university. It would have been an impossible task if I were left
alone to tackle the whole work.
Therefore, I deemed it necessary to shoe my appreciation to
as many as possible that had in one way or the other contributed
to the success of my stay in this institution.
First and foremost, I thank the Almighty God, the Alpha
and Omega, without Him I am nothing.
His love, protection,
guidance and inestimable mercers has always abided with me in
all my endeavours. Also to my worthy parents. Mr. and Chief
Mrs. Michael Ogbunankwo, my sisters Oge and Lindy who have
laboured tirelessly without any complaint at the alter of my
education.
My thanks also goes in a special way to my supervisor, Mr.
Anyionu .C. Samuel. You have been an inspiration to me and
your careful guidance and constructive criticisms have spurred
me on to do my best in this project. You have brought out the
best in me and it is my prayer that you also bring out the best in
this department as you continue to lecture. May God bless you
and reward you. I can’t stop saying thank you.
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I would like to thank my lecturers who have contributed
positively to my academic growth and prepared the foundation on
which I now stand, Mr. Eddy A.C. Okenwa, Mr. Kajan Joshua
and my honourable head of department, Mr. Okafor Jones,
whose academic excellence has continued to be a great source of
inspiration to me.
My gratitude also goes to people like Rev. Fr. Peter Amanoh,
my cousin, Mr. and Mrs. Napoleon Attamah, Mr. and Mrs.
Innocent
Onu,
Mr.
and
Mrs.
Onyekachi,
Mr.
and
Mrs.
Bartholomew Chigbo, Mr. and Mrs. Damian Eke, Mr. and mrs.
Ezieke, Mr. and Mrs. Patrick Offor, Mr. Joseph Eke, Mr. Remy
Onuoha, Mr. and Mrs. Remy chigbo, Mr. and Mrs. Raphael
Amanoh, Engr. And Mrs. Kenneth Eze, Mr. Agbo Melletus etc. I
will ever be grateful for all you have done for me. May God bless
you all and reward you all abundantly.
I also show appreciation to my wonderful Uncle Mr. Ifeanyi
Chigbo, my son through baptism Master Kenechukwu Joseph
Onu. To my course –mates and to Mr. Chukwuka Ordunze who
have been sustaining me with good things of life throughout our
stay in the university, he is like a brother to me because I found
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love, peace of mind, protection, understanding, help etc. in him, I
owe him everything.
And finally, thank you, my lovely friends whose an eagle,
Onyinye, Isaac, Obiageli, Chiamaka, Ndubuisi, Chinedu, Abdul,
chinyere, chibuike, Emeka Alum, Chima etc.
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TABLE OF CONTENT
Title Page
i
Certification Page
ii
Dedication
iii
Acknowledgement
iv
ABSTRACT
v
Table of Content
vi
CHAPTER ONE
1.1
Background Of The Study
1
1.2
Statement Of The Problem
3
1.3
Objective Of The Study
4
1.4
Research Hypothesis
5
1.5
Significance Of The Study
5
1.6
Scope Of The Study
6
1.7
Definition of Terms
7
CHAPTER TWO
2.0
Literature Review
10
2.1
What is Marketing
14
2.2
What is Marketing research
15
2.2.1 Types of Marketing Research
20
2.2.2Classification of Marketing Research
21
8
2.2.3Functions of Marketing Research
22
2.2.4Objective of Marketing Research
23
2.2.5Importance of Marketing Research
23
2.2.6The Marketing Mix in Marketing Research
24
2.2.7Threats to Marketing Research
26
2.2.8 Roles of Marketing Research
27
2.2.9The promotional Mix in Marketing Research
29
2.2.10Limitations of Marketing Research
31
2.3
Insurance Marketing
31
2.4
The Marketing Methods
35
2.5
Marketing Research Efficiencies in Insurance
Company
2.6
36
Role of Marketing Research Department in
Insurance firm
37
2.7
39
Company Profile
CHAPTER THREE
3.0
Introduction
42
3.1
Sources of Data
42
3.1.1
Primary Data
42
3.1.2
Secondary Data
43
3.2
Population of the Study
43
9
3.3
Determination Sample Size
44
3.4
Research Instruments
46
3.4.1
Questionnaire Design
46
3.4.2
Personal Interview
47
3.5
Method of Data Treatment and Analysis
47
CHAPTER FOUR
4.0
Introduction
4.1
Presentation And analysis Of The
Management
49
Questionnaire
49
4.2
Questionnaire for policy Holders
57
4.3
Questionnaire for Agencies
65
4.4
Statistical Test Of Hypothesis
72
CHAPTER FIVE
5.0
Summary of Findings, Recommendation
and Conclusion
79
5.1
Summary of Findings
79
5.2
Recommendation
80
5.3
Conclusion
5.4
Limitations of the Study
Bibliography
81
83
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ABSTRACT
This study examines marketing research as a tool for increased
profitability in service industry taking NICON Insurance Company Enugu State
as a case study.
Marketing research can be seen as the application of the scientific method
of inquiry in helping marketers to better understand and define their problems
and find appropriate solution to them some of the objectives of the study
include:
1.
To examine critically the level of marketing research applied by NICON
Insurance in their service delivery.
2.
To find the medium through which the research was created.
3.
To ascertain customer’s perception of the research message, and whether
the claims in the message actually satisfies the needs and wants of the
customers.
4.
To find the different research tools used by the organization.
5.
To find if the research conducted have actually increased the growth and
profitability of the corporation.
In the course of solving the research problems, both primary and
secondary data were collected with much emphasis on primary data which
helped the researcher to get first hand information from the customers and staff
of NICON Insurance from the comprises the staff and management, the
customers (policy holders) and the agents. The research instruments used for
this study were the questionnaire surveys and personal or face-to-face
interview. The questionnaire was the major research instrument used in the
study, which was administered to the staff of NICON Insurance Company,
policyholders and agencies. In determining the sample size, the researcher
covienenrently fixed the sample size at 160 for the customer (policy holders) of
NICON insurance and 20 for the agents. This brings the total number of
questionnaire distributed to 220.
In organizing and presenting data collected, tables and percentages were.
The level of significances used is 5%. The various hypotheses were tested using
the chi-square.
After a successful research, the researcher came out with the following
findings:
1.
That NICON Insurance company at one time on the other engaged in
marketing research activities.
2.
That the company does not have a marketing research department
because of the cost involved
3.
That NICON cannot do without marketing research as it help them to
identify the needs of this prospect.
4.
That the establishment of marketing research department will increase
the profit level in the organization.
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It is against these entire background hat the researcher believes that the
study of this nature is necessary since it will help the company, the customers
and the agents. Therefore, NICON Insurance Company, Enugu state should
engage in marketing research activities since the market is very competitive and
will also help them to remain competitive in the industry. It will also help them
to increase the profit level in the organization.
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The basic reason for this study is to examine Marketing
Research as a tool for increased profitability in service industry
taking NICON Insurance Company Limited Enugu as a Case
Study.
The
term
Marketing
Research
can
be
seen
as
the
application of the scientific method of inquiry in helping
Marketers to better understand and define their problems and
find appropriate solutions to them. It is also the systematic and
objective, collection, recording, analysis, interpretation, and
reporting of data needed for solving specific market problems. It
involves collecting and analyzing environmental information
systematically that market opportunities would be recognized
and marketing problem solved.
Marketing research can also be views as the systematic
design, collection, analysis and reporting of data relevant to a
specific marketing situation facing an organization. Companies
use marketing research in a wide variety of situations.
For
example, marketing research is helpful when it comes to
ascertaining the state of demand among consumer’s in the
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market. It can equally help marketers to understand customers
satisfaction
and
information
to
purchase
management
behaviour,
provides
for problem
solving,
variable
help
in
assessing market potential and market share, help in measuring
the effectiveness of pricing, distribution and promotion activities.
Some large companies have their own research departments that
work with market managers on marketing research projects.
Good Marketing research does not only involved ordinary
technical tools. It requires cooperation between researchers and
marketing managers.
attention
towards
Good Marketing researchers must focus
marketing
management
and
marketing
research, and be sure that their researches focus on real
problems.
Broad principles or laws” putting it another way,
research is a planned process of conducting investigations in
order to achieve a pre-determined objectives.
The objective is
usually a solution to one or more specific problems or an
addition to current knowledge in a particular field.
It is against this background that the researcher believes
the study of this nature is necessary.
The outcome of this study
will provide an adequate understanding on the application of the
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various marketing research to service business like NICON
Insurance.
Also, this research work will help to ensure an improvement
in the quality of services rendered to the customers and publics
by NICON Insurance cooperation and could as well help the
management draw strategy and programme which will enable
them to remain competitive.
The research work will also help service organizations to
understand more correctly the basic principles of marketing
research and its place in service business so as to influence
future marketing operations.
1.2 STATEMENT OF THE PROBLEM
Inadequate marketing research affects NICON insurance
corporation in the following ways:1.
The inadequate marketing research have denied customers
information about insurance corporation PLC.
2.
The inadequate marketing researches in NICON have
prevent potential customers valuable information regarding
NICON PLC’s new ways of rendering services.
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3.
The inadequate use of marketing research in NICON have
prevented customers from the knowledge of services rendered by
NICON and have prevented them from taking advantage of it.
4.
The inadequate use of marketing research have affected
NICON in their quest for patronage.
5.
The inadequate use of marketing research had created
problems to NICON on the mode of operation of services available
at the service industry for customers benefit and utilization.
1.3 OBJECTIVE OF THE STUDY
1.
To examine critically he level of research that that been
generated by the corporation.
2.
To find out the medium through which the research was
created.
3.
To find out the different research tools compare in adequate
research.
4.
To ascertain customers perception of the research message,
that is whether the target audience believe in the statements
claims and promises contained in the result form the research.
5.
To find out if the research conducted have increased the
growth and profitability of the corporation.
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6.
To alerts customers on the services and mode of services
rendered by the service industry especially the NICON insurance
corporation PLC, Enugu.
1.4 RESEARCH HYPOTHESES
Ho: Marketing research does not create awareness of the NICON
insurance corporation.
H12: Marketing research creates awareness of NICON insurance
company
H02: Marketing research does not increase the number of policy
holders.
H12: Marketing research increases the number of policy holder.
H03: Marketing research does not increase profit in NICON
Insurance Corporation.
H13: Marketing research increase profit on NICON Insurance
Company.
1.5 SIGNIFICANCE OF THE STUDY
The benefits of the study can be discussed under the
following.
-
To the NICON, the research.
intending future researcher.
The general publics and
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NICON Insurance PLC, like every other researcher spends on
researching in order to rate profits. Therefore, this study will be
of great benefit to the insurance company, in that it would inform
them more about the reaction of their target market towards
their research activities and in turn bring a profitable return for
management to continue to improve of it. The research agency,
the more it can understand how the research has created work
on the tagged audience, the better will its planning and decisions
be in future. Similarly to the industry (the service industry in
this case) which is responsible for spending over N1 billion
annually on behalf of researchers, has an individual and
collective responsibility to improve the level of prediction for its
recommendations.
Finally, this study would help the researcher and the
readers to appropriately appreciate the use and importance of
proper research in introducing and increasing profit on any
service rendered.
1.6 SCOPE OF THE STUDY
The study takes a look into the marketing research
activities of NICON firms in the service industry. Because of time
and other factors involved, the research was limited to the study
18
of a particular insurance firm known as NICON Insurance
Corporation PLC, Enugu. It examines the conduct of marketing
research activities in the industry.
1.7 DEFINITION OF TERMS
MARKETING
-
This is a process of planning and executing
the conception, pricing, promotion, distribution, ideas, goods and
services to create exchange that will satisfy individual and
organization objectives.
MARKETING RESEARCH
objective
design,
-
collection,
It is the systematic and
presentation,
analysis
and
interpretation of data (information) to enable managers deal with
specific problems facing any organization.
It is also the
systematic and objective search for, and analysis of, information
to guide managers in marketing planning and problem solving.
SERVICE MARKETING
-
The marketing process involving
organization that buy in order to provide services: SERVICE
-
Are activities or benefit that one party can order to another
that is intangible and does not result in the ownership of its
production may or may not be tied to physical product.
INSURANCE
-
Is one of the social sciences designed
essentially for the social science designed essentially for taking
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risk and risk taking involves the uncertainty of loss. It is also an
arrangement with a company in which one pays them regular
amounts of money and they agree to pay the cost.
MARKET SHARE
-
Percentage
measure
of
the
share
obtained by an individual company from the total market
available.
MARKET POTENTIALS
-
This is them situation whereby
the market demand approaches to a limit as the industry
marketing
expenditure
gets
to
infinity
within
a
given
environment. It is also the highest expected sale of a product for
a customers in a specific geographical area during a stated of
time under ideal conditions.
Ideal condition takes place when
there is no environmental changes, showing that all resources for
production are available and all the firms in the industry are
efficient in their distribution, sales promotion, advertising, public
relations,
public
relations,
publicity,
pricing
and
product
improvement efforts – Ani J.O, Anyionu S.C (2007).
BUYING MOTIVE
-
All
those
factors
within
a
person
organization which combine to create a desire to purchase.
FIELD RESEARCH -
This is the physical collection of data
involving face to face contact with the customer.
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FORECASTING
-
This is the expected level of company
sales based on chosen marketing plan and an assumed
marketing environment.
RISK
-
Is the variability that is likely to occur in the
future return from a project.
MARKET -
Is a potential buyer of a product or services
CUSTOMER
-
A customer can be referred to, as someone
who regularly do purchase from a particular store, company or
organization. Adetao (1999).
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CHAPTER TWO
LITERATURE REVIEW
Marketing research is the tool used by management in
solving problems and making decisions in the field of marketing.
It is an end to a sound judgment, as the aim is to furnish an
organization with necessary facts of which to base their decision.
It provide managers with hypothesis or principles which can be
carried over from one marketing situation to another and this
can be useful in making predictions. It supplies analytical tools
based on logic mathematical used in decision making.
Stanton
(1988,p.48)
stated
that
“By
broadening
the
perspective of marketing research we are on effect, embracing the
marketing concept.” He however criticized marketing research on
the basis of certain difficulties which can be traced to the fact
that the field depends on human judgment and feelings of the
people.
Marketing research uses statistical tools, in formulating
new policy for future markets and help to answer question on
what quantity, at what price, to which customers the products
are meant for. It involves gathering, recording and analysis of all
facts and data concerned with the transfer of goods from the
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producers to the consumers.
It also reduce the area of
uncertainty surrounding business decisions by improving the
supply of market information to the decision makers.
Nwokoye (1985, p88) stated that marketing research
provides valuable information for the planning of the marketing
mix. He further stated that research reveal the product features
that are popular, reveal price ranges that are acceptable to
buyers, reveal, retail outlets that can favour the buyers and what
media the buyers are likely to be reached. When the marketing
plan is launched, marketing research is needed to monitor
results and to investigate various kinds of problems relating to
the marketing effort.
He emphasized that if a market has
developed research tradition as an integral way to planning and
problem solving, he is likely to reap full benefits from it. He also
stated that “Marketing research does not only produce benefit, it
curs cost as well.
Tomcannon (2003, p. 108) has three views on marketing
research. Firstly, it is a means used by those who provide goods
and services to keep themselves in touch with the needs and
wants of those who buy use those goods and services. Secondly,
it
is
the
systematic
collection
and
objective
recording,
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classification, analysis and presentation of data concerning the
behaviour, needs, attitudes, opinions, motivation; of individuals
and organizations (Commercial enterprises, public bodies etc)
within the contact of their economic, social, political and
everyday activities.
Lastly, it is the systematic and objective
search for analysis of information relevant to the identification of
any problem in the field of marketing.
confines
of
market
research,
with
This goes beyond the
its
emphasis
on
the
measurement and analysis of markets, to solve a particular
company’s marketing problem in an attempt to encompass the
broad field of marketing.
In the view expressed by Green and Tull (1976, P.3)
marketing research is a restless, changing dynamic field.
Concomitant with these changes have been the gradual but
pronounced shift in orientation of firms from production to
marketing.
The marketing manager assumed a wider range of
responsibility that have increased in complexity hence an ever
increasing premium has been place on making sound marketing
decision. In response to this requirement a formalize means of
acquiring information to assist in the making of marketing
decision has emerged. This means is called marketing research.
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They defined marketing research as “a systematic and objective
search
for
and
analysis
of
information
relevant
to
the
identification and solution of any problem in the filed of
marketing”. They believe that marketing research underline and
permit the management decision making under the four classes
or conditions viz certainly with respect to each course of action
leading to a specific outcome; Risk with respect to each action
leading to a set of possible outcomes and each outcome, given a
particular course of action.
Green and Tull are of the opinion that, we have problem
whenever we have goals or objective to attain. When the problem
contains significant unknown or risks or when the right course of
action is unclear, we must conduct marketing research if we are
to keep the risk within tolerable limits. In the risk of modern
technology and human behaviour, and in the face of complexity
of marketing issues, the decision maker has a difficult role. He
must deal with the inter play of values, factors and non-factors
amidst the struggle of human and social values against machines
and “fair profit” demands. All these can be clarified sufficiently
with the help of marketing research.
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2.1 WHAT IS MARKETING
The term marketing has different definitions from different
authors but all these definitions is aimed at finding out the needs
of the customers and a way of satisfying them either collectively
or individual.
Some of this definition will be adopted in the
course of this study.
According to Kotler and Armstrong (2008, p.29) defines
marketing as a social and managerial process by which
individuals and organizations obtain what they need and want
through creating and exchanging value with others.
Marketing is also the process of planning and executing the
conception, pricing, promotion and distribution of ideas, goods
and services to create exchange and satisfy individual and
organizational objectives (IMA, 1985).
The process by which companies create value for customers
and build strong customer relationship in order to capture value
from customers in return.
It
is
also
the
management
process
responsible
for
identifying, anticipating, and satisfying customer requirements
profitably (CIM, 2001).
26
Etzel, Walker, Stanton (2007, P.6) viewed marketing as a
total system of business activities designed to plan, price,
promote and distribute want – satisfying products to target
markers in order to achieve organizational objectives.
2.2 WHAT IS MARKETING RESEARCH
Marketing research also has different definitions from
various authors and groups.
The American Marketing Association (AMA) has define
marketing research as the function that links the consumer,
customer, and public to the marketer through information –
information used to identify ad define marketing opportunities
and problems; generate, refine and evaluate marketing actions;
monitor marketing performances; and improve understanding of
market as a process.
Marketing research specifies the information required to
address
these
issues;
designs
the
method
for
collecting
information; manages and implements the data collection
process; analyses the results; and communicates the findings
and their implications.
Marketing research is the systematic and objective study of
problems pertaining to the marketing of goods and services. It
27
may be emphasized that it is not restricted to any particular area
of marketing, but is applicable to all its phases and aspects.
According to Malhotra (2008, p.7) defines marketing
research as the systematic and objective identification, collection,
analysis, dissemination, and use of information for the purpose
of improving decision making related to the identification and
solution of problems and opportunities in marketing.
In the view expressed by Ezeudu (2005, p.1) sees marketing
research as a systematic, objective approach to the development
and provision of information for decision – making regarding a
specific marketing problem.
This definition has five key
elements:i.
Marketing research is systematic; it is a planned, well-
organized process.
ii.
The method of obtaining information is objective; the
researcher does not bics the information.
iii.
The focus of marketing research is on helping markets
make sound decision.
28
iv.
The information gathered through marketing research is
intended to help solve a specific problem generally, each research
project is conducted only once.
v.
The marketing research process focuses on transmitting
information that can be used by managers in decision making.
According to Osuala (1988, p. 174) marketing research is
the systematic gather, recording and analysis of data about
problems relating to the marketing of goods and services. It may
be undertaken by impartial agencies or by business firms or their
agents for solution of marketing problems. Generally, marketing
research consists of a formal procedure for collecting and
analyzing information, which is normally used to help, solve one
– of – a kind problems of special situations (AMA, 1961).
Kramer (1961, p.39) has this explanation to give about
marketing research and service industry.
“ The factors other
than competition have been affecting the service industry.
The
important question is not what percentage of service has been
lost to competitors compared to some arbitrary base year but
rather why and how such losses can be prevented in the future.
He believes that the success or failure of the firm in the industry
depends upon its ability to forecast the nature of their demand
29
and to adjust to meet it. The planning of service firms should
state with marketing research so as to determine the effect of
influence at work to change in the nature and dimension of
demand for service.
If there is insufficient demand for the
services of a firm marketing research studies should be made to
improve demand. He alleged that slack in the use of marketing
research in the service industry is because,” The concept of
marketing management which recognizes the user or buyer of
service as the judge of its value and which emphasizes the
necessity for knowledge and understanding of the factors that
determines or influence his concept of value is known to them”.
With the help of marketing research, the service industries are
able to identify exactly what the customers wants and needs.
Following this therefore, the service firms trailer their product
(Services) in such a way that it will enable it increase in business
size and profits.
Ejiofor (1985, p.53) postulated that marketing research is a
tool “commonly used for collecting and analyzing an up-to-date
information capable of reducing the uncertainties inherent in
management decision making. It help to substantiate or refute
the axioms and assumption of theory.
He also opined that
30
certain hurdles often see in the way of the business, scientist
attempting to apply the scientific method to find solutions to
specific business problem.
According to him, these hurdles are:a.
Lack of theoretical base or hypothesis to support the
research investigation with the result that the researcher is
forced to approximate every specification of his empirical
indication which may be detective.
b.
Poor administrative and research climate which sterms from
factors or attitude that would more way or another prevent a
researcher from actually accomplishing the goals of his research.
c.
Due to inadequate or lack of comprehensive and up-to-date
statistical document, business books, bibliographies in business,
there is always the problem of duplication of effort and in most
cases the research does not know where to begin and where to
end.
d.
There exist also the problem of analysis and difficulty on
obtaining accurate measurement instruments.
According Bearden, Ingram and Laforge (2001, P,121
believes that marketing research is used in planning to identify
the needs of product users and in problem solving to evaluate the
31
types of product to offer. They opine that the overall objective of
marketing research is to reduce risk in decision making by
helping
management understand its uncertain and changing
market place and the consumers and competitors that make up
its markets.
The marketing research process involves the
collection, interpretation, and use of data to make decision.
Such understanding makes a firm better able to provide products
and services that meet customer expectation and needs.
Marketing research enhances communication between a firm and
its markets with the aim of improving managerial decisionmaking.
The aim of research is not to confirm that decisions
already made are correct, but to identify alternative choice and to
support the decision-making process.
2.2.1
i.
TYPES OF MARKETING RESEARCH
EXPLORATORY RESEARCH
This is a types of research in which the major emphasis on
gaining ideas and insights; it is particularly helpful in breaking
broad, vague problem statements into smaller, more precise sub
problem statements.
32
ii.
DESCRIPTIVE RESEARCH
A research in which the major emphasis is on determining
the frequency with which something occurs or the extent to
which two variable covary.
iii.
CASUAL RESEARCH
A type of research in which the major emphasis is one
determining cause – and effect relationships.
2.2.2
CLASSIFICATION OF MARKETING RESEARCH
Marketing research is classified into the following:I.
PROBLEM IDENTIFICATION RESEARCH
Research that is undertaken to help identify problems that
are, perhaps, not apparent on the surface and yet exist or are
likely to arise in the future. Examples of problem identification
research include market potential, market share, brand or
company image, market characteristics, sales analysis, short –
range forecasting, long-range forecasting, and business trends
research.
II.
PROBLEM – SOLVING RESEARCH
Once a problem or opportunity has been identified, problem
– solving research is undertaken to arrive at a solution.
The
findings of problem – solving research are used in making
33
decisions that will solve specific marketing problems. Most
companies
conduct
problem
–
solving
research.
Issues
addressed to problem – solving research include segmentation,
product, pricing, promotion and distribution research.
2.2.3
FUNCTIONS OF MARKETING RESEARCH
Marketing research has the prime function of reducing
risks, the greater the risk, the more justification exists for
investing in objective and reliable information about specific
aspects of marketing. As it can be rightly observe, research in
marketing is committed to the fundamental principle of utility,
and as two American researcher have emphasized, there is no
point in doing research if the information gathered is defective
and could not lead to doing anything differently – where the
information is defective, the resultant finding is not in the
position to fulfill its purpose; if the research is not going to fulfill
its purpose probably because of certain inadequacies, biases in
sampling, non-sampling errors and data collection etc, the effort
could be regarded as an exercise in futility.
However, the American Marketing Association in their
definition emphasis that the function of marketing research is to
34
provide information to management so that it can identify and
react to marketing opportunities and problem.
Marketing research has the function of assessing the
information needs provide management with relevant, accurate,
reliable, valid, current and actionable information.
2.2.4.
OBJECTIVE OF MARKETING RESEARCH
Every company needs marketing research both profit and nonprofit organization. Therefore, they must have an objective while
conducting research.
The Objectives will be geared towards the following:.
i.
To identify target customers.
Ii
To alter the public on the service rendered by the company.
iii.
To win competitors, remain on top and gain more prospects
for patronage.
iv.
v.
To sale off the company’s products and services.
To provide regular information on uncontrollable external
variables such as the general state of the economy, government
polices, broad socio-cultural trends.
2.2.5
IMPORTANCE OF MARKETING RESEARCH
Firms are increasingly recognizing the importance of marketing
research because the environment of most firms is changing fast
35
and becoming highly competitive. The buyers or customers are
becoming
more
sophisticated
and
discriminating.
These
conditions are making it difficult for firms to survive and are
compelling them to be more discerning in the facts data on which
they base decisions that affect their customer patronage. There
is a challenge not only to satisfy customer’s needs/wants, but
also to satisfy them more than other competitors. Any business
hoping to achieve this most improve on the quality of data that
inform its decisions.
This will help to reduce uncertainties
surrounding marketing decisions.
2.2.6
MARKETING MIX IN MARKETING RESEARCH
Marketing mix is the set of controllable tactical marketing
tools – product, price, place and promotion that the firm blends
to produce the response or offer the services it wants in the
target market.
The marketing mix in marketing research include the
following
i.
PRODUCT
The goods and services combination the company offers to
the target market.
36
ii.
PRICE
The amount of money customers have to pay for a certain
service
or
product.
The
overall
pricing
strategy
that
communicates information about the services or product.
iii.
PLACE
This includes the company activities that make the product
available to target consumers. It is the overall location strategy
of the firm in the town, streets, express, schools and rural areas.
iv.
PROMOTION
This is the message and media for communicating to
customers about the services and developing their understanding
of what to expect. It is also the activities that communicate the
merits of the product or services and persuade target customers
to patronize.
v.
PEOPLES
This is the caliber of employees, publics and the services
expectation that is needed to deliver have implication for
selecting, recruiting, training development and rewards.
vi.
PROCESSES
How customers are serviced and the range of support
services available to them. Have the speed and potential of the
37
services provide tare important and critical factor to the success
of the firm.
vii. PREMISES
The overall arrangement of hierarchy of services and
product together with other factors needed to be consistent with
the place.
PRODUCT
PRICE
PROMOTION
PLACE
Services
List price
Advertising
Channels
Variety
Discounts
Personal Selling Transportation
Quality
Allowances
Sales Promotion
Design
Payment period Public Relations
Coverage
Features
Credit Terms
Assortments
Brand name
Location
Packaging
2.2.7
Logistics
inventory
THREATS TO MARKETING RESEARCH
The success of marketing research depends upon the
co-operation
of
the
public.
Unprofessional
or
unethical
marketing research practices may seriously jeopardize the
public’s willingness to co-operate in research.
It is therefore,
necessary to ascertain the reaction of the public towards
38
marketing research. There are three major identified threats to
marketing research by George Day.
1.
Decisive interviewing
2.
Lack of consideration and abuse of respondents
3.
The use of marketing research as a sales ploy.
Of these three, it was found that the third one is perhaps
the greatest threat.
If not checked, it is likely to erode the trust
of consumers respondents.
The interest of the marketing
research will suffer if it is used to camouflage sales calls.
Respondents will be suspicious of interviewers and will not like to
co-operate in legitimate research.
2.2.8
ROLES OF MARKETING RESEARCH
The nature and role of marketing research can be better
understood in light of the basic marketing paradigm.
The emphasis in marketing is on the identification and
satisfaction of customer needs. In order to determine customer
needs and to implement marketing strategies and programmes
aimed at satisfying those needs, marketing managers need
information.
They
need
information
about
competitors, and other forces in the market place.
customers,
In recent
years, many factors have increased the need for more and better
39
information.
As
industries
have
become
national
and
international in scope, the need for information on larger and
more distant markets has increased. As consumers have become
more affluent and sophisticated, marketing managers needs
better information on how they will respond to services and
products and other marketing offerings.
As competition has
become more intense, managers need information on the
effectiveness of their marketing tools.
As the environment
changes more rapidly, marketing managers need more timely
information.
40
Customer Groups
- Consumers
- Employees
- Shareholders
- Suppliers
Controllable
Uncontrollable
MARKETING
RESEARCH
Marketing
Environmental
- Product
Factors
- Price
- Economy
- Place
-Technology
Assessing
Providing
Marketing
information
information
Decision
- Promotion
-competition
-Premises
needs
-laws
and
regulation
Making
-People
-
social
and
cultural factors
- Processes
- political Factors
MARKETING MANAGERS
-
2.2.9.
THE
Market Segmentation
-
Target market selection
-
Marketing programmes
-
Performance and control
PROMOTIONAL
MIX
IN
MARKETING
RESEARCH
The promotional mix in marketing research is the specific
blend of advertising, sales promotion, public relations, personal
selling, and direct – marketing tools that the company uses to
41
persuasively communicate customer value and build customer
relationships.
i.
ADVERTISING
Any paid form of non-personal presentation and promotion
of ideas, goods and services by an identified sponsor.
ii.
SALES PROMOTION
Short-term incentives to encourage the purchase or sale of
a product or service.
iii.
PUBLIC RELATIONS
Process of building good relations with the company’s
various publics by obtaining favourable publicity, building up a
good
“
corporate
image”,
and
handling
or
heading
off
unfavourable rumours, stories and events.
iv.
PERSONAL SELLING
Personal presentation by the firm’s sales force for the
purpose of making sales and building customer relationships.
v.
DIRECT MARKETING
Direct
connections
with
carefully
targeted
individual
consumers to both obtain an immediate response and cultivate
lasting customer relationships.
42
2.2.10
LIMITATIONS OF MARKETING RESEARCH
Firstly, very many times, marketing research tends to be
fragmentary in its approach as a result of which it becomes
difficult to have an overall perspective in which a marketing
problem is to be views and studied.
Second, marketing research is criticized on the ground that
it becomes too superficial and faulty in industry.
In industry,
marketing research is very often used by those who have had no
formal training in the subject.
Thirdly, these is an absence of a meaningful dialogue
between the marketing management and the marketing research
team.
Fourthly, marketing research is not exact science.
There
are several imponderables which come in the way of getting
accurate results.
2.3 INSURANCE MARKETING
The literature for the marketing of insurance service are
taken mainly form the existing theories empirical studies that are
related to insurance marketing.
In the opinion of Ayankoya (1988, p.25) wondered on
whether or not the corporation is doing enough to market its
43
product
in
programme.
this
competitive
age
structural
adjustment
He identified the problems and solution to
marketing the corporation’s products.
He commented, that, in anticipation of commercialization,
the corporation needs to intensify efforts in marketing its service
by providing leaflets and brochures as marketing aids. An agent
with no such aids other than his personality skill of persuasion
and legally worked.
convincing
prospects
Proposal forms will find it more difficult
than
an
agent
with
an
attractive
commercial brochure and professional skills.
The problem is that marketing is sometimes misused as
selling. As professional will agree selling is the end effort of a
careful planned strategy to manufacture and retail a product. A
carefully and strategically planned marketing effort take into
consideration the 4p’s of marketing mix, that is product, price,
place and promotion.
These
considerations
are
usually,
if
not
taken
into
cognizance on most Nigeria marketing plans, because Nigeria
presumed to be a seller’s market.
44
Another review is from Uche (1985, p.5) his Opinion
question is “will Nigeria remain a seller’s market leaving buyers
with latter or no choice?. Certainly no”.
The increasing cost of living monetary squeeze and the
deplorable national economy is increasing compelling consumers
to be thrift conscious, especially those selling intangible products
to convince clients and prospects that they would have value for
their money, highlighting the benefits of such products in simple
language without professional jargon.
A sales representative must be encouraged and continually
trained to keep abreast of the developments within the company
they work for, one, the product hey market and the social
environment of their areas of operation.
A sense of belonging must also be accorded to agents by
granting them a reasonable degree of authority and participation
on co-operating decision making process.
According to Ayankoya (1988, p.40) said that insurances
companies in the country could take an inward look by making a
critical appraisal of their classes of insurance and marketing
schemes to develop new products and formulate effective
marketing strategies that would meet the dates of the time.
45
Effort of some companies in this direction must be
commended. Some insurance companies such as the National
Insurance and great Nigeria Insurance have introduce new
product
to
the
market.
NICON’s
practice
of
rewarding
outstanding sales man within the corporation, notwithstanding,
the agents by granting motor-cycle and car loans and sponsoring
agents to relevant course.
In the opinion of Benneth (1988, p. 184) sees marketing as
a process of planning and executing the conception, promotion
and distribution of ideals, goods and services to create exchange
that satisfy, they are exchanged directly from producer to user,
cannot be transported or stored and are almost perishable.
Service product are often difficult to identify, since they come
into existence at the same time they are brought and consumed.
They are composed of intangible elements that are inseparable,
they usually invoice customer participation in some important
way, cannot be sold in the sense of ownership transfer and have
no title.
Judging from the definition of marketing, the need of the
present and potential clients are identifies usually through
market researched which are normally carried out by the
46
insurance companies and deliberate effort are geared towards
satisfying such needs at reasonable rates of premium.
2.4 THE MARKETING METHODS ARE:
I.
MARKET -
LEADER METHOD
This is adopted by the companies sponsored by government
or conglomerates. By virtue of their size, wealth and influence in
the industry they are able to employ technically qualified staff
and mount heavy advertising campaigns to win more clients.
II
MARKET – CHALLENGE METHOD
This is an aggressive marketing method which nearly all the
insurance companies is been embark on now. Each one of them
research into the market in various ways to ascertain the need of
the present and potential clients. Companies penetrate into the
market by selling more of the existing polices to the same client
through regular services calls which the brothers and agents
make to their existing clients.
Factors Affecting the Insurance Market:
1
The impact of legislation of population
2
Size and the distribution of population
3
National income
4
Market competition.
47
2.5 MARKETING RESEARCH EFFICIENCIES IN INSURANCE
COMPANY
The term marketing research means to all business
activities aimed at facilitating the equal value exchange by
finding out who customers are, what they want, interpret this
information for management in order to improved old product or
develop new ones and devising methods aimed at executing the
marketing activities and the process companies use to satisfy
their customers needs and make profit.
Marketing research as a tools for improving the efficiency of
marketing operations and has been viewed by different writers
form various prospective.
According to Wilson (199, p.2) quotes Orjih view marketing
research as a planned and systematic process of collecting,
presenting, analyzing and interpreting data for the purpose of
arriving at dependable solution to customers problem.
Marketing research from the view of Guudiff and Still (1977,
P,503) development of timely, pertinent decision data for
marketing management as a key feature of the sustain approach.
The key information requires a marketing information system
which can only be provided by marketing research.
48
A market is a group of people who share a common or a
desire for a product or service and who can afford it. There are
several classification of markets, consumer, reseller, industrial,
government and international in local and measure potential
market at which they will aim all their marketing activities can
be achieved through marketing research and every company can
add or modify their product or service through the information
collected through research.
It is clear that marketing research is an important function
in the marketing programme,
also in marketing of insurance
product, marketing research is used to uncover unknown
prospects and to help the sales person obtain information about
the firms prospects.
2.6 ROLE
MARKETING
RESEARCH
DEPARTMENT
IN
INSURANCE FIRM
In the view of Lewis (1982, p.14) see marketing research
department of any company as one who is in charge of base
information and guidance about prospective markets, their
behaviour, size and potential for ach product or service.
It is the role of the department to promote better marketing
through out the company structure, to draw up marketing plans
49
and to ensure that these are implemented efficiently and
profitably.
The department should perform some sub-functions which
include among others:
-
Assessing what the present situation is at this particular
zone or are, deciding on what the most desirable future situation
is.
-
Selecting the most effective of the alternatives
-
The making detailed arrangements for pursuing the chosen
course.
-
It is pertinent to note before achieving those goals, the
research department and development
section of insurance
company should work with other department in order to obtain
necessary information. Through this means then, the marketing
department can expose his marketing capacity.
The marketing research department should be able to
integrate
marketing
philosophy
and
techniques
into
the
operation of the insurance firm and make frequent visit to clients
to find out the various quality of services that each customer may
need.
50
At this point, it has to be born in mind that with the
increasing competition in the insurance business, coupled with
economic recession, the below – the- line research should be a
deliberate, planned effort to established and maintain mutual
understanding between the firm and its clients.
Through this
process it is evident that the firm will imbue greater competition
and provide quality service to his customers.
2.7 COMPANY PROFILE
The history of NICON insurance company limited dates
back to 1969 when the idea of establishing a federal government
owned insurance company was first mooted in the federal
government
circle
–
political
independence
economic well being was also prevalent.
development
was
the
dominant
them
has
generated
Thus, economic
in
the
country.
Paradoxically, there was a shortage or lack of the essential
element upon which economic growth was not available.
The
problem was that investment which promised quick returns were
preferred to those which offered prospects of gradual return.
NICON Insurance Company has 10 Zonal Office and over 48
branch offices located in virtually every states in the country and
leads in the under writing of such personal line insurance as life,
51
motor, personal accidents as well as in the insurance of aviation,
marine, oil and energy and other special target risks.
The
company also has a contact office in London for its international
operation.
The company accepts inward reinsurance from
companies all over the world.
The apex insurance company has a 9 – member board with
Ambassador Yahay Kwande as Chairman.
Other members are
Alhaji Ibrahim Dambatta, Senator Paul Wampanna, Alhaji
Adoshisibu, Alhaji Wale Magaji, Prince Jeff Nnamani, Sir (Engr).
Lawrence Amadi JP, Chief (Mrs.) Alice Osomo and theManaging
Director Mrs. Prisca M.G Soares, Mallam Nasir Ahmed is the cooperation secretary and legal adviser – The corporation is being
managed by a term of professionals headed by Mrs. P.M.G Soares
as its managing director/chief Executive.
Others are Mr. S.O.
Adeda, Executive director (Technical, Alhaji S.L. Sharubutu,
Executive director (Financial and Administration) and Alhcaji
Ibrahim Hassan, Executive director (special risks).
There are
other professional assisting the executing management which
include I G M, 7 Deputy General managers, 3 Assistant General
Managers, 18 Senior managers, 25 managers and about 43
52
Assistant managers.
In all, the corporation has over one
thousand two hundred employees.
However, current research and information from the
company staff Mr. Eze has it that as from December 2005, after
the privatization by Federal Government, NICON Insurance
Company was among its service industry that was privatized and
that the company has no more member board, it has been
dissolved. The company is now owned by one Barrister Jimoh
Ibrahim. The company is no longer NICON Insurance Company
limited rather NICON Insurance Corporation PLC, now a private
limited company.
Notwithstanding the fact that it has been
privatized and owned by an individual, NICON Insurance
corporation PLC stills runs its affairs and management the same
way when it was under the control and supervision of the federal
government with its branches.
53
CHAPTER THREE
RESEARCH METHODOLOGY
3.0 INTRODUCTION
This chapter resonance with the identification of the source
through which information was obtained in the course of the
research
study.
it
also
stated
the
various
methods
of
investigation employed by the researcher and how the sample
used were chosen.
3.1 SOURCES OF DATA
The data used for this research were gathered from both
primary and secondary sources with much emphasis on primary
data. This is so because this part helped the researcher to get
first hand information from the customers and staff of INCON
insurance company.
3.1.1
PRIMARY DATA
These are data or relevant information which generated
purpose and specifically for this study. the researcher used the
following methods;
-
Questionnaire administered to the management and staff of
NICON insurance company.
54
-
Questionnaire administered to the users (policy holders) of
NICON insurance services in Enugu State.
-
Questionnaire
administered to the agencies of NICON
insurance company.
3.1.2
SECONDARY DATA
These are the sources used in collecting secondary data.
They
includes
several
literatures,
publication
and
other
previously conducted research work that might help in the
present data.
The secondary source used are;
-
Trade information and independently published report by
the management of NICON insurance company.
-
Internal assessment of marketing activities in NICON
insurance company.
-
International publications such as journal of marketing and
journal of insurance marketing in Nigeria.
3.2 POPULATION OF THE STUDY
The population of the study consists of staff and consumers
(policy holders) of NICON insurance company limited. This
population was drawn from this area for easers and better
representation.
55
3.3 DETERMINATION OF SAMPLE SIZE
It is not possible to study all the policyholders of NICON
insurance company, Enugu State. Also, it is not possible to
distribute questionnaire to all the management and staff of the
NICON insurance company.
In order to determine the sample size Topman’s Formular
was used because of this, plot survey was carried out and about
100 questionnaire was given out and out of this about 40
respondents agreed that they make use of NICON insurance
policy and about 60 did not, therefore the policy holders make up
40 while those that did not, make up 60.
n = Z2pq
E2
n = required sample size
Z = The value of Z-score associated with the degree of confidence
sleeted
P = Probability of positive response
Q = probability of negative response
E = The tolerable error or error margin
.; where Z= 90% or 1.96
p = 40%
56
100
= 0.4
q = 60
100
= 0.6
e = 5% or 0.05
n = (1.96)2 X 0.4 X 0.6
(0,05)
n = 3.8416 X0.4X0.6
0.0025
n = 0.921984
0.0025
n = 368.79
n = 369
The staff strength of NICON insurance company
The Schedule below shows the distribution in terms of
executive staff, senior staff of NICON insurance company.
Option
Departments
Percentage
Executive staff
18
0.45
Senior staff
22
0.55
Total
40
100%
For the purpose of this study the sample size is relevant to
the study and the researcher interviewed the whole sample size
to give each and everyone equal opportunity to contribute to the
study.
57
3.4 RESEARCH INSTRUMENT
The research instruments used for this study were the
questionnaire surveys and personal or face to face interview.
The questionnaire was the major research instrument used
in the study. This questionnaire was administered on the staff of
NICON
insurance
company
agencies
and
policy
holder
representative.
Another research instrument was face to face or personal
interview. The researcher observed that in course of answering
the questionnaire the respondents may likely wish to express
some personal opinion which might be of great help to the study
and which they could express in the questionnaires because no
such provision was given. The researcher therefore decided to
use a highly instructed questioning system to collect the required
personal opinions from the respondents.
3.4.1
QUESTIONNAIRE DESIGN
The questionnaire used in this research work is the main
source of primary data. Three sets of questionnaire were issued
out. The first to the management and staff of NICON insurance
company. The second questionnaires are to the policy holder and
the last one was to the agent of the company.
58

DICHOTOMOUS QUESTIONS: This was asked to restrict
the respondent to two alternateness of Yes or No

OPEN-ENDED QUESTIONS:
This was asked to evaluate
the respondent to express themselves freely.

MULTIPLE– CHOICE QUESTIONS: These are those which
require that the respondent should make choice from the list of
alternatives or suggestions by the researcher.
3.4.2
PERSONAL INTERVIEW
Oral interview was used by the researcher to secure
information from the management and staff of NICON insurance
company. The information gotten from oral interview as well as
that gotten from their publications (house journal, news letter,
and periodicals) were used to make a competence analysis of
NICON insurance and its compactions.
3.5 METHOD OF DATA TENEMENT AND ANALYSIS
A sample chart was designed to
display the whole data
collected from the questionnaire, item by item.
In each items, the information or data collected was put in a
frequency table to know the number of occurrences of each item.
This was then compared with the whole or total occurrence to
find the percentage of the occurrence over the whole or total. How
59
the questionnaires were distributed and returned and show in absolute
number as well as in percentages.
The test statistic I intend to use in analyzing my data is statistical
test of hypotheses.
3.6
LIMITATIONS OF THE STUDY
In conducting this research study, the researcher was faced with a
lot of probes as shown below.
Meeting with the appropriate officers of the company was a
problem. Most of the officers were either absent or too busy to attend to
people talk less of seeing the researcher.
Time is another factor that was a problem to the researcher. There
was time for the researcher to carryout an incept study because of
academic activities and the nature of the researcher’s institution, this
landed to limit the scope of work.
Some of the respondents were reluctant to give the researcher the
necessary information because they doubted the usefulness and
sincerity of the study. Some of the respondents even saw the study as
trap to reveal their business and therefore skipped some vital parts.
The finance is not an exception because the finance that was at
the disposal of the researcher was too meager and could not enable the
researcher to do a more in depth analysis.
60
61
CHAPTER FOUR
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
This chapter is divided into four parts, the first part is
concerned with the presentation and analysis of the management
questionnaires, the second part is concerned with the policy
holders, the third part is also concerned with the agency
questionnaires and the final pact has to do with the test of
hypothesis.
PART ONE
4.1 PRESENTATION AND ANALYSIS OF THE MANAGEMENT
QUESTIONNAIRES
4.1.1
THE OPINION ABOUT MARKETING RESEARCH
Option
Responses
% of responses
Male
112
70
Female
48
30
Total
160
100%
Source: Research Data 2010
The above table shows that no respondents stated that
marketing research is not necessary but 15 (37.50%), 19
(47.50%), 6 (15.%) of the respondents agreed that it is necessary,
very important and indifferent respectively.
62
4.1.1
AGE BRACKETS OF RESPONDENTS
Option
Responses
% of Responses
Below 25
-
-
26-35
-
-
36-45
40
25
And above
120
75
Total
160
100
Source: Research Data 2010
From the above it shows the age bracket of respondents
policy holder with NICON insurance company, that is 40 (25%) is
between the ages of 36-45 while 120 (75%) is between the ages of
45 and above.
63
4.1.2
RESPONDENTS EDUCATIONAL LEVEL
Option
Responses
% of Responses
No formal education
-
-
Primary
-
-
Secondary
64
40
Higher
96
60
Total
160
100
Source: Research Data 2010
From the above table 64 (40%) are secondary while 96(60%)
are higher education.
4.1.3
OCCUPATION OF RESPONDENTS
Option
Responses
% of Responses
Public
96
60
Professional
48
30
Trader / self employed
16
10
Other specify
-
-
Total
160
100
Source: Research Data 2010
The above table chows that 96 (60%) are public servants, 48
(30%) are professional and 16(10%) are traders /self employed.
64
4.1.4
THE OPINION ABOUT MARKETING RESEARCH
Option
Responses
% of Responses
Not necessary
-
-
Necessary
15
37.50
Very important
19
47.50
Indifferent
6
15.00
Total
40
100%
Source: Research Data 2010
The above table shows that no respondents stated that
marketing research is not necessary nut 15 (37.50%), 19
(74.50%), 6 (15%) of the respondents agrees that it is necessary,
very important and indifferent respectively.
65
4.1.5
IF
THEY
EVER
ENGAGED
IN
MARKETING
RESEARCH
Option
Responses
% of Responses
Yes
15
3.7.50%
No
25
62.50%
Total
40
100%
Source: Research Data 2010
The above table shows or indicates that 15 (37.50%) is of
the opinion that they carry out research while 25 (62.50%) is not
of the opinion.
4.1.6
THE
REASON
FOR
NOT
HAVING
MARKETING
RESEARCH DEPARTMENT
Option
Responses
% of Responses
Cost consideration
20
50.00
of 15
37.50
Efficient
use
consultancy
Company policy
5
12.50
Others
-
-
Total
40
100%
Source: Research Data 2010
66
From the above table 20 (50%) of the respondents based
their reason on the cost consideration of having a permanent
research department while 13 (37.50) and 5 (12.50) of the
respondents based their argument of the efficient use of consul
tansy firms and company policy especially.
4.1.7
HOW THE FIRM GATHER THEIR MARKETING
RESEARCH DATA
Option
Responses
Company marketing research 5
% of Responses
25.00
staff / company salesmen
Processional
marketing 10
25.00
Agency
25
62.50
Others specify
-
-
Total
40
100%
research constancy
Source: Research Data 2010
Form the table it was gathered that the company depended
more on their agency for their research data because it takes
about 25 (62.50) of the total and the staff/ company specimen,
research
consultancy,
company
marketing
research
and
67
professional marketing follows suit with 5 (25.00) and 10 (25.00)
respectively.
4.1.8
THE IMPACT OF MARKETING RESEARCH ON THE
ORGANIZATION
Option
Responses
% of Responses
No impact
-
-
Positive impacts
40
100
Negative impact
-
-
Total
40
100%
Source: Research Data 2010
From the above table 40 (100) of the respondents is of the
opinion that marketing research has a positive impact on the
organization.
68
4.1.9
WAYS MARKETING RESEARCH HAS HELPED THE
ORGANIZATION
Option
Responses % of Responses
Maximization of profit
12
30.00
Identification of customer needs
20
50.00
Identification
of
compactors 3
7.50
activities
New product development
5
12.50
Others specify
-
-
Total
40
100
Source: Research Data 2010
In finding out how marketing research has helped the
organization, many respondents claimed it has helped them in
many ways from the table, maximization of profit accounted for
12, responses representing 30%, where as 20 (50%) of the
organization testified that marketing research as helped them in
business organization favored the identification of customer
needs, 3(70.50%) of the organization studied said that marketing
research helped in the identification of competitors activities
while the remaining 15 (12.50%) have information that marketing
research has helped in new product development.
69
4.1.10
THE AVERAGE YEARLY TURNOVER
Option
Responses
% of Responses
Below N1m
10
25.00
Between N1m to N10m
30
75.00
Between N10m to N15m
-
-
Others specify
-
-
Total
40
100%
Source: Research Data 2010
Form the above table 30 (75%) of the respondent indicated
that they make between N1m to N10m while 10 (25%) indicated
that they make below N1m.
4.1.9
THE RESPONSE IF MARKETING RESEARCH HAS
HELPED in any way in motor department, 10 (25%) in the life
assurance department and the remaining 5 (12.50%) are in the
burglary department.
70
4.1.11
RESPONDENTS
WORKING
YEARS
IN
THE
COMPANY
Option
Responses
% of Responses
Below 2 years
15
12.50
2-3 years
7
17.50
3-4 years
10
25.00
4 and above
18
45.00
Total
40
100%
Analysis
From the table it could be seen that 5 (12.50%) are those
that have been with the organization for not more than 2 years, 7
(17.50%) are those between 2-4 years, 10 (25%) are those
between 3-4 years, and 18 (45%) are those that have been with
the company for 4 years and above.
71
PART TWO
4.2 PRESENTATION
ANALYSIS & INTERPRETATION OF
THE QUESTIONNAIRE collected from the POLICY HOLDERS
4.2.1
RESPONDENTS AWARENESS OF THEIR POLICES
Option
Responses
% of Responses
Yes
112
70.00
No
45
30.00
Total
160
100%
Source: Research Data 2010
The table shows that about 112 (70%) of the total policy
holders are aware of polices of NICON insurance company while
the remaining 48 (30%) are not aware.
4.2.2
RESPONDENTS
THAT
MAKE
USE
OF
POLICY
Option
Responses
% of Responses
Yes
112
70.00
No
48
30.00
Total
160
100%
Source: Research Data 2010
THEIR
72
The table shows the number of those that are making use of
NICON insurance policy is about 112 (70%) respondents while 48
(30%) are not making use of it.
4.1.5
THE MOTIVES FOR INVESTING IN MARKETING
RESEARCH
Option
Responses
% of Responses
Identify customers need
3
7.50
To does competitors are doing
2
5.00
To keep barest of marketing 5
12.50
changes
To minimize turnover / profit
Identity
company
25
marketing 5
62.50
12.50
problems
Others specify
-
-
Total
40
100
Analysis
Form the above table
the main aim of investing in
marketing research is to identify the needs of the customers 3
(7.50%) while 2 (5%), 5 (12.50%), 25 (62.50%), 5 (12.50%)
takes
it that it is to do as competitors are doing, to keep abreast of
73
marketing changes, to maximize turnover/ profit and identity
company marketing problems respectively.
4.2.3
RESPONDENTS REASONS FOR NOT MAKING USE
OF NICON INSURANCE POLICY
Option
Responses
% of Responses
Expensive
-
-
Poor service
128
80
Rude and impolite
32
20
Others specify
-
-
Total
160
100
Analysis
Form the above table, it shows that 128 (80%) do not
patronize them based their argument on poor service while the
rest of 32 (20%) based theirs on the rude and impolite nature of
staff.
4.2.4
TYPE POLICY HOLDER THE RESPONDENTS ARE
HAVING
Option
Responses
% of Responses
Life assurance
8
5
Fire policy
40
25
Burglary policy
40
25
74
Motor policy
50
50
Total
160
100
Analysis
From the above table 8 (5%) are life assurance, 32 (20%) are
fire policy holders, 40 (25%) are burglary policy while 80 (50%)
are motor policy holders.
4.2.5
THE
MAJOR
REASON
BEHIND
RESPONDENTS
TAKING POLICY
Option
Responses
% of Responses
Quality of service
32
20
Safety purpose
128
80
Rule and impact
-
-
Others specify
-
-
Total
160
100
Analysis
The table above that 32 (20%) of the policy holder based
their reason on quality of service while 128 (80%) based theirs on
safety purposes
4.2.6
RESPONDENTS MOTIVATION TOWARDS QUALITY
SERVICES
75
Option
Responses
% of Responses
Yes
96
60
No
64
40
Total
160
100%
Analysis
From the above table 96 (60%) agreed that they were
motivated by the quality of service rendered while 64 (40%) were
not motivated by the quality of services rendered.
4.2.7
THE RATING OF SERVICE QUALITY OF NICON
INSURANCE
Option
Responses
% of Responses
Very good
-
-
Good
48
30
Fair
96
60
Bad
16
10
Very bad
-
-
Total
160
100
76
Analysis
From the above table 48 (30%) rated their service to be
good, 96 (60%) fair and 16(10%) bad.
4.2.8
Response of policy holder if NICON insurance is
customer oriented
Option
Responses
% of Responses
Yes
112
70.00
No
48
30.00
Total
160
100%
Analysis
The above table shows that 112 (70%) believes that the
company is customer oriented and the remaining 48 (30%) did
not agree.
4.2.9
SEEKING THE OPINION OF THE RESPONDENTS BY
THE COMPANY
Option
Responses
% of Responses
Yes
96
60
No
64
40
Total
160
100%
77
Analysis
Form table above 96 (60%) says that they have sought their
opinion one time or the other while 64 (40%) says that their
opinion have not been sought.
4.2.10
RESPONDENTS
CHANGE
ATTITUDE
TO
NICON
INSURANCE COMPANY
Option
Responses
% of Responses
Yes
56
35
No
104
65
Total
160
100%
Analysis
From the above table 56 (35%) agreed that they changed
from other insurance company to NICON insurance company
while 104 (65%) says that they have not changed insurance
company.
4.2.11
RESPONDENTS ADVISE TO NICON INSURANCE
COMPANY ON HOW THEY CAN IMPROVE THEIR SERVICE.
Option
Responses % of Responses
To update their proposal form
8
5
To be customer oriented
16
10
and 96
60
To
improve
their
product
78
service quality
To
train their staff in human 40
25
relations
Total
160
100
Analysis
The above table shows the 8 (5%) says that they should up
data their proposal form, 16 (10%)
to be more customer
oriented, 96 (60%) to improve their product and service quality
and 40 (25%) to train their staff in human relations.
4.2.12
THE NUMBER OF MALE AND FEMALE
Option
Responses
% of Responses
Male
112
70
Female
48
30
Total
160
100%
Analysis
The above table, it could be seen that 112 (70%) of the
majority of the respondents are male while 48 (30%) are female.
79
QUESTIONNAIRE FOR AGENCIES
4.3.1
RESPONSE ON IF THE RESPONDENTS HAS
STUDY ANY COURSE RELATING TO MARKETING RESEARCH.
Option
Responses
% of Responses
Yes
17
85
No
3
15
Total
20
100%
Analysis
In determining if the various agencies had study any
courser relating to marketing research, 17(85%) admitted that
they had study course on marketing research while about 3(15%)
had not.
1.3.2
THE
IMPACT
OF
THE
STUDY
ON
PROFESSION IF YES
Option
Responses
% of Responses
Not much
-
-
Much
6
30
Very much
14
70
Total
20
100
YOUR
80
Analysis
In the information above 6(30%) admitted that it has helped
them much and 14 (70%) says that it has helped them very
much, it shows that studying the course or any course relating
to marketing research is important.
81
3.3.3
THE NUMBER OF YEARS THE AGENT HAVE BEEN
IN THE BUSINESS.
Option
Responses
% of Responses
Below / years
-
-
2-3 years
4
20
3 and above
16
80
Total
20
100
Analysis
Form the above table, 4 (20%) have been into agency
business, between 2-3 years while 16 (80%) have been into
agency business between 3 years and above.
4.3.4
RESPONDENTS NUMBER OF YEARS HE HAS BEEN
DEALING WITH NICON INSURANCE COMPANY
Option
Responses
% of Responses
Below / year
2
10
2-3 years
8
40
3-4 years
6
50
4 and above
4
20
Total
20
100
82
Analysis
From the above table, 2 (10%) are below / year, 8 (40%) are
between 2-3 years, 6 (30%) are between 3-4 years and 4 (20%)
form 4 and above. They have been dealing with NICON insurance
company.
4.3.5
THE
ATTITUDE
OF
THE
PUBLIC
TOWARDS
INSURANCE PRODUCT
Option
Responses
% of Responses
Position
8
40
Nosepiece
12
60
Total
20
100%
Analysis
From the above table, 8 (40%) are positive while 12 (60%)
are negative
4.3.6
THE REASON FOR THE NEGATIONS ATTITUDE OF
THE PUBLIC TOWARDS INSURANCE PRODUCT
Option
Abstract
Responses
intangible
of
the 3
% of Responses
15
product
Poor image of the intermediaries
1
5
83
Poor claim settlement
16
8
Others specify
-
-
Total
20
100
Analysis
From the above table, 3(15%) are abstract intangible nature
of the product, 1(5%) to poor image of the intermediaries while 16
(8%) to poor claim settlement.
4.3.7
RESPONDENTS ASSISTING NICON INSURANCE TO
CARRYOUT MARKETING RESEARCH
Option
Responses
% of Responses
Yes
14
70
No
6
30
Total
20
100%
Analysis
From the above table, 14 (70%) says that they help the
company to carryout research while 6 (30%) says that they do
not help in carrying out research.
84
4.3.8
THE PROFIT LEVEL OF THE ORGANIZATION HAVE
INCREASE BECAUSE OF MARKETING RESEARCH BASED ON,
IF YES
Option
Responses
% of Responses
Not much
4
80
Much
14
60
Very much
2
10
Total
20
100
Analysis
From the table above 14 (30%), 14 (60%) and 2 (10%)
inculcated the profit level
4.39
IF NO WHY
Option
Responses
% of Responses
Cost consideration
6
100
Not necessary
-
-
Others specify
-
-
Total
6
100
85
Analysis
From the table above 6(100%) attributed this to the cost
invoiced.
4.3.10
IF MARKETING RESEARCH ACTIVITIES INCREASE
POLICY HOLDER OF NICON INSURANCE COMPANY
Option
Responses
% of Responses
Yes
12
60
No
8
40
Total
20
100
Analysis
From the above table 12 (60%) agreed while 8 (40%)
disagreed to that.
4.3.11
SOURCE OF MARKETING RESEARCH DATA
Option
Responses
% of Responses
Primary source only
-
-
Secondary sources only
-
-
Combination of A and B
20
100
Others specify
-
-
Total
20
100
86
Analysis
From the table above, 20 (100%) says that they base their
marketing research data on the combination of both primary and
secondary sources of data.
4.3.12
IF MARKETING RESEARCH CREATE AWARENESS
OF THE NICON INSURANCE COMPANY
Option
Responses
% of Responses
Yes
14
70
No
6
30
Total
20
100
Analysis
Form the table above, 14 (70) agreed while 6 (30%) did not
agreed with this.
PART FOUR
4.4 STATISTICAL TEST OF HYPOTHESIS
In this part the data already presented and analysis will be
used to test the hypothesis formulated for the study
Hypothesis One
Ho, Marketing research activities do not exist in of the NICON
insurance company
87
Hi,
Marketing research exist in the NICON insurance company
In order to test this hypothesis question number 12 in the
agencies was used and the derivation table is 4:3.12.
4.4.1
marketing research create awareness of the NICON
insurance company
Option
Responses
% of Responses
Yes
14
70
No
6
30
Total
20
100
To find observed
X2 = Σ (0- Σ)2
Σ
Level of significance used is 5%
i.e (0.05)
degree of freedom (d.f)
d.f.= (k-i)
d.f = 2
.; = (2-1)
= 1
.; X2 = Σ(0- Σ)2
Σ
E = 20
2
= 10
X2
(14-10)2 + (6-10)2
10
10
88
16 +
10
16
10
1.6 +
1.6
3.2
Comparing the test statistic with critical value
= 2.6
3. 84
DECISION
From the computation above, the calculate value of X2 is
less than the table value, we accept the null hypothesis and
reject the alternative hypothesis. We therefore conclude that
marketing research does not create awareness of the NICON
insurance company.
HYPOTHESIS TWO
Ho2 Marketing research activities do not increase the number of
policy holders
Hi
Marketing research activities increase the number of policy
holder
In order to test this hypothesis, question number 10 in the
agencies questionnaire and its derivation table 4:3.10 was used.
4:4.2
IF MARKETING RESEARCH ACTIVITIES INCREASE
POLICY HOLDER OF NICON
INSURANCE COMPANY
89
Option
Responses
% of Responses
Yes
12
60
No
8
40
Total
20
100
Expected = total of the responses
No of observed
= 20 = 10
2
X2= Σ (0- Σ)2
Level of significance used is 5%
(i.e = 0.05)
degree of freedom
d.f = (k-1)
d.f = 2
.; (2-1)
=1
X2 = Σ(0- Σ)
Σ
X2 = (12-10)2 + (8-10)2
10
.;22
10
+
10
22
10
90
=4
+
4
10
10
0.4 + 0.4
=0.8
Comparing the test statistic with critical value
= 0.8
3.84
DECISION
From the computation, the calculated value of X2 is less
than the table value, we accept the null hypothesis and reject the
alternative hypothesis. We therefore conclude that marketing
research does not increase the number beer of policyholders.
Hypothesis three
Ho3:
Marketing research activities do not increase profit in
NICON insurance company
H13:
Marketing research activities increase profit in NICON
insurance company
In order to test this hypothesis question 5 in the
management questionnaire and its derivation table 4:1.5
was used
4.4.3
THE MOTIVES FOR INVESTING IN MARKETING
RESEARCH
Option
Responses
% of Responses
91
To identify customs need
3
7.5
To do as completions are doing
2
5
To keep abreast of marketing 5
12.5
changes
For increase in profit level
Identify
company
25
marketing 5
62.5
12.5
problems
Total
40
Expected = Total responses
No of observed
= 40
= 8
5
X2 = Σ (0- Σ)2
Σ
Degree of freedom
d.f = (k-1)
= (5-1)
=4
X2 = Σ (0- Σ)2
Σ
(3x4)2 + (2x4)2
+ (25x4)2
+ (5x4)2
40
= 122
+ 82 + 202
+ 1002
+ 202
100
92
40
= 144 +
64
100
+
10,000 + 400
40
.; 11,008
40
= 275.2
comparing the test satieties with critical value
= 275.2
9.49
DECISION
From the computation the expected value is greater than
observed value. Therefore we accept the alternative hypothesis
H13 which says that marketing research activities increase profit
in
NICON
insurance
hypothesis Ho3.
company
and
its
rejected
the
null
93
CHAPTER FIVE
5.0 SUMMARY
OF
FINDINGS,
RECOMMENDATION
AND
CONCLUSION
5.1 SUMMARY OF FINDINGS
This
chapter
presents
a
summary
of
the
findings,
recommendation and conclusion. After a careful study of the
marketing research activities in NICON insurance company,
Enugu. The researcher came out with the following findings.
1.
That NICON insurance company at one time or the other
engaged in marketing research activities.
2.
That
company docs
not
have
a marketing research
department because of the cost involved.
3.
That NICON cannot do without marketing research as it
help them to identify the needs of this prospects.
4.
That
NICON
has
not
fully
identified
the
need
for
establishing a research department in the organization.
5.
That the establishment of marketing research department
will increase the profit level in the organization.
6.
That the affixture of the publics towards insurance products
are negations and this is based on lack of awareness creation on
the benefits of using the organizations products.
94
5.2 RECOMMENDATION
Having carefully carried out the research on marketing
research as a tool for increased profitability using NICON
insurance company Enugu as a case study, with which the
recommendation are made.
The
NICON
insurance
management
should
strike
to
increase its present effort on marketing research activities to
increase the awareness of the company to the publics, number of
policy holders and also a check and maintain the profit laced of
the organization and also customer satisfaction.
They should utilize the various techniques invoice in
research activities like fried survey and other tools available to
them in performing the activity and emphasis should in
performing the activity and emphasis housed be placed on total
marketing orientation for survival of NICON insurance company.
The management must understand the modern marketing
philosophy and the role it could play for a firm to remain
competitive.
More
budget
should
be
directed
to
the
appropriate
department so as to conduct a result oriented research on
95
consumer needs in order to enable the organization to develop a
service offering that could appeal to the target market.
The
researcher
could
not
cover
more
because
of
circumstances beyond his control, therefore further research into
this topic can be extended to other areas of service industry or
manufacturing industry. Further study should be conducted on
this topic to find out how to calculate the actual profit in figural
derided solely as a result of marketing research activities and to
find out the other forces that help marketing research activities
as tool for increased profitability.
5.3 CONCLUSION
Marketing research which is a systematic design, collection,
analysis and reporting a data and findings that are relevant to a
specific marketing situation facing any company, is very
important in the life of any business organization. Marketing
research is carried out for numerous marketing problems
especially in sales/marketing, advertising research and product
research. The motive behind investing in marking research are to
identify customer needs, maximize turnover/profit and to keep
abreast of marking chase. Thus marketing research has a posited
96
significant impact on the profit or loss of the business
organization.
Marketing research data are collected from data combination of
primary and secondary sauces and theses data are applied in
various ways like for decision making/identification of marketing
opportunism and determination of the price of proudest and
searches. Any business organization do not have their reasons
which induce cost factors, company policy and /or more efficient
use of marketing research consultancy firms.
Marketing research has helped most business originations
in
maximizing
profit/identifying
customer
needs/
product
development, building company image and reducing selling
/production cost among others. Few business organization are
yet to see the essence of marketing research because of the cost
involved and the subjectivity and the inconsistencies in the
information do not engage in marketing research are prone to
suffer losses ranging.
5.4 limitation of the study
In conducting this research study, the researcher was faced
with a lot of problems as shown below.
97
Meeting with the appropriate officers of the company was a
problem. Most of the officers were either ascent of too busy to
attend to people talk less of seeing the researcher.
Time is another factor that was a problem to the researcher.
There was no time for the researcher to carryout an indebt study
because of academic activities and the nature of the researchers
institution, this landed to limit the scope of work.
Some of the respondents were reluctant to give the
researcher the necessary information because they doubted the
usefulness and sincerity of the study. Some of the respondents
even saw the study as a trap to reveal their business and
therefore skipped some vital parts.
The finance is not an exception because the finance that
was at the disposal of the researcher was too meager and could
not enable the researcher to do a more in-depth analysis.
98
BIBLIOGRAPHY
TEST BOOKS
Ani
J.O
and
Anyionu
S.C
(2007).
Contemporary
sales
management, Enugu; J.T.C Publishers.
Okwu (1985), “Insurance Marketing in Nigeria” Enugu- Nigeria;
fourth dimension publishers.
Davis A.H (1978), The Practice of marketing research Enugu
Nigerian London Macmillan Press Ltd.
Edoga P.N (2003), Practice of Marketing, Nigeria; Enugu Nigerian
Je-Rohi Publishers,
Ejiofor P.N.O (1985). Problem and prospects of Empirical Research
Development
of
management
in
Nigeria;
Enugu
Nigerian Oxford University Press Ltd.
Ifezue A.N. (1990). Principles of marketing Ebonyi Nigeria ABIC
books and Equipment.
Kuhleijer H.J (1985), Competence marketing strategy. Belmong,
California; wade worth incorporates
Kotler. P (1988), Marketing management –Analysis, planning,
implementation
and
control,
international incorporated.
USA;
Practice
Hall
99
Nwokoye N.G (1985), Marketing in Nigeria, Enugu Nigerian
London Macmillan press Ltd.
Nwokoye N.G (1982), Modern Marketing for Nigeria, Enugu
Nigeria; African First publishers limited.
Onah
J.O
(1985),
Marketing
in
Nigeria,
Experiences
in
development economy, London; Cassel Press HD.
Rotimi A. (1988), “Insurance marketing” Agent’s needs to be
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JOURNAL
Brandmaire. M. (1986); Life insurance marketing and
development in Africa” WAKA Journal Vol. 10,10-17
Lagos- Nigeria; Monic Publishers
Gordon H.I (1965); What is the next breakthrough in research
“Journal of marketing Vol.29,23-29
Krammer .W. (1961), “How Marketing Research in Making
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101
APPENDIX B
Department of marketing
Caritas university
Amorji-Nike
Emene
Enugu State
Dear Sir / Madam
QUESTIONNAIRE FOR STAFF
I am a final year student of the above named school in the
department of marketing conducting a research on “Marketing
Research As a tool for increased portability in service industry” (A
case study of NICON insurance company PLC).
This is for academic exercise required for the for the award
of Bachelor of science (B.S.C) degree in the department of
marketing, caritas university, Emene, Enugu.
I assure you that your response will be treated in
confidence and used solely for this research.
Thank you in anticipation of your cooperation.
Yours faithfully
…………………..
Ogbunankwo, Pius
102
APPENDIX A
Management Questionnaire
(√) Tick as appropriate
1.
What is your age brackets?
a.
Below 25 (
) b.
d. 45 and above (
2.
(
4.
Single (
) b. Marred (
a.
Primary (
d.
OND (
) c. Marred with children
)
)
b. Secondary (
e. HND (
) c. B.S.C (
)
)
What is your gender or sex?
Male (
) b. Female (
)
What is your occupation?
d.
) b. professional (
Trade / self employed (
) c. Printed (
)
)
Do you have marketing research department?
a.
7.
)
)
a. Public (
6.
)
What is your educational qualification?
a.
5.
) c. 36-45 (
What is your marital status?
a.
3.
26-35 (
Yes (
)
b. No (
)
If no, what are your reason?
a.
Cost consideration (
) b. company profile (
)
103
c.
8.
9.
Efficient use of consultancy firm (
What are your opinion about marketing research?
a.
Necessary (
)
c.
Indifferent (
) d. not necessary (
b. Very important (
)
)
How do you gather your marketing reseed data?
a.
Staff /company salesmen (
research (
10
)
) d. company marketing
)
Have marketing research made any impute on your
organization?
11. Which
ways
have
marketing
research
helped
your
organization?
a.
Maximization profit (
needs (
)
b. identification of customer
) c. identification of composites actuates (
d. New product development (
)
)
12. What are your motives for investing in marketing research?
a.
Identify customers need (
marketing changes (
(
)
)
b. To keep abreast of
) c. To maximize turnover /profit
c. To maximize turnover/ profit (
competitors are doing (
)
13. What are the average yearly turnover?
) d. To do as
104
a. Below N1m (
)
b. Between N1m to N10m
c. Between
M10m to N15m
14. To What extent have marketing research helped in this
areas?
a.
Motor department (
(
) b. Life insurance department
) c. property and fire department (
department (
)
d. burglary
)
15. What are as the respondents working gears in the
company?
Below 2years (
(
) b. 2-3 years (
) c. 3-4 years
)
QUESTIONNAIRE FOR POLICY HOLDERS
1.
What is your age bracket?
a.
Below 25(
45 and above (
2.
) b. 26-35 (
) c. 36-45 (
)
)
What is your marital status?
a. Single (
(
) b. Marred c. Married with children
)
3.
What your educational qualification?
a.
Primary (
d. OND (
) b. Secondary (
)
e. HND (
) c. B.S.C (
) f. of the above mention
)
d.
105
(
4.
)
What is your gender or sex?
a.
5.
Male (
) b. Female (
)
What is your occupation?
a. Public (
(
) b. Professional (
Yes (
b. No (
)
Yes (
) b. No (
)
If No, what are your reasons?
a.
Expensive (
impolite (
9.
)
Do you make use of their policy?
a.
8.
)
Are you aware of the company’s policies?
a.
7.
c. Private
)
d. Trade / self employed (
6.
)
) b. Poor service (
)
c. Rude and
)
What type of policy are you having?
a.
Life insurance (
policy (
) b. Fire policy (
) d. Motor policy (
) c. Burglary
)
10. What are your major reasons for taking policy?
a.
Quality of service (
)
b. Safety purpose (
11. Are you motivated by the quality of service rendered?
a.
Yes (
)
b. No (
)
)
106
12. What is the rate of service quality of the company?
a. very good (
d. Bad (
)
b. God (
) e. very bad (
) c. Fair (
)
)
13. Is the company customer-oriented?
a.
Yes (
)
b. No (
)
14. Have you ever sought for the company’s opinion
a.
Yes (
)
b. No (
)
15. Have you changed attitude about the company
a.
Yes (
)
b. No (
)
16. What is your advise to the company on how they can
improve their service?
a.
To be customer- oriented (
proposal form (
)
)
b. To update their
c. Train their staff in human relations
d. To improve their product and service quality (
)
QUESTIONNAIRE FOR POLICY HOLDER
1.
What is hour age bracket
a.
Blow 25 (
above (
) b. 26-35 (
) c. 36-45 (
)
d.
45
and
)
2.
What is your mortal status
a.
Sing (
3.
What is your educational qualification.
) b. Marred (
) c. marred with children ( )
107
a.
Primary (
d. OND (
) b. secondary (
) e. HND (
What is your gender or sex?
a.
Male (
5.
What is your occupation?
a.
Public (
d.
Trade / self employed (
6.
Have
b. Female (
studied
)
)
) b. Professional (
you
)
) f. of the above mentioned (
4.
)
) c. B.SC (
)
c. Private (
)
)
any course
relating
to
marketing
research?
a.
Yes (
7.
If yes, what is the impact on your profession?
a.
Not much (
8.
How many years have you been in the business?
a.
Below I year (
(
9.
)
b. No (
)
) b. Much (
)
) c. very much (
b. 2-3 years (
)
) c. 3 and above
)
How many years have you been dealing with INCON
insurance company?
a.
Below I year (
(
)
b. 2-3 years (
) d. and above (
)
) c. 3-4 years
108
10. What are/ is the publics attitude towards insurance
product?
a.
Positive (
) b. Negative (
)
11. If negative, what is your reasons?
a.
Abstract intangible nature of the product (
b.
Poor image of the intermediaries (
c.
Poor claim settlement (
)
)
)
12. Is the respondents assisting the company to carryout
marketing research?
a.
Yes (
)
b. No (
)
13. Has marketing research increase the profit level of the
company?
a.
Yes (
)
b. No (
)
14. If yes, to what extent or level?
a.
Not much (
) b. Much (
) c. very much (
)
15. If No, what is their reason?
a.
Cost consideration (
)
b. Not necessary (
)
16. Has the activities of Marketing research increase the
number of the policy holder of the company?
a.
Yes (
)
b. No (
)
17. What is the sources of the marketing research data?
109
a.
Primary sources only (
(
)
)
b. secondary sources only
c. combination of both (
)
18. Does marketing research create awareness of the company?
a.
Yes (
)
b. No (
)
QUESTIONNAIRE FOR AGENCIES
1.
What is your age bracket?
a.
Blow 25 (
d.
45 and above (
2.
What is your marital status?
a.
Single
(
(
) b. 26-35 (
)
) c. 36-45 (
)
b. Married (
)
c. Married with children
)
3.
What is your educations qualification?
a.
Primary (
d.
OND (
(
)
) b. Secondary (
) e. HND (
) c. B .S.C (
)
) f. Of the above mention
)
4.
What is your gender or sex?
a.
Male (
5.
What is your occupation
a.
Public (
d.
Trade / self employed (
6.
Are you aware of the company’s polices
) b. Female (
)
) b. Professional (
) c. Private (
)
)
110
a.
Yes (
) b.
No (
)
7.
Do you make use of their policy
a.
Yes (
8.
If no, what are your reasons
a.
Expensive (
) b. No (
impolite (
)
) b. Poor service (
) c. Rude and
)
QUESTIONNAIRES FOR AGENCIES
1.
What is your age bracket
a.
Below 25 (
d.
45 and above (
2.
What is your marital status
a.
Single (
3.
What is your educational qualification
a.
Primary (
d.
OND (
4.
What is your gender or sex
a.
Male (
5.
Have you studied any course relating to marketing research
a.
Yes (
6.
If yes, what is the impact on your profession
a.
Not much (
) b. 26-35 (
) c. 36-45 (
)
) b. Married (
) c. Married with children ( )
) b. Secondary (
) E. HND (
b. No(
) c. B. Sc (
)
)
) b. Female (
)
)
)
)
) b. Much (
) c. very much (
)
111
8.
How many years you been in the business
a.
Below I year (
) b. 2-3 years (
) c. 3 and above (
)
112