THE IMPORTANCE OF INSURANCE IN FIELD OF MARKETING CONCEPTS: A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES
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New products and innovations are the basis for the existence for today’s big business and the foundation for tomorrow’s growth industries. This project on market concept a sure of enhancing growth in the selling of insurance service. This work was divided into five chapters. The first chapter was the introduction and background of the study, objective of the study which is to identify two major constraints impinging on the successful commercialization of new products and innovation in Nigeria, significances of the study was also discussed. Related literature was use further research of the study. Date were collected through the distribution of questionnaires , data collected were presented in tabular form .h conclusion and recommendation were drawn for further research based on research findings.
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 4
1.3 OBJECTIVES OF THE STUDY 4
1.4 RESEARCH QUESTIONS 5
1.5 SIGNIFICANCE OF THE STUDY 6
1.6 SCOPE AND LIMITATION OF THE STUDY 6
1.7 DEFINITION OF OPERATIONAL TERMS 7
2.0 LITERATURE REVIEW 11
2.1 THE COMMERCIALIZATION OF A NEW PRODUCT 11
2.2 THE IMPORTANCE OF NEW PRODUCT
AND INNOVATION 12
2.3 PLANNING FOR NEW PRODUCTS
AND INNOVATIONS 15
2.4 SOURCES AND PROCESSING OF NEW
PRODUCTS IDEAS 21
2.5 MARKET ANALYSIS FOR NEW PRODUCTS
AND INNOVATIONS 24
2.6 FINANCING NEW PRODUCT DEVELOPMENT 26
2.7 DESIGNING AND NAMING THE NEW PRODUCT 28
2.8 TEST MARKETING THE NEW PRODUCT 30
2.9 PRICING THE NEW PRODUCT/INNOVATION 31
2.10 ADVERTISING AND LAUNCHING
THE NEW PRODUCT 33
2.11 MANAGING THE PRODUCT LIFE CYCLE 36
2.12 PROBLEMS OR COMMERCIALIZATION OF NEW
PRODUCTS AND INNOVATIONS IN NIGERIA 38
RESEARCH DESIGN OF THE STUDY 44
3.1 PRIMARY DATA 44
3.2 SECONDARY DATA 45
3.3 POPULATION OF THE STUDY 45
3.4 SAMPLE SIZE 46
3.5 VALIDITY AND RELIABILITY OF
RESEARCH INSTRUMENT 47
SUMMARY OF FINDINGS, AND DISCUSSION 49
4.1 SUMMARY OF FINDINGS 49
4.2 DISCUSSION 50
CONCLUSION AND RECOMMENDATIONS 53
5.1 CONCLUSION 53
5.2 RECOMMENDATIONS 55
APPENDIX I 62
1.1 BACKGROUND OF THE STUDY
Now Nigerian is in the age called industrial institution. New product development and nations are receiving a new and increasing basis and attention from both the government and private sector initiatives. While the federal government has set up an enthusiastically funding research institutes (PRODA) Enugu. And the federal institute of industrial research Oshodio Lagos.
Marketing research is the funding that links the marketers to consumers and the public through information-it is used to identify and define marketing opportunities and problems generally refine and evaluate marketing action to monitor marketing performance and to improve understanding of the marketing process (Kotler and Armstrong 1999, p.115-116).
Increasingly, marketers are viewing information not just as an input asset and marketing better decision but also as an important asset and making tool (Glazer 1991, p.1-19). Many of the private enterprises are setting up research development (RD) departments, allin the part to turn out new product or innovations. On smaller sack, but with matching enthusiasm some brilliant students and young “Jobless” school leavers, graduates or tertiary institutions and even non-illiterate individuals have braced themselves and turned out of their ingenuity, some interesting products and innovations. All these are economic orientation that so salvage our battered economy, we must invent our own products, innovate and commercialize. Hence, the numerous new bread inventors of today.
The idea of transfer of technology which was ripe between the late seventies and early eighties has failed to work to our benefit. We have been cheated in the transfer transaction. Nineteen years after we have faithfully paid the high price, we are yet to take deliver any of appreciable package of product technology rather and we have remained net importer of practically manufactured goods from foreign nations. The high cost of our import of goods and services and the falling prices of our petroleum and commodities have forced the federal government to ban the importation of some goods and those that can still be imported are not our naira which has depreciated by over 400% in the foreign exchange.
In the light of all the myriads of problems above, the only logical thing for us to do is to develop our own technology, produce our own new products, commercialize them in the country and even go a step further to export them to earn the new scarce foreign exchange. This is exactly what the governments encouraged the citizenry to do through the introduction of the former Structural Adjustment Programme (SAP). The spirit of SAP is self reliance and economic reconstruction.
1.2 STATEMENT OF THE PROBLEM
- The product cover the insurers can be a problem in the sense that if it is not well pauafed would not be marketed.
- Low level of educational background can cause poor implementation of market concept.
- In marketing price can be a hindrance in the sense that if the price is high, the workability of the marketing strategy will be defeated.
- If the product is not well promoted, it will beaset back in sale of insurance cover.
1.3 OBJECTIVES OF THE STUDY
- To identify two major constraints impinging on the successful commercialization of new product and innovations in Nigeria.
- To pinpoint the shortcoming (if any) of Nigerian investors and innovators in the commercialization of new products and innovations.
- To suggest suitable marketing strategies which can ensure the successful commercialization of new products and innovations in Nigeria.
- To set attributes and co-editors in which innovations must reach in the commercialization of new product.
1.4 RESEARCH QUESTIONS
- What type of innovation do you use in your selling strategy?
- How do you package your products insurance cover for the consumers?
- Is your pricing (premium) commurate to the cover provided for the consumers or is it on the high side?
- How did you come to know that your new inventors / innovations has market potentials?
- About how many times within the lest twenty four months have you had to change your prices?
1.5 SIGNIFICANCE OF THE STUDY
This study is expected to serve as a guide to Nigeria investors, innovators, individuals and corporate research bodies who should play important roles in the commercialization in Nigeria. This research believes that this study will go on to stimulate the interest of marketing in the development and successful commercialization of new products and innovations.
1.6 SCOPE AND LIMITATION OF THE STUDY
Though this study is expected to cover some selected areas in Enugu state, with only a few respondents from Anambra state.
The following are factors that limited the study of this research work.
Time: The time frame for the project work was too short as other academic work almost cut in time of investigation and data collection.
1.2 The uncooperative attitude of some respondents who see this research work as such that it will poss threat to their work position and this possed a limitation of this research work.
Lack of research material, because of the inadequate research material also contributed to the limitation of the research work.
Lack of funds prevents the author from travelling from place to place in order to source for research materials.
1.7 DEFINITION OF OPERATIONAL TERMS
- Enthusiastically or Enthusiasm: A strong felling of interest or admiration.
- Salvage: The act of saving a wracked ship or its goods from the sea. It is also known by the act of saving from destruction useful and valuable property from been destroyed, lost or damaged by wrecking.
- Macedonia Cell: Biblical language shows how urgently one is needed.
- Innovations: The introduction of something new. A new idea, method or invention.
- Insurer: Insurer is the person who accepts to cover a risk and indemnify the insured if the risk occur.
- Insured can also be called the policy holder and He is the person who takes a risk to an insurer to be in insured with a consideration called premium.
- The Product Concept: This concept holds that consumers will favour products that offer the most quality performance and innovative feature and that organization should thus devote energy to making continuous product improvement.
- The Selling Concept: This concept hold that consumers will not buy enough of the organization products unless of undertaking an aggressive selling and promotional effort practices with unsought goods, those that buyers do not normally think of buying, eg. insurance.
- Re-insurance is the method of insuring risk or transferring risk that has already insured. It is an argument between the cooling office and re-insurance office.
- Premium is the consideration paid to the insurer to secure the payment of sum assured on the happening of the contingence assured against. It is also the monetary consideration pass from insured to the insurer for their undertaking to pay the sum insured in the events of the risk insured against occurs.
- Nwoye Ogechukwu Jane 2012, First published.
- Modern marketing in the development and successful commercialization of new products and innovations by Edoga, P.N. (Mrs).
- Market and marketing researches prior to new product development and commercialization, J.U. Ozo, Peter Okey Odo 2001 First Published.
- The American Marketing Association (1987).