SIP on IDBI Federal
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Transcript of SIP on IDBI Federal
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A Project Report on Customer Behaviourtowards the Marketing Mix and Promotional
Strategies of
IDBI Federal Life Insurance Co. Ltd.
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INTRODUCTION
What is Insurance?
Types of Insurance Challenges faced by Insurance Industry
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ABOUT THE COMPANY
Joint Venture of IDBI Bank, Federal Bankand Ageas
Started in March 2008
MD & CEO G.V. Nageswara Rao
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INSURANCE MARKETING MIX
Product
Pricing
Place
Promotion
People
Process
Physical evidence
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PROMOTIONAL STRATEGIESIN INSURANCE INDUSTRY
Advertising
Sales promotion
Public relations and publicity
Events and Experiences
Direct and Interactive Marketing
Word-of-mouth Marketing
Personal Selling
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PROMOTIONAL STRATEGIESADOPTED BY IDBI FEDERAL
Print Media
TV Advertisements
Distributors
Local events
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CONSUMER RESPONSETOWARDS STRATEGIES
Have you heard about IDBI Federal Life Insurance Co. Ltd.?
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CONSUMER RESPONSETOWARDS STRATEGIES
How did they come to know of the company?
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CONSUMER RESPONSETOWARDS STRATEGIES
Awareness of the advertisements done by IDBI Federal:
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CONSUMER RESPONSETOWARDS STRATEGIES
Best way to be aware of a financial product:
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CONSUMER RESPONSETOWARDS STRATEGIES
Purchase of IDBI Federal Products:
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CONSUMER RESPONSETOWARDS STRATEGIES
Familiarity with the website:
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CONSUMER RESPONSETOWARDS STRATEGIES
Influence on the buying behaviour through these promotionalstrategies:
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CONSUMER RESPONSETOWARDS STRATEGIES
Who should endorse the brand?
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CONSUMER RESPONSETOWARDS STRATEGIES
Connecting factor
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CONSUMER RESPONSETOWARDS STRATEGIES
Awareness about other insurance companies:
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LIMITATIONS OF THE STUDY
Confined research
Reluctant respondents
Rapidly changing industry
Environmental changes
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RECOMMENDATIONS
Build up customer loyalty
Print Advertisements
Hoardings
Transparent working
Customer awareness
Connection with IDBI Bank