icici prudential final draft
TRANSCRIPT
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ASSIGNMENT
ON
STRATEGIC MARKETING MANAGEMENT
A CASE STUDY OF ICICI
PRUDENTIAL LIFE INSURANCE
COMPANY LIMITED
ASSIGNMENT
ON
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STRATEGIC MARKETING MANAGEMENT
A CASE STUDY OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Table of Contents
Contents Pages
Introduction -
Background -
Marketing Strategy Process -
Marketing vs. Corporate Strategy -
Strategic Positioning -
Relationship Marketing -
Strategic Objectives of ICICI Prudential -
Environmental Analysis -
SWOT Analysis - -
Internal Analysis -
Impact of Globalisation -
Conclusion -
INTRODUCTION
Marketing has a significant role in this modern, consumer- driven and ultra competitive
global market. The definitions of marketing are varied from author to author and it may be
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functional or strategic. (M.S.Wilson & Gilligan, 2008) In my point of view marketing is a
technique applied by persons, natural or corporate to reach their product or services into the
hands of customers with the objective of their survival in the competitive market,
maximisation of profit and customer satisfaction.
In this essay my endeavour is to discuss and explain the marketing management strategy,
various marketing tools, its implementation etc., through my chosen organisation ICICI
PRUDENTIAL LIFE INSURANCE COMPANY, herein after referred as the case
understudy is a market leader in the private life insurance sector in India.
BACKGROUND
The case under study is ICICI PRUDENTIAL LIFE INSURANCE COMPANY a joint
venture between ICICI bank, Indias largest private bank and prudential plc a UK based
international financial service group. The total capital of the company is 47.80 billion. The
company started its operation in December 2000, presently it own 1,900 branches with over
210,000 Insurance advisors and tie ups with 7 bank assurance partners. (ICICI
PRUDENTIAL LIFE INSURANCE , 2010).
The case understudy is a service based industry and its product range is varies from pure life
insurance products to insurance based financial products , market linked short term mutual
funds to long term financial products including pension funds. (ICICI PRUDENTIAL LIFE
INSURANCE , 2010)
A close examination of the Indian life insurance market untill the end of 1990s reveals the
supreme domination of LIC. After the nationalisation of Indian insurance sector in 1956, in
India life insurance was meant LIC or Life insurance Corporation, an Indian Government
undertaking .Indian Insurance market was a fine example of Pure monopoly market
dominated by the LIC untill the Congress led government had finally opened the insurance
market for private players under the new economic policies in line with privatisation and
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globalisation.It was the beginning of a new economic era in indias economic
development.The market had all the features of a pure monopoly market.
(Insurance Regulatory Development Authority, 2007)
Task 1(a)
MARKETING STRATEGY PROCESS
Marketing strategy of an organisation is framed in line with its long term strategy or the
corporate startegy.marketing strategy is a plan that coordinate product developemnt,
promotion, distribution and pricing of the organisations product or services and identifies the
the goals of the organisation and tells how that goals can be achived in a specific time frame
by the application of marketing teqniques of segmentation, targeting and competitive
positioning.The very purpose behind the formulation of marketing strategy is to ensure and
achieve a long term, sustainable competitive position in the market with a view to gain profit
and stakeholder value.Marketing strategy tries to identify the needs of the customers in order
to ensure their satisfaction by applying strong commuication tools.Marketing strategy tries to
develop a positioning in the market for catching customers in a competitive market consists
of different market players by applying targeting and positioning .It inorder to deliver
maximum satisfaction to the customer impliment its plan in an organised manner by the
allocation of its resourses. (Payne, Christopher, Clarke, & Peck, 1995)
Corporate strategy is the strategy of an organisation and if defines it as a pattern of decisions
for achieving objectives, goals, or purposes and the devising of policies and decisions for the
accomplishment of the pre-set goals, and define the business of the organisation to pursue the
contributions it is proposed to provide to the stakeholders viz., employees, customers and the
general world. (Andrews, 1987). If we follow the gist of the above definition the case under
study formulated its strategy much similar to it. Corporate strategy of the case understudy is
moulded more or less in line with its mission , vision, values and objective.The Companys
stated vision will become the dominant player in life , health and pension insurance founded
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on trust supported by the world class people and service.The company hope to achive this
vision by understanding the customers and cattering them world class product and services,
upgrade the technolgy and serve customers quickly, efficiently and conveniently, develop and
impliment advanced risk management and investment strategies to sustainable and stable
returns to the policy holders, provide an environment to foster growth and learning to the
employees, and mostly build transperancy in all dealings of the company.(ICICI
PRUDENTIAL Life Insurance).The values of the case under study is closely connected with
Integrity, Customer first, Boundaryless,ownership, and passion.
Task 1(b)
The process of marketing strategy dealt with how organisations develope their marketing
startegy in order to achieve a sutainable , longterm competitive positioning in the market for
maximise their profit and delivering value and satisfaction to the customer .The process of
marketing startegy involves mainly three stages.The first stage is building of a core startegy,
creation of the organisations competitive positioning and the third stage is the
implimentation of the core startegy.
The process of strategy can be illustrated with the help of a diagram.
5
Business
Purpose
Core
Strategy
Environment
Analysis
Company
Analysis
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Source: (Hooly, Piercy, & Nicoulad, 2008)
The First stage of the process of marketing strategy is the establishment of a ccore buisiness
strategy.The core strategy is established after a detailed internal auditing and a through
environmental anlysis .The internal auditing is carried with a view to identify the current
strenght and weekness of the organisation .It is carried out with SWOT analysis.The
opportunity and Threat are external factors and it is carried out side the organisation .The
environmental analysis is done with PESTEL, it find out the political, Economic, Social,
Technological, Environmental and legal factors and how it affect and influence the
organisation.
The second stage is the creation of a competitive positioning of the product or services ,
whichever may offered by the organisation.It is done by applying the marketing teqniques of
segmentation and targeting of the market inorder to identify the customers and competitors of
6
Market
Target
Control Organisati
on
Marketing
Mix
Competiti
ve
Positionin
Competiti
ve
Advantag
e
Implementation
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the organisaton.The comparitive advantage of the company over other market players in the
market also essential for the creation of an organisations positioning.
The final stage of the process is the implimentation of the marketing strategy .The marketing
strategy is implimented with a combination of development of products, pricing, promotion
and distribution of the products or services offered by the organisation.later it will assessd by
using the tool of control and find out whether the implimented strategy is successful and how
effective the startegy for the sustainable , longterm succes of the organisation. (Hooly, Piercy,
& Nicoulad, 2008)
Task 2(a)
MODELS OF PRODUCT-PORTFOLIO
In the proces of the formulation of the marketing strategy or the strategic planning stage the
key emphasis is on the analysis of the product portfolio.The startegic planning is consists of
the definition of the vision and mission, establishing of organisations stategic buisinesss units
, evaluate the current buisiness portfolios and finaly find out new areas of opportunities to
enter into the market.
There a number of buisiness portfolio analysis and these are BCGs growth-share and growth
gain matrices, the General Electric multi factor portfolio model, Shell directional policy
matrix, Abell and hammonds 3x3matrix etc.
My sincere attampt here is to explain one model of portfolio analysis viz., the BCG s
growth-share and growth gain matrices.market growth is measured in the verical axis and the
market share is in the x axis.SBUs are classified in the boxes are the dogs,question
mark,stars and cash cows.dogs represents low share and low growth market, its implication is
that those SBUs that come under dogs are either produce low profit or loss to the
organisation.Qustion mark convey the low share high growth market. Here the implication is
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that the management should invest more resources for capaturinng increased market
share.Stars represents high share and high growth.here the implication is that the copanies
product is the leader in the market.To kep the position intact the company need high cash
flow to compete with rivals and ensure its market growth.the cash cows is an indicator of
high sahre and low growth.This stage is witnessed with high profit and high economies of
scale.
This product portfolio enable the managers to allocate the gains/cashflows from the profitable
product to less profitable product and there by keep a balance .A model of the BCG s growth
share growth gain matrices are illustrated here under with by measuring the various products
of case under study.
HIGH
MARKET
GROWTH
LOW
HIGH LOW
MARKET SHARE
Source (Hooly, Piercy, & Nicoulad, 2008)
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STARS
Pension plans
QUESTION MARKS
Tax plans
CASH COWS
ULIP
DOGS
endowement
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Task2(b)
STARTEGIC POSITIONING.
Strategic positioning means the percepton of customers about a product and its relative
position with other product in the market in terms of value, meaning, quality or
image.Positioning may be influenced by different factors viz.,the application of intensive
advertising and promotion, selection of medias, range, price and performance of the product,
profiles and experience of the customers etc.,Porduct positioning is the process by which
companies can enable the customer to differentiate its brand from otherbrand in the same
market.Positioning form an integral part of the planning process and it has a direct influence
on the marketing mix.Positioning has three steps , they are the identification of the
companys or the brands competitive advantage and the implimentation of the positioning
concept.Positioning may be fail due to overpositioning,underpositioning or confused
positining.
Task 2 (c )
RELATIONSHIP MARKETING
Relationship Marketing is a teqnique constantly applied by the organisations with theobjective of retaining customers.The aim of relationship marketing is to create bonds and ties
between the company and the customers to ensure and maintain the customer loyality.The
building up of and working of relationship marketing is well explained in relationship
marketing ladder developed by (Payne, Christopher, Clarke, & Peck, 1995)
Relationship marketing is graphicaly shows a number of identifiable stages in relationship
building.the target customer or the prospect is at the botom of the ladder.the first emphasis is
to secure the prospect as a customer .In this stage marketing give attention to customer
catching.once the catching is done the attention will to secure a longterm relationship.Once a
customer become a client he will do buisiness on a repeated basis.the next technique applied
by the companies is to convert clients into becoming the supporters.Supporters are
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charectarised by positive feeling towards the supplier.The next level is the conversion of
supporters into advocates who can actively recommend the supplier to others.the last step is
the convertion of advocateinto partner.In this stage the both the supplierand customer will
work for the mutual benefit.The aim of marketing relationship management is to bringup the
prospects to the top of the ladder and develop the value of both getting from the
relationship.the working of the ladder is represented hereunder.
(emphasis on developing customer relationship)
Prospect customer -client supporter advocate partner
(emphasis on catching new customers)
There are some methods for developing the customer relationship they are building enhanced
benefits of loyality, creating structural ties and creating delighted customers. (Hooly, Piercy,
& Nicoulad, 2008)
Task 3(a)
STRATEGIC OBJECTIVES OF ICICI PRUDENTIAL
The strategies of the case under study is mainly focused with the following objectives to
attain the vision of the company.
MAKE THE NAME OF THE COMPANY KNOWN TO THE PUBLIC.
The case under study has marketed effectively to reach its name into the heart of people.This
is underlined by the companies 10 year performance and its status as the private market
leader since its inception in the year 2000.The major tool is being applied by the case
understudy is its robust advertisement campaign at a deminishing cost and increased volume
of mass communication it bringforth. (ICICI PRUDENTIAL LIFE INSURANCE , 2010)
CHANGE OF MEANING OF INSURANCE FROM PROTECTION TO WEALTH
CREATION.
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This is ICICI Prudentials one of the successful market strategy. The case understudy has
penetrated into the market by emphasizing the the term financial solutions to all, instead of
insurance protection.People begun to by insurance product as a means of their wealth
creation.
MARKET PENETRATION THROUGH ULIP
Unit Linked Insurance Policy or ULIP was introduced by market rival Birla Sun Life , but
ICICI Prudential by realising the potentiality of the ULIPs future market has designed
insurance product with consumer attractiveness.It concentrated and specialy trained its work
force in the highly fourished ULIP and reaped the harvest.
TARGETING SHORT TERM INVESTORS THROUGH FLEXIBLE INSURANCE
PRODUCT
The case understudy has exploited the robust growth of the well growing share market in
india and introduced innovative market linked products .
MARKET LINKED PENSION/RETIREMENT PLAN
Though the industry lead LIC has a strong grip and experience in the industry, It was ICICI
Prudential which applied winsome marketing strategies in the widely untapped pension
linked insurance market by issuing attractive pension schemes and targeted the high earning
age group of 30-40 and induced the customers for a better future by the advertisement
campaign retirement from work not from life.The below statistics proves this.
WEB INSURANCE MARKETING
Web marketing is a relatively modern concept of marketing , though it targets only a
particular segment of the customers, the case under study has developed its marketing
strategy by facilitated the user friendly website and provide a range of services through the
internet. It varies from production information to online purchase of policies.Customer can
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easily get access to the financial information and other public information about the
company.
TRANSPERANCY AND CUSTOMER DISCLOSURE
The case under study has evolved its marketing strategy in a most transparent manner and is
resposible and accountable and always guided by customer satisfaction.
QUICK DISPOSAL OF CLAIM APLICATIONS
As a satisfying factor for the customer to get the claim amount as quickly as pssible whether
it is a claim arising out from a case of death , surgery or the maturity benefit or the money
back scheme, the company keep a policy of quick disposal.
RATONAL ADVERTISEMENT RATHER THAN EMOTIONAL ONE
The case under study is designed its advertisement campaign on rational rather than the
insurance companies usual mode of over emphasis on the emotional side.This is by
recognising the the changing phase of indians perception about life and death, and there by
company convey the the message of the need of financial solution and induce the buyer to
think rationaly .This is best illustrated in the advertisement we cover you at every step in
your life.
PRODUCT INNOVATIONS : ISSUANCE OF PEOPLE FRIENDLY POLICIES IN
PARTNERSHIP WITH INTERRNATIONAL REPUTED ORGANISATIONS
Anmol Nivesh a unit linked annual plan specialy launched for the purpose of attracting
marginalised section of the people , viz., tea and plantation workers to meet their protection
and savings .It is in partnership with International Labour Organisation and Bill and Melinda
Gate Foundation .(Special Correspondent,The Hindu, 2008)This plan is designed to a
premium of 100 in a month and is able meet the purpose of both wealth creation as well as
life coverage.
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PEST ANALYSYS
.As stated by (m.s.wilson & gilligan, 2008) effective marketing planning is based on two
imporatnt analytical ingredients.Analysis of market opportunity and companies ability to takeadvantage of these opportunities and cope with threats must be assessed. PEST analysis is
dealt with the environmental trends.
POLITICAL FACTORS
Governments move to hile the Foregn Direct investment in the insurance sector by 49 %.
(Beauro, 2010)
IRDI recommendation to IPO of Insurance companies in India will help ICICI Prudential to
Penetrate into the Capital market. (Beauro, 2011)
As a leader in the private sector , the case under study is working under the close supervision
and control of the insurance watch dog IRDA.The insurance ombudsman is another
supervisory body.Political parties , especially the left wing has took a stand against the
growing privatization and globalisation of the insurance sector in india.
ECONOMIC FACTORS
RISE IN GROSS DOMESTIC SAVING
This is one of the pushing factor .In India The number of middle class people are increasing
due to the good education and the growing economy.People get high salaried jobs and they
have enough money to save the extras.ICICI Prudential has studied and analysed this
opportunities and designed insurance products to cater the needs of these customer segment.
SOCIAL FACTORS
In India there is a firm belief and perception in the mind of the general public that insurance
meant by only government owned LIC. This was particularly high in the rural areas and
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people have much reliance on the government sector rather than the private players. This has
negatively affected the penetration of the private players in the untapped Indian insurance
market. This deep rooted perception to a great extent has changed overtime by the gross
influence of the advertisement through mass Medias and its growing impact in generating
awareness in the mind of the Indian population.
If we examine the national census survey the number of elderly people is seen to be
increasing in India. It means a shortage of earning hands and the increasing dependency of
households. This has to a great extent pave the way to the high selling of pension products in
Indian insurance market. It is notable achievements of ICICI prudential to focus and target
this customer group and intensively apply different marketing strategies to reap the benefit
out of it.
Other social contributor is the lifestyle related deceases in India. People are growingly
conscious about the huge medical expenses and ready to prevent them from the attack of
diseases and its infliction on their financial resources.
TECHNOLOGICAL FACTORS
ICICI Prudential has the credit of bringing technological breakthrough in the Indian insurance
sectors .One of the major technological advancement is the online insurance premium
payment or the e payment. It has also business tie up with many banks and this will boost itssales and customer services through e banking.
Task 3 ( b)
BRAND NAMES OF THE PARENT COMPANIES.It includes Both ICICI Bank and The
Prudential plc.The brand names of the parent companies helped the case understudy to get a
smooth launch into the Indian Insurance market.ICICI bank has the reputation of being
Indias second largest bank in india and the first private banking player.Prudential plc is also
have the credit of the insurer of the 20th century drowned ship Titanic and the host of
prudential worldcup cricket in the year 20.
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WELL TRAINED AND EDUCATED INSURANCE ADVISORS. This is one of the main
strength of the company .The terminology insurance advisor first brought into the indian
insurance market by the icici prudential life insurance company.The advisors are well
educated persons and their selection is through an interview by considering their education
and other bacgrounds such as their character etc The advisors are equipped with the skill of
customer canvassing, product presentation, the ability of negotiation and the closing or the
sale of insurance product.The selected candidate must have to under go a month training in a
profession institution ,where they moulded and trained in a most efficient and professional
way.
EXPERIENCE IN THE RISKFUL INSURANCE AND FINANCIAL MARKET.
Both icici Bank and Prudential Plc have the well proven track record of banking and
insurance market internally and globally.This can also be considered as one of the strenght of
the case understudy.
EXPERIENCED MANAGEMENT HIGHRARCHY.
ICICI Prudential has a wealth of experienced and well qualified managers.This will help the
company to take quick and important marketing decisions for the growth of the company .
Task 4 ( a )
SWOT ANALYSYS
SWOT analysss is widely regarded as one of the best-known and most popular used tools
within the marketing planning process inspite of whatever flaws the outcome may have
suffered.If we make subjects the case understudy for a SWOT analysis the following four key
elements must be rigourously tested.the folloing are the key elements.
1.Identify the Strength of the case understudy
2.Identify the Weakness of the case understudy
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3.Identify the Opportunity of the case understudy and lastly
4.Identify the threats of the company.
1. Identify the Strength of the case understudy
Since the very inception followed by the gradual deelopment and todays positioning as one
of the market leader in the well growing Private life insurance sector in india the case
understudy has the following identified strengths.
BRAND NAMES OF THE PARENT COMPANIES.It includes Both ICICI Bank and The
Prudential plc.The brand names of the parent companies helped the case understudy to get a
smooth launch into the Indian Insurance market.ICICI bank has the reputation of being
Indias second largest bank in india and the first private banking player.Prudential plc is also
have the credit of the insurer of the 20th century drowned ship Titanic and the host of
prudential worldcup cricket in the year 20.
WELL TRAINED AND EDUCATED INSURANCE ADVISORS. This is one of the main
strength of the company .The terminology insurance advisor first brought into the indian
insurance market by the icici prudential life insurance company.The advisors are well
educated persons and their selection is through an interview by considering their educationand other bacgrounds such as their character etc The advisors are equipped with the skill of
customer canvassing, product presentation, the ability of negotiation and the closing or the
sale of insurance product.The selected candidate must have to under go a month training in a
profession institution ,where they moulded and trained in a most efficient and professional
way.
EXPERIENCE IN THE RISKFUL INSURANCE AND FINANCIAL MARKET.
Both icici Bank and Prudential Plc have the well proven track record of banking and
insurance market internally and globally.This can also be considered as one of the strenght of
the case understudy.
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EXPERIENCED MANAGEMENT HIGHRARCHY.
ICICI Prudential has a wealth of experienced and well qualified managers.This will help the
company to take quick and important marketing decisions for the growth of the company .
WEAKNESSES
PRICE SENSITIVE CONSUMERS-In india consumers are too sensitive to the price of the
insurance products .The premiums of the case understudy is comparitively high compared to
the industry leader LIC.This is a weak point on the part of the company and their by company
can target only urban customers or rich profiles.
SHORTAGE OF CAPITAL
As the restriction of FDI in place , the company is not able to expand its capital share by
attracting FDI and prevented from entering the untapped wide market as it requires
OPPORTUNITIES
Governments move to hike the Foregn Direct investment in the insurance sector by 49 %.
(Beauro, 2010)
IRDI recommendation to IPO of Insurance companies in India will help ICICI Prudential to
Penetrate into the Capital market. (Beauro, 2011)
The increasing number of middleclass is also one of the encouraging factors for the growth of
the insurance sector. ICICI Prudential has successfully targeting these particular segments of
the customers
BOOMING OF CAPITAL/SHARE MARKET
This is another important factor and the company has targeting both risktaking as well as
riskfree customers by introducing market linked insurance products which are varying from
policies linked with high rish high return to low risk low return policies.
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THREATS
Peoples relaiablity in the Governmet running Life Insurance Corporaton of India
Tough competiton from LIC and other private competitors viz.,the SBI, Bajaj Alliance and
HDFC Standard Life Insurance Company
Task 4 (b)
INTERNAL ENVIRONMENT
A study on the internal environment of an organisation hepls to understand and evaluate the
potentials and capabilities of the products, systems, human resources, marketing and financial
resources. (Baines, Fill, & Page , 2008)
An internal analysis of the case understudy can be conducted by the range of product it
offered , its Management and leadeship structure , how it effectively use its human resources
,marketing and financial resources.
The current product range of the company is falling under anumber of segments such as
pension products, Endowment products such as save and protect policies and money back
policies, market Linked ULIP products and Tax saving products.
The structure of the company is in line with perfect corporate way.The company has
organised by way of incorporation and the director board is directing the company to its
vision.The company has a sound management and it is organised in a hirarchicaly.Top level
decisions are implimented through the direction middle level manages.
GLOBALISATION AND ITS IMPACT ON EXTERNAL ENVIONMENT
The following are the major implications of the globalisation in the external environment.
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There is a steady increase in the competitors in the insurance market.More foreign players
come to indian market in colobaration with indian players.This can be explained with the
statistics.In 2002 the number of private players werethe current competitors are 23 in
number .The number of competitors will increase in the future.
Increasing Opportunities is an advantage of globalisation .The globalisation has opened
indian market and the development and growth in other sectors has an impact in the insurance
sector also.
Another important fature that bring the globalisation in the operation of the case under study
is the tecknological advancement in line with its partner Prudential Plc.
Globalisation influence the company to improve the competency of the case under
study.Another important result was the opportunity of attracting mor investment from foreign
sector and allocation of funds in the global sharemarket .
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