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Research Methodology

The prime objective of the project was to carry out a Comparative Study of the

ULIP Plans and thus to find out the market potential for the company, and hence

positioning the brand in order to formulate the long term relationship with the

customer base.

The key steps in our project include:

In the initial phase of the project work, Advisory Introduction Programme

(AIP) was attended in order to gain the knowledge about the company, its

market and its product being offered.

Gathering of information about the potential of the insurance sector and

particularly the ULIP Plans. By making use of secondary data collected, it has

been noticed that there is an increasing trend in the insurance sector.

Collecting of the information about the competitors, their products, and

bringing down the major differences between the various rivals and my parent

company.

Comparative Study of the ULIP Plans were made based on the various data

being collected which comprises of the features of the policies, their modes of

operation, and various aspects related to the internal charges.

The Brand was positioned in front of the customers based on the data and factscollected during the previous step. The data collected was based on the

secondary data source comprises of journals, articles, and the result of the

comparative study being made.



The customers were contacted for the prior appointments, and the details about

the offerings were given with the help of presentations and catalogue briefing

during the meeting with the customers.

The Customer¶s taste and preferences were evaluated with the help of a

questionnaire. The customers were requested to fill the questionnaire which was

the main source of interpreting the need and desires of the customers, and reach

out the potential customers with a clear picture about the different positive ways

of positioning the brand.

The customer satisfaction level was judged, and with the better effective and

convincing promotional measure, the customers were been taken into

confidence in order to get himself insured.

All the data which was taken with the help of the questionnaire was

summarized, and the interpretation was made based on the collected data by the

means of a questionnaire.

The table below shows the sample size, and the eligible customers based on

which the interpretation is made.

OBJECTIVES

The principle objective of the project is to carry out a comparative study of

the ULIP Plans to figure out the potential market, and hence positioning the Brand

ICICI in order to formulate long term relationship with the customer base.

The Objective is attainable through:

y Study and understand the ULIP Plans for its potential in various segments of

the customer base.

y Carrying out a comparative study for the different players in the business

offering the ULIP Plans



y Positioning the brand in order to build a long term relationship with the

customer base, by familiarizing them with the offerings.

y In case of positive response, and willingness of the interested customer to

get insured, get the documental formalities done and brief the customer

regarding the issues related to premium or services.

y At the end of the study, recommend the company about the prospects in the

relevant market, so as to assure of positive steps to be taken in the field.

RESEARCH SAMPLE TABLE

SAMPLE

Total Sample Selected 30

Did Not Respond 05

Eligible Sample 25

The potential customer base was sighted, and a detailed report was made

covering all the major issues of the project, and the various interpretations being

made on the basis of the questionnaire. The report could be used for any future

reference, and will act as a source of secondary data.

A recommendation has been made at the end of the project stating about the

prospects of the insurance sector, which should be explored for building a long

term relationship, and thus an option to increase the customer base, which may

help the company in having an upper edge over its competitors.



The research methodology adopted, could be shown in a form of a flowchart in

order to depict clearly the steps followed, and in the sequential order in which

the project has been completed.

AR EA OF STUDY

An Overview

Marketing research serves a single purpose that of providing information to

assist marketing managers to make better decisions. The design of a research

project is clearly critical to its success or failure.

The function of Marketing Research

The function of marketing research is to provide information that will assist

marketing managers in recognizing and reacting to marketing opportunities and

problems.

Definition:

Market research is a formalized means of obtaining information to be used

in making marketing decisions.

As per American Marketing Association:

Marketing Research is the function which links the customer, consumer, and

public to the marketer through information ±information used to identify and

define marketing opportunities and problems; generate, refine and evaluate

marketing actions; monitor marketing performance; and improve understanding of

marketing as a process.

Significance of Research

Research inculcates scientific and inductive thinking and it promotes the

development of logical habits of thinking and organization.

The role of research in several fields of applied economics, whether related

to business or to the economy as a whole, has greatly increased in modern times.



The increasingly complex nature of business and government has focused attention

on the use of research in solving operational problems.

Research provides the basis for nearly all government policies in our

economic system.

Objective of Research

The Purpose of the research is to discover answer to questions through the

application of scientific procedures. The main aim of research is to find out the

truth which is hidden and which has not been discovered as yet. Though each

research study has its own specific purpose, we may think of research objectives as

falling into a number of following broad groupings:

To gain familiarity with a phenomenon or to achieve new insight into

it.

To portray accurately the characteristics of a particular individual

situation or a group.

To test a hypothesis of a casual relationship between variables.

Research Design:

A research design specifies the method and procedure for conducting a

particular study.

According to Kerlinger, ³Research Design is the plan, structure, and strategy

of investigation conceived so as to obtain answers to research questions and to

control variance.

The definition consists of three important terms-plan, structure and strategy.

The plan is an outline of the research scheme on which the researcher is to work.

The structure of the research is a more specific outline or the scheme and the

strategy shows how the research will be carried out, specifying the methods to be

used in the collection and analysis of data.



Nature of Marketing Research Design

Marketing Research design is the specification of procedures for collecting

and analyzing the data necessary to help identify or react to a problem or

opportunity, such that the difference between the cost of obtaining various levels of

accuracy and the expected value of the information associated with each level of

accuracy is maximized.

Types of Research Design

Exploratory Research

Descriptive Research

Causal Research

y Expl oratory Research

An Exploratory research on the discovery of idea and is generally based on

secondary data. It is preliminary investigation which does not has a rigid design

this is because a research engaged in an exploratory study may have to change his

focus as a result of new ideas and relationship among the variable.

y Descri ptive Research

A Descriptive study is undertaken when the researcher want to know the

characteristics of certain groups such as age, sex, education, income, occupation,

etc.

In descriptive as well as diagnostic studies, the researcher must be able to define

clearly, what he want to measure and must find adequate method of measuring it

along with a clear cut definition of ³population´ he want to study.

The design in such studies must be rigid and not flexible and must focus on

the following.

Formulating the objective of the study

Design the method of data collection

Selection the sample



Collection the data

Processing and analysis the data

Reporting the findings.

y C ausal Research

A Causal research is undertaken when the researcher is interested to

knowing the cause and effect of relationship between two or more variables. Such

studies are based on reasoning along well tested lines.

It may be emphasized that the main criterion of a good research design is

that the researcher should select that research which is appropriate in achieving the

objective of the study

Method of Data Collection:

In dealing with any research problem it is often found that data at hand are

inadequate, and hence, it becomes necessary to collect data that are appropriate.

The task for data collection begins after a research problem has been defined and

research design chalked out.

Primary Data:

The primary data are those which are collected afresh and for the first time,

and thus happen to be original in character Collection of primary data.

There are several method of collecting primary data, particularly in surveys

and descriptive researches.

Observation Method

Interview Method

Through Questionnaires

Through Schedule



Other Methods (Pantry/Warranty Card/Distributor Audit, etc.)

Questionnaire

This method of data collection is quite popular, particularly in case of big

enquires. In this method a questionnaire is sent to the persons concerned with a

request to answer the questions and return the questionnaire. The merits claimed on

behalf¶s of these methods are as follows:

There is low cost even when the universe is widely spread

geographically.

Respondents have adequate time to give well thought out answers.

It is free from the bias of the interviewer.

Large samples can be made use of and thus the results can be made

more dependable and reliable.

Secondary Data:

Secondary data are those which already been gathered early for some other

purpose are secondary data in the hands of the marketing researcher. In contrast,those data which are collected at the first hand either by the researcher or by

someone else especially for the purpose of the study are known as primary data.

Thus, primary data collected by one person may become the secondary data for

another.

Secondary data saves much of time, cost of the project. It also helps for

comparison with the primary data that the researcher has just collected.



Limitation

Climatic condition was also a major constraint during the research.

Geographical diversity was also constraint during the survey.

Due to time constraint, the research was confined to Jaipur only.

Sample size is very small.

research methodology - copy

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