Researcher extracted the following results after applying SPSS software. Frequency Tables from table 4.1 to 4.9 are shown as follows: Valid.

Transcription

1 Objective 1: To understand various promotional mix strategies undertaken by life insurance companies in Iran and India Researcher extracted the following results after applying SPSS software. Company located in = India Frequency Tables from table 4.1 to 4.9 are shown as follows: Advertising in electronic and print media Frequency Valid Cumulative Valid Total Table 4.1 Advertising Campaign Frequency Valid Cumulative Valid Total Table

2 PR and publicity Valid Cumulative Frequency Valid Total Table 4.3 Personal selling Valid Cumulative Frequency Valid Total Table 4.4 Sales promotion Valid Cumulative Frequency Valid Total Table

3 Direct marketing Valid Cumulative Frequency Valid Total Table 4.6 Telemarketing Valid Cumulative Frequency Valid Total Table 4.7 Word of mouth Valid Cumulative Frequency Valid Total Table

4 Combination of all strategies Valid Cumulative Frequency Valid Total Table 4.9 Company located in = Iran Frequency Tables from table 4.10 to 4.18 are shown as follows: Advertising in electronic and print media Valid Cumulative Frequency Valid Total Table 4.10 Advertising Campaign Valid Cumulative Frequency Valid Total Table

5 PR and Publicity Valid Cumulative Frequency Valid Total Table 4.12 Personal Selling Valid Cumulative Frequency Valid Total Table 4.13 Sales Promotion Valid Cumulative Frequency Valid Total Table

6 Direct Marketing Valid Cumulative Frequency Valid Total Table 4.15 Telemarketing Valid Cumulative Frequency Valid Total Table 4.16 Word of Mouth Frequency Valid Cumulative Valid Table Total

7 Combination of all strategies Valid Cumulative Frequency Valid Total Table 4.18 Researcher discovered the different frequencies for each element of promotional mix strategies adopted by life insurance companies in country of origins. The summarized of frequencies for 10 life insurance companies in India, shown as below: Promotional mix strategies adopted by life insurance companies in India highest score Rank percentage Advertising in electronic and print media % Advertising campaign 5 4,5 50% PR and Publicity % Personal selling 5 4,5 50% Sales promotion % Direct marketing % Telemarketing 5 4,5 50% Word of Mouth % Combination of all strategies 5 4,5 50% Table:

8 Highest Score Promotional Mix Strategies in Life Insurance Companies in India Advertising in electronic and print media Advertising campaign PR and Publicity Personal selling Sales promotion Direct marketing Telemarketing Word of Mouth 0 Promotional Strategies Graph: 4.1 age of each promotional Strategies in life insurance companies in india 16% 8% 8% 8% Advertising in electronic and print media Advertising campaign PR and Publicity Personal selling 14% Sales promotion 8% Direct marketing 14% 8% Telemarketing Word of Mouth 16% Combination of all strategies Graph:

9 Researcher noticed that 10 life insurance companies in India have given the highest score to following promotional strategies undertaken by them: Sales promotion World of mouth PR and Publicity Direct Marketing As best promotional mix strategies adopted by life insurance companies in India. Researcher also discovered the following adopted promotional strategies captured the following percentage as following: Promotional Strategies in India percentage Sales promotion 16% Word of mouth 16 % PR and Publicity 14% Direct Marketing 14 % Table: 4.20 The summarized of frequencies for 10 life insurance companies in Iran, shown as below: Promotional mix strategies adopted by life insurance companies in IRAN highest score Rank percentage Advertising in electronic and print media % Advertising campaign % PR and Publicity % Personal selling % Sales promotion % Direct marketing 4 4,5 40% Telemarketing % Word of Mouth % Combination of all strategies % Table:

10 Highest Score Promotional Mix Strategies in Life Insurance Companies in Iran Promotional Strategies Advertising in electronic and print media Advertising campaign PR and Publicity Personal selling Sales promotion Direct marketing Telemarketing Word of Mouth Combination of all strategies Graph: 4.3 age of Each poromtional Startegies in life insurance companies in Iran 12% 12% Advertising in electronic and print media 10% 12% Advertising campaign PR and Publicity Personal selling 12% 12% Sales promotion Direct marketing Telemarketing 8% 12% 10% Word of Mouth Combination of all strategies Graph 4.4 Researcher noticed that ten life insurance companies in Iran have given the highest score to following promotional strategies undertaken by them: PR and Publicity Sales promotion 144

11 Advertising in electronic and print media Advertising Campaign Telemarketing As best promotional mix strategies adopted by life insurance companies in Iran. Researcher also discovered the following adopted promotional strategies captured the following percentage as following: Promotional Strategies in Iran percentage PR and publicity 12% Sales promotion 12% Advertising in electronic and print media 12% Advertising Campaign 12% Telemarketing 12% Table: 4.22 Inference: Researcher discovered that there are similarities and differences between promotional mix strategies in India and Iran, both countries have emphasized on PR and Publicity, Sales Promotion as promotional tools for induce consumer.researcher noticed the life insurance companies in India also take into consideration the word of mouth, direct marketing where as the life insurance companies in Iran have emphasized in Telemarketing, Advertising in electronic and print media an, advertising campaign as additional promotional mix strategies. 145

12 Graph: 4.5 Objective 2: To investigate whether there is any association between genders and advertising recall Researcher obtained the result through analyzing the data through SPSS software. ad recall Total Not Responded yes No 3 4 Gender Not Responded Male Female Total Table:

13 Chi Square test: Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table: 4.24 Test statistic: As the variables of interest, that is gender and the advertisement recall where categorical variables Chi square test was applied. Observation: The test is significant with chi square value of and P value.001 at 5 % level of significance. Conclusions: There is association between the gender of the respondent and advertisement recall. Inference: The message in Advertisements must be more gender specific as there is relationship between gender and the advertisement. 147

14 Count Bar Chart ad recall Not Rsponded Yes No % % % % % % % Not Responded Male 2 0.5% Female Gender Graph: 4.6 As Researcher observed 109 males respondents from both countries (Iran and India) have given yes that means, they agreed that there is relationship between genders and ad recall where as 68 males respondents, they are not agreed. Researcher also discovered the result from the table is 126 female respondents agreed with relationship between genders and ad recall where as 76 female respondents in both countries are not agreed. Unfortunately, 17 respondents haven t shown any interest and they are considered as not respondents. In the other hand, if researcher considered male and female respondents in both countries, 241 respondents, they agreed that there is an association between genders and ad recall where as 153 respondents, they believed in opposite opinion. If researcher considered the graph 4.6, researcher proved that

15 male respondents which are considered as % agreed with association between the variables where as 68 male respondents with %, they are not agreed.researcher also considered the female respondents, 126 females has agreed that there is an association between gender and ad recall which is considered as % and 76 female respondents are not agreed which is considered as 19.1 % of total respondents. The combined percentage of female and male with positive opinion towards relationship between two variables, is %( %( male) (female)) where as the combined percentage of female and male with negative idea is 36.19%. The combined percentage of female and male who did not show any interest or did not take part and known as Not Respondents is 4.76 %. The female is more curious about advertisement recall rather than male. The percentage of female respondents from both countries (Iran and India) is 51.5 % where as the percentage of male respondents from both countries is % and the percentage of not responded is 4.25 %. Researcher considered the table 5-1 and extracts the following data: 1-Female interest: (206/400) =51.5% 2-male interest: (177/400) =44.25% 3- Not Respondents :( 17/400) =4.25 % Objective 3: To find out the relationship between customers subscribing to life insurance and the utility of life insurance product based on the brand image of the life insurance product: 149

16 The Researcher after analyzing the data came to know that the brand image of Life Insurance product has association with protection for the family as well as pension provision. Test Statistic: As variable of interest, that is brand image of the life insurance product and the protection for family where categorical variables chi square test was applied. As variable of interest, that is brand image of the life insurance product and the pension provision where categorical variables chi square test was applied. Observations: Protection for family: The test is significant with chi square value of and p value.024 at 5 % level of significance. Pension provision: The test is significant with chi square value of and p value.023 at 5 % level of significance. Brand image of company with rank protection for family: Asymp. Sig. Value df (2-sided) Pearson Chi-Square (a) Table

17 Rank Protection for Family Provision Total Rank 1 Brand image the company of Total Table

18 Rank Protection for the Family Bar Chart Rank Brand Image of the company Graph:

19 Brand image of the company with rank pension provision: Chi-Square Tests Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table 4.27 Rank Pension Provision Total Rank Brand 1 image of the company Total Table

20 Rank Pension Provision Bar Chart Rank Brand Image of the company Graph:

21 Conclusions: There is association between brand image of the life insurance product with protection for the family and pension provision. Interpretations: After analyzing the data via SPSS software, researcher discovered that respondents of both countries have shown the interested in the utilities of life insurance products. Theses utilities induce consumer the purchase life insurance product. Researcher proved that the family protection and pension provision are most important utilities in the mind of consumer and consumers have given more priorities in theses two utilities as motivator or benefits to life insurance product, therefore the life insurance companies most be developed the brand of their company and product in such a way, it gives more importance power to family protection as well as pension provision. After analyzing the data which extracted from tables (4.26 and 4.28) researcher came to know that the 175 respondents in both countries has given the rank of 4 for relationship between family protection and brand image of the company and 165 of respondents in both countries (Iran and India) have also given the rank of 4 for relationship between pension provision and brand image of the company. Researcher obtained 175 scores for family protection and 165 scores for pension provision as two most important utilities in the relationship with brand image of the company in the mind of consumers to drive them to use life insurance product. 155

22 Hypothesis: Hypo 1: There is difference between perceived benefits from life insurance products based on country of origins. Analyzing respondents from India: There is relationship between subscriber to life insurance and the rank assign to protection for family, long term saving, tax saving, risk coverage and pension provision in countries of origins. The respondents from Iran also concentrated to rank assign risk coverage and pension provision. Explanation: There is difference between the rankings given by the respondents based on the citizenship countries. Observation: The test is significant with chi square value and p value.058 at 5 % level of significance for subscriber of life insurance with protection for the family in India.The second observation test is significant with chi square value and p value.028 at 5 % level of significance for subscriber of life insurance with long term saving for the respondents from India. Researcher came to know that the third observation test is also significant with chi square test and p value of.022 at 5 % level of significance for the subscribing to life insurance and tax saving for respondents from India. Test Statistic: Since the variables of interest, that is subscribing of life insurance with protection for the family and long term saving and tax saving where categorical variables chi square test was applied for respondents from India. 156

23 Subscriber to Life Insurance * Rank protection for the family Chi-Square Tests (b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table 4.29 Count Rank protection for the family Total Subscriber to Life Insurance Not Answered Yes No Table

24 Subscriber to Life Insurance * Rank Long term savings Chi-Square Tests (b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table4.31 Count Rank Long term savings Total Subscriber to Life Not Answered Insurance Yes No Total Table

25 Subscriber to Life Insurance * Rank Tax savings Chi-Square Tests (b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table4.33 Count Rank Tax savings Total Subscriber Life Insurance to Not Answered Yes No Total Table 4.34 Interpretation for Respondents in India: 159

26 As the result of test hypothesis is shown via SPSS software, researcher discovered that the respondents from India has given the scores 41 to the rank 4 for subscribing life insurance with family protection (Table 4.30). Researcher also proved that the respondent from India has given the scores 33 to rank 4 for subscribing life insurance with long term saving (Table 4.32). Researcher also came to know that the respondents in India has given the scores 31 to rank 4 for subscribing to life insurance and tax saving (Table 4.34) Researcher after analyzing data, understand that respondents from India is showing interest in life insurance products because of these three benefits which derived from them. Benefits Score Rank Family Protection 41 4 Long Term Saving 33 4 Tax Saving 31 4 Table 4.35 Theses three benefits are given most important priorities in the mind of life insurance consumer in India. Researcher discovered that 110 respondents are agreed with these utilities as main benefits from life insurance products where as 89 respondents are not agreed. Researcher is showing the percentage of agreed and not agreed respondents in India. Agreed Respondents = (110/200) =55 % Not Agreed Respondents :=( 89/200) =44.5 % Not Answered= (1/200) =.05 Analyzing respondents from Iran: 160

27 Explanation: There is difference between the rankings given by the respondents based on the citizenship countries. Test Statistic: Since the variables of interest, that is subscribing of life insurance with protection for the family and long term saving and tax saving, risk coverage, pension provision where categorical variables chi square test was applied for respondents from Iran Observations: The tests are significant with chi square value and p value at 5 % level of significance. Look at the following tables: Consumer interest from life insurance Chi square test value company Risk coverage Family protection Long term saving Tax saving Pension provision Table4.36 Subscriber to Life Insurance * Rank Risk coverage 161

28 Crosstab(a) Chi-Square Tests(b) Value df Asymp. Sig. (2- sided) Pearson Chi-Square (a) Table4.37 Count Rank Risk coverage Total Subscriber to Life Insurance Yes No Total Table4.38 Subscriber to Life Insurance * Rank protection for the family 162

29 Chi-Square Tests(b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table4.39 Count Rank protection for the family Total Subscriber to Life Insurance Total Yes No Table4.40 Subscriber to Life Insurance * Rank Long term savings 163

30 Chi-Square Tests(b) Value df Asymp. Sig. (2- sided) Pearson Chi-Square (a) Table 4.41 Count Rank Long term savings Total Subscriber to Life Insurance Yes No Total Table4.42 Subscriber to Life Insurance * Rank Tax savings 164

31 Chi-Square Tests(b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table 4.43 Count Rank Tax savings Total Subscriber Yes to Life Insurance No Total Table 4.44 Subscriber to Life Insurance * Rank Pension Provision 165

32 Chi-Square Tests(b) Value df Asymp. Sig. (2-sided) Pearson Chi-Square (a) Table4.45 Count Rank Pension Provision Total Subscriber to Life Insurance Ye s No Total Table4.46 Researcher after analyzing the data via SPSS software, came to know that the respondents from Iran has given the scores 58 for the rank 4 to subscribing of life insurance with risk coverage (table4.38). 166

33 Researcher also discovered that respondents have given the scores 51 to rank 4 for subscribing of life insurance with protection for family in Iran (table4.40). Researchers also extracted from table 4-21, that respondents have given the scores 59 to rank 4 for subscribing life insurance with long term saving (Table 4.42) Researcher noticed that respondents have given the scores 43 to rank 4 for subscribing life insurance with tax saving (table4.44). Researcher also discovered that respondents have given the scores 49 to rank 4 for subscribing life insurance with pension provision (table4.46). Researcher understood that the respondents expected theses utilities from life insurance product in Iran. Benefits Scores Rank Long term saving 59 4 Risk coverage 58 4 Family protection 51 4 Pension provision 49 4 Tax saving 43 4 Table 4.47 Researcher compared the respondents response from both countries and made conclusion that there is difference between expect utility or benefits in Iran and India. Researcher discovered that long term saving as important utility in Iran where as family protection is important in India. Researcher also pointed out there are similarities in utilities like long term saving, family protection, tax saving in Iran and India where as the respondents from Iran expected two more utilities (Risk coverage and pension provision from life insurance product. 167

34 Hypo 2: There is integration effort of market research and survey with flurry of media to get more prospective customer or buyer for life insurance companies. Test statistic: As the variable of interest, that is market research and flurry of media where categorical variables chi square test was applied. Observation: The test is significant with chi square value of and p value of.047 at 5 % level of significance. Chi-Square Tests Value df Asymp. Sig. (2-sided) Pearson Chi-Square 6.111(a) Table 4.48 Count Rank prospective buyers through market research/survey Making use of flurry of media Total Yes Not selected Total Table

35 Count Bar Chart 7 6 Making use of flurry of media Yes Not selected % % % % Rank prospective buyers through market research/survey Graph: 4-.9 Conclusion: Researcher proved that there is an association between the market research and survey with flurry of media. The life insurance companies believed that market researcher and survey help advertising manager of insurance companies to choose best combination of media to absorb more prospective customer. The life insurance companies in both countries (Iran and India) has given score 4 for rank 3 and score 7 for rank 4 and score 5 for rank 5.(Table 4.49) Four life insurance companies in both countries have given negative response e in relationship between market research and survey with flurry of media. 169

36 Researcher considered graph 4.9 and concluded that 20 percent of life insurance companies have given the rank 3 to this relationship where as 35 % have given the rank 4 and 25 % has given the rank of 5. Over all, 80 % of life insurance companies have agreed that there is relationship between market research and survey with flurry of media where as 20 % are not agreed. Hypo3: There is an association between effort of company to develop a brand building plan to create positive customer response and concentrate focus on putting hard work on brand building. Test statistic: Since the variable of interest, that is effort of the company to develop brand building and positive customer response towards it where categorical variables chi square test was applied. Observation: The test is significant with chi square value of and p value of.036 at 5 % level of significance. Chi-Square Tests Value df Asymp. Sig. (2-sided) Pearson Chi-Square 6.667(a) Table

37 Rank Focus on Putting hard work on brand building * Developing a brand building plan to create positive customer Cross tabulation Count Developing a brand building plan to creat positive customer Rank Focus on Putting hard work on brand building Yes Not selected Total Total Table 4.51 Graph

38 Conclusion: There is association between the effort of the company to develop brand building and positive customer response. Interpretation: There is an association between efforts of company to develop a brand building plan to create positive customer response. The life insurance companies in both countries (Iran and India) have given different scores to different rank about the relationship between hardworking on brand building and developing a brand building to create positive customer. The life insurance companies in both countries selected score 2 to rank 3 and score 10 to rank 4 and score 3 to rank 5. (Table 4.51) Five life insurance companies have not selected or it gave negative response about focus on putting hard work and brand building and positive customer response. They have given score 2 to rank 3 and score 3 to rank 5. (Table 4.51) Over all, 75 % of life insurance companies have agreed where as 25 % of life insurance companies are not agreed. (Graph 4.10) 172