HOW TO THEORY APPLY IN
TO PRACTICAL OF
MARKETING MANAGEMENT
TO ICICI BANK

10/19/2013

Babasabpatilfreepptmba.com

1
10/19/2013

Babasabpatilfreepptmba.com

2
List of Topics
•
•
•
•
•
•
•

Introduction
Mission
Vision
Core and auxiliary needs
Orientation and philosophy
SWOT analysi...
INTRODUCTION
ICICI Prudential Life Insurance Company is a joint
venture between ICICI Bank, which is one of India's foremo...
Mission
We will leverage our people, technology, speed and
financial capital to:
•

delivering high quality, world-class s...
Vision :
To be the dominant Life, Health and Pensions player
built on trust by world-class people and service.

10/19/2013...
Orientation and Philosophy
SL. No/

Orientation

1).

Product / service Concept

Selling concept

3).

Justification

Part...
SWOT Analysis
STRENGTHS :

– ICICI Prudential is No. 1 private life player in India.
– Innovative insurance policies with ...
WEAKNESS
– Very huge premiums of policies Compare to other
insurance sector.
– Minimum premium is 19000.(Expect tax saving...
OPPORTUNITIES :
– Tie up with more corporate agents all over India.
– Tie up with broker also
– No. of adopting new techno...
THREATS :
– Threat from existing life insurance players
– Threat from new entrance.
– Threat to substitute products
– Chan...
Core And Auxiliary needs
Education Insurance Plans

- Protection

– Good Education

Wealth Creation Plans

- Protection

-...
Services of ICICI
Education Insurance Plans
•

One of your most important responsibilities as a parent is to ensure that y...
• Smart Kid New Unit-linked
• Regular Premium
• Smart Kid New Unit-linked

• Single Premium
• Smart Kid Regular Premium

1...
Wealth Creation Plans
• Wealth Creation Plans give the customer the dual benefit of
protection along with the returns on t...
Wealth Creation Plans
• Wealth Advantage
• Life Stage Assure

• Life Time Gold
• Life Link Super
• Life Stage RP

10/19/20...
Premium Guarantee Plans
• Invest Shield Life New
• Invest Shield Cash Bank

10/19/2013

Babasabpatilfreepptmba.com

17
Protection plans
The sole objective of these plans, as their name indicates, is to
serve the protection needs of the custo...
Retirement Solutions
ICICI prudential retirement solutions also known as ICICI Pru pension plans have

been designed to ca...
Health coverage plans
Hospitalisation coverage:
• MediAssure
A reimbursement hospitalization plan covering hospitalization...
Health Coverage Plans
•

Health Saver

•

Medi Assure

•

Hospital Care

•

Crisis Cover

•

Cancer Care

•

Diabetes Care...
Rural Plans
ICICI Prudential covers more than 6,50,000 lives across as many as 17 states
in India. Both our rural plans, S...
ICICI Pru Group Solutions Advantage
•

1. Group Super Annuation: This flexible plan for both, defined benefit and
defined ...
Punchline

“ May your life be glorious”.
In hindi
“ Zindagi Tumhari Roshan Rahe”.

10/19/2013

Babasabpatilfreepptmba.com
...
Major competitors of icici prudential.
BAJAJ
ALLIANZ

•

HDFC LIFE
INSURANCE

ICICI
PRUDENTIAL

MAX NEW
YORK LIFE
INSURANC...
Bajaj allianz
A joint venture between Bajaj Finserv and Allianz SE,
Bajaj Allianz Life Insurance Co. Ltd. is one of the ma...
Some of its popular plans are:
• Health Plans,
• Women Insurance Plans,
• Term Plans,

• Pension Plans
• Micro Insurance
•...
Tata AIG Life Insurance
The Limited firm is a joint venture between
American International Group, Inc. (AIG) and Tata Grou...
Some of its popular plans are:
• Life Assure Educare

• Life Invest Assure Plus
• Life Easy Retire
• Life Health Protector...
Max New York Life Insurance
A

joint

venture

between

New

York

Life

International and Max India Limited, the firm beg...
Some of its popular plans are:
• Strategic Products Plans
• Retirement Plans
• Savings Plans

• Health Plans
• Children Pl...
Life insurance corporation
LIC offers life insurance protection under group
insurance policies to various groups such as e...
Some of its popular plans are:
– LIC Health Insurance Plans
– LIC Pension Plans

– LIC children plans
– LIC Term Assurance...
HDFC
HDFC and Standard Life first came together for a possible
joint venture, to enter the life Insurance market, in Janua...
Some of its popular plans are:
• Health plans
• Retirement plans
• Children plans

• Saving and investment plans
• Protect...
Brand competitors
PRODUC ICICI
TS

HDFC

LIC

BAJAJ
Children gain

Child plans

Smart kid plan

HDFC SL
Youngster Super
II...
Strengths of Hdfc.
•

Domestic image of HDFC supported by Prudential’s international image is

strength of the company.
•
...
Weaknesses of hdfc
• Heavy management expenses and administrative costs.

•

Low customer confidence on the private player...
Swot analysis on LIC OF INDIA
• Strengths :
1) Brand Image
2) Govt Guarantee
3) Claims settlement

4) Pan India presence
5...
weakness
1) Lethargic Staff

2) Mediocre Top Bosses
3) Large scale Corruption in Main Office

10/19/2013

Babasabpatilfree...
Strengths of Bajaj allianz
•

Risk Management.

•

Service Sector Management (S S E).

• The company also provides innovat...
Weaknesses of bajaj allianz
• Low customer confidence on the private players
• Ultra-Slow decision making process
• Intern...
OBJECTIVES OF LIC
• To propagate the idea and practice of life insurance in rural
areas among financially backward people ...
Objectives of HDFC
•

The company aims at meeting the dynamic expectations of its
investors by adding innovative schemes a...
Objectives of bajaj allianz
• Focus on the productivity of each consultant,coroporate or
individual ,while stressing on th...
Whom to attack and whom to avoid
Competitors

Strong

HDFC









LIC









BAJAJ

10/19/2013

Weak



Close...
•

ICICI have to attack HDFC.

•

ICICI have to attack LIC.

•

ICICI have to avoid Bajaj Allianz.

10/19/2013

Babasabpat...
MARKETING MIX
MARKETING-MIX MODELS analyze the data from a variety
of sources, such as retailers scanner data, company shi...
PRODUCT:- stands for the goods and services offered by a
company to the target market, to satisfy needs and wants of the
c...
IDENTIFICATION OF ICICI IN MIX
PRODUCT

PRICE

PLACE

PROMOTIO
N

SMART KID
NEW UNIT –
LINKED

Rs.12000 and above

COMPANY...
PRODUCT

PRICE

PLACE

PROMOTION

LIFE STAGE
PENSION

Rs. 20000 and above

COMPANY

They are providing
offers and discount...
Premium for 1 Year plans in Rupees (Inclusive of Service Tax, Education Cess & Higher Education Cess
@ 10.3%)
Plan A
Plan ...
Factors affecting consumer buying
behavior
FACTORS

HIGH/MEDIUM/LOW
IMPACT

JUSTIFICATION

Cultural factors

Medium Impact...
BUYING DECISION PROCESS
This is important for anyone making marketing decisions. It
forces the marketer to consider the wh...
BUYING DECISION PROCESS
NEED RECOGNITION

INFORMATION SEARCH

EVALUATION OF
ALTERNATIVES

PURCHASE

POST PURCHASE EVALATII...
Need Recognition
First basic need of purchasing is to be
identified.
Example : Safety & Income

10/19/2013

Babasabpatilfr...
Information Search
Through

information

sources

like

agents, friends, internet, & advertise etc.

10/19/2013

Babasabpa...
Evaluation of Alternatives
Evaluation
product.

of

substitutes

for

purchasing

Example : We have to evaluate health pla...
Purchase
After evaluating all alterative plans or
schemes customer choose best alternative
which fulfils his/her need.

10...
Post-purchase evaluation
Experience of customer after using
plans

or

experience,

schemes.

Depending

customer

may

or...
CONCLUSION
ICICI prudential Life Insurance Company is the well established

company. It will be responsive to customer req...
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How to theory apply in to practical of marketing management to icici bank

  1. 1. HOW TO THEORY APPLY IN TO PRACTICAL OF MARKETING MANAGEMENT TO ICICI BANK 10/19/2013 Babasabpatilfreepptmba.com 1
  2. 2. 10/19/2013 Babasabpatilfreepptmba.com 2
  3. 3. List of Topics • • • • • • • Introduction Mission Vision Core and auxiliary needs Orientation and philosophy SWOT analysis Schemes And Punchline 10/19/2013 Babasabpatilfreepptmba.com 3
  4. 4. INTRODUCTION ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is one of India's foremost financial services companies, which is a leading international financial services group headquartered in the United Kingdom. ICICI Prudential began the operations in December 2000. Today, this company has over 2100 branches, which include 1,116 microoffices, over 290,000 advisors and 18 branch assurance partners. 10/19/2013 Babasabpatilfreepptmba.com 4
  5. 5. Mission We will leverage our people, technology, speed and financial capital to: • delivering high quality, world-class services. • expand the frontiers of our business globally. • play a proactive role in the full realisation of India’s potential. • maintain high standards of governance and ethics. • contribute positively to the various countries and markets in which we operate. • create value for our stakeholders. 10/19/2013 Babasabpatilfreepptmba.com 5
  6. 6. Vision : To be the dominant Life, Health and Pensions player built on trust by world-class people and service. 10/19/2013 Babasabpatilfreepptmba.com 6
  7. 7. Orientation and Philosophy SL. No/ Orientation 1). Product / service Concept Selling concept 3). Justification Partially 2). Extent There is no superior Service. Service are given importance. Fully Marketing concept Aggressive selling activities were given importance. Central theme is to Fit the Right customers to your Service. Fully The key to achieving organizational goals consists in determine the needs and wants of target market and delivering the desired satisfaction more effectively and efficiently than competitors There is return to environment. And concerned with safety, health. Partially There is no mass production but mass distribution is their. Fully Societal marketing concept 4). Production Concept 5). 10/19/2013 Babasabpatilfreepptmba.com 7
  8. 8. SWOT Analysis STRENGTHS : – ICICI Prudential is No. 1 private life player in India. – Innovative insurance policies with rider benefits. – One of the largest financial Institution of India’s. – Second largest bank with network of 469 branches and 1740 ATM’s across India. – A huge database of corporate clients, retail customer, and bank customers of ICICI. – Training provided to all people associating with ICICI prudential. – Highest paid up capital deposited in IRDA, in comparison to all players. – Assets base of ICICI is more then Rs 1, 08,000 Crores. 10/19/2013 Babasabpatilfreepptmba.com 8
  9. 9. WEAKNESS – Very huge premiums of policies Compare to other insurance sector. – Minimum premium is 19000.(Expect tax saving policy only 10,000) – Target upper class people only. – Policy charges are very high And problematic to advisors also. – Poor distribution is in English language only. 10/19/2013 Babasabpatilfreepptmba.com 9
  10. 10. OPPORTUNITIES : – Tie up with more corporate agents all over India. – Tie up with broker also – No. of adopting new technology. – Strong Brand of Company Helps to boost sales in market 10/19/2013 Babasabpatilfreepptmba.com 10
  11. 11. THREATS : – Threat from existing life insurance players – Threat from new entrance. – Threat to substitute products – Change in the policy of IRDA – Competition from more & more new players. 10/19/2013 Babasabpatilfreepptmba.com 11
  12. 12. Core And Auxiliary needs Education Insurance Plans - Protection – Good Education Wealth Creation Plans - Protection - Safety Premium Guarantee Plans - Protection - Earn money Protection Plans - Protection - Security Retirement Solutions - Protection - Safety purpose. Health Coverage Plans - Protection - Long life Rural Plans Micro Insurance Plans 10/19/2013 - Protection - Protection - Development - Economy Babasabpatilfreepptmba.com 12
  13. 13. Services of ICICI Education Insurance Plans • One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided. • ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future. • Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. 10/19/2013 Babasabpatilfreepptmba.com 13
  14. 14. • Smart Kid New Unit-linked • Regular Premium • Smart Kid New Unit-linked • Single Premium • Smart Kid Regular Premium 10/19/2013 Babasabpatilfreepptmba.com 14
  15. 15. Wealth Creation Plans • Wealth Creation Plans give the customer the dual benefit of protection along with the returns on their savings. • For customers who would prefer low risk options and at the same time would want to get returns on their investment, we offer nonlinked insurance plans. These plans offer returns on the amount invested while ensuring the plan is not affected by the fluctuations in the equity markets. 10/19/2013 Babasabpatilfreepptmba.com 15
  16. 16. Wealth Creation Plans • Wealth Advantage • Life Stage Assure • Life Time Gold • Life Link Super • Life Stage RP 10/19/2013 Babasabpatilfreepptmba.com 16
  17. 17. Premium Guarantee Plans • Invest Shield Life New • Invest Shield Cash Bank 10/19/2013 Babasabpatilfreepptmba.com 17
  18. 18. Protection plans The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one’s family from the financial implications of unfortunate circumstances than one cannot foresee. Protection Plans • Pure Protect • Life Guard • Save 'n' Protect • CashBak • Home Assure 10/19/2013 Babasabpatilfreepptmba.com 18
  19. 19. Retirement Solutions ICICI prudential retirement solutions also known as ICICI Pru pension plans have been designed to cater to the diverse requirements that characterize each individual. A retirement plan is an assurance of regular income source to continue with your present lifestyle. ICICI Prudential understands the importance of a pension plan for you and brings innovative and customized products and plans to suit each customer • Life Stage Pension • Lifetime Super Pension • Life Link Super Pension • Forever Life Plan • Immediate Annuity 10/19/2013 Babasabpatilfreepptmba.com 19
  20. 20. Health coverage plans Hospitalisation coverage: • MediAssure A reimbursement hospitalization plan covering hospitalization stay and treatment. The claim payout is based on actual expense incurred. • Hospital Care II A fixed benefit cashless hospitalization & surgical plan covering various stages of treatment and over 1000 surgeries. Critical illness coverage: • Crisis Cover A comprehensive health insurance policy that covers 35 critical illnesses, death and disability 10/19/2013 Babasabpatilfreepptmba.com 20
  21. 21. Health Coverage Plans • Health Saver • Medi Assure • Hospital Care • Crisis Cover • Cancer Care • Diabetes Care Active • Diabetes Assure 10/19/2013 Babasabpatilfreepptmba.com 21
  22. 22. Rural Plans ICICI Prudential covers more than 6,50,000 lives across as many as 17 states in India. Both our rural plans, Suraksha and Suraksha Kavach, are tailored to meet the unique requirements of rural investors. The plans offer: Life Cover ,Low and Affordable Premiums And Hassle Free Procedure PLANS ARE • ICICI Pru Suraksha • ICICI Pru Suraksha Kavach 10/19/2013 Babasabpatilfreepptmba.com 22
  23. 23. ICICI Pru Group Solutions Advantage • 1. Group Super Annuation: This flexible plan for both, defined benefit and defined contribution, provides retirement & tax benefits applicable to an approved superannuation trust. Read more • 2. Group Gratuity Plan: This hassle-free plan enables you to effortlessly fund your statutory gratuity obligation. Read more • 3. Annuity Solutions: This suite of retirement plans enables you to provide your employees with a steady income all through their retired lives. Read more • 4. Group Term Insurance Plan: This insurance plan provides affordable cover to all your employees. Read more • 5. Group Term Insurance in lieu of EDLI: This plan is certified by Employee Provident Fund Organization (EPFO) as a superior alternative to Employee's Deposit Linked Insurance Scheme. 10/19/2013 Babasabpatilfreepptmba.com 23
  24. 24. Punchline “ May your life be glorious”. In hindi “ Zindagi Tumhari Roshan Rahe”. 10/19/2013 Babasabpatilfreepptmba.com 24
  25. 25. Major competitors of icici prudential. BAJAJ ALLIANZ • HDFC LIFE INSURANCE ICICI PRUDENTIAL MAX NEW YORK LIFE INSURANCE LIC 10/19/2013 Babasabpatilfreepptmba.com 25
  26. 26. Bajaj allianz A joint venture between Bajaj Finserv and Allianz SE, Bajaj Allianz Life Insurance Co. Ltd. is one of the major insurance players in national and international market with assets more than a trillion to its credit. It has its units in 70 nations all across the world and has deployed more than 50,000 Insurance Advisers in its different units. 10/19/2013 Babasabpatilfreepptmba.com 26
  27. 27. Some of its popular plans are: • Health Plans, • Women Insurance Plans, • Term Plans, • Pension Plans • Micro Insurance • Children plans 10/19/2013 Babasabpatilfreepptmba.com 27
  28. 28. Tata AIG Life Insurance The Limited firm is a joint venture between American International Group, Inc. (AIG) and Tata Group. It is one of the biggest commercial groups in India and provides variety of standard and customized life insurance schemes. 10/19/2013 Babasabpatilfreepptmba.com 28
  29. 29. Some of its popular plans are: • Life Assure Educare • Life Invest Assure Plus • Life Easy Retire • Life Health Protector • Life Assure Lifeline Plans • Life Invest Assure Swarna Jeevan • Life Invest Assure Future • Retirement Planning. 10/19/2013 Babasabpatilfreepptmba.com 29
  30. 30. Max New York Life Insurance A joint venture between New York Life International and Max India Limited, the firm began its financial functions in India in 2001. It takes pride of being one of the the first life insurance firm to be felicitated by the IS0 9001:2000 status. With over 133 divisions all over India, Max New York provides an assortment of flexible scheme enveloping both health and life insurances. The company offers different plans based on individual needs and to meet its long term fiscal objectives. 10/19/2013 Babasabpatilfreepptmba.com 30
  31. 31. Some of its popular plans are: • Strategic Products Plans • Retirement Plans • Savings Plans • Health Plans • Children Plans • Protection Plans • Investment plans etc. 10/19/2013 Babasabpatilfreepptmba.com 31
  32. 32. Life insurance corporation LIC offers life insurance protection under group insurance policies to various groups such as employer-employees, professionals, co-operatives, weaker sections of society, etc. LIC provides insurance coverage to people at subsidized rates under Social Security Group Schemes. Besides Providing insurance coverage, life insurance corporation of India also offers group schemes to employees, which provide funding of gratuity, pension liabilities and leave encashment liabilities of the employers. 10/19/2013 Babasabpatilfreepptmba.com 32
  33. 33. Some of its popular plans are: – LIC Health Insurance Plans – LIC Pension Plans – LIC children plans – LIC Term Assurance Plans – LIC basic life insurance plans – LIC Group Life insurance plans 10/19/2013 Babasabpatilfreepptmba.com 33
  34. 34. HDFC HDFC and Standard Life first came together for a possible joint venture, to enter the life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995, the companies signed a 3-year joint venture 10/19/2013 agreement. Babasabpatilfreepptmba.com 34
  35. 35. Some of its popular plans are: • Health plans • Retirement plans • Children plans • Saving and investment plans • Protection plans. 10/19/2013 Babasabpatilfreepptmba.com 35
  36. 36. Brand competitors PRODUC ICICI TS HDFC LIC BAJAJ Children gain Child plans Smart kid plan HDFC SL Youngster Super II Komal Jeevan Retirement solution Lifetime super pension HDFC Personal Pension Plan Jeevan Suraksha. Swarna Vishranth Health Health saver HDFC Surgicare Plan Health Plus 10/19/2013 Babasabpatilfreepptmba.com Health Ensure 36
  37. 37. Strengths of Hdfc. • Domestic image of HDFC supported by Prudential’s international image is strength of the company. • Strong and well spread network of qualified intermediaries and sales person. • Strong capital and reserve base. • Huge basket of product range which are suitable to all age and income groups. • Large pool of technically skilled manpower with in depth knowledge and understanding of the market. • 10/19/2013 Babasabpatilfreepptmba.com 37
  38. 38. Weaknesses of hdfc • Heavy management expenses and administrative costs. • Low customer confidence on the private players. • Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception. • Poor retention percentage of tied up agents. 10/19/2013 Babasabpatilfreepptmba.com 38
  39. 39. Swot analysis on LIC OF INDIA • Strengths : 1) Brand Image 2) Govt Guarantee 3) Claims settlement 4) Pan India presence 5) Large product portfolio 10/19/2013 Babasabpatilfreepptmba.com 39
  40. 40. weakness 1) Lethargic Staff 2) Mediocre Top Bosses 3) Large scale Corruption in Main Office 10/19/2013 Babasabpatilfreepptmba.com 40
  41. 41. Strengths of Bajaj allianz • Risk Management. • Service Sector Management (S S E). • The company also provides innovative products to cater to different needs of different customers. • The company provides customer service of the highest order. 10/19/2013 Babasabpatilfreepptmba.com 41
  42. 42. Weaknesses of bajaj allianz • Low customer confidence on the private players • Ultra-Slow decision making process • Internal problems between Top Management and lower cadre Employees 10/19/2013 Babasabpatilfreepptmba.com 42
  43. 43. OBJECTIVES OF LIC • To propagate the idea and practice of life insurance in rural areas among financially backward people so that their risks were covered in the event of death. • The LIC of India intends to increase the mobility of individual savings to the maximum extent possible. • The LIC of India seeks to employ the investments of its customers in the best possible manner while at the same time prioritizing matters of national importance. 10/19/2013 Babasabpatilfreepptmba.com 43
  44. 44. Objectives of HDFC • The company aims at meeting the dynamic expectations of its investors by adding innovative schemes and products to its portfolio. • Efficiency of operations • Meet social and rural sector obligations 10/19/2013 Babasabpatilfreepptmba.com 44
  45. 45. Objectives of bajaj allianz • Focus on the productivity of each consultant,coroporate or individual ,while stressing on the quality of proposals • Quick roll out of products 10/19/2013 Babasabpatilfreepptmba.com 45
  46. 46. Whom to attack and whom to avoid Competitors Strong HDFC     LIC     BAJAJ 10/19/2013 Weak  Close Distant Good  Babasabpatilfreepptmba.com Bad  Attack Avoid  46
  47. 47. • ICICI have to attack HDFC. • ICICI have to attack LIC. • ICICI have to avoid Bajaj Allianz. 10/19/2013 Babasabpatilfreepptmba.com 47
  48. 48. MARKETING MIX MARKETING-MIX MODELS analyze the data from a variety of sources, such as retailers scanner data, company shipment data, pricing, media and promotion spending data, to understand more precisely the effects of specific marketing activities. They are : PRODUCT PRICE PLACE PROMOTION 10/19/2013 Babasabpatilfreepptmba.com 48
  49. 49. PRODUCT:- stands for the goods and services offered by a company to the target market, to satisfy needs and wants of the customer. PRICE:- refers to the money value that the consumers have to pay to buy the product or service. PLACE:- stands for physical distribution activities through which the product moves from the factory to the customer . PROMOTION:- refers to the activities of personal selling, advertising, and communicating product benefits and attributes to target consumers to persuade them to purchase 10/19/2013 Babasabpatilfreepptmba.com 49
  50. 50. IDENTIFICATION OF ICICI IN MIX PRODUCT PRICE PLACE PROMOTIO N SMART KID NEW UNIT – LINKED Rs.12000 and above COMPANY They are providing offers and discounts during festival seasons. LIFE TIME GOLD Rs. 50000 and above AGENTS LIKE:TV advertisement, news papers, banners, internet adds, and offers like INVEST SHIELD Rs. 5000 and above LIFE NEW LIFE GURD PLAN 10/19/2013 PERSONAL SELLING Personal selling, sales promotion, public relations Rs. 20000 and above CUSTOMERS Babasabpatilfreepptmba.com 50
  51. 51. PRODUCT PRICE PLACE PROMOTION LIFE STAGE PENSION Rs. 20000 and above COMPANY They are providing offers and discounts during festival seasons. HEALTH SAVER Rs. 5000 and above AGENTS PERSONAL SELLING LIKE:TV advertisement, news papers, banners, internet adds, and offers like Personal selling, sales promotion, public relations CUSTOMERS 10/19/2013 Babasabpatilfreepptmba.com 51
  52. 52. Premium for 1 Year plans in Rupees (Inclusive of Service Tax, Education Cess & Higher Education Cess @ 10.3%) Plan A Plan Details Individua l Plan C 2 Adults & 1 Kids Plan B 2 Adults Age of senior most 2 Lac 3 Lac 2 Lac 3 Lac 4 Lac 2 Lac 3 Lac 4 Lac family member 5 - 18 yrs. 1,956 2,250 19 - 35 yrs. - - - - - 2 Lac Plan E 1 Adult & 1 Kid Plan F 1 Adult & 2 Kids 3Lac 4 Lac 2 Lac 3 Lac 4 Lac 2 Lac 3 Lac 4 Lac - - 2,644 3,046 3,965 4,570 6,854 5,139 5,920 8,899 6,312 7,270 10,94 3,472 3,999 6,019 4,329 4,985 7,516 3 36 - 45 yrs. 3,312 3,679 4,968 5,519 7,702 6,141 6,869 9,746 7,314 8,219 11,79 4,023 4,521 6,485 4,831 5,460 7,940 1 46 - 55 yrs. 5,896 6,552 9,434 10,48 14,67 10,60 11,83 16,71 3 5 7 3 9 11,781 13,18 18,76 10,32 11,42 6,479 7,251 7,064 7,942 3 3 0 6 56 - 60 yrs. 8,026 11,55 12,84 17,97 12,73 14,19 20,02 7 1 7 1 2 1 13,904 15,54 22,06 12,13 13,07 7,647 8,548 8,125 9,121 2 5 6 7 10/19/2013 - Plan D 2 Adults & 2 Kids Babasabpatilfreepptmba.com - - - - - - - 52
  53. 53. Factors affecting consumer buying behavior FACTORS HIGH/MEDIUM/LOW IMPACT JUSTIFICATION Cultural factors Medium Impact The ICICI prudential insurance slightly based on the buyers culture, subculture, social class of the buyer. Social factors Low Impact Consumers reference groups, family, role and status has low impact Personal factors High Impact The company plans are categorized such as children plans, retirement plans, wealth creation plans etc.. Psychological factors Medium Impact This company plans depend on only beliefs and attitudes. Not on motivation and perception 10/19/2013 Babasabpatilfreepptmba.com 53
  54. 54. BUYING DECISION PROCESS This is important for anyone making marketing decisions. It forces the marketer to consider the whole buying process. 10/19/2013 Babasabpatilfreepptmba.com 54
  55. 55. BUYING DECISION PROCESS NEED RECOGNITION INFORMATION SEARCH EVALUATION OF ALTERNATIVES PURCHASE POST PURCHASE EVALATIION 10/19/2013 Babasabpatilfreepptmba.com 55
  56. 56. Need Recognition First basic need of purchasing is to be identified. Example : Safety & Income 10/19/2013 Babasabpatilfreepptmba.com 56
  57. 57. Information Search Through information sources like agents, friends, internet, & advertise etc. 10/19/2013 Babasabpatilfreepptmba.com 57
  58. 58. Evaluation of Alternatives Evaluation product. of substitutes for purchasing Example : We have to evaluate health plan of ICICI with health plan of HDFC. 10/19/2013 Babasabpatilfreepptmba.com 58
  59. 59. Purchase After evaluating all alterative plans or schemes customer choose best alternative which fulfils his/her need. 10/19/2013 Babasabpatilfreepptmba.com 59
  60. 60. Post-purchase evaluation Experience of customer after using plans or experience, schemes. Depending customer may or his/her may not satisfied. 10/19/2013 Babasabpatilfreepptmba.com 60
  61. 61. CONCLUSION ICICI prudential Life Insurance Company is the well established company. It will be responsive to customer requirements. It will provide societal, environmental, & economic benefits to the customers & geographic where they operate. After doing this presentation we have come to know that core and auxiliary needs, Orientation and Philosophy, SWOT analysis, schemes, competitor’s analysis, brand competitors, buying decision process, factors influencing buying behavior and marketing mix of ICICI prudential. Finally we have learnt presentation skills, group dynamics and co ordination. 10/19/2013 Babasabpatilfreepptmba.com 61

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