a study on marketing strategy of insplore consultant

1. SUMMER TRAINING REPORT
ON
MARKETING STRATEGIES OF
INSPLORE CONSULTANTS
Under The of Guidance of Presented by
Dr. Gayatri Chopra Garima Pandey
(Associate Professor) MBA III SEM
00920803921
Bhagwan Parshuram Institute of Technology
School of Business Administration
Batch 2021-23

2. TABLE OF CONTENTS
• Introduction of the Company
• Literature Review
• Objective of the study
• Data Analysis
• SWOT Analysis
• Summary & Conclusion
• References

3. INSPLORE is the choice of Multinationals and leading Indian Businesses because it is the preferred talent
acquisition partner for them. Our Experts are helping the talent seeker and the Job Seeker to find each
other: We Inspire, You Explore.
We, as an expert in financial advisory, realise the need of every customer who is looking for financial
independence and help them to reach that level of financial freedom. We understand how the perception
regarding the value of money changes as per different individuals’ desires. We extend a helping hand to
customers by assisting them in making crucial financial decisions and managing their wealth effectively to
ensure that our customers stay stress free and get rid of their financial worries.
We believe in timely adaptation with the dynamic environment in order to deal with any challenges ahead
with utmost enthusiasm because we understand the importance of taking the right action at the right time to
cope with the dynamic environment.
INTRODUCTION OF THE COMPANY

4. Company’s vision and mission
Vision
Our vision is to become the most trusted financial advisor as well as most valuable recruitment
service provider.
Mission
We thrive to provide best wealth management advice through honest financial solutions as well as
inspire the candidates to explore job opportunities across various industrial sector.

5. LITERATURE REVIEW
This chapter presents the review of literature relating to the study undertaken. A brief review of literature would be of
immense help to the researcher in gaining an insight into the selected problem. It would help in gaining good knowledge
of the area under study. This study is the first of its category in the way as it attempts to compile the views given by
expert commissions, research bodies and individual researchers with reference to private life insurance, people perception
of life insurance, awareness and LIC. The reviews presented below are based on internet search, perusal of related
literature available in libraries and from various publications of books, newspapers, journals, magazines and research
studies made on this topic.
1.Dr. Sunayna Khurana (2021):- Life Insurance is pure service in which customer face more difficulty in evaluation of
quality as compared to goods. Moreover, there is also a pure competition in life insurance industry in India. Each service
provider is doing hard to satisfy their customers by match the customer’s expectation with their service offering but
customer’s expectations are kept on going high. This paper analyses the relationship between service quality and
customer satisfaction. Sample of 200 customers of ten life insurance companies in Haryana state were selected with the
help of random number table. Responses of customers were analyzed with the help of factor analysis. Multiple
Regressions was used to test the relationship between Service Quality and Customer Satisfaction in life insurance
Industry. The study found that customer expectations and perception toward tangibility, assurance, competency &
credibility dimension of service quality have more impact on customer satisfaction. That means customers are more
conscious towards statements related to these dimensions.

6. Antonio Coviello and Giovanni Di Trapani (September 2017):- Customer satisfaction with a company's
services is often seen as the key to a company's success and long-term competitiveness. The insurance
industry is getting a lot of attention as Customer satisfaction. In the context of relationship marketing,
customer satisfaction is often viewed as a central determinant of customer retention. The overall purpose
of this article is to develop a conceptual foundation for investigating the customer retention process, with
the use of the concepts of customer satisfaction and relationship quality. Customer satisfaction is a key
metric for insurance companies to monitor in order to gauge which areas of their customer service are
strong and which areas need improvement in order to maintain or increase their membership base.
Prof. G. Kothandapani and V. Radha and Dr. V. Balakrishnan November 2017):- The initiatives taken by
the private players are very competitive and have given immense competition to the on-time monopoly of
the market LIC. Since the advent of the private players in the market the industry has seen new and
innovative steps taken by the players in this sector. The new players have improved the service quality of
the insurance. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi,
Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and
2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. The general insurance
industry in India was nationalized and a government company known as General Insurance Corporation of
India (GIC) was formed by the Central Government in November 1972. The members of development
agency for their spouse’s minimum age at the start of the policy 18 years last birthday and maximum age
at the start of policy 50 years last birthday.

7. Objective of the study
o To identify the segmentation, targeting and positioning of the company.
o To identify the effectiveness of insplore consultant.

8. Data Analysis & interpretation
Porter’s Five Forces Model of Insurance Sector:
Competition in an industry is rooted in its underlying economics, and competitive forces Exist that go well beyond
the established combatants in a particular industry. The state of competition in an Industry depends on five basic
forces that are as follows.

9. • Interpretation: Insplore consultant Pvt. Ltd is using “Industry Rivalry” to compete better with its
competitor to increase the market size.(Homosphere).
• Insplore is also using “The threat of substitute products” to understand the core need of the customer
and increase the switching cost for the customer.
4Ps of Marketing mix:
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or
product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.

10. Product:
Interpretation: Insplore consultant Pvt. Ltd is not developing any products because they are a bank
consultancy company. They are a selling the Products of Indian first life insurance product.
Price:
Interpretation Insplore consultancy Pvt. Ltd , not decided a product price, because they are selling the
Indian first life insurance product. They are set the product price according to Indian first finance company.
But they are providing some extra interest and discount on particular products to specific customers only.
Place:
Interpretation: Insplore Consultancy Pvt. Ltd. sells intangible product/service. They are following direct
selling approach, and choosing the target audience for product selling

11. Promotion:
• Interpretation: Insplore consultancy Pvt. Ltd. is promoting a product on different social media platforms
like WhatsApp. Instagram, and Facebook. They are mainly focuses on personalselling through
employees & interns.
Segmentation , Targeting & Positioning:
Segmentation:
• Interpretation:Insplore consultants use the demographic segmentation. Demographic segmentation is
one of the simple, common methods of market segmentation. It involves breaking the market into
customer demographics as age, income, gender, race, education, or occupation. The company breaks
the market into different income groups and then targets their market according to the segmentation.
Targeting:
• Interpretation:Target marketing is a key component of effectively growing your business in the insurance
industry; even more so when working in niche markets. Program business continues to outpace the
commercial sector in terms of growth, with reference to Insplore Consultant.

12. • Positioning
• Interpretation: Insplore is following income segmentation strategy by targeting the consumers with
income levels of Rs.4,00,000 P.A to Rs. 6,00,000 P.A. They are providing the financial services to this
client base and generating higher source of revenue as compared to it’s competitors.
• Cost leadership & Product differentiation:
• Cost leadership
• Interpretation: Insplore is providing it’s cost-efficient services to the customers which help them in
obtaining the competitive advantage over it’s competitors like Homosphere, bajaj etc. They are placed
as the cost leader in this market segment.
• Product Differentiation
• Interpretation: Insplore is providing a wide range of financial services to its customers which lead to its
drastic increase in profit margin by 80% in F.Y 21-22. The differentiation in its product and services has
resulted in the increase in the market share of the company.

13. Strength
• Strong compliance
• Have the existing loyal customer
• Working with companies’ products which
have excellent reputation.
• Strong and motivated team
• Quality and effective performance
• Working with high standards and privacy
Weakness
• Slow process due to paper work
• Working with Limited product and services
• Available in limited location (Physical
presence)
Opportunity
• Expanding the presence in different
location.
• Introduction of ERP or using new
technology for managing the customer.
• Taking the government contract
• Getting multiple projects from
• different companies
Threats
• Changing laws and regulations
• Less demands for certain projects’ product
and services
• Large Competitors products or services
• Weak financial position of customer due to
pandemic.
SWOT ANALYSIS

14. Conclusion
The study concludes that Marketing strategies indicate the general approaches to be used in
achieving product objectives. Insplore consultants has used all the customer-driven marketing
strategies in their company's activities to meet the expectations and needs of customers. These
strategies are a framework of actions to see the progress toward the intended goal. Insplore has
succeeded in identifying attractive market segments according to their customers' preferences.
Insplore segmented the market based on variables such as age and generation, and regions and
states to serve their customer better. Moreover. Insplore chose a good market-targeting strategy
which is micro-marketing specific to local marketing Choosing a targeting strategy depends on
product variability. Insplore has shown a great job on marketing positioning too. Choosing the
positioning is often easier than implementing because establishing or changing a position usually
takes a long time but Insplore manage to handle it by maintaining consistent performance and
communication within the company. The marketing mix of price, product, place, and promotion,
remain relevant and vital in any marketing campaign. Determining the 4P's and how they all interact
is important in identifying the key factors of marketing a particular product or service.

15. Suggestions
The role of uncertainty and the knowledge about the return-on-Investment Avenue are important components
of any investment. The extent of an investor’s ability to tolerate these uncertainties of return is referred as risk
tolerance level of an investor.
1.Risk tolerance tends to be subjective rather than objective
2. Company should promote itself more.
3 .Policies should be sold by establishing a tie up with corporate bodies
4 .Company should also try to sell its own policies rather than focusing only on policies of India First Life
Insurance
5. Various investment fairs, trade shows, exhibition should be organized by the company to attract investors
6. Apart from asking interns to sell insurance company should try and focus on promoting its product as well.

16. Reference & Bibliography
Books:
l Smith, B. (2003). The effectiveness of marketing strategy making processes: A critical literature review and a research agenda. Journal
of Targeting. Measurement and Analysis for Marketing, 11(3), 273-290
l Hanuláková, E., & Becková, I. K. (2016), Marketing as a part of strategic management of consulting companies. Studia Commercialia
Bratislavensia, 9(35), 266.
NEWSPAPER:
ü Hindustan Times
ü The Indian Express
ü India Today
ü Financial Express
WEBSITES:
https://wwwinsploreconsultant.com/
https://wwwindiafirstlife.com//
https://www.investopedia.com/terms/m/marketing-strategy/