Service Industries Marketing and Insurance Research
Added on 2020-07-23
13 Pages3902 Words213 Views
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DISSERTATION(To evaluate problems and prospects for marketing of insuranceservice)
Table of ContentsRESEARCH PROPOSAL...............................................................................................................1Background of the study.............................................................................................................1Rationale of the study..................................................................................................................1Aim and Objectives.....................................................................................................................2Research Questions.....................................................................................................................2Significance of the research........................................................................................................2Literature Review........................................................................................................................3Research methodology................................................................................................................5Ethical Consideration..................................................................................................................7Plan of Work...............................................................................................................................8REFERENCES..............................................................................................................................10
RESEARCH PROPOSALBackground of the studyMarketing is considered as one of the essential elements that support in analysing marketcondition and planning activities properly. The main objective of marketing activities is to makepeople aware with products and services of company and generate value for customers (Peck andet.al, 2013). It is the tool that is beneficial for entity in generating high revenues in organization.Impressive marketing tactics support in increasing the market share and gaining competitiveadvantage. Today's business of Hong Kong is highly dependent upon the marketing functions.Insurance industry always takes support of promotional activities in order to grow well. Over theperiod of time, drastic changes have taken place in insurance market of Hong Kong. Needs ofpopulation and economic condition have changed scenario of this sector (Diacon, 2016). There are many attributes which are needed to be included in marketing functions byinsurance firms such as needs of clients, quality of services, consistency and ability to pass claim. There are many people who do not prefer to buy insurance policies. It is because; they thinkthat it is not a profitable investment (Srinivasan, 2014). These persons look at the insurance asinvestment purpose but it is more than this. Choice of marketing channel, mistrust, ineffectivepromotional tools are the major problems faced by insurance sector in its marketing process. Present study is based on MetLife Insurance Limited in Hong Kong. It is the globalprovider of life insurance (Kiragu, 2014). It has approx. 90 million clients in more than 60countries. Apart from insurance products, it also offers investment and annuities products andservices. Study will discuss problems for marketing of insurance services faced by MetLife inHong Kong. Furthermore, impact of these marketing issues on performance of business unit willbe described in this research project. Rationale of the studyMarket is changing with the rapid speed. It has become essential for entities to modifytheir operations as per the market condition (Raina and Roebuck, 2016). For providingsatisfactory services to them, company has to market their products well so that people can getattracted towards it. Trust of consumers is decreasing from the insurance sector of Hong Kong.People have invested into insurance with the purpose to get high returns but due to changes ineconomic position, firms were unable to provide good returns over their investment. In such1
condition, trust of the persons get decreased. This can support in the growth of insurance sectorand in generating higher revenues (Andersson and Mattsson, 2015). Currently, insurance sectorof Hong Kong is not able to market their services effectively due to which premiums areincreasing but new policies are not taking place in companies. Aim and ObjectivesAim“To evaluate problems and prospects for marketing of insurance services - A case study ofMetLife Insurance Limited in Hong Kong”ObjectivesTo explain the conceptual framework of marketing in insurance sector of Hong KongTo identify problems and prospects that are faced by MetLife Insurance Limited in HongKongTo evaluate the impact of problems for marketing of services on business performance ofinsurance companies To suggest the ways to minimize problems for marketing services of MetLife andimprove its profitability Research QuestionsWhat is conceptual framework of marketing in insurance sector of Hong Kong?What are the major problems and prospects that are faced by MetLife Insurance Limitedin Hong Kong?How problems impact on business performance of insurance companies?What are the ways to minimize problems for marketing services of MetLife and improveits profitability?Significance of the researchCurrent study will be beneficial for insurance firms of Hong Kong because they will getto know issues that prohibited them to devise effective marketing strategies. It will support inidentifying the root cause of problems and finding solution of these issues so that insurance firmscan market their services (Jiwani and et.al, 2014). This research will be equally significant for2
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