Consumer Decision Making Process Assignment

MARKETING MANAGEMENT
Consumer Decision Making Process
Company: TATA AIG Insurance Ltd.
Submitted to: Dr. Shailesh Pandey
Submitted by: Group 19
Name Roll No.
Email ID
Janvi Lalwani 0197 “C” [e-mail]
Shubham Gupta 0180 “C” [e-mail]
Sanat Pandey 0190 “C” [e-mail]

Tata AIG company ltd is a joint venture between the tata group and the American
international group (AIG). Tata AIG company found in the year 2001. The group
holds a 74%stake in insurance and AIG holding the balance of 26%. The company
has made a mark in the industry by launching several innovative products and
services over the years. the range of general products including insurance for
automobile, home, property, casualty etc. The company’s products are available
through distribution channels like agents, brokers, banks and direct channels like
telemarketing, worksite, etc. the current CEO of TATA AIG is Neelesh Garg.
SWOT ANALYSIS
Strengths
1. Customised Insurance
Solutions for customers
2. State of Art I.T
Infrastructure
Weaknesses
1. Less penetration in rural
areas
2. Small Agent Strength as
compared to competitors
Opportunities
1. Growing rural market
2. Earning Urban Youth
Threats
1. Global economic crisis
2. Entry of new NBFCs in the
sector

5 Steps of Consumer Decision Making Process
There are 5 steps involved in every purchase decision a consumer makes.
Every consumer is different and thus behaves differently at every step.
1. Recognizing Problems
How do people recognize the need of Insurance?
Every need begins with a problem and incase of TATA AIG insurance, most people face problems
of future emergencies and family security according to the survey conducted. Let’s consider an
example of Health Insurance; whether we talk about middle class people or higher-class people,
today medical bills are a headache for all. One medical bill for a sever issue can cost us our lifetime
savings. These problems can be taken care of with Insurance policies provided by TATA AIG
Insurance Ltd.
Specific “triggers” that raise customer awareness for Insurance Industry Like Tata AIG?
➢ Internal Triggers
➢ External Triggers
Homeownership
• Buying a Home
• Home Mortage
• Getting
Mortgage
Getting Married
• Future Financial
Planning
• Marriage
Expenses
Child Birth
• Child Education
• Child Future
Expenses
Financial Change
• Financial
Dependency
• Family Security
Advertisment
•Attention Seeking ADs
•Door to Door Awarness
Family Financial Phylosophy
•Family pressure or
cumpolsion
•Heritage
Benefit Based
•Tax Benefit
•Return Guarantees
•Liquidity Options