Documente Academic
Documente Profesional
Documente Cultură
Assistant Manager
Associate Professor
ACKNOWLEDGEMENT
At first , I would like to extend my thanks to Ms Shanthi yagnanatha who
gave me a chance to have the hands on experience of learning the ethos of
corporate culture in an organization like IDBI FEDRAL LIFE INSURANCE
COMPANY Ltd.
I would also like to thank my company guide Mr. Datta Reddy (Assistant
Manager) under whose tutelage and guidance, I have been successful to
execute this undertaking.
I would also like to take the opportunity to thank my faculty guide, Dr.
Sridhar Vaithianathan (Associate Professor, Operations), who has been a
continuous epitome of putting in the correct efforts and as well as how to
improvise over time. He has been a catalyst in bringing this undertaking to the
desired format.
Not to forget, I would also like to thank all other people from IDBI FEDRAL
LIFE INSURANCE. who provided me with constant help and took out time to
listen to my queries and helped me override them in the best possible way.
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TABLE OF CONTENTS
Content
Page No.
Title Page
Acknowledgement
Executive Summary
Introduction
Industrial Analysis
About Company
Methodology
8-14
15-33
Limitations
34
Findings
35
References
36
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Executive Summary
The health of the insurance sector reflects a countrys economy. This
sector not only generates long-term funds for infrastructure
development, but also increases a countrys risk-taking capacity. Indias
economic growth since the turn of the century is viewed as a significant
development in the global economy. This view is helped in no small part
by a booming insurance industry. The future of the Indian insurance
sector looks bright. The sector which stood at a strong US$ 72 billion in
2012 has the potential to grow to US$ 280 billion by 2020. This growth is
driven by Indias favorable regulatory environment which guarantees
stability and fair play. This environment has given rise to an insurance
market which encourages foreign investors to tap into the sectors
massive potential.
This project is about the brand equity of the insurance company, which is
what factors are there which makes the brand equity for this company
and what is their impact in insurance perspective. Thus in the nutshell it
will give the effect which the IDBI Fedral company is having of its brand
equity on its sales.
In this project the focus is on the customer based brand equity model. As
per Kevin Lane Kellar brand equity is the differential effect of knowledge
of brand on customers to the marketing aspects. The factors which are
responsible for the brand equity are past experiences, perception,
information. Brand equity is composed of brand image which is what
image of the brad a customer has based on the past experiences of itself
or of others, second is brand knowledge which is the major part as for
having any perception one should have full knowledge of that particular
subject and that is where brand knowledge comes into play. Third comes
the brand perception it is the thought or hypothesis in the minds of
customers about the working of a product or a company. As this project is
dealing with a service sector company customer relationship with
company is a major factor here which decides the perception a customer
will have about the company. Fourth is the brand substitutability, which is
specially considered for this project it determines the level to which a
customer can substitute its brand with other brand if that brand is
unavailable.
Thus this project will give the current strength and positioning of the
brand and when this brand equity will be combines with the sales data it
will give that what is the impact of different factors of brand equity on
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sales, it will elaborate that which factors hold sales with them with
respect to others.
Industry overview
Insurance in India is the market for insurance in India which covers both
the state and private sector organization . It is listed in the Constitution
of India on the Union list in the Seventh Schedule meaning it can only be
legislated by the central government.
The insurance sector has gone through a number of phases by allowing
private companies to solicit insurance and also allowing foreign direct
investment of up to 26% (as of 2013 there have been proposals to
extend the FDI up to 49% to strengthen the Insurance Market even
further).
The future of the Indian insurance sector looks bright. The sector which
stood at a strong US$ 72 billion in 2012 has the potential to grow to US$
280 billion by 2020. This growth is driven by Indias favorable regulatory
environment which guarantees stability and fair play. This environment
has given rise to an insurance market which encourages foreign investors
to tap into the sectors massive potential.
Ever since the Indian government liberalized the insurance sector in 2000
and opened the doors for private participation, the sector has gone from
strength to strength. The resultant competition has provided the
consumer with a never-before-seen range of products and providers, and
also enhanced service levels markedly.
The health of the insurance sector reflects a countrys economy. This
sector not only generates long-term funds for infrastructure
development, but also increases a countrys risk-taking capacity. Indias
economic growth since the turn of the century is viewed as a significant
development in the global economy. This view is helped in no small part
by a booming insurance industry.
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Market share
4% 3%
2% 1%
5%
5%
9%
LIC
ICICI PRUDENTIAL
SBI LIFE
HDFC STANDARD
BAJAJ ALLIANZ
MAX LIFE
72%
About my Project
8 | Page
In this project the focus is on the customer based brand equity model. As
per Kevin Lane Kellar brand equity is the differential effect of knowledge
of brand on customers to the marketing aspects. The factors which are
responsible for the brand equity are past experiences, perception,
information. Brand equity is composed of brand image which is what
image of the brad a customer has based on the past experiences of itself
or of others, second is brand knowledge which is the major part as for
having any perception one should have full knowledge of that particular
subject and that is where brand knowledge comes into play. Third comes
the brand perception it is the thought or hypothesis in the minds of
customers about the working of a product or a company. As this project is
dealing with a service sector company customer relationship with
company is a major factor here which decides the perception a customer
will have about the company. Fourth is the brand substitutability, which is
specially considered for this project it determines the level to which a
customer can substitute its brand with other brand if that brand is
unavailable.
For this project a set factor are designed based on the Aakers and Kevin
Kellers brand equity model and the research result from Brad Aukens
The blake Project. The factors which are taken are brand loyalty, brand
awareness, brand image perceived brand quality, brand association,
post purchase decision, brand response and brand substitutability.
BRAND AWARENESS
Keller (2003) stated that Brand awareness can be referred to as the ability of a consumer to
distinguish a brand under various conditions.
Brand awareness is built and increased by familiarity with the brand as a result of repeated
exposure of the brand through various marketing strategies which eventually leads to
consumers experience with the brand.
Consumers experience of a particular brand could either be by hearing, seeing, or thinking
about it and this will help the brand to create a certain degree of perception in the minds of
consumers.
There are three levels of brand awareness namely:
Brand recognition: It is the ability of consumers to identify a certain brand amongst
other i.e. aided recall. Aided recall is a situation whereby a person is asked to
identify a recognized brand name from a list of brands from the same product
class.
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Brand
BRAND IMAGEBrand image is referred to as the consumer perception about the brand or how they view it.
According to Keller (1993), brand image is also seen as a symbolic construct created
within the minds of people and consist of all the information and expectation associated
with product or service .
Brand image is the current view of the customers about a brand. It can be defined as a
unique bundle of associations within the minds of target customers. It signifies what the
brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is
nothing but the consumers perception about the product. It is the manner in which a specific
brand is positioned in the market. Brand image conveys emotional value and not just a
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alternatives. Perceived quality is, first, a perception by customers. It thus differs from
several related concepts, such as:
a) Actual or objective quality: the extent to which the product or service delivers superior
service
b) Product-based quality: the nature and quantity of ingredients, features, or services
included
c) Manufacturing quality: conformance to specification, the "zero defect" goal
Perceived quality cannot necessarily be objectively determined, in part because it is a
perception and also because judgments about what is important to customers are involved.
An evaluation of washing machines by a Consumer Report expert may be competent and
unbiased, but it must make judgments about the relative importance of features, cleaning
action, types of clothes to be washed, and so on that may not match those of all customers.
After all, customers differ sharply in their personalities, needs, and preferences.
Perceived quality is an intangible, overall feeling about a brand. How-ever, it usually will be
based on underlying dimensions which include characteristics of the products to which the
brand is attached such as reliability and performance. To understand perceived quality, the
identification and measurement of the underlying dimensions will be useful, but the
perceived quality itself is a summary, global construct.
Perceived quality is a major determinant of brand strength. Quality helps to increase market
share, which results in lower unit costs through scale economies. So it provides a
competitive edge over the rivals in securing potential market area by inspiring the
customers.
BRAND ASSOCIATIONTo create brand equity, it is important that the brand have some strong, favorable and unique
brand association. Creating strong, favorable and unique associations is a real challenge to
marketers, but essential in terms of building customer-based brand equity.
The favorable brand associations are created by convincing consumers that the brand
possesses relevant attributes and benefits that satisfy their needs and wants such that they
from positive overall brand judgments. Basically brand associations can be classified into
three major categories that is, attributes, benefits and attitudes. Attributes are those
descriptive features that characterize a product or service.
Attributes are further sub divided into product related and non-product related. Benefits are
the personal value consumers attach to the product or service attributes can be further
distinguished into three categories i.e. functional benefits, experimental benefits and
symbolic benefits. Brand attitudes are consumers overall evaluations of a brand, which is
most important one because it is directly associated with the consumers buying behavior.
POST PURCHASE BEHAVIORAfter purchasing the product, the consumer will experience some level of satisfaction or
dissatisfaction. The consumer will also engage in post purchase action and product uses of
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interest to the marketer. The consumers satisfaction or dissatisfaction with the product will
influence subsequent behaviour, if the consumer is satisfied, then he/she will exhibit a
higher probability of purchasing the product on the next occasion.
The satisfied consumer will also tend to say good thighs about the product and the company
to others. The post purchase behaviour is depending upon the extent of consumers set of
experience stored in memory, how well they select products and stores and the type of
feedback they received.
The post purchase evaluation involves comparison between the expectations and actual
performance of the product or brand. There are three possibilities at this stage. First, there is
no discrepancy between expectations and actual performance. It leaves the consumer with
neutral feelings. Second, performance exceeds expectations, in this situation consumer feels
satisfied. Third, performance falls below expectations, this leaves the consumer dissatisfied.
Post purchase behaviour indicates to what extent these purpose have been met and motives
achieved. Post purchase activity gives an indication as to whether the customers are going to
again patronize a firm in future, and also whether they will be in a mood to recommend a
product to potential customers.
Simply defined, Post-Purchase Behavior is the stage of the Buyer Decision Process when a
consumer will take additional action, based purely on their satisfaction or dissatisfaction.
The consumer's level of satisfaction or dissatisfaction is directly related to the varying
relationship between their initial expectations of the product (pre-purchase), and their
perception of the actual performance of the product (post-purchase) in their hands.
If after the purchase the consumer perceives the product's performance as matching their
expectations, or even exceeding them, they will be "satisfied". If their perception of the
product's performance is less than their expectations, then the consumer will feel
"dissatisfied". The larger the gap between their expectations and the product's performance,
the more dissatisfaction. This dissatisfaction leads to Cognitive Dissonance.
Cognitive Dissonance is buyer discomfort caused by post-purchase conflict resulting from
dissatisfaction. The reality is that all purchases, big and small, will result in some degree of
Cognitive Dissonance. This is always the case, because every purchase a consumer makes
involves some sort of compromise, however small or minute. Since consumers form beliefs
and attitudes early in the Buyer Decision Process, at some point they will be concerned
about having a negative experience with the product they may chose, or potentially missing
the perceived benefits of other competing brands.
The issue of Cognitive Dissonance raises an important question: Why is it so important to
satisfy the consumer? It all comes back to our basic definition of marketing: Managing
profitable customer relationships. The goal is to attract new customers through superior
value, and to keep growing customers by delivering customer satisfaction. If we are doing
these things, then we will be able to capture value from customers to create profits and build
customer equity. So, if our customers are satisfied they will begin to develop brand loyalty.
This brand loyalty will help us develop profitable relationships. Our satisfied customers
will buy from us again. They will become influencers in their cultural and social groups.
They will pay less attention to competitors, and buy more of our products.
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Dissatisfaction breeds the opposite. Consumers that perceive poor product performance will
not create profits and will erode customer equity. They will not be loyal, and they will
become negative influencers in their cultural and social groups, leading others away from
our brands. What should we do with dissatisfied customers? We should pursue them. Even
if they do not want to buy our products, we can still target them with dedicated messaging.
We can directly reach out to them, and we can figure out ways to repair the relationship.
These consumers can provide us with a wealth of primary data that can be used to improve
our offerings and create focused marketing campaigns. Dissatisfied consumers are just as
valuable as satisfied ones.
The conclusion is clear: Our job is not done once the consumer buys our product. Once a
consumer buys a product they will enter some degree of post-purchase behavior. These
behaviors, based on their satisfaction or dissatisfaction, will either build customer equity and
brand loyalty, or lead to eroding sales and brand image issues. This all is related to their
relationship between their expectations and the perceivced performance of the products in
their hands. As marketers, we must have messaging ready for this specific part of the Buyer
Decision Process. It is our job to encourage happy consumers to share their experiences and
dive deeper into brand offerings. It is also our job to be brand advocates by reaching out to
dissatisfied consumers and transforming their experience into one that leads to a profitable
relationship.
BRAND SUBSTITUTABILITYSubstitution refers to the degree of likelihood that the customer will purchase another brand
if their preferred brand is not available. When the substitution is low or nonexistent, a
customer would leave the store without making the purchase if there preferred brand is not
available. A high substitution rate can mean the category is commoditized, and/or the brand
isn't differentiable from competing brands.
For the interest of this project the Longman Moran model of measuring brand substitution
has been used in which the measure is based on the scale that by asking the two questions.
1) Which brand did you buy last time ?
2) If the brand had not been available, what would you have done ( in insurance sector this
will be that if a person again wants to take insurance products will he be going for the same
coming or if he finds the better deal or relevance in some other companies policies , will he
switch to that company or not?
This project is designed such that it will give the outcomes in the perspective of present as
well potential customers. This project will quantify the level of brand equity with the
perspective of present customers of insurance company with future customers. Then this
quantified brand equity value for given insurance companies will be compared against the
last year sales data which will give the level and quantified value of the brand equity impact
on sales.
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Thus this project will give the current strength and positioning of the brand and when this
brand equity will be combines with the sales data it will give that what is the impact of
different factors of brand equity on sales, it will elaborate that which factors hold sales with
them with respect to others. This research will enable managers with the data which will tell
that what level of brand equity that company has and how much it has to work on the brand
equity so as to increase the sales.
METHODOLOGY
This research is cause and effect relationship type so it will require both
primary and secondary data. Further this research will be divided in two
parts. First is the basic exploratory research and second is causal
research.
Basic Exploratory ResearchThis research will explore the different level of brand equity in the
companies of insurance sectors. For this study one market leading
company and IDBI Fedral will be considered.
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SamplingThe sample collected here is convenience non- probabilistic type and it is convenient and
snowball sampling.
Total sample size is 150. Out of which we have made two categories, one is for present
customer of IDBI FEDERAL and LIC and other is potential customers and ratio used here
for sampling is 1:1:1. So as to give the equal weight age.
Type of research methodologySurvey form of methodology will be used in which questionnaire will be
given to the sample and data will be taken out from that. The
questionnaire will be close ended with few questions that will use the
aided method of recognition. For this research a model for measuring
brand equity will be introduced which will evaluate the various factors for
the brand equity, which are- Brand Awareness
-Brand image
-Brand association
-Post purchase behavior
-Brand Perception
-Brand substitutability
-Brand association
-Brand response
Questionnaire will be in the form of ranking order and In this all the
parameters of the brand equity will be evaluated and will be given a
score.
Causal- effect researchThis will constitute the second phase of project. The quantified value of
brand equity will then be run against the previous sales data of selected
company which will be our secondary data. This result will show us that
quantitatively what is the correlation between the brand equity value and
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DISCUSSION
This research is about the brand equity and its impact on sales. Its about measuring the
brand equity and then calculating its impact. This research depends on the questionnaire to
collect the data. The questionnaire was designed such that it covered all the seven factors
which are taken in order to quantify the value of the brand equity. This research is designed
in the way that it will quantify the brand equity value for the existing customer of IDBI
FEDERAL and LIC as well as for the potential customers.
Existing customers-
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-The first question was regarding the brand response that was is the extent the customers
find their policy relevant to the level of their need to purchase policy. The result for this was
LIC
1
12% 4%
58%
Fig : 1.1
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26%
IDBI FEDERAL
1
2% 4%
40%
2%
52%
Fig : 1.2
The figure 1.1 and 1.2 shows that on the level of the relevance LIC
customers find it more relevant than IDBI FEDERAL customers as for
former the percent of people who find it most relevant is 12% while for
the later it is just 12%.
- The second part was regarding the brand image. It was about the image
of agents and their trust on the information provided by them regarding
policy contract.
LIC
1
2
12%
42%
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3
4%
4
4%
38%
Fig : 1.3
IDBI FEDERAL
1
40%
3
4%
2%
54%
Fig : 1.4
We can see here that LIC customers have more trust and their companys
agents better than IDBI FEDERALs customers find it.
- In the area of brand relationship the factor was about online service of
the insurance company. It was divided into 4 factors.
1) Informative
LIC
1
4% 2%
14%
80%
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Fig : 1.6
IDBI FEDERAL
1
28%
4% 4%
2%
62%
Fig : 1.7
Thus we can see that 80% of LIC customers find the companys site
informative while for the later 28% think that it is very much informative.
2) Easy to access-
LIC
1
2% 2%
44%
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2%
50%
Fig : 1.8
IDBI FEDERAL
1
4%
14%
8%
74%
Fig : 1.9
Thus 44 % customers find LIC online service easy to access while in the
case of IDBI F. only 14% customers found it so.
3) Easy and quick payment facility-
IDBI FEDERAL
LIC
1
4% 6%
64% 26%
4%
26%
16%
54%
Fig : 1.10
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Thus from the above figure we can see that again LIC is having better percentage of the
customers who agrees that their online service is easy and quick in payment.
4) Detailed-
LIC
1
4
2
5
IDBI FEDERAL
3
6% 4%
4%
12%
52%
32%
58%
4%
28%
Fig : 1.11
So, here also LIC customer find it more detailed online service information providing
company then the IDBI FEDERAL customer find it.
- The fourth part is about the brand relationship in the form of customer care. We can see
from the figures below that in the customer care IDBI FEDERAL scored better than LIC.
In the aspects given below1) Customer friendly-
LIC
1 2 3
48% 5
18%
4%
34% 36%
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IDBI FEDERAL
1 2 3
2%
4 5
8% 62%
24% 4%
Fig : 1.12
2) Quick response-
LIC
1
4
2
5
IDBI FEDERAL
3
10% 9%
59%
23%
8% 4%
38% 22%
28%
Fig : 1.13
3) Easy to reach-
LIC
1
4
2
5
8%
12%
46%
4%
30%
IDBI FEDERAL
1
4% 2%
54%
6%
34%
Fig : 1.14
4) knowledgeable staff-
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LIC
1
4
2
5
IDBI FEDERAL
3
8%
12%
4%
46% 30%
1
4
2
5
2% 4%
55% 4%
35%
Fig : 1.15
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LIC
1
4
2
5
48%
10% 6%
22% 14%
IDBI FEDERAL
1
4
2
5
2% 4%
56% 4%
35%
Fig : 1.16
-The fifth part is about the brand substitutability. And here the results
came out differently, out of all given factors mostly LIC customer said
that they were least interested in moving to other companies, but when
asked overall then the customers of LIC wanted to switch there company
more than the customer of IDBI FEDERAL wanted to do.
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LIC
1
4
2
5
IDBI FEDERAL
3
1
4
22% 2%
32% 18%
26%
2
5
6% 2%
36% 16%
40%
Fig : 1.17
- Next part is the for the potential customers which consists of brand
awareness. It is about the level of brand awareness people have about
LIC and IDBI FEDERAL . from the figure below we can see that LIC is
having 78% of people who are having high level of awareness regarding
LIC, while for IDBI FEDERAL it is 20% and major concerning factor here is
that about 17% people are there who are unaware of the IDBI FEDERAL
which is on the higher side.
IDBI FEDERAL
LIC
1
4
2
5
4% 12%
78%
6%
20% 17%
15%
20%
28%
Fig : 1.18
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-Now next is about the perceived brand quality and brand image, which
was in the form of the factors which potential customers consider the
companies in. it shows that what image and perception people have
regarding these companies.
From the figure given below we can see that 46% people had a
perception that LIC is reliable company and it is the most selected factors
by people for this company. While in the case of IDBI FEDERAL 32%
people find it relevant and only 2% people found it reliable.
LIC
Reliable
Performing
No Idea
Cost-Effective
Relevant
12% 6%
14% 46%
22%
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IDBI FDERAL
Reliable
Relevant
Cost-Effective
No Idea
Performing
2% 8%
42%
16%
32%
Fig : 1.19
-The next part was regarding the brand association in which people were
given different product categories to associate different companies with
given product category.
ICICI PRUDENTIAL
IDBI FEDRAL
BAJAJ ALLIANZ
4% 6%
BHARTI AXA
LIC
4%
76% 10%
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LIC
I
D
B
I
F
E
D
E
R
A
L
Brand response
Product relevance
3.74
4.03
3.54
3.26
Informative
4.66
4.03
Easy to access
4.32
3.98
4.46
3.83
Detailed
4.28
3.6
Brand Image
Agent information an policy
contract
Brand Relationship (online
service)
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Factors
LIC
IDBI
FEDERAL
Customer friendly
3.88
3.99
Quick response
3.24
3.74
Easy to reach
3.6
3.57
Knowledgeable staff
3.16
3.51
3.18
3.56
4.66
4.54
4.34
3.62
Flexible policy
4.14
2.64
2.85
3.08
3.33
Brand Relationship
(customer care)
Product substitutability
- Now for potential customer the brand equity score comes out to be-
Factors
Brand awareness
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LIC
IDBI FEDERAL
Familiarity
4.54
2.74
3.82
2.18
3.8
0.4
Brand image
Performance factor
Brand Association
Category association
Now on calculating the total of the brand equity score for the existing
and potential customers for the LIC and IDBI FEDERAL we found the
scores to be 73.08 for LIC while for IDBI FEDERAL it is 60.76. As in our
ranking order the weightage was given highest to the 5 ranking while
lowest to the 1 ranking. The calculation was made like for eg.
1- customer friendly 38- 76%
2- quick response 4- 8%
3- easy to reach -2 4%
4- knowledgeable staff-3- 6%
CONCLUSION
This research is about the brand equity and its impact on sales. Its about measuring the
brand equity and then calculating its impact. This research depends on the questionnaire to
collect the data. The questionnaire was designed such that it covered all the seven factors
which are taken in order to quantify the value of the brand equity. This research is designed
in the way that it will quantify the brand equity value for the existing customer of IDBI
FEDERAL and LIC as well as for the potential customers. This project is about the
brand equity of the insurance company, which is what factors are there
which makes the brand equity for this company and what is their impact
32 | P a g e
in insurance perspective. Thus in the nutshell it will give the effect which
the IDBI Fedral company is having of its brand equity on its sales.
In this project the focus is on the customer based brand equity model. As
per Kevin Lane Kellar brand equity is the differential effect of knowledge
of brand on customers to the marketing aspects. The factors which are
responsible for the brand equity are past experiences, perception,
information. Brand equity is composed of brand image which is what
image of the brad a customer has based on the past experiences of itself
or of others, second is brand knowledge which is the major part as for
having any perception one should have full knowledge of that particular
subject and that is where brand knowledge comes into play. Third comes
the brand perception it is the thought or hypothesis in the minds of
customers about the working of a product or a company. As this project is
dealing with a service sector company customer relationship with
company is a major factor here which decides the perception a customer
will have about the company. Fourth is the brand substitutability, which is
specially considered for this project it determines the level to which a
customer can substitute its brand with other brand if that brand is
unavailable.
Out of the eight factors which were selected for this research to quantify
the brand equity value. Market leader LIC was used as a control
quantified brand equity score to compare the level of brand equity of IDBI
FEDRAL with the sales. Out of the all factors only brand image was the
factors of brand equity in which IDBI FEDERAL came out victorious
against LIC which is the market leader as discussed earlier. Brand
awareness is the factor were IDBI FEDERAL lacks a lot.
So thus through the result it can be say that brand equity is not a soul
factors, its composed of many elements and it is made by thriving and
exploring on these mentioned factors, and then that has the direct
impact on sales because brand equity impact is the impact on the minds
of the custom
Recommendation
1) IDBI FEDERAL needs to improve its brand awareness that was the first straight outcome
which came out of the research
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2) It was found in this research that workplace and television commercial are the two ways
through which information flows which makes people aware about the products, so IDBI
FEDERAL can use these mediums in better way to increase their share of brand awareness.
3) In the questionnaire about 56% people said that their insurance company should be reliable,
means reliability is the major factors to be considered for the insurance companies.
4) It was found that majority of people consider IDBI FEDERAL as a company which provides
relevant products. A total of 36% people thought that. So IDBI FEDERAL should consider to
have an approach to increase its reliability, so that majority of customer can consider IDBI
FEDERAL.
5) It was found in this research that 53% people agreed that they can switch to the new brand
and product if they are given flexibility in product and options of different products.
6) Currently, IDBI FEDERAL is having only 11 products while the LIC who is the market
leader in the insurance sector is having 53 different products.
7) According to this research about (23-28)% people use the online service of their insurance
company. With the increasing mobile penetration nearly (5-6)%, IDBI FEDERAL should
introduce its mobile application.
9) According to our brand equity score IDBI Federal got better score in customer care and
service experience than LIC. IDBI Federal should use this better customer care service
experience to market itself.
10) This company should use digital media specially TVC and online ads. ( YouTube
commercially) to show the better customer experience its providing to whole family and
generations.
LIMITATIONS
1) Field work limited only for a small geographical area due to time and
resource constraints.
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2) Respondents may not provide accurate and true information for the
surveys which may lead to a variation in consumer responses.
3)Chances of biasing and non- responsive error exists.
4)This research work does not reflect the opinion of rural area where
there is low internet penetration.
Reference
Business Maps of India: India Business Directory (1999,
August).Insurance industry.
Retrieved April 12, 2011, from Maps of India website:
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http://business.mapsofindia.com/insurance/
Carol Holding. (2004, February 2004). Managing brand equity in
rapidly changing markets.
Retrieved April 12, 2011, from holding website:
http://www.holding.com/articles/articles8.html
Economic Times. (2007, July 31).In search of brand equity. Retrieved
from:
http://articles.economictimes.indiatimes.com/2007-0731/news/27683069_1_brand-equity-brand-finance-brand-asset
Insurance in India. In Wikipedia. Retrieved April 12, 2014,
from http://en.wikipedia.org/wiki/Insurance_in_India.
Insurance Regulatory and Development Authority. (1999,
August).IRDA.
Retrieved April 12, 2011, from IRDA website:
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?
page=PageNo4&mid=2.
http://www.marketingprofs.com/articles/2010/3756/how-to-get-yourmessage-heard-in-a-crowded-market#ixzz1JGjm4VH8
Kevin Kale Keller.(2009). Strategic Brand Management: Building,
Measuring and Managing Brand Equity. Pearson Education
www.iseg.utl.pt
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www.ibef.org
http://jgateplus.com
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