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A presentation of

Service Marketing

Presented by:

MBA/40006/18-ADITYA PRATAP SHAHI


MBA/40007/18-KUNAL BHUI
MBA/40008/18-NUPUR KUMARI
MBA/40009/18-SAURAV SINHA
MBA/40010/18-SUSEN KUMAR
Topic

 Drawing reference to a general insurance company describe


how the marketing mix elements are being used. Identify
specific areas where you feel the company is lacking and
suggest innovative use of the expanded marketing mix
elements.
Marketing mix

Marketing mix is a tool that is made up of


of four unique but interconnected and
interdependent variables.These are called
the 4P’s and are product, price, place,
and promotion.
Marketing Mix in Insurance
Sector
 Since insurance companies deal in services which are
intangible, heterogeneous, perishable and variable in
nature,the need is to tangibilise the core service offered.
Product

 Superior to any other saving


plan
 Accidental death benefit-
provide extra sum of money
 Protection against creditor
 Variations in policies
Price

 Morality- death in a
particular area
 Interest rate- should be
higher comparison to other
investment
 Expenses- cost of
processing, agent,
commission, incentives
Place

 This component of the marketing


mix is related to two important
facets-
 Managing the insurance personnel
locating a branch
 Factors-Accessibility, availability,
safety, civic amenities and facilities,
parking facilities.
Promotion

 Advertising through above


the line media and below
line.
 Social media like facebook ,
twitter etc.
 Incentive to policyholders
 Publicity
 Word of mouth
Challenges in Insurance sector

 Customer education
 Product positioning
 Rural marketing
 Information technology
 Generating and managing leads
 Rapid changes in demographic
 Similar product
Steps to be taken

 know your ideal clients


 Design a professional mobile friendly website
 Build links and networks
 Major customer sentiment with social media
 Create a referral programme
 Deliver great customer service
 Share valuable content
 Monitor performance and ROI
Conclusion

 In marketing mix of insurance companies, 4P’s have a very


important role to make their business rise. without these or
loss of any one of all marketing strategies, it is difficult to
make insurance sales. But if the insurance industry takes the
needed steps as mentioned above it can make more sales
besides helping the customers.

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