NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR EFFICIENT MARKETING OF LIFE ASSURANCE PRODUCT IN NIGERIA
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Enugu, Nigeria
Nigeria
Enugu State
Nigeria
09080008483
info@projectng.com
09080008483
info@projectng.com

New Product Development As A Strategy For Efficient Marketing Of Life Assurance Product In Nigeria

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NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR EFFICIENT MARKETING OF LIFE ASSURANCE PRODUCT IN NIGERIA

ABSTRACT

This research titled new product development in insurance industry as a strategy for efficient marketing for life assurance products in Nigeria was carried out with the objectives of identifying why marketing of life assurance product are low in Nigeria. Why many life assurance companies do not go into new product development and the prospects of new  product development in life assurance industry. Related literatures were reviewed and structure questionnaire and oral interview were used to collected primary data from the respondent. The data collected were analyzed using likest-scale of ranking and the hypothesis were tested using Z-test statistic yaro Yamane method were used to determinant the sample size out of the total population. The work discovered that new product development increases market share, profit margin and also help in customer loyalty and new product development were necessitate by the changing demand from the insuring public and technology. The work recommended that among other that there should be also be a method by which the regulatory bodies in the life assurance industry regulates all these new product to make sure that their capital base can carry it. There should also be marketing of life assurance product.

 


TABLE OF CONTENTS

Title page                                                                         i

Certification                                                                    ii

Dedication                                                                       iii

Acknowledgement                                                           iv

Abstract                                                                          v

Table of contents                                                             vi

CHAPTER ONE

INTRODUCTION                                                   1

1.1      Background of the Study                                        1

1.2      Statement of the Problem                                       3

1.3      Objectives of the Study                                           4

1.4      Research Question                                                  5

1.5      Research Hypothesis                                               5

1.6      Significance of the Study                                        7

1.7      Scope and Limitation of their Study                       7

1.8      Definition of Terms                                         8

CHAPTER TWO

REVIEW OF THE RELATED LITERATURE              12

2.1      An Overview                                                            12

2.2      Historical Development of life Assurance in Nigeria 13

2.3      Development before Independence                  15

2.4      Developing after Independence                               16

2.5      The Meaning of New Product Development            17

2.6      Meaning of Strategy                                                18

2.7      Reasons for New Product Development as a

Strategy for Efficient Marketing of Life Assurance  19

2.8      Productions Life Cycle                                            20

2.9      Introduction Stage                                                  21

2.10          Growth Stage                                                  22

2.11          Maturity Stages                                              22

2.12          Decline Stage                                                  22

2.13          Marketing Segmentation                                23

2.14        Insurance Companies in Nigeria That Offer

Popular Life Assurance After Recapitalization       25

2.15            Prospect of New Product Development           27

2.16              Challenges facing New Product Development

in Life Assurance Industry                                     28

References                                                               29

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY             30

3.1      Source of Data                                                        30

3.2      Sample Size Sample Techniques of the Study        33

3.3      Validity of the Instrument Used                             36

3.4      Method of Analysis and Presentation                     36

3.5      Decision Rule                                                          37

CHAPTER FIVE

DATA PRESENTATION AND ANALYSIS AN OVERVIEW        38

4.1      Data Presentation and analysis                             38

4.2      Analysis of the distribution of respondent             39

4.3      Analysis of responses                                              41

4.4      Testing of Hypothesis                                              47

CHAPTER FIVE

SUMMARY OF FINDING CONCLUSION AND RECOMMENDATIONS                                               60

5.1      Summary of findings                                              60

5.2      Recommendations                                                  61

Bibliography                                                           63

Appendix                                                                 64

Questionnaire                                                         65

 


CHAPTER ONE

INTRODUCTION

1.9     Background of the Study

The most important thing a company offer to its customer is its product. The product which marketing organization offer to customer, protend reason for its existence.

Thus, the relevance of can organization much depends on relevance of its product to the community. New product development of any corporation is always of great important to their performance and operation. It is also very important when they deal with the production of those goods that are the community or customer need or go into producing of those product that are not been seen in the hand of their competitors. In connection with life assurance as the product. Life assurance industry offer to their customer is security and confidence for financial protective in event contingent upon human life. These products they offer to their customer are intangible strategic planning is required in order to achieve high level of sales. There is always doubt whether their existing products a company’s product going.

Product has life cycle which entails the introduction stage (when the product is just new in the market) the growth stage (the stage when the sales of goods or products grow at an increasing rate).

The maturity stage (when the sales of products are in its apex level and the decline stages (sales decreased for the product which mare consequently lead to its abandonment).

Any company which depends only on existing product in the market can easily fall off from the market, if its products are not renewed. For a company or any industry to ensure continue existence in the market, the company must go into development of new product to sustain its existence in the market. Life assurance industry also engaged in the development of new products to sustain its existence in the market. Efficient marketing of the product designed to suit the demand of the customer were usually pursed.

 

1.10Statement of the Problem

The problem that leads to this study is how new product development will help in efficient market of life assurance products in Nigeria.

1)          Determine the new product available for life assurance companies in Nigeria.

2)          Determine the new product development will help in life assurance industry.

3)          To know the effectiveness of life assurance product department.

4)          Determine how important new product development is to the students and the general public.

 

1.11Objectives of the Study

The objectives of this study are:

1)          To identify why the marketing of life assurance products’ is very low in Nigeria.

2)          To know why many life assurance companies don’t develop New Products.

3)          To know the prospects of new development in life assurance industry.

4)          To make recommendation based on the finding to ensure efficient marketing of life assurance products in Nigeria.

 

 

1.12Research Question

1)          Do middlemen in life assurance industry cause any problem in new product development of the industry?

2)          Do education level in Nigeria affected the market ability of life assurance product in Nigeria?

3)          What are the prospects expected in new product development in life assurance industry.

 

1.13Research Hypothesis

1)     Ho:   The image of the life assurance industry do not reduced the marketability of life assurance products.

        Hi:   The image of the life assurance industry reduces the marketability of life assurance products.

2)     Ho:   Low level of technology and changes is demand does not affect the development of new product in life assurance industry.

        Hi:   Low level of technology and changes is demand affect the development of new product in life assurance industry.

3)     Ho:   New product development increased profit margin markets share and customers retention in life assurance industry.

        Hi:   New product development does not increase profit margin markets share and customers retention in life assurance industry.

4)     Ho:   New product development increased profit margin markets share and customer retention in life assurance industry

        Hi:   New product development does not increase profit margin markets share and customer retention in life assurance industry.

 

1.14Significance of the Study

The study will be importance in many ways such as:

1)          It will review some new product in the life assurance industry.

2)          It will bring efficient marketing of life assurance product to their customer and the general public.

3)          It will bring up life assurance industry to measure up with their competitors

4)          This will help life assurance industry to satisfy the needs of their customers.

 

1.15Scope and Limitation of their Study

This study is limited to life assurance companies in Enugu metropolis. The limitation of the study were enormous ranging from pan citing of relevant information, and difficulty of having access to the executives of life assurance companies to obtain face to face information. Other constraints were time and money. The researcher struggled to go to classes, engaged assignments and also carry out this research work.

Finally, enough money was not available for the researcher to travel and to do some photocopies of relevant materials.

1.16Definition of Terms

Advertising

It is the combination on announcing of a company’s product in the radio, television, market place etc.

Agent

This is the intermediary who handles the sales of insurance policies between the insurer and insured on commission deductible from premium aid by the policy holders.

Brokers

A broker is a full time insurance specialist of professional standing and have technical knowledge of the relevant classes of insurance in handling all is insurance problem in return brokerage is being paid as commission.

Centralization

This is the centralization of authority to subordinates in the hand offices.

Decentralization

It is the delegation of authority to subordinates in the branch offices.

Distribution

This includes all the activities aimed at moving the product from the producers to the ultimate consumer getting the insurance policies to the ultimate consumer (policy holder).

Insurances

This is a legal binding agreement or contract between two parties, the insured and the insurer by which the insurance aggress in consideration of money paid to him by the insured called premium to him on the happening certain events.

Insurer

This is insurance company who covers risk and provides policy.

Insured

The party covered by the insurer against an uncertainty

Intangible Goods

They are services rendered by bankers, insurance etc you cannot see the goods.

 

Life Assurance

This is a contract in which one party aggress to pay a given sum on the happening of a particular event contingent upon which the definition of human life in consideration of the immediate payment of a smaller sum or certain equivalent payment by another.

Marketing

This is the management process responsible for identifying anticipating and satisfying customer’s requirement profitably. It involves all those set of activities that facilities exchange transaction of economic good and services.

Marketing Strategy

This is the fundamental logic its marketing objectives

Premium

This is the consideration paid by the insurance to the insurer for the insurances coverage (ie) price of the insurance services.

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