The role of marketing in enhancing the Profitability of insurance companies: the case of Eagle Africa insurance brokers (T) ltd
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Mzumbe University
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A Dissertation Submitted in Partial Fulfillment of the Requirements for the
Award of the Degree of Master of Business Administration (MBA) of Mzumbe
University.
Market competition appears to be a common affair between companies which are profit focused. This study examines the role of marketing in the profitability of the insurance companies. The specific objectives of this research were to find the impact of advertising on sales volume of the insurance companies, to assess the role of advertising in the customer’s buying behavior especially for insurance products and to find out the role of advertising on wining market competition. The research used both qualitative and quantitative approaches where both stratified and purposive samplings were used to obtain a sample. Both primary and secondary sources were used to collect data. Primary source used questionnaire and interviews, and secondary source consisted of obtaining related data from written sources both published and unpublished reports, books, journals, articles at various documentation centers in Dar es Salaam. The findings show that 5 (50%) of the managers and 18( 60%) of the customers strongly agreed .The finding imply that the customers and managers strongly agree that the longer the time in which the product has been in the market the higher the product awareness to the consumers and therefore the higher the purchase of that product. The repetitive purchase of the product increases the sales volume and ultimately leading to the growth of the company’s profitability. Advertising can contribute to the increase of sale, this is due to the reason that it will publicize the product, make it widely known and influence the behavior to buy the product, create retention of the customers and maintain loyalty of the customers to the product and ultimately lead to the increase of the sales volume. However the advertisement is necessary to remind the customers and stick the product into the minds of the customers. The firm should also ensure that advertising agencies place their product adverts on stations and places where the consumers will easily identify with them make a decision to buy a product. A good advert should be effective, persuasive and contain the necessary information on the products
Market competition appears to be a common affair between companies which are profit focused. This study examines the role of marketing in the profitability of the insurance companies. The specific objectives of this research were to find the impact of advertising on sales volume of the insurance companies, to assess the role of advertising in the customer’s buying behavior especially for insurance products and to find out the role of advertising on wining market competition. The research used both qualitative and quantitative approaches where both stratified and purposive samplings were used to obtain a sample. Both primary and secondary sources were used to collect data. Primary source used questionnaire and interviews, and secondary source consisted of obtaining related data from written sources both published and unpublished reports, books, journals, articles at various documentation centers in Dar es Salaam. The findings show that 5 (50%) of the managers and 18( 60%) of the customers strongly agreed .The finding imply that the customers and managers strongly agree that the longer the time in which the product has been in the market the higher the product awareness to the consumers and therefore the higher the purchase of that product. The repetitive purchase of the product increases the sales volume and ultimately leading to the growth of the company’s profitability. Advertising can contribute to the increase of sale, this is due to the reason that it will publicize the product, make it widely known and influence the behavior to buy the product, create retention of the customers and maintain loyalty of the customers to the product and ultimately lead to the increase of the sales volume. However the advertisement is necessary to remind the customers and stick the product into the minds of the customers. The firm should also ensure that advertising agencies place their product adverts on stations and places where the consumers will easily identify with them make a decision to buy a product. A good advert should be effective, persuasive and contain the necessary information on the products
Keywords
marketing