business research - icici prudential

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    Brand building and AwareneofICICI Prulife

    Research Projecto

    n

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    Objective...!!

    Every research is based on some theme or you can say it has somespecific objective on which the researcher gives more importanceand my study is also based upon some objective and these are asfollows.

    To study the organization and its activities related to branding.

    To define what can be done more in order to increase the awareness

    and branding.

    To check the awareness among the target audience about the businessof ICICI Prulife.

    Know Your Custo

    mer! (KNY)

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    Research Methodology

    The study about the branding activities ofICICI Prulife isan exploratory Study which requires the field work.

    Survey is done on the basis of a set of a Questionnaire:having some close ended and open ended questions.

    In order to build an effective questionnaire, it has beenpre-tested on the basis of discussion over the objective of

    topic with some of my friends, peer group and somefaculty members.

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    Data Collection &Interpretation

    Note: The survey is done in the Delhi city itself, so the outcomesmight vary when it will be compared with any other part of India.

    The sample size taken is 20.

    The sampling method is random sampling.

    Only the criteria for the selection are they should be above 25 yearsand have earning capacity either by business, service or selfemployment.

    Data collection through questionnaire has resulted in availability of thedesired information but these were useless until there were analyzed.

    The data collected by questionnaire was analyzed, interpreted with thehelp of table, bar chart and pie chart.

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    Findings

    The survey is done as per the given objective, to find out the level of

    awareness amongst people, and the factors which influence the mind setof people in brand building process of the ICICI Prudential. So the outcomeof survey and its interpretation is done through Excel tools as given below.

    ---Finding is comprised of three parts:

    ---Question.

    ---Outcome from survey i.e. data interpretation.

    ---Analysis of outcome.

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    1. Have you ever heard of ICICI Prudential lifeInsurance company?

    ANALYSIS: Respondents are well informed of the insurance companies including ICICI

    Prulife.

    Awareness comes not only due to companys effort but the respondentsinterest and education too.

    It shows that selling insurance in city like Delhi is relatively easy incomparison to those places where people are not aware of the benefits of

    insurance.

    0

    0.2

    0.4

    0.6

    0.8

    1

    yes no

    yes

    no

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    2. Which media has the larger impact on your perception

    about ICICI Prulife?

    ANALYSIS: Most people are influenced by the emotional TV Advertisement of the

    company.

    Internet & leaflets/Articles are used by intellectual people only i.e. veryless in percentage.

    Direct contact with the companys Advisors and peer group is also apotential media for brand building. So services given by agents are also

    one important tool to build a great image of company in the minds ofpeople.

    0%

    5%

    10%

    15%

    20%

    25%

    Level of Potential in different Media to influence customer.

    TV

    NEWSPAPER

    Articles/leaflets

    Agents/Advisors

    internet

    Posters/Hoarding

    Peer group

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    3. Can you differentiate the advertisement of ICICI prudentialfrom other insurance company?

    ANALYSIS: Advertisements shown by the companies are having only one tool to

    influence the customer i.e. emotions, with relatively same ground inemotion.

    So its time to take a benefit of this asymmetry and should put somethingdifferent and influencing by differentiating advertisement according to thedifferent objectives followed by the different categories of targetcustomers.

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    Information & Advertisment Asymmetry

    YES

    NO

    SOMETIMES

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    4. Brands service in terms of speed, responsiveness and itsspecial features such as innovative and uniqueness etc.

    ANALYSIS: Comparing other insurance companies, the brand Image of ICICI Prulife in

    terms of its services is good among respondents. Some services like after sales services regarding the information of the

    next premium, and timely information regarding policies are the centre ofinfluence.

    Some respondents consider that new private companies will better servein comparison to those which already exist from the last 7-8 years.

    Some consider that insurance companies can not be differentiated on

    these grounds because they all are practicing the same.

    0%5%

    10%

    15%

    20%

    25%

    30%

    35%

    40%

    Comparing Other Companies

    Best

    Good

    Average

    Poor

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    5. Brand superiority in the presence of LIC andother insurance companies.

    ANALYSIS: Some respondent are much satisfied with the ICICI Prus products and

    customer services so they have given the first rank to the company.

    Some respondents consider that the Government company and privatecompany can not compared because somehow and somewheregovernment companies are more trustable and reliable than a privatecompany, so they have given second priority to ICICI Prudential.

    Some respondents are loyal some other private companies, it was theirpersonal prejudices, so they have evaluated ICICI Pru as 3rd or 4th.

    0%10%

    20%

    30%

    40%

    50%

    60%

    70%

    ICICI Pru's rank acc to different respondents

    1st ranking

    2nd ranking

    3rd ranking

    4th ranking

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    6. How much do you like and feel the look, logo, punch lines,colors and other aspect of design in Advertisement of

    ICICI Pru Brand.

    ANALYSIS:

    Some people might like the colors and design and some might compare

    this with the other one, its all about human mind formation and its way ofperception, here the relevance is that every company want to that designand color which capture the likes of most of them.

    ICICI Pru is having good color combination and the way of presenting it.People love its logo and punch lines because they can relate all these with

    their own life and likes.

    0%

    5%

    10%

    15%

    20%

    25%

    30%

    35%

    40%

    Combined impact of Design, Punchline, Logo, Color etc.

    Heart Touching

    Attractive

    Differentiable

    Common

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    7. How much do you like to visit the website of ICICIPrudential for information or any type of query?

    ANALYSIS:

    In India, people used to call agents or take advice from their peer groupwhen they needed insurance related information.

    People are less dependent on the internet for such purpose.

    But it is also true that people who have already taken insurance policy,they are frequent to use insurance companies website for their queries.

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    Use of internet for Insuarnce related Query & Info .

    Always

    Whenever needed

    Never

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    8. Does ICICI Prudential Brand gives you feeling of warmth,security & self respect?

    ANALYSIS:

    ICICI Prulife has its emotional attachment with the people which builds itsbrand Image.

    People use to talk and recommend to others if they will have emotionalattachment & good perception about company.

    Sometimes people think and feel proud when they join themselves withsuch a reputed company.

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    Warmth, Security, Self respect, Courteous build Brand

    Image

    YES

    To some extent

    NO

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    9. How loyal you are & likely would you be to recommendICICI Prulife to others.

    ANALYSIS:

    Loyalty is something which takes a lot of time to come, depending on thesatisfaction limit of Individual customer, 40% of the respondents are the

    loyal customer for ICICI Prulife. The respondents who are not loyal for anyone can become loyal if they

    get the desired service from ICICI Prulife.

    Companies like Baja Allianz, LIC, Kotak Mahindra etc are providing greaterservices in order to build a good image in the eyes of customer.

    0%

    5%

    10%

    15%

    20%