Marketing of Insurance Products 2 Marks Important Questions With Answers For Sep-Oct 2020 Exam

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1. Define marketing?
According to the E. Clark “marketing consists of those efforts which affect transfer on ownership of goods and care for their physical distribution”
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2. Define value chain analysis?
Value chain analysis is a process of dividing various activities of the business in primary and support activities and analyzing them, keeping in mind, their contribution towards value creation to the final product. And to do so, inputs consumed by the activity and outputs generated are studied, so as to decrease costs and increase differentiation.

3. What is branding?
A brand identity is simply how customers perceive your product. Your brand is reflected in everything presented to your customers, from design of your product, to communications, to how your employees interact with them. AS the product is is developing the company also will grow and well established in the society, as the company distributes the products and services.
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4. What is white labelling?
A white label product is a product or service produced by one company that other companies rebrand to make it appear as if they had made it. Brands can extend their reach and engagement with customers by providing their own insurance products, known as “white labelled insurance solutions”

5. What do you mean by the term insurer and insured?
Insured purchases the insurance policies to safeguard the assets from the financial consequences of losses or damage that occur from insured peril. An Insurer is a company who sells the insurance policies. Insurer is the one who bears the risk in return for consideration which is known as premium.

6. What is E-marketing?
E-Marketing is the process of marketing a product or service using the Internet. E-Marketing can be done to either sold lists or a current customer database.it is used to the email messages with the aim of building relationships with customers.

7. What do you mean by marketing mix?
The process of marketing or distribution of goods requires particular attention of management because production has no relevance unless products are sold. Marketing mix is the process of designing and integrating various elements of marketing in such a way to ensure the
achievement of enterprise objectives. The elements of marketing mix have been classified under four heads—product, price, place and promotion.

8. Give the meaning of consumer protection?
Consumer protection is a group of laws and organization designed to ensure the rights of consumers as well as fair trade. competition and accurate information in the market place. In India the consumer protection Act 1986 is governing consumer protection.

9. Give the meaning of value?
It is a belief system. Value have a major influence on a person’s behavior and attitude and serve as broad guidelines in all situations. Through insurance products are provided in a commercial context, both for individuals and corporate customers, they serve a wide purpose.
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10. What is positioning?
Positioning defines where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.
. Positioning in Advertisements . Positioning in Sales Locations . Positioning through Price 11.Define the term demand?
Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level. The mere desire of a consumer for a product is not demand. Demand includes the purchasing power of the consumer to acquire a given product at a given period.

12. What is organization structure?
It is the frame work companies use to outline their authority and communication process. The framework usually includes policies, rules and responsibilities for each individual in the organization. Several factors affect the organizational structure of the company.

13. What is product life cycle?

14. Give the meaning of bank assurance?
Bank assurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This is profitable for the both companies.by selling insurance products the bank can earn some revenue and insurance companies also expand without the brokers and agents.

15. What is relationship marketing?
Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales. The goal of relationship marketing (or customer relationship marketing) is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.
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16. What is supply chain analysis?
The term supply chain analysis is used to refer to the overall group of economic agents that contribute directly to the determination of a final product. It consists in a quantitative analysis of input and outputs between firms, price value added along a supply chain through agent accounts.

17. Define the term attitude?
According to professors David krech and Richard crutchifield, ”an attitude is an enduring organization of motivational, emotional, perceptual and cognitive processes with respect to some aspect of the individual’s world”

18. What do you mean by marketing segmentation?
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

19. What do you mean by value chain analysis?
Value chain analysis is the process of looking at the activities that go into changing the inputs for a product or service into an output that is valued by the customer. It is a process where a firm identifies its primary and support activities that add value to its final product and then analyze these activities to reduce costs or increase differentiation. Value chain represents the
internal activities a firm engages in when transforming inputs into outputs.

20.Name any 4 insurance companies in India?

1. life insurance companies

2. Aditya Birla sun life insurance company
   3.General insurance company
   4.SBI Life Insurance company

3. TATA AIG Life Insurance

21.Who is an insurance customer?

22. What do you mean by advertising copy?
An advertising copy is a term used to describe the main text used in the advertisement It is a
print, radio or TV advertising message that aims at developing and retaining an interest of the target customer and prompting him to purchase the product within a couple of seconds.
Advertisement Copy is the soul of an advertisement. An advertisement copy is all the written or spoken matter in an advertisement expressed in words or sentences and figures designed to convey the desired message to the target consumers.

23. What is insurance cycle?
A cycle begins when insurers tighten their underwriting standards and sharply raise premiums after a period of severe underwriting losses or negative stocks to capital (e.g., investment losses) These cycles are particularly important in the insurance and re-insurance industry as
they are especially unpredictable.
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24. What is meant by strategic marketing plan?
Strategic Market Planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. The process taken into account the current position of the company, helps in identifying the promotional opportunities & then evaluating these opportunities.

25. What are the characteristics of an effective marketing mix?
Therefore, the marketing mix indicates the appropriate combination of four P’s—product, price, promotion, and place—for achieving marketing objectives. The components are also known as marketing mix variables or controllable variables as they can be used according to business requirements. 1.Helps to achieve organizational goals,2. Applicable to business and non- business organization, and 3. Changes taking place within the firm also necessitate changes.

26. What is competition driven pricing strategy?
Competition-driven pricing is a method of pricing in which the seller makes a decision based on the prices of its competition. This type of pricing focuses on how that price will achieve the most profitable market share but does not necessarily mean it will be the same as the competition.

27. What do you mean by insurance coverage?
Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage helps consumers recover financially from unexpected events, such as car accidents or the loss of an income-producing adult supporting a family.
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28. Who is a customer?
A customer is an individual or business that purchases another company’s goods or services. Customer are important because they drive revenue without them business have nothing to offer.

29. What is marketing strategy?
It is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable goal into one comprehensive plan.
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30. What is edaphic factors?
Edaphic factors deal with different aspects of soil, such as the structure and composition of soil, its physical and chemical features. A galaxy of complex factor constitutes of soil.