THE IMPORTANCE OF INSURANCE IN FIELD OF MARKETING CONCEPTS: A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES
ABSTRACT
New products and innovations are the basis for the existence for today’s big business and the foundation for tomorrow’s growth industries. This project on market concept a sure of enhancing growth in the selling of insurance service. This work was divided into five chapters. The first chapter was the introduction and background of the study, objective of the study which is to identify two major constraints impinging on the successful commercialization of new products and innovation in Nigeria, significances of the study was also discussed. Related literature was use further research of the study. Date were collected through the distribution of questionnaires , data collected were presented in tabular form .h conclusion and recommendation were drawn for further research based on research findings.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION 1
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 4
1.3 OBJECTIVES OF THE STUDY 4
1.4 RESEARCH QUESTIONS 5
1.5 SIGNIFICANCE OF THE STUDY 6
1.6 SCOPE AND LIMITATION OF THE STUDY 6
1.7 DEFINITION OF OPERATIONAL TERMS 7
REFERENCES 10
CHAPTER TWO
2.0 LITERATURE REVIEW 11
2.1 THE COMMERCIALIZATION OF A NEW PRODUCT 11
2.2 THE IMPORTANCE OF NEW PRODUCT
AND INNOVATION 12
2.3 PLANNING FOR NEW PRODUCTS
AND INNOVATIONS 15
2.4 SOURCES AND PROCESSING OF NEW
PRODUCTS IDEAS 21
2.5 MARKET ANALYSIS FOR NEW PRODUCTS
AND INNOVATIONS 24
2.6 FINANCING NEW PRODUCT DEVELOPMENT 26
2.7 DESIGNING AND NAMING THE NEW PRODUCT 28
2.8 TEST MARKETING THE NEW PRODUCT 30
2.9 PRICING THE NEW PRODUCT/INNOVATION 31
2.10 ADVERTISING AND LAUNCHING
THE NEW PRODUCT 33
2.11 MANAGING THE PRODUCT LIFE CYCLE 36
2.12 PROBLEMS OR COMMERCIALIZATION OF NEW
PRODUCTS AND INNOVATIONS IN NIGERIA 38
REFERENCES 43
CHAPTER THREE
RESEARCH DESIGN OF THE STUDY 44
3.1 PRIMARY DATA 44
3.2 SECONDARY DATA 45
3.3 POPULATION OF THE STUDY 45
3.4 SAMPLE SIZE 46
3.5 VALIDITY AND RELIABILITY OF
RESEARCH INSTRUMENT 47
CHAPTER FOUR
SUMMARY OF FINDINGS, AND DISCUSSION 49
4.1 SUMMARY OF FINDINGS 49
4.2 DISCUSSION 50
CHAPTER FIVE
CONCLUSION AND RECOMMENDATIONS 53
5.1 CONCLUSION 53
5.2 RECOMMENDATIONS 55
BIBLIOGRAPHY 61
APPENDIX I 62
QUESTIONNAIRE 53
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Now Nigerian is in the age called industrial institution. New product development and nations are receiving a new and increasing basis and attention from both the government and private sector initiatives. While the federal government has set up an enthusiastically funding research institutes (PRODA) Enugu. And the federal institute of industrial research Oshodio Lagos.
Marketing research is the funding that links the marketers to consumers and the public through information-it is used to identify and define marketing opportunities and problems generally refine and evaluate marketing action to monitor marketing performance and to improve understanding of the marketing process (Kotler and Armstrong 1999, p.115-116).
Increasingly, marketers are viewing information not just as an input asset and marketing better decision but also as an important asset and making tool (Glazer 1991, p.1-19). Many of the private enterprises are setting up research development (RD) departments, allin the part to turn out new product or innovations. On smaller sack, but with matching enthusiasm some brilliant students and young “Jobless” school leavers, graduates or tertiary institutions and even non-illiterate individuals have braced themselves and turned out of their ingenuity, some interesting products and innovations. All these are economic orientation that so salvage our battered economy, we must invent our own products, innovate and commercialize. Hence, the numerous new bread inventors of today.
The idea of transfer of technology which was ripe between the late seventies and early eighties has failed to work to our benefit. We have been cheated in the transfer transaction. Nineteen years after we have faithfully paid the high price, we are yet to take deliver any of appreciable package of product technology rather and we have remained net importer of practically manufactured goods from foreign nations. The high cost of our import of goods and services and the falling prices of our petroleum and commodities have forced the federal government to ban the importation of some goods and those that can still be imported are not our naira which has depreciated by over 400% in the foreign exchange.
In the light of all the myriads of problems above, the only logical thing for us to do is to develop our own technology, produce our own new products, commercialize them in the country and even go a step further to export them to earn the new scarce foreign exchange. This is exactly what the governments encouraged the citizenry to do through the introduction of the former Structural Adjustment Programme (SAP). The spirit of SAP is self reliance and economic reconstruction.
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVES OF THE STUDY
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