Promotional activities of Iprue & Max new life

And
Comparison between them

Submitted to: Sir Ahinav Nigam

Submitted by Shruti Mehrotra

MBA 1st year

 INTRODUCTION
"Advertisements are sometimes spoken of as the nervous system of
the business world ...
As our nervous system is constructed to give us all the possible
sensations from objects,
so the advertisement which is comparable to the nervous system
must awaken in the
reader as many different kinds of images as the object itself can
excite"

“Advertising effectiveness means different things to the groups

responsible for its different
effects. To the writer or artist, effective advertising is that which
communicates the desired
message. To the media buyer, effective advertising is that which
reaches prospective
buyers a sufficient number of times. To the advertising or
marketing manager, effective
advertising is that which, together with other marketing forces,
sells his brand or product.
To the general manager, effective advertising produces a return on
his firm’s expenditure.”

“In fact, effective advertising must achieve all four goals,

delivering messages to the right
audience, thereby creating sales at a profit. Most advertisers have
begun only recently to
set goals in all four areas and measure progress toward them. Some
advertisers have set
communications and audience goals, and measured copy and
media effects, but few
advertisers have set dollar goals and measured sales and profit
effects.

The result is that advertising has rarely been a part of corporate

planning. Thirty years ago,
management was asking the same questions they ask today: Is my
advertising working
and what impact does it have on my sales? Can it be measured?
Can our advertising and
promotion be made accountable in the same manner as which one
evaluates all of the
other investments by our company?

The answer to all three questions is yes. In fact, the techniques to

deliver this degree of
accountability and control have been around for more than 50
years and are industry
standards.
Study of Promotional Strategy of ICICI
Prudential Life Insurance.

Publ
ic relations: Involves developing positive relationships with the
organization
media public. The art of good public relations is not only to obtain
favorable
publicity within the media, but it is also involves being able to
handle successfully negative attention.

Sales promotion: Commonly used to obtain an increase in

sales short term. Could involve using money off coupons or special
offers.
Personal selling: Selling a product service one to one. By
personalizing advertising,
response rates increase thus increasing the chance of improving
sales.

Direct Mail: Is the sending of publicity material to a named

person within an organization .

Message & Media Strategy

An effective communication campaign should comprise of a well

thought out message strategy. What message are you trying to put
across to your target audience? How will you deliver that message?
Will it be through the appropriate use of brandin Logos or slogan
design? The message should reinforce the benefit of the product
and should also help the company in developing the positioning
strategy of the product.
Companies with effective message strategies include:

ICICI PRUDENTIAL: Jeetye Raho

Om Kotak: ‘Jeene ki azaadi’

Nike: Just do it.

Media strategy refers to how the organization is going to deliver

their message. What
aspects of the promotional mix will the company use to deliver
their message strategy?
Where will they promote? Clearly the company must take into
account the readership and
general behavior of their target audience before they select their
media strategy. What
newspapers does their target market read? What TV programmers
do they watch?
Effective targeting of their media campaign could save the
company on valuable financial
resources.
The Company

The result of the survey will help the company to know about the
effectiveness of various
life insurance advertisements and how much advertisement is
helpful in buying decision.
The results will also help the company to trace the loop holes and
then take the corrective
measures to rectify them.

The Industry

This is a limited study which takes into consideration the responses

of 50 people. This data
can be exported to take decision for promotional strategy across
the industry. The
significance for the industry lies in studying these trends that
emerge from the study. It is a
rapidly changing and evolving sector. People are only beginning to
wake up to its vast
possibilities. A study like this can attempt to guide the future of the
industry based on current trends.

RESEARCH METHODOLOGY
Research methodology is a strategy that guides a research in
providing answers to
research questions and for this, research survey is being done.
“Accuracy of the study
depends on the systematic application of the method”. The
researcher has to decide the
method to be used that helps him to get a desired direction in a
systematic way.

Random Sampling

Sampling can be defined as a part of population. Thus random

sampling may be defined as
the selection of a portion from the whole population in which each
elements of the
population has an equal chance of being selected. A more please
definition is that each
element in the population has a non-zero and known probability of
selection a randomly
drawn sample is an unbiased sample. In this research survey 50
people were surveyed at random to get the relevant information..
Sample Size: The sampling techniques used in this project are
probability sampling
techniques and the methods used in cluster sampling.

Sampling Unit: The respondents who were asked to fill out

questionnaires are the
sampling units. These comprise of employees of MNCs, Govt.
Employees, and Self
Employed etc.

Sample size: The sample size was restricted to only 50 between

age group of 25-40, which comprised of mainly peoples from
different regions of India.

Structured Questionnaire:
In this collection data, structured questionnaire is used as a tool by
asking a set of
standardized questions to know the effect of Life Insurance
Advertisement and behavior of the people for the ICICI Prudential
Life Insurance.

Interview :
The next step involved in collecting information requires
discussion with people. Thus

valuable information was gathered informal friendly talks with the

people.

Secondary Data Collection:

Various websites were consulted to collect literature relevant to the
topic.

Interpretation
Interpretation refers to the task of drawing inference from the
colleted facts after an
analytical study, in fact it is a search for broader meaning of
research findings it is through
interpretation that the researcher can well understand the abstract
principle that
respondents beneath his findings. The simple statistical tools will
used to analyze the data
collection, Bar Graphs and pie chart have been used to illustrate
the findings
diagrammatically. The scores for advertisement were compiled on
spontaneous recall,
aided recall and likeability. The top ads are selected on the basis of
their score.

Media Exposure in Rural Market

potential market lying to be tapped by any industry. There are 16.4
million urban middle-class households and 15.6 million rural
middle class households in the country, but the latter had a better
purchasing power because they do not incur any expenditure on
rent, transport and school fees, compared to their urban
counterparts, who spend a sizable portion of their income on these
items.

The estimated annual business from rural markets was Rs 1,23,000

crore, comprising Rs
65,000 crore of FMCG, Rs 5,000 crore of durables, Rs 45,000
crore of agricultural inputs
including tractors and Rs 8,000 crore of two-wheelers and four-
wheelers. 29% of the rural
people own cars, 27%t own colour televisions, 24% own
refrigerators and 10% own
washing machines, which points to the untapped potential in the
rural areas.

Media strategy of ICICI Prudential Life

Insurance Co. Ltd.
It was time when the marketing team was thinking about an
advertising campaign, almost everyone, including the company's
board, pooh-poohed the idea. At that time people thought
Company is wasting money. But ICICI discarded this “fear"
typically used for hawking insurance, choosing instead a "happy"
platform to convey a more positive message.

Even today after it has rolled out so many campaigns, ICICI

remains among the top advertisers: ad spends, as a percentage of
new business premium, range between 0.5 per cent and 0.75 per
cent. Lowe (Lintas) has been the creative advertising agency for
ICICI Prudential Life since the beginning.

The TA:
Representing an ideal mix of medium to high net worth
individuals: The consumers most disposed towards buying life
insurance. Middle-aged professionals, primarily male, salaried and
self employed, age group: 28 - 45 years, household income: Rs.20,
000 and above.

Creative Strategy
The essence of the creative strategy: To get the consumer to re
look at Insurance as a means to lead a worry free life and not as a
necessary evil. When ICICI Prudential Life
Insurance first began operations, the task was to present the
visiting card of the company to the public at large and build
credibility and stature and to give the consumer the confidence that
'here was a company that could be trusted to invest funds with'.
This required a corporate campaign, which started with advertising
to establish the brand, build awareness and give the brand a larger
than life image. To this effect the core brand insight highlighted
was "As head of the family it's my responsibility to take care of my
loved ones and protect them from the uncertainties of life",

summed up in the advertising idea:

‘We cover you at every step in life (Suraksha… Zindagi ke har
kadam par). ICICI Pru was positioned as an enabler of protection
relevant to the needs of the life stage that you are in.
Over the last few months, ICICI Prudential has been advertising in
outdoor, TV and press. The company launched a corporate
television campaign – Saat Phere – which took the
emotions and thoughts of initial Sindoor corporate film a few steps
further. The film highlights the strength of promises that a husband
makes to his wife, through the depiction of everyday situations,
and then goes on to emphasize that ICICI Prudential will stand by
the husband to help him fulfill all these promises. The TV
campaign has also been extended to outdoor. The company has
also undertaken press and internet campaigns to
inform customers about benefits of some of its products,
particularly retirement solutions, through the Chintamani
campaign.

Once the corporate image and brand identity were established, and
as the company expanded and its product range grew, the next
phase of communication was to give the consumer a rational and
tangible reason to buy - first of all insurance and secondly from
ICICI Prudential Life. This was tackled through product-specific
advertising, such as for ICICI Pru Smart Kid, retirement solutions
or Lifetime.

Other Communications
Other programs included direct mail, PR of communications
campaign in press & TV, website marketing; and database
generation through Bancassurance channels.

Other initiatives included tie-up with the Dabbawalla Organisation

in Mumbai for a direct marketing exercise, to talk to the customer
through a non-cluttered route, and thereby have a higher impact.
The direct mailer was about ICICI Prudential’s retirement
solutions and the tax benefits that one can avail of buy investing in
any of these. About 100,000 direct mailers were attached to the
‘dabbas’, in areas such as Churchgate, Bandra and Andheri where
there are mostly office-goers. ICICI Prudential Life Insurance has
also announced a strategic distribution tie-up with Hariyali Kisaan
Bazaar, the rural business arm of DCM Shriram Consolidated Ltd
(DSCL). As a partner, Hariyali Kisaan Bazaar can now distribute
ICICI Prudential's protection, wealth creation, retirement solutions
and health insurance products to customers across the its growing
number of rural business hubs in the country.

Conclusion
There has been a tectonic shift in advertising the
insurance companies. Till 2 or 3 years back a typical Ad will
showcase a small happy family enjoying their life. Then one
unfortunate Day the head of the family dies in an accident and the
rest of the family is drawn to rags. The ad ends up saying
Insurance can help them against such calamities.
People bought the idea and started buying insurance. But there was
a basic flaw in the ad. It tells the consumers about the advantages
of “having Insurance” but nothing about “buying insurance from a
perticular insurance firm”. So whoever casting such ad was helping
the industry as a whole but not their specific firm.

Study of Promotional Strategy of Max new life

 Introduction
Marketing has long been used by firms to position their products or
services in the minds of the
customers. But marketing has remained one tool that not only uses
the traits of the society to
tailor their products but has also become a major contributor to
society, in terms of molding its
mind set and bringing a sense of sensibility. Of course, it cannot be
ignored that inappropriate
Marketing has also led to undesirable impact on society.
Also, there is increasing competition for the hearts and minds of
the different markets being
appealed to. When marketing tries to influence how and what
people buy, Social Marketing tries
to influence how they think, feel and act.
This paper, titled “Impact: Marketing on Society Vs Society on
Marketing”, shall attempt to shed
light on this correlation between Marketing and Society.
The correlation between marketing and society
Does this thesis hold true and if it does, is there any method by
which it can be proved?
To begin answering this question, let’s consider a few definitions.
Marketing is defined in various ways by different people. The most
suitable to the present context
is “all the activities involved in moving products and services from
the source to the end
user, including advertising, sales, packaging, promotion and
printingi”. The most critical
entity implied by this definition is ‘end user’.
The definition of society suitable to this context is “Society is
made up of people, groups,
networks, institutions, organizations and systems. These aspects of
society may include
local, national and international patterns of relationships. People
belong to informal and
formal groups, and within and between these groups there are
patterns of interactionsii.”
The most critical entity implied by this definition is ‘people’.
Correlation is a synonym for association or relationship between
variables. In this case,
Marketing and Society are two variables, while ‘end user’ and
‘people’ are the correlating factors.
In order to devise a method to prove this correlation, we shall
consider a set of parameters,
For any firm to form its marketing strategy, it is
necessary to discover unfulfilled customer needs