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ABSTRACT
The studies have examined the role of marketing information system on the marketing of insurance policies. The specific objectives is to examine the ways of improving the effectiveness of marketing information system in the marketing of insurance policies, to find out the extent to which marketing information system has improved the sales margin of insurance companies in Nigeria. The research design used was descriptive and survey method of data collection. The population of the study was made of the entire staffs of Cornerstone Insurance, Bontis Limited, and real life insurance plc which was unknown. The sample size of this study is judgmental sample of 100 respondents which comprise of both the senior and junior staffs of Cornerstone Insurance, Bontis Limited, and real life insurance plc. Findings revealed that that marketing information system has significant effect on the marketing of insurance policies. Based on the findings of the study summary, conclusion and recommendations were made that since the discoveries had revealed that there is greater need for marketing research in product development, then it is essential that research activity should be the priority in of the firms, management should gear all its efforts towards achieving new product ideas through marketing information system.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In carrying out Marketing Analysis, Evaluation and Distribution, Marketing Managers need timely and accurate information about customers, competitions, dealers and other forces in the market place. Marion Herper says the “to manage a business well is to manage its future and to manage the future is to manage information”. (Kolter G. 1988).
During the past century, most companies were small and knew their customers first hand, managers pick up marketing information by starting around people observing them and asking them questions. In this present century, many factors have increased the need for more and better information management. As companies expend into national and international markets, they need more information on large and more distant markets.
As income increase and customers become more selective, managers need better information about how customers behave to different products. Marketing managers need information on the effectiveness of their marketing tools. In today’s rapidly changing environments, managers need much better up- to –date information to make timely decision.
Marketing Information System (MIS) begins and ends with the marketing managers to assess their information needs and also develop the needed information from internal company records, marketing intelligence activities and marketing research process. In addition, the marketing information system distributes information to managers in the right form and at the right time to help them in marketing planning, implementation and control (Lancaster, k. 1993).
By accessing information needs, a good marketing information system balances the information managers would like to have against what they really need and what is feasible to offer. Sometimes MIS cannot supply all the information managers are requesting for. MIS must therefore, watch the marketing environment and provide decision makers with information they should have to make key marketing decisions. More so, developing information is required for making day to day planning, implementation and control decision. The development of information is subdivided into three (3): Internal Records (Report), Marketing Intelligence and Marketing Research.
In insurance, the insurance policy is a contract (generally a standard form of contract). This contract is between two parties (The insured and the Insurer), The insured also known as the policy holder, which determines the claims which the insurer is legally required to pay, in exchange for payment, known as the premium the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contract are designed to meet specific needs and thus have many features not found in many other types of contracts.
The insurance contract is contract is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on the behalf of) if certain defined events occurs. (Golier 2003).
Most companies of today are faced with the problem of declining level of sales. Therefore, marketing information system as related to the marketing of insurance policies is intended to improve the general level of awareness of insurance about insurance product and services.
1.2 STATEMENT OF THE PROBLEM
Paramount problem as regards to the decline in the level of sales in most insurance companies in Nigeria is due to insufficient marketing information system. This situation led the researcher to undertake a research work to know how to improve the standard of marketing information system, and to know the roles that could be played by the marketing information system in enhancing of insurance policies in Nigeria. The problem to be examined here is: How marketing of insurance policies could be improved and maintained with the MIS.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine the impact of marketing information system on the marketing of insurance policies. The specific objectives are as follows:
- To examine the ways of improving the effectiveness of marketing information system in the marketing of insurance policies.
- To find out the extent to which marketing information system has improved the sales margin of insurance companies in Nigeria.
- To find out management attitude towards the improvement of marketing information system in the marketing of insurance policies.
- To find out if there are any other method of enhancing sales apart from marketing information system in your organisation.
1.4 RESEARCH QUESTION
- What are the ways of improving the effectiveness of marketing information system in the marketing of insurance policies?
- What is the extent to which marketing information system has improved the sales margin of insurance companies in Nigeria?
- What is the attitude of management towards the improvement of marketing information system in the marketing of insurance policies?
- Are there any other methods of enhancing sales of insurance apart from marketing information system in your organisation?
1.5 RESEARCH HYPOTHESES
HO: Marketing information system has no significant effect on the marketing of insurance policies.
HI: Marketing information system has significant effect on the marketing of insurance policies.
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study cannot be over emphasized as it will assist insurance organization embarking on marketing information system in establishing a well rooted company through the enhancement of sales.
Secondly, other companies would make diligent reference to this work and it will enable them to meet up with contemporary marketing information system that will improve their level of sales.
1.7 SCOPE OF THE STUDY
The study limits scope to some selected marketing and insurance companies in Port Harcourt Metropolis, and they include Cornerstone Insurance, Bontis Limited, and real life insurance plc
1.8 LIMITATION OF THE STUDY
The study is limited to the following limitations:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work as difficult and this to a great extent limited the quality of research activity.
Time: The time allocated to the research work was not sufficient to give room for further intensive work on the field of study.
Organization Policy: Policies of the organization limited the level of information received. The personnel of the firms were not willing to give information, stating that it was against the organization’s policy.
1.9 DEFINITION OF TERMS
The researcher took the pains in giving the definitions of some uncommon terms used in this study; this is done in order to make it possible for the project work to have the full knowledge of marketing information system.
The following are some of the related terms used in the study:
Marketing: Marketing is a set of activities that facilitates the exchange of transaction involving “Economic goods and services,” for the ultimate purpose of satisfying human needs.
Information: Information is an acquired knowledge that has meaning. In most cases, information elicited some sort of reaction or responses on the part of the receiver.
Marketing Research: This may be defined as the objective and systematic collection, recording, analysing interpretation and reporting of information about existing or potential market, marketing strategies and tactics, and the interaction between market, marketing methods and current or potential products or services.
INSURANCE POLICY: In insurance, the insurance policy is a contract (generally a standard form of contract). This contract is between two parties (The insured and the Insurer), The insured also known as the policy holder, which determines the claims which the insurer is legally required to pay, in exchange for payment, known as the premium the insurer pays for damages to the insured which are caused by covered perils under the policy language.
Marketing Information System (MIS): Is the structure of people, equipment, and procedure to gather, sort, analyse, evaluate and distribute too needed, timely and accurate information to marketing decision makers.
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