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Abstract
The main objective of the study is to examine the effect of marketing information system on the marketing performance of insurance companies in Port Harcourt. In doing this, the study was limited to five insurance companies in Port Harcourt where primary data, via questionnaire were collected. The sample size of this study is 35 respondents. Data were collected through a structure questionnaire using the five likert scale. The statistical test used in the analysis of the data collected was the Pearson Product Moment Correlation statistical tool. From the analysis, the researcher finds out that marketing information system influence marketing performance of insurance companies. Based on the above findings, the following recommendations are made among others; that the management of insurance firms must pay great attention to the marketing research department and that management should gear all its efforts towards achieving new product ideas through marketing information system.
Table of Content
Title Page………………………………………………………………………i
Cover Page ii
Declaration iii
Certification iv
Dedication v
Acknowledgements vi
Abstract vii
Table of Content viii
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Objectives of the Study 3
1.4 Research Question 4
1.5 Research Hypothesis 4
1.6 Significance of the Study 5
1.7 Scope of the Study 5
1.8 Limitation of the Study 5
1.9 Definition of Terms 6
CHAPTER TWO 8
REVIEW OF RELATED EMPIRICAL REVIEW 8
2.1 Introduction 8
2.2 Conceptual Framework 8
2.2.1 Concept of Marketing Information System 9
2.2.2 Dimensions of Marketing Information System 13
2.2.2.1 Internal Record system 13
2.2.2.2 Marketing intelligence system 13
2.2.2.3 Marketing research system 14
2.2.2.4 Marketing Decision Support System 14
2.2.3 Objectives of Marketing Information System 14
2.2.4 Functions of Marketing Information System 16
2.2.5 Limitations to Marketing Information System 17
2.2.6 Concept of Marketing Performance 18
2.2.7 Measures of Marketing Performance 19
2.3 Theoretical Framework 23
2.4 Review of Related Empirical Studies 23
2.4 Summary of Literature Review 25
CHAPTER 3 26
RESEARCH METHODOLOGY 26
3.1 Introduction 26
3.2 Research Design 26
3.3 Population of the Study 26
3.4 Sampling Techniques Used 27
3.5 Sample Size 27
3.6 Source of Data 27
3.6.1 Primary Source (s) of Data 27
3.6.2 Secondary Source of Data 27
3.7 Research Instrument for Data Collection 27
3.8 Validity and Reliability of Instrument 28
3.9 Techniques for Data Analysis 28
CHAPTER FOUR 30
DATA PRESENTATION AND ANALYSIS 30
4.1 Introduction 30
4.2 Presentation of Question/Items in the Questionnaire and Analysis of Responses 30
4.3 Testing of Hypotheses 38
4.4 Discussion Findings 41
CHAPTER FIVE 44
SUMMARY, CONCLUSION AND RECOMMENDATION 44
5.1 Introduction 44
5.2 Summary 44
5.3 Conclusion 45
5.4 Recommendation 45
References 46
Appendix 1 48
QUESTIONNAIRE 49
Section A 49
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” (Kotler, 2010).
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 (Shaw and Stone (2007).
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.
Lancaster and Massinghan, (2003) posited that 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 four (4): Internal Records system, Marketing Intelligence and Marketing Research and Marketing Decision Support System (Lancaster and Massinghan, 2003).
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 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 about 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 effect of marketing information system on the marketing performance of insurance companies in Port Harcourt. The specific objectives are as follows:
1. To examine the effect of internal records system on the marketing performance of insurance companies in Port Harcourt.
2. To examine the relationship between marketing intelligence system and marketing performance of insurance companies in Port Harcourt.
3. To examine the effect of marketing decision support system on marketing performance of insurance companies in Port Harcourt.
4. To examine the extent to which marketing research system influence marketing performance of insurance companies in Port Harcourt.
1.4 Research Question
Based on the objectives of the study, the following research questions shall be used to guide the study.
1. Is there any relationship between internal records system and marketing performance of insurance companies in Port Harcourt?
2. To what extent does marketing intelligence system influence marketing performance of insurance companies in Port Harcourt?
3. Is there any relationship between marketing decision support system and marketing performance of insurance companies in Port Harcourt?
4. To what extent does marketing research system influence marketing performance of insurance companies in Port Harcourt?
1.5 Research Hypothesis
The following hypotheses were postulated to guide the study.
HO1: There is no significant relationship between internal records system and marketing performance of insurance companies in Port Harcourt.
HO2: There is no significant relationship between marketing intelligence system and marketing performance of insurance companies in Port Harcourt.
HO3: There is no significant relationship between marketing decision support system and marketing performance of insurance companies in Port Harcourt.
HO4: There is no significant relationship between marketing research system and marketing performance of insurance companies in Port Harcourt.
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.
Present an overview for marketing information system components and its importance to the Marketing managers and insurers.
Outline the necessary requirement for successful decision making by
Implementing marketing information system.
1.7 Scope of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between marketing information system and marketing performance. The dependent variable is marketing performance, measured by increase sales, market share and profitability. While independent variable is marketing information system measured by internal record system, marketing intelligence system, marketing decision system and marketing research system.
Geographical Scope: The geographical scope of the study is some selected insurance companies in Port Harcourt, Rivers State.
Unit of Analysis: The unit of analysis in this research involves both senior and junior staff of Insurance companies in Port Harcourt.
1.8 Limitation of the Study
The level of frankness in response to questions by the respondents.
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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