THE IMPORTANCE OF INSURANCE IN FIELD OF MARKETING CONCEPTS: A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES

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 finding

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                                             5

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).

THE IMPORTANCE OF INSURANCE IN FIELD OF MARKETING CONCEPTS: A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES