Question

Choose a Local or International organization with which you are familiar. Al of your answers must be based on this organization. You must be able to easily obtain the required background information to enable you to respond to the questions. In answering the questions, you should assume the role of an experienced consumer research consultant hired by the Board of your choosing organization You must provide a one-page summary of background information on your chosen organization (250 words). This must include: Name of the organization • Size of organization • Main markets where it operates (prographical locations) • Examples of products and services • Key competitors • Main customer segments In addition to the above, you can include any other information which might be useful to help marker understand the context of your answers. Your organization Summary is not included in the overall word count NOTE - The organization summary must be completed and must accompany the submission otherwise the assessment cannot be marked QUESTIONS Question 1 (25Marks) Select a specific customer segment of your chosen organization. Discuss the impact of technology on this segment's thinking, behavior and experience when purchasing products or services Question 2 (25Marks) a. Your company has decided to launch a new product or service, but before doing so you need to gather some customer insight by conducting marketing research Discuss the stages of the marketing research process to contribute to a successful launch b. Analyze the measures your chosen organization should take in order to protect customer data Question 3 (25Marks) 2. The company is about to look into buying a brand-new telephone system. Discuss the purchase decision process that would adopted by your chosen organization in the purchase of the new telephone system b. Briefly discuss the important roles and types of stakeholders that will be involved in this process Question 4 (25 Marks) For your chosen organisation discuss the potential impact of using an opinion leader to promote the brand of your chosen organisation

Answer 1

SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest sate owned banking and financial services company India, and BNP Paribas Cardiff. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI life Insurance was founded in March 2001 with headquarters in Mumbai. The company has worldwide service in the life insurance, investments and pension products.  

Name of the organisation.. SBI Life Insurance Co. Ltd

Size of the organisation... Presently SBI life Insurance has over 12000 on roll employees and over 94000 agents. SBI Life Insurance has over 650 branches and services rendered through over 23000 branches of the SBI group.

Main markets where it operates (geographical locations) ... With 198 foreign offices in 37 countries, SBI, the parent organisation of SBI life Insurance, is truly an Indian multinational. All SBI branches in India and abroad serve as service centers for SBI Life Insurance Company and are a big contributor to the overall business of the company, as Banca channell of SBI Life Insurance Company. Ltd.  

Examples of products and services ... SBI life Insurance has various products designed in insurance, investments and pension segments for all age groups. SBI life Insurance plans can give life cover up-to Rs. 1Crore ( at the rate of Rs. 18 per day) . Some very popular plans are SBI life - eShield ( online term insurance product) , SBI life - Smart Money Planner ( traditional Participating Money-back Endowment Plan), SBI life - Smart Humsafar ( traditional Joint Life Insurance Plan), SBI life - CSC Saral Sanchay ( traditional non participating endowment plan) and SBI life - Smart Power ( a non participating Unit Linked Insurance Plans)

Key Competitors .... Key competitors for SBI life Insurance are HDFC Life, Tata AIA, ICICI Prudential Life Insurance, LIC, Bajaj Allianz, Exide Life Insurance, IndiaFirst, Max Life Insurance, IDBI Federal and HDFC ERGO.

Main customer segments ... Generally there are different types of market segmentation, mostly are based on demographic, geographic, psychogrraphic, behavioural, needs based and ransactional. Demographically insurance and pension products are targeted based on age, gender, occupation, income, family status and education.

Question 1.

Answer 1. Customer segment in the age-group of 25 and 50 are more tech savvy and SBI life Insurance has the best web based and smart phone based applications which makes online services so user friendly. Almost all products and services are available online.

Question 2

Answer. a) When company is planning to launch a child plan product, a market surrvey is done through the agents network and through Banca and other corporate channels. Many schools and kinterrgardens are approached to gather more information from young parents.

b) SBI life Insurance has good system in place to protect consumer data. Some measures it has taken are

.... Staying updated and current on encryption practices

.... Limit Access to Customer Information

.... Collect only What's Necessary

..... Consider destroying data after the use

.... Make customer privacy everryones businesz

.... Customer is assured of safety of there information

Question 3.

Answer... (a) To purchase a telephone system for the company, a approval request later is forwarded to the regional head through branch and divisional head. There is a proper system for purchase of anything for branches and other offices forever SBI Life Insurance.

(b) The main people involved in this process would branch head, divisional head , regional head and the head of the purchase department of SBI life Insurance. All approvals are sent only through he mentioned route.

Question 4..

Answer : A performer and leader through out a career can be a good brand ambassador for SBI life Insurance as company's mission is to emerge as the leading company offering a comprehensive range of life insurance and pension products.