How to theory apply in to practical of marketing management to icici bank

1. HOW TO THEORY APPLY IN
TO PRACTICAL OF
MARKETING MANAGEMENT
TO ICICI BANK
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3. List of Topics
•
•
•
•
•
•
•
Introduction
Mission
Vision
Core and auxiliary needs
Orientation and philosophy
SWOT analysis
Schemes And Punchline
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4. INTRODUCTION
ICICI Prudential Life Insurance Company is a joint
venture between ICICI Bank, which is one of India's foremost
financial services companies, which is a leading international
financial services group headquartered in the United Kingdom.
ICICI Prudential began the operations in December 2000. Today,
this company has over 2100 branches, which include 1,116 microoffices, over 290,000 advisors and 18 branch assurance partners.
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5. Mission
We will leverage our people, technology, speed and
financial capital to:
•
delivering high quality, world-class services.
• expand the frontiers of our business globally.
• play a proactive role in the full realisation of India’s potential.
• maintain high standards of governance and ethics.
• contribute positively to the various countries and markets in
which we operate.
• create value for our stakeholders.
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6. Vision :
To be the dominant Life, Health and Pensions player
built on trust by world-class people and service.
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7. Orientation and Philosophy
SL. No/
Orientation
1).
Product / service Concept
Selling concept
3).
Justification
Partially
2).
Extent
There is no superior Service. Service are given
importance.
Fully
Marketing concept
Aggressive selling activities were given
importance. Central theme is to Fit the Right
customers to your Service.
Fully
The key to achieving organizational goals consists
in determine the needs and wants of target market
and delivering the desired satisfaction more
effectively and efficiently than competitors
There is return to environment. And concerned
with safety, health.
Partially
There is no mass production but mass
distribution is their.
Fully
Societal marketing concept
4).
Production Concept
5).
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8. SWOT Analysis
STRENGTHS :
– ICICI Prudential is No. 1 private life player in India.
– Innovative insurance policies with rider benefits.
– One of the largest financial Institution of India’s.
– Second largest bank with network of 469 branches and 1740 ATM’s across India.
– A huge database of corporate clients, retail customer, and bank customers of ICICI.
– Training provided to all people associating with ICICI prudential.
– Highest paid up capital deposited in IRDA, in comparison to all players.
– Assets base of ICICI is more then Rs 1, 08,000 Crores.
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9. WEAKNESS
– Very huge premiums of policies Compare to other
insurance sector.
– Minimum premium is 19000.(Expect tax saving policy
only 10,000)
– Target upper class people only.
– Policy charges are very high And problematic to advisors
also.
– Poor distribution is in English language only.
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10. OPPORTUNITIES :
– Tie up with more corporate agents all over India.
– Tie up with broker also
– No. of adopting new technology.
– Strong Brand of Company Helps to boost sales in
market
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11. THREATS :
– Threat from existing life insurance players
– Threat from new entrance.
– Threat to substitute products
– Change in the policy of IRDA
– Competition from more & more new players.
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12. Core And Auxiliary needs
Education Insurance Plans
- Protection
– Good Education
Wealth Creation Plans
- Protection
- Safety
Premium Guarantee Plans
- Protection
- Earn money
Protection Plans
- Protection
- Security
Retirement Solutions
- Protection
- Safety purpose.
Health Coverage Plans
- Protection
- Long life
Rural Plans
Micro Insurance Plans
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- Protection
- Protection
- Development
- Economy
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13. Services of ICICI
Education Insurance Plans
•
One of your most important responsibilities as a parent is to ensure that your child gets
the best possible education that can be provided.
•
ICICI Prudential offers a wide portfolio of education insurance plans that are designed
to provide peace of mind to you, as a parent, that your child's education will be secure.
These plans ensure that money is made available at the crucial junctures in a child's
education - Class X, Class XII, graduation and post-graduation - to fund crucial
commitments for the child's future.
•
Importantly, education insurance plans ensure that in the unfortunate event of the death
of a parent, the child's education continues unhampered.
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14. • Smart Kid New Unit-linked
• Regular Premium
• Smart Kid New Unit-linked
• Single Premium
• Smart Kid Regular Premium
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15. Wealth Creation Plans
• Wealth Creation Plans give the customer the dual benefit of
protection along with the returns on their savings.
• For customers who would prefer low risk options and at the same
time would want to get returns on their investment, we offer nonlinked insurance plans. These plans offer returns on the amount
invested while ensuring the plan is not affected by the fluctuations in
the equity markets.
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16. Wealth Creation Plans
• Wealth Advantage
• Life Stage Assure
• Life Time Gold
• Life Link Super
• Life Stage RP
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17. Premium Guarantee Plans
• Invest Shield Life New
• Invest Shield Cash Bank
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18. Protection plans
The sole objective of these plans, as their name indicates, is to
serve the protection needs of the customer and by doing so,
safeguard one’s family from the financial implications of
unfortunate circumstances than one cannot foresee.
Protection Plans
• Pure Protect
• Life Guard
• Save 'n' Protect
• CashBak
• Home Assure
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19. Retirement Solutions
ICICI prudential retirement solutions also known as ICICI Pru pension plans have
been designed to cater to the diverse requirements that characterize each individual.
A retirement plan is an assurance of regular income source to continue with your
present lifestyle. ICICI Prudential understands the importance of a pension plan for
you and brings innovative and customized products and plans to suit each customer
•
Life Stage Pension
•
Lifetime Super Pension
•
Life Link Super Pension
•
Forever Life Plan
•
Immediate Annuity
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20. Health coverage plans
Hospitalisation coverage:
• MediAssure
A reimbursement hospitalization plan covering hospitalization stay
and treatment. The claim payout is based on actual expense incurred.
• Hospital Care II
A fixed benefit cashless hospitalization & surgical plan covering
various stages of treatment and over 1000 surgeries.
Critical illness coverage:
• Crisis Cover
A comprehensive health insurance policy that covers 35 critical
illnesses, death and disability
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21. Health Coverage Plans
•
Health Saver
•
Medi Assure
•
Hospital Care
•
Crisis Cover
•
Cancer Care
•
Diabetes Care Active
•
Diabetes Assure
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22. Rural Plans
ICICI Prudential covers more than 6,50,000 lives across as many as 17 states
in India. Both our rural plans, Suraksha and Suraksha Kavach, are tailored
to meet the unique requirements of rural investors. The plans offer: Life
Cover ,Low and Affordable Premiums And Hassle Free Procedure
PLANS ARE
• ICICI Pru Suraksha
• ICICI Pru Suraksha Kavach
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23. ICICI Pru Group Solutions Advantage
•
1. Group Super Annuation: This flexible plan for both, defined benefit and
defined contribution, provides retirement & tax benefits applicable to an approved
superannuation trust. Read more
•
2. Group Gratuity Plan: This hassle-free plan enables you to effortlessly fund
your statutory gratuity obligation. Read more
•
3. Annuity Solutions: This suite of retirement plans enables you to provide your
employees with a steady income all through their retired lives. Read more
•
4. Group Term Insurance Plan: This insurance plan provides affordable cover to
all your employees. Read more
•
5. Group Term Insurance in lieu of EDLI: This plan is certified by Employee
Provident Fund Organization (EPFO) as a superior alternative to Employee's
Deposit Linked Insurance Scheme.
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24. Punchline
“ May your life be glorious”.
In hindi
“ Zindagi Tumhari Roshan Rahe”.
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25. Major competitors of icici prudential.
BAJAJ
ALLIANZ
•
HDFC LIFE
INSURANCE
ICICI
PRUDENTIAL
MAX NEW
YORK LIFE
INSURANCE
LIC
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26. Bajaj allianz
A joint venture between Bajaj Finserv and Allianz SE,
Bajaj Allianz Life Insurance Co. Ltd. is one of the major
insurance players in national and international market with
assets more than a trillion to its credit. It has its units in 70
nations all across the world and has deployed more than
50,000 Insurance Advisers in its different units.
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27. Some of its popular plans are:
• Health Plans,
• Women Insurance Plans,
• Term Plans,
• Pension Plans
• Micro Insurance
• Children plans
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28. Tata AIG Life Insurance
The Limited firm is a joint venture between
American International Group, Inc. (AIG) and Tata Group. It
is one of the biggest commercial groups in India and provides
variety of standard and customized life insurance schemes.
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29. Some of its popular plans are:
• Life Assure Educare
• Life Invest Assure Plus
• Life Easy Retire
• Life Health Protector
• Life Assure Lifeline Plans
• Life Invest Assure Swarna Jeevan
• Life Invest Assure Future
• Retirement Planning.
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30. Max New York Life Insurance
A
joint
venture
between
New
York
Life
International and Max India Limited, the firm began its financial
functions in India in 2001. It takes pride of being one of the the
first life insurance firm to be felicitated by the IS0 9001:2000
status. With over 133 divisions all over India, Max New York
provides an assortment of flexible scheme enveloping both health
and life insurances. The company offers different plans based on
individual needs and to meet its long term fiscal objectives.
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31. Some of its popular plans are:
• Strategic Products Plans
• Retirement Plans
• Savings Plans
• Health Plans
• Children Plans
• Protection Plans
• Investment plans etc.
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32. Life insurance corporation
LIC offers life insurance protection under group
insurance policies to various groups such as employer-employees,
professionals, co-operatives, weaker sections of society, etc. LIC
provides insurance coverage to people at subsidized rates under
Social Security Group Schemes. Besides Providing insurance
coverage, life insurance corporation of India also offers group
schemes to employees, which provide funding of gratuity, pension
liabilities and leave encashment liabilities of the employers.
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33. Some of its popular plans are:
– LIC Health Insurance Plans
– LIC Pension Plans
– LIC children plans
– LIC Term Assurance Plans
– LIC basic life insurance plans
– LIC Group Life insurance plans
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34. HDFC
HDFC and Standard Life first came together for a possible
joint venture, to enter the life Insurance market, in January
1995. It was clear from the outset that both companies shared
similar values and beliefs and a strong relationship quickly
formed. In October 1995, the companies signed a 3-year joint
venture
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35. Some of its popular plans are:
• Health plans
• Retirement plans
• Children plans
• Saving and investment plans
• Protection plans.
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36. Brand competitors
PRODUC ICICI
TS
HDFC
LIC
BAJAJ
Children gain
Child plans
Smart kid plan
HDFC SL
Youngster Super
II
Komal Jeevan
Retirement
solution
Lifetime super
pension
HDFC Personal
Pension Plan
Jeevan Suraksha. Swarna
Vishranth
Health
Health saver
HDFC Surgicare
Plan
Health Plus
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Health Ensure
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37. Strengths of Hdfc.
•
Domestic image of HDFC supported by Prudential’s international image is
strength of the company.
•
Strong and well spread network of qualified intermediaries and sales person.
•
Strong capital and reserve base.
•
Huge basket of product range which are suitable to all age and income groups.
•
Large pool of technically skilled manpower with in depth knowledge and
understanding of the market.
•
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38. Weaknesses of hdfc
• Heavy management expenses and administrative costs.
•
Low customer confidence on the private players.
•
Vertical hierarchical reporting structure with many designations and cadres
leading to power politics at all levels without any exception.
•
Poor retention percentage of tied up agents.
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39. Swot analysis on LIC OF INDIA
• Strengths :
1) Brand Image
2) Govt Guarantee
3) Claims settlement
4) Pan India presence
5) Large product portfolio
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40. weakness
1) Lethargic Staff
2) Mediocre Top Bosses
3) Large scale Corruption in Main Office
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41. Strengths of Bajaj allianz
•
Risk Management.
•
Service Sector Management (S S E).
• The company also provides innovative products to cater to
different needs of different customers.
• The company provides customer service of the highest order.
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42. Weaknesses of bajaj allianz
• Low customer confidence on the private players
• Ultra-Slow decision making process
• Internal problems between Top Management and lower cadre
Employees
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43. OBJECTIVES OF LIC
• To propagate the idea and practice of life insurance in rural
areas among financially backward people so that their risks
were covered in the event of death.
•
The LIC of India intends to increase the mobility of individual
savings to the maximum extent possible.
•
The LIC of India seeks to employ the investments of its
customers in the best possible manner while at the same time
prioritizing matters of national importance.
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44. Objectives of HDFC
•
The company aims at meeting the dynamic expectations of its
investors by adding innovative schemes and products to its
portfolio.
• Efficiency of operations
• Meet social and rural sector obligations
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45. Objectives of bajaj allianz
• Focus on the productivity of each consultant,coroporate or
individual ,while stressing on the quality of proposals
• Quick roll out of products
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46. Whom to attack and whom to avoid
Competitors
Strong
HDFC




LIC




BAJAJ
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Weak

Close
Distant
Good

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Bad

Attack Avoid

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47. •
ICICI have to attack HDFC.
•
ICICI have to attack LIC.
•
ICICI have to avoid Bajaj Allianz.
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48. MARKETING MIX
MARKETING-MIX MODELS analyze the data from a variety
of sources, such as retailers scanner data, company shipment
data, pricing, media and promotion spending data, to understand
more precisely the effects of specific marketing activities.
They are : PRODUCT
PRICE
PLACE
PROMOTION
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49. PRODUCT:- stands for the goods and services offered by a
company to the target market, to satisfy needs and wants of the
customer.
PRICE:- refers to the money value that the consumers have to
pay to buy the product or service.
PLACE:- stands for physical distribution activities through
which the product moves from the factory to the customer .
PROMOTION:- refers to the activities of personal selling,
advertising, and communicating product benefits and attributes
to target consumers to persuade them to purchase
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50. IDENTIFICATION OF ICICI IN MIX
PRODUCT
PRICE
PLACE
PROMOTIO
N
SMART KID
NEW UNIT –
LINKED
Rs.12000 and above
COMPANY
They are providing
offers and discounts
during
festival
seasons.
LIFE TIME
GOLD
Rs. 50000 and above
AGENTS
LIKE:TV
advertisement, news
papers, banners,
internet adds, and
offers like
INVEST SHIELD Rs. 5000 and above
LIFE NEW
LIFE GURD
PLAN
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PERSONAL
SELLING
Personal selling,
sales promotion,
public relations
Rs. 20000 and above
CUSTOMERS
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51. PRODUCT
PRICE
PLACE
PROMOTION
LIFE STAGE
PENSION
Rs. 20000 and above
COMPANY
They are providing
offers and discounts
during
festival
seasons.
HEALTH SAVER
Rs. 5000 and above
AGENTS
PERSONAL
SELLING
LIKE:TV
advertisement, news
papers, banners,
internet adds, and
offers like
Personal selling, sales
promotion, public
relations
CUSTOMERS
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52. Premium for 1 Year plans in Rupees (Inclusive of Service Tax, Education Cess & Higher Education Cess
@ 10.3%)
Plan A
Plan Details Individua
l
Plan C
2 Adults & 1
Kids
Plan B
2 Adults
Age of senior most
2 Lac 3 Lac 2 Lac 3 Lac 4 Lac 2 Lac 3 Lac 4 Lac
family member
5 - 18 yrs.
1,956 2,250
19 - 35 yrs.
-
-
-
-
-
2 Lac
Plan E
1 Adult & 1
Kid
Plan F
1 Adult & 2
Kids
3Lac 4 Lac 2 Lac 3 Lac 4 Lac 2 Lac 3 Lac 4 Lac
-
-
2,644 3,046 3,965 4,570 6,854 5,139 5,920 8,899
6,312
7,270
10,94
3,472 3,999 6,019 4,329 4,985 7,516
3
36 - 45 yrs.
3,312 3,679 4,968 5,519 7,702 6,141 6,869 9,746
7,314
8,219
11,79
4,023 4,521 6,485 4,831 5,460 7,940
1
46 - 55 yrs.
5,896 6,552 9,434
10,48 14,67 10,60 11,83 16,71
3
5
7
3
9
11,781
13,18 18,76
10,32
11,42
6,479 7,251
7,064 7,942
3
3
0
6
56 - 60 yrs.
8,026
11,55 12,84 17,97 12,73 14,19 20,02
7
1
7
1
2
1
13,904
15,54 22,06
12,13
13,07
7,647 8,548
8,125 9,121
2
5
6
7
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Plan D
2 Adults & 2
Kids
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-
-
-
-
-
-
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53. Factors affecting consumer buying
behavior
FACTORS
HIGH/MEDIUM/LOW
IMPACT
JUSTIFICATION
Cultural factors
Medium Impact
The ICICI prudential insurance
slightly based on the buyers
culture, subculture, social class of
the buyer.
Social factors
Low Impact
Consumers reference groups,
family, role and status has low
impact
Personal factors
High Impact
The company plans are categorized
such as children plans, retirement
plans, wealth creation plans etc..
Psychological factors
Medium Impact
This company plans depend on
only beliefs and attitudes. Not on
motivation and perception
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54. BUYING DECISION PROCESS
This is important for anyone making marketing decisions. It
forces the marketer to consider the whole buying process.
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55. BUYING DECISION PROCESS
NEED RECOGNITION
INFORMATION SEARCH
EVALUATION OF
ALTERNATIVES
PURCHASE
POST PURCHASE EVALATIION
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56. Need Recognition
First basic need of purchasing is to be
identified.
Example : Safety & Income
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57. Information Search
Through
information
sources
like
agents, friends, internet, & advertise etc.
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58. Evaluation of Alternatives
Evaluation
product.
of
substitutes
for
purchasing
Example : We have to evaluate health plan of
ICICI with health plan of HDFC.
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59. Purchase
After evaluating all alterative plans or
schemes customer choose best alternative
which fulfils his/her need.
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60. Post-purchase evaluation
Experience of customer after using
plans
or
experience,
schemes.
Depending
customer
may
or
his/her
may
not
satisfied.
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61. CONCLUSION
ICICI prudential Life Insurance Company is the well established
company. It will be responsive to customer requirements. It will provide
societal, environmental, & economic benefits to the customers & geographic
where they operate.
After doing this presentation we have come to know that core and
auxiliary needs, Orientation and Philosophy, SWOT analysis, schemes,
competitor’s analysis, brand competitors, buying decision process, factors
influencing buying behavior and marketing mix of ICICI prudential.
Finally we have learnt presentation skills, group dynamics and co
ordination.
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