MARKETING CONCEPT AS A TOOL FOR REALIZING PROFITABILITY IN THE INSURANCE INDUSTRY

Andrew Ngozi Iweka (PhD), Ighotegonour Godfrey Ederewhevbe (PhD)

Abstract


The purpose of this study was to examine marketing concept as a tool for realizing profitability in the Insurance industry, with special focus on Alfa Insurance Brokers Plc, Enugu. The survey research design was used for the study. The study was conducted in Enugu state. In the study sixty copies of questionnaire were distributed to the respondents, out of which only fifty five (55) copies were retrieved. Two hypothesis were stated for the study and for proper analysis, the chi-square analysis statistical tool was used to test the hypothesis. The findings revealed that the application of marketing concept has enhanced the marketing of insurance in Alfa Insurance Brokers. Moreover, marketing concept has increased sales volume of Insurance products in Enugu. Based on the findings the following recommendations were made: Alfa Insurance Brokers should extend the scope of their market research so as to cover a wider segment of the society, identify consumers needs, and emphasize more on innovative activities and product development.


Keywords


marketing concept, Insurance brokers, profitability and Product

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