Literature review on marketing of insurance products - Review Of Literature Of Life Insurance Free Essays

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Each stage is then defined by a number of researchers varying slightly but leading to a common view about what each stage involves. This view is also supported by Neal and Questel stating that need recognition occurs due to several factors and circumstances such as personal, professional and lifestyle which in turn lead to formation of idea of purchasing.

In the next product, consumer searches information related to desired literature or service Schiffman and Kanuk, Information search process can be internal and external. While internal search refers to the process where consumers rely on their personal experiences and believes, insurance search involves wide search of marketing which includes addressing the media and advertising or feedbacks from other people Rose and Samouel, Once the relevant information about the product or service is obtained the next stage involves analyzing the reviews.

Review Of Literature On Customer Awareness In Life Insurance Free Essays

Kotler and Keller consider this stage as one of the important stages as the consumer considers all the types and alternatives taking into account the factors such as size, quality and also price. Backhaus et al suggested that purchase decision is one of the important stages as this stage refers to occurrence of transaction.

Purchasing decision can further be divided into planned purchase, partially purchase or impulse purchase as stated by Kacen which will be discussed further in detail in the next chapters. Finally, post-purchase decision involves experience of the consumer about their purchase. The most noteworthy writers that serve as academic advocates of The Five Stage Model of consumer decision making include TyagiKahle and Close Blackwell subtraction problem solving for 1st grade al.

All of these models are analysed in great detail in Literature Review chapter of this work. Factors Impacting Consumer Buyer Behaviour It has been established that the consumer buying behaviour is the outcome of the needs and wants of the consumer and they purchase to satisfy these needs and wants.

Although it sounds simple and clear, these needs can be various depending on the personal factors such as age, psychology and personality. Also there are some other external factors which are broad and beyond the control of the consumer. These factors have been classified into different types and categories in different ways by different authors.

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For instance, Wiedermann et al classified them into internal and external factor. On the other hand, Winer divided them into social, personal and psychological factors.

Despite the fact that they have been classified into different groups by different authors they are similar in scope and purpose Rao, There is a wide range of factors that can affect consumer behaviour in different ways. These factors are divided by Hoyer et al. Situational factors impacting consumer behaviour may include location, environment, timing and even weather conditions Hoyer et al.

In order to benefit from situational factors major retailers attempt to construct environment and situations in stores that motivate perspective customers to make purchase decision.

It basically explains that the best strategy across situations does not exist. Theidentifications of current market position in the web are an essential issue.

Although many e-commerce companies collect cost and usage data about their websites, few of them understand in anydetail how well such information measures their sites performance. Since the yearinvestorshave been insisting, if not on profits, at least on objective measures of a sites success in attracting,converting and retaining customers.

Literature Review about Marketing Strategies and a Firms performance

The growing of global trade and sales activity in the world has increasingly accentuated theimportance of exporting for firms and countries alike. Globalization process, global marketcompetition and the subsequent performance difficulties encouraged by exporters cause the increasinginterest in this subject Sousa et al.

Marketingstrategy is one of the major elements of export performance and one of the key factors impactingexport performance Cavusgil, Zou ; Thirkell, Dau, ; Lee, Griffith, ; Brodrechtova,; Salavou, Halikias, Salavou and Halikiasin their study, also found that the majority of exporter companies that obtained higher profitability, was due to their marketing-based strategies.

Also in the research by Abdul Adis and Md.

Literature Review

In insurance, although a few studies mention there is not any review, most of researchers concludedthat marketing marketing had significant positive effects on export performance and it was an importantpart of studies that had been evaluated many times previously.

In both developing and developedcountries, promoting small and medium-sized products SMEs is one of the most viable strategiesfor achieving national development goals such as economic development, strengthening the industrialbase and local production structure Hallberg, This is particularly true if the literature review is to be a chapter in a future empirical study.

The literature review begins to inform the research question, and methodological approaches. When scholars analyze fourth category in Bloom's taxonomy they are able to separate material into parts and figure out how the parts fit together. Analysis of the literature allows the scholar to develop frameworks for analysis and the ability to see the big picture and know how details from the literature fit within the big picture.

Analysis facilitates the development of an outline list. The books, articles and monographs read will be of different quality and value. In other words, they draw new and original insights from the literature.