The Impact of Marketing Mix on Customer satisfaction with Special reference to Life Insurance in Badulla Region
Loading...
Date
2013
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Uva Wellassa University of Sri Lanka
Abstract
Insurance is a financial service for collecting the savings of the public and providing them with risk coverage which is to provide protection against the possible chances of generating losses. This study aimed at finding out the contribution of service marketing-mix (7P's) on customer satisfaction in Life insurance industry which is relatively represent low contribution for GDP 1.2% (2011) in service sector by comparing with other sectors. This study will helps to identify the policy formulation and implementation of customer satisfaction and set the stage for further research into the issue, of new marketing strategy. Data were collected using structured questionnaires from a total sample of 60 Life insurance policyholders from Badulla region in Sri Lanka. These samples were selected using simple random sampling method. Descriptive statistics, Pearson correlation and regression were applied for data analysis. It was found that there was positive relationship between marketing-mix and customer satisfaction. This Auf dy concludes that sampled customers were highly satisfied with the Life insurance products, place, price, people, process and physical environment. They were moderately satisfied with promotion. Recommendation offered by the study is that insurance companies should aim at building durable teams. Various units and departments of the prganizations should work as a team with a focus to satisfy customers. Companies should automate their processes to shorten the time that clients spend trying to purchase insurance or make claims.
Description
Keywords
Entrepreneurship And Management Degree Programme