BRAND AWARENESS

Submitted in partial fulfillment of the requirements for the award of the

degree of Bachelor of Business Administration (B.B.A.) programme of Guru
Gobind Singh Indraprastha University, Delhi.

Submitted by :
Student Name : KUNDAN KUMAR

Roll No.: 41996701715

Kamal Institute of Higher Education And Advanced Technology

K-1 Extension, Mohan Garden,

New Delhi 110059

Batch (2015- 2018)

 DECLARATION

I hereby declare that this project , entitled BRAND AWARENESS, is based on my original
study and has not been submitted earlier for award of any degree or diploma to any institute or
university.

The work of other author(s), wherever used, has been acknowledged at appropriate place(s).

Place: New Delhi Candidates signature

Date: Name: kundan kumar

Enroll. No.: 41996701715

Countersigned
 ACKNOWLEDGEMENT

An independent project is a contradiction in terms. Every project involves contribution of many

people. This project also bears the imprints of many people and it is a pleasure for me to
acknowledge and thank all of them.

I am deeply indebted to________ who acted as a mentor and guide, providing knowledge and
giving me his/her valuable time out of his/her busy schedule, at every step throughout the
project. It is only because of his/her this project came into being.

I also thank Prof Prof.(Dr.) J.S.Gujral, Director of Kamal Institute of Higher Education

And Advanced Technology, for providing an opportunity of doing this project under his
leadership.

I also take the opportunity to express my sincere gratitude to each and every person, who directly
or indirectly helped me throughout the project and without anyone of them this project would not
have been possible.

The immense learning from this project would be indelible forever.

(KUNDAN KUMAR)
 TABLE OF CONTENTS

S.No. Topic Page No

1 Declaration I

2 Acknowledgement II

3 Chapter-I: Introduction

Introduction
Objectives of the study
Scope of the study
Methodology

4 Chapter-II: Research M ethdology

Marketing research
Research desigh
Types of research desigh
Brand awareness
Project desigh
Problem satatement
Objectives of the study
Limitation of the study

5 Chapter-III: Findings of the study

6 Chapter-IV: Conclusion

7 Chapter-V: Suggestions
8 Chapter-VI: Bibliography

CHAPTER 1

INTRODUCTION
 1. INTRODUCTION:

Life insurance is a form of insurance that pays monetary proceeds upon the death of the
insured covered in the policy. Essentially, a life insurance policy is a contract between the named
insured and the insurance company wherein the insurance company agrees to pay an agreed upon
sum of money to the insured's named beneficiary so long as the insured's premiums are current.

With a large population and the untapped market area of this population insurance
happens to be a very big opportunity in India. Today it stands as a business growing at the rate of
15-20% annually. Together with banking services, it adds about 7 % to the countrys GDP. In
spite of all this growth statistics of the penetration of the insurance in the country is very poor.
Nearly 80% of Indian populations are without life insurance cover and the health insurance. This
is an indicator that growth potential for the insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation Malhotra Committee was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform process was
participation of overseas insurance companies with 26% capital. Creating a more competitive
financial system suitable for the requirements of the economy was the main idea behind this
reform.

Since then the insurance industry has gone through many changes. The liberalization of
the industry the insurance industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players and the increased
use of the new distribution are in the limelight today. The use of new distribution techniques and
the IT tools has increased the scope of the industry in the longer run.

Insurance is the business of providing protection against financial aspects of risk, such as
those to property, life health and legal liability. It is one method of a greater concept known as
risk management which is the need to manage uncertainty on account of exposure to loss,
injury, disadvantage or destruction.

Insurance is the method of spreading and transfer of risk. The fortunate many who are
exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the
assets but only compensates the economic or financial loss.

In insurance the insured makes payment called premiums to an insurer, and in return is
able to claim a payment from the insurer if the insured suffers a defined type of loss. This
relationship is usually drawn up in a formal legal contract.

Insurance companies also earn investment profits, because they have the use of the
premium money from the time they receive it until the time they need it to pay claims. This
money is called the float. When the investments of float are successful they may earn large
profits, even if the insurance company pays out in claims every penny received as premiums. In
fact, most insurance companies pay out more money than they receive in premiums. The excess
amount that they pay to policyholders is the cost of float. An insurance company will profit if
they invest the money at a greater return than their cost of float.

An insurance contract or policy will set out in detail the exact circumstances under which
a benefit payment will be made and the amount of the premiums.

Classification of insurance

The insurance industry in India can broadly classified in two parts. They are.

1) Life insurance.

2) Non-life (general) insurance.

1) Life insurance:

Life insurance can be defined as life insurance provides a sum of money if the person
who is insured dies while the policy is in effect.

In 1818 British introduced to India, with the establishment of the oriental life insurance
company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life
assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure to
regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and
amended by the insurance act, 1938, with comprehensive provisions for detailed effective control
over insurance. The union government had opened the insurance sector for private participation
in 1999, also allowing the private companies to have foreign equity up to 26%. Following the
opening up of the insurance sector, 12 private sector companies have entered the life insurance
business.

Benefits of life insurance

Life insurance encourages saving and forces thrift.

It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured.

It can be enchased and facilitates quick borrowing.

It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both in short term and long
term.

Fundamental principles of life insurance contract;

1) Principle of almost good faith:

A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being
proposed whether requested or not.

2) Principle of insurable interest:

Relationships with the subject matter (a person) which is recognized in law and gives legal right
to insure that person.
2) Non-life (general) Insurance:

Triton insurance co. ltd was the first general insurance company to be established in India
in 1850, whose shares were mainly held by the British. The first general insurance company to
be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907.
There emerged many a player on the Indian scene thereafter.

The general insurance business was nationalized after the promulgation of General
Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance
business.
1.1 EXECUTIVE SUMMARY:
The Insurance sector, after the opening up, provides greater opportunities. Several global
players have emerged and the market has changed significantly. In the changed scenario, the
expectation is that the low Insurance premium as a percentage of GDP prevailing in India will
improve and will offer better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business potential exists. In India
currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent
in the US, but in the liberalized scenario, the life insurance
premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs
592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life
premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and
personal line non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player.
The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC
agents in India. General Insurance is another segment, which has been growing at a faster pace.
Max life insurance co. Ltd. works to generate revenue and make profits so that the
organisation is able to sustain and compete in the market. The revenue comes from the sales of
its products, so as a summer trainee my job profile was the study and sales of ULIP plan. I had to
study the ULIP plan to understand it and have the complete knowledge of the product and do
sales so as to generate revenue for my organization.
 1.2. INSURANCE INDUSTRY:

Historians believe that insurance first developed in Sumer & Babylonia. The merchants & traders
of these societies transferred & pooled their money to protect themselves from pirates.

In the 18th century BC, Babylonian king Hammurabi developed a code of law known as
the code of specific rules governing the practices of early risk-sharing activities.

Insurance developed during the 1700s in the North American colonies. In 1730,
Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. The company
collected contributions & this money went into an investment fund. Interest on this fund went
towards paying claims dividends to those who contributed money.

1.3. Reason for Insurance:

No one knows in advance when a loss will occur or how serious that loss will be. The
uncertainty surrounding potential losses is known as Risk. Insurance offers a way for people to
replace risk with known costs- the costs of buying & maintaining insurance policies.

Insurance pools risks shared by many people, thereby, reducing the risks faced by a
group. People pay to buy insurance coverage (protection from risk). In exchange, all policy
holders (people who own insurance policies) receive a promise that the group of policyholders as
represented by the insurance organization will pay when any policyholder experience any kind of
loss.
 1.4. Importance of Insurance:

Insurance industries in India have a long history. Life Insurance in existing form came in
India from UK in 1818 with Oriental Life Insurance Company. The Indian Life Assurance
companies Act, 1912 was the first measure to regulate Life Insurance business. Later in 1928 the
Indian Insurance Companies act was enacted, which was amended in 1938. Finally Government
of India in 1950 again amended this act. Life Insurance Corporation of India was formed in
September 1956 by passing LIC Act, 1956 in Indian parliament.

The first general insurance company- Sun Insurance Office Ltd. was established in Calcutta
in the year 1710. General Insurance business in India was nationalized with effect from 1.1.73 by
the General Insurance Business Act. from 1973, The General Insurance Company (GIC) as a
holding company divided in four subsidiaries as:

- National Insurance Company Ltd.,

- The New India Assurance Company Ltd.
- The Oriental Insurance Company Ltd.
- The United India Insurance Company Ltd.
INTRODUCTION OF LIFE INSURANCE IN INDIA:

India at a glance:

Population:1.1 Billion

Economy: 4th largest in the world in terms of Purchasing Power Parity (PPP)

GDP growth Rate: Over 6% per year on an average for the last decade

Estimated middle class population: 300 Million

Insured population: 70 million only

Insurance is an Rs 450 billion industry in India. The value of the market is determined by
gross premium incomes. The life insurance segment writes about 80% of the overall market
value. Indian Insurance market was at its all-time high in 2003 with a growth of about 17.4%
over the previous year. Since 2001 Insurance is growing at the rate of 15-20 % annually. The
growth in the insurance industry is affected by volatility in real estate rates, GDP rates and long
term interest rates. Fluctuations in exchange rates also affect the growth in this sector. The gross
premium as a percentage of the GDP has gone up from 2.3 in the year 2000 to 4.8 in 2006.
Together with banking services, it adds about 7% to the countrys GDP.
Some of the important milestones in the life insurance business in India are:

British-India Period:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started
functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its
business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Life Insurance in its modern form
came to India from England in the year 1818. Oriental Life Insurance Company started by
Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance
companies established during that period were brought up with the purpose of looking after the
needs of European community and Indian natives were not being insured by these companies.
However, later with the efforts of eminent people like BabuMuttylal Seal, the foreign life
insurance companies started insuring Indian lives. But Indian lives were being treated as sub-
standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life
Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and
covered Indian lives at normal rates.

Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crores from the Government of India.
 1.5. Liberalization of Indian Insurance:

1994: Insurance sector invited private participation to induce a spirit of competition amongst the
various insurers and to provide a choice to the consumers.
1997: Insurance regulator IRDA was set up as there felt the need:

To set up an independent regulatory body, that provides greater autonomy to insurance

companies in order to improve their performance, In the first year of insurance market
liberalization (2001) as much as 16 private sector companies including joint ventures with
leading foreign insurance companies have entered the Indian insurance sector. Of this, 10 were
under the life insurance category and six under general insurance. Thus in all there are 25 players
(12-life insurance and 13-general insurance) in the Indian insurance industry till date.

1.6. Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard Life
insurance first private insurers to sell a policy

2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting non-
life claims in the cashless mode

2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance Broker,
Bonsai Insurance Broking Pvt Ltd.
 CHAPTER 2

RESEARCH
METHDOLOGY
2.1. Marketing Research:

Research simply means search for knowledge. Research is a systematic design

collection, analysis and reporting of data and finding relevant to a specific marketing situation
facing the company. In todays competitive business scenario every decision could be critical
and might have an immense effect on the future of business. Thus the Research is of prime
importance of modern business.

Marketing Research is the process of systematic gathering, recording and analyzing of

data about customers, competitors and the market. Market research can help create a business
plan, launch a new product or service, fine tune existing products and services, expand into new
markets etc. It can be used to determine which portion of the population will purchase the
product/service, based on variables like age, gender, location and income level. It can be found
out what market characteristics your target market has. With market research, companies can
learn more about current and potential customers.

The purpose of market research is to help companies make better business decisions
about the development and marketing of new products. Market research represents the voice of
the consumer in a company.

A list of questions that can be answered through market research:

How to get a new customer and retain older?

What is happening in the market? What are the trends? Who are the competitors?
How do consumers talk about the products in the market?
Which needs are important? Are the needs being met by current products?
2.2 Research Design:

The project was carried out, keeping in mind the main objectives. The research design is
the conceptual framework within which the research is conducted. It contains the blueprint for
the collection, measurement and analysis of data. Our project demanded the knowledge of
portion of population, so we decided to go for random sample survey instead of census survey.
The population in this case we had to deal with comprised of every kind of person, an illiterate
and an educated one, a young and an old one, so we designed a questionnaire that would be easy
to comprehend and that would be easy for us to make people understand. However, it is worth
mentioning that the questionnaire dealt with every possible problem and solution, which was
usually followed by an unstructured interview/ question conditioned to cooperation of
respondent and many inferences were made on the bases of these interactions.

2.3. Types of research design:

There are three types of research design:

Exploratory research design

Descriptive research design
Causal research design.

Exploratory researchis method of collecting information in an unstructured and informal way.

Exploratory research helps determine the best research design, data collection method and
selection of subjects. Exploratory research often relies on secondary research such as reviewing
available literature and/or data, or qualitative approaches such as informal discussions with
consumers, employees, management or competitors, and more formal approaches through in-
depth interviews, focus groups, projective methods, case studies or pilot studies. The Internet
allows for research methods that are more interactive in nature.
 For example if the owners of a new restaurant often eat out at competitors restaurants in
order to gather information about menu selections, prices and service quality.

Descriptive research refers to a set of methods and procedures that describe marketing
variables. Descriptive studies portray these variables by answering who, what, why and how
questions. These types of research studies may describe such things as consumers attitudes,
intentions, and behaviour, or the number of competitors and their strategies.

Causal research design is conducted by controlling various factors to determine which

factor is causing the problem. It allows you to isolate causes and effects. By changing one factor,
say price you can monitor its effects on a key consequence such as sales. Although causal
research can give you a high level of understanding of the variable you are studying, the designs
often require experiments that are complex and expensive.
2.6. Brand Awareness

Brandawareness refers to the extent to which customers are able

to recall or recognise a brand.[1] Brand awareness is a key consideration in consumer
behavior, advertising management, brand management and strategy development. The
consumer's ability to recognise or recall a brand is central to purchasing decision-making.
Purchasing cannot proceed unless a consumer is first aware of a product category and a brand
within that category. Awareness does not necessarily mean that the consumer must be able to
recall a specific brand name, but he or she must be able to recall sufficient distinguishing
features for purchasing to proceed. For instance, if a consumer asks her friend to buy her some
gum in a "blue pack", the friend would be expected to know which gum to buy, even though
neither friend can recall the precise brand name at the time.

Different types of brand awareness have been identified, namely brand recall and brand
recognition. Key researchers argue that these different types of awareness operate in
fundamentally different ways and that this has important implications for the purchase decision
process and for marketing communications. Brand awareness is closely related to concepts such
as the evoked set and consideration set which describe specific aspects of the consumer's
pusSSrchase decision. Consumers are believed to hold between three and seven brands in their
consideration set across a broad range of product categories. [2] Consumers will normally
purchase one of the top three brands in their consideration set.

Brand awareness is a key indicator of a brand's competitive market performance. Given the
importance of brand awareness in consumer purchasing decisions, marketers have developed a
number of metrics designed to measure brand awareness and other measures of brand health.
These metrics are collectively known as Awareness, Attitudes and Usage (AAU) metrics.

To ensure a product or brand's market success, awareness levels must be managed across the
entire product life-cycle - from product launch through to market decline. Many marketers
regularly monitor brand awareness levels, and if they fall below a predetermined threshold, the
advertising and promotional effort is intensified until awareness returns to the desired level.
Importance of Brand awareness

Brand awareness is related to the functions of brand identities in consumers memory and can be
measured by how well the consumers can identify the brand under various conditions. [3] Brand
awareness is also central to understanding the consumer purchase decision process. Strong brand
awareness can be a predictor of brand success.[4] It is an important measure of brand
strength or brand equity and is also involved in customer satisfaction, brand loyalty and the
customer's brand relationships .[5]

Brand awareness is a key indicator of a brand's market performance. Every year advertisers
invest substantial sums of money attempting to improve a brand's overall awareness levels.
Many marketers regularly monitor brand awareness levels, and if they fall below a
predetermined threshold, the advertising and promotional effort is intensified until awareness
returns to the desired level. Setting brand awareness goals/ objectives is a key decision in
marketing planning and strategy development.

Brand awareness is one of major brand assets that adds value to the product, service or
company.[6] Investments in building brand awareness can lead to sustainable competitive
advantages, thus, leading to long-term value.[6]
Types of brand awareness

Marketers typically identify two distinct types of brand awareness; namely brand recall (also
known as unaided recall or occasionally spontaneous recall) and brand recognition (also known
as aided brand recall).[8] These types of awareness operate in entirely different ways with
important implications for marketing strategy and advertising.

Brand recall

Brand recall is also known as unaided recall or spontaneous recall and refers to the ability of the
consumers to correctly elicit a brand name from memory when prompted by a product
category.[3] Brand recall indicates a relatively strong link between a category and a brand while
brand recognition indicates a weaker link. When prompted by a product category, most
consumers can only recall a relatively small set of brands, typically around 3-5 brand names. In
consumer tests, few consumers can recall more than seven brand names within a given category
and for low-interest product categories, most consumers can only recall one or two brand
names.[9]

Research suggests that the number of brands that consumers can recall is affected by both
individual and product factors including; brand loyalty, awareness set size, situational, usage
factors and education level.[10] For instance, consumers who are involved with a category, such
as heavy users or product enthusiasts, may be able to recall a slightly larger set of brand names
than those who are less involved.

Brand recognition

Brand recognition is also known as aided recall and refers to the ability of the consumers to
correctly differentiate the brand when they come into contact with it. This does not necessarily
require that the consumers identify the brand name. Instead, it means that consumers can
recognise the brand when presented with it at the point-of-sale or after viewing its visual
packaging.[11] In contrast to brand recall, where few consumers are able to spontaneously recall
brand names within a given category, when prompted with a brand name, a larger number of
consumers are typically able to recognise it.

Top-of-Mind Awarenesse

Consumers will normally purchase one of the top three brands in their consideration set. This is
known as top-of-mind awareness.[12] Consequently, one of the goals for most marketing
communications is to increase the probability that consumers will include the brand in their
consideration sets.

By definition, top-of-mind awareness is "the first brand that comes to mind when a customer is
asked an unprompted question about a category.[13] When discussing top-of-mind awareness
among larger groups of consumers (as opposed to a single consumer), it is more often defined as
the "most remembered" or "most recalled" brand name(s).[14]

A brand that enjoys top-of-mind awareness will generally be considered as a genuine purchase
option, provided that the consumer is favourably disposed to the brand name.[15] Top-of-mind
awareness is relevant when consumers make a quick choice between competing brands in low-
involvement categories or for impulse type purchases.[16]

Marketing implications of brand awareness

Clearly brand awareness is closely related to the concepts of the evoked set (defined as the set of
brands that a consumer can elicit from memory when contemplating a purchase) and
the consideration set (defined as the small set of brands which a consumer pays close attention
to when making a purchase decision).[17] One of the advertising's central roles is to create both
brand awareness and brand image, in order to increase the likelihood that a brand is included in
the consumer's evoked set or consideration set and regarded favourably. [18]
Consumers do not learn about products and brands from advertising alone. When making
purchase decisions, consumers acquire information sources from a wide variety of information
sources in order to inform their decisions. After searching for information about a category,
consumers may become aware of a larger number of brands which collectively are known as
the awareness set.[19] Thus, the awareness set is likely to change as consumers acquire new
information about brands or products. A review of empirical studies in this area suggests that the
consideration set is likely to be at least three times larger than the evoked set.[20] Awareness
alone is not sufficient to trigger a purchase, consumers also need to be favourably disposed to a
brand before it will be considered as a realistic purchase option.

The process of moving consumers from brand awareness and a positive brand attitude through to
the actual sale is known as conversion. [21] While advertising is an excellent tool for creating
awareness and brand attitude, it usually requires support from other elements in the marketing
program to convert attitudes into actual sales.[22] Other promotional activities, such as
telemarketing, are vastly superior to advertising in terms of generating sales. Accordingly, the
advertising message might attempt to drive consumers to direct sales call centres as part of an
integrated communications strategy. [23] Many different techniques can be used to convert
interest into sales including special price offers, special promotional offers, attractive trade-in
terms or guarantees.

Percy and Rossiter argue that very few shoppers use lists and this has important implications for
the purchase decision and advertising strategy

Percy and Rossiter (1992) argue that the two types of awareness, namely brand recall and brand
recognition, operate in fundamentally different ways in the purchase decision. For routine
purchases such as fast moving consumer goods (FMCG), few shoppers carry shopping lists. For
them, the presentation of brands at the point-of-sale acts as a visual reminder and triggers
category need. In this case, brand recognition is the dominant mode of awareness. For other
purchases, where the brand is not present, the consumer first experiences category need then
searches memory for brands within that category. Many services, such as home help, gardening
services, pizza delivery fall into this category. In this case, the category need precedes brand
awareness. Such purchases are recall dominant, and the consumer is more likely to select one of
the brands elicited from memory.[24] When brand recall is dominant, it is not necessary for
consumers to like the advertisement, but they must like the brand. In contrast, consumers should
like the ad when brand recognition is the communications objective. [25]

The distinction between brand recall and brand recognition has important implications
for advertising strategy. When the communications objectives depend on brand recognition, the
creative execution must show the brand packaging or a recognisable brand name. However,
when the communications objectives rely on brand recall, the creative execution should
encourage strong associations between the category and the brand.[26] Advertisers also use
jingles, mnemonics and other devices to encourage brand recall.

Brand dominance occurs when, during brand recall tests, most consumers can name only one
brand from a given category.[27] Brand dominance is defined as an individuals selection of only
certain brand names in a related category during a brand recall procedure.[27] While brand
dominance might appear to be a desirable goal, overall dominance can be a double-edged sword.

A brand name that is well known to the majority of people or households is also called
a household name [28] and may be an indicator of brand success. Occasionally a brand can
become so successful that the brand becomes synonymous with the category. For example,
British people often talk about "Hoovering the house" when they actually mean "vacuuming the
house." (Hoover is a brand name). When this happens, the brand name is said to have
"gone generic." [29] Examples of brands becoming generic abound; Kleenex, Cellotape, Nescafe,
Aspirin and Panadol. When a brand goes generic, it can present a marketing problem because
when the consumer requests a named brand at the retail outlet, they may be supplied with a
competing brand. For example, if a person enters a bar and requests "a rum and Coke," the
bartender may interpret that to mean a "rum and cola-flavoured beverage," paving the way for
the outlet to supply a cheaper alternative mixer. In such a scenario, Coca-Cola Ltd, who after
investing in brand building for more than a century, is the ultimate loser because it does not get
the sale.
Measuring brand awareness

Just as different types of brand awareness can be identified, there are a variety of methods for
measuring awareness. Typically, researchers use surveys, carried out on a sample of consumers
asking about their knowledge of the focus brand or category.

Two types of recall test are used to measure brand awareness:[30]

Unaided recall tests: where the respondent is presented with a product category and asked to
nominate as many brands as possible. Thus, the unaided recall test provides the respondent with
no clues or cues. Unaided recall tests are used to test for brand recall.

Aided recall test: where the respondent is prompted with a brand

name and asked whether they have seen it or heard about it. In
some aided recall tests, the respondent might also be asked to
explain what they know about the brand e.g. to describe package,
colour, logo or other distinctive features. Aided recall tests are
used to test for brand recognition.
Other brand-effects tests: In addition, to recall tests, brand
research often employs a battery of tests, such as brand
association tests, brand attitude, brand image, brand dominance,
brand value, brand salience and other measures of brand health.
Although these tests do not explicitly measure brand awareness,
they provide general measures of brand health and often are used
in conjunction with brand recall tests.

To measure brand salience, for example, researchers place products on a shelf in a supermarket,
giving each brand equal shelf space. Consumers are shown photographs of the shelf display and
ask consumers to name the brands noticed. The speed at which consumers nominate a given
brand is an indicator of brand's visual salience. This type of research can provide valuable
insights into the effectiveness of packaging design and brand logos. [31]
A number of commercial research firms (e.g. Interbrand,[32] Millward-Brown,[33] Nielsen
(Asia) [34]) monitor brand effects for key international brands and the topline survey findings are
widely published in business press, trade press and online. It is worth noting that these
commercially compiled lists are not popularity contests.
2.5. Project Design:

Our project demanded a design which would include:

Research nature: An exploratory research design was adopted to conduct the

study in order to know the above mentioned objectives.

Data collection method: Population being very large, the Data Collection Method
demanded the Sample Survey.

Primary Data Collection: Questionnaire

Phrasing of Queries: Queries were made in such a way that it was easy for us to
make it understand and easy to comprehend.

Order of Queries: Order was most important feature which was kept in mind.

Optional Data Collection: Unstructured Questions

2.6. PROBLEM SATATEMENT:

To study the Brand Awareness of ICICI Prudential with reference to Sopore and
Baramulla areas of Jammu and Kashmir.

2.7. OBJECTIVES OF THE STUDY:

TO ANALYSE THE BRAND AWARENESS OF ICICI PRUDENTIAL INSURANCE COMPANY IN SOPORE

AND BARAMULLA.

The objective of our study included the following important functions:

a) To check the awareness and interest of Insurance among people in general.

b) To find out the popularity of different insurance providers.
c) To find out the satisfaction level of existing policy holders.
d) To enlighten people with the benefits of Insurance and Investments.
e) To find out the reason behind less impetus of people towards Insurance.
f) To find out a strategy to make people aware and develop their interest in insurance and
Investments.
g) To know about the most threatening substitute of Insurance.
2.8. Limitations of the Study:

It is said, Nothing is perfect and there would be few shortcoming in this project also.

Sincere efforts have been made to eliminate discrepancies as far as possible but few would have
remained due to limitations of the study.

Time seemed to be my most limited resource to conduct a comprehensive research.

Project was scheduled to be completed in 07 weeks period seems to be very difficult.
Some of the respondents were not ready to fill the questionnaires and some of them were
not ready to come out openly.
Due to the current unrest in Kashmir, it was very difficult to get the good no. of
questionnaires filled up.
Most of the people (particularly in rural areas) were unable to fill up the questionnaire due
to the lack of knowledge about the insurance industry.
2.9. Questionnaire Design:

Based on the varied needs of the information required, the questionnaire was designed in
such a manner that it satisfied our need and it was prepared in consultation with the Sales
Manager of Max Life Insurance Company.

The necessary parameters which were taken care of during this phase were:

The information needs should be completely met.

Ease of understanding of the Queries.
Ease of administering the questionnaire.
Probing nature of the questionnaire.
To make it free from biased Queries.
There should be no implicit responses.
The person responding to the schedule should not be able to make assumptions
about the information collection agency to prevent any intended bias that could
creep in because of that.

During the Interviewer development phase, emphasis was put on the following areas:

1. Question Issues

a. What types of questions can be asked?

b. How complex will the questions be?
c. Will cross check questions be needed?
d. Will lengthy questions be asked?
e. Will open ended questions be asked

.
2. Content Issues

a. The information requirement laid down prior to questionnaire

development should be completely met.
b. Can the respondents be expected to know about the issue?
c. Will the responses be conclusive and provide enough information to
make important decisions?
d. Ease of understanding of the questionnaire by the respondent.
e. The language of the questionnaire was kept lucid and easy for better
comprehension by the respondent
f. The sequence of questions was so adjusted as to avoid any
predisposition

3. Bias Issues

a. Can interviewer distortion and subversion be controlled?

b. Can false respondents be avoided?
c. The questionnaire should be anonymous i.e. the respondent should not
be able to know on behalf of which telecom operator the research was
being conducted. This was done to minimize bias.

4. Administrative Issues

a. Costs
b. Facilities
c. Time
d. Personnel
e. Ease of administering the questionnaire.
 CHAPTER 4

DATA
INTERPRETATION
AND ANALYSIS
Data Interpretation and Analysis

Q1. Do you have knowledge about Life Insurance?

Ans: Responses were (Out of 80)

Yes No Total
Responses 74 6 80

%age 92 8 100

Table 1

Yes
No
92

Chart 1
The graphs show that approximately 92% of the respondents were having knowledge of
Life Insurance.

Inference

This shows that there is a great market potential for Life Insurance and people are
ready to invest if guided properly.
Q2. How have you been exposed to Life Insurance?

Ans: Responses were (Out of 80)

Advertisement Insurance Friends and

Agent Relatives
Max 80 80 80
Observed 24 20 36
%age 30 25 45

Table 2

90 80 80 80
80
70
60
50
36 Max
40
30 24
20 Observed
20
10
0
Advertisement Insuarance Agent Friends and
Relatives

Chart 2
The graphs show that approximately 25% of the respondents were exposed to Life
Insurance through Insurance Agents.

Inference

This shows that the Company should recruit more and more Insurance Agents to
be successful in this competitive scenario. Advertisements and other media should not be
neglected as they too comprise a considerable percentage.
Q3. Do you have knowledge about Insurance Companies other than LIC?

Ans: Responses were (Out of 80)

MetLife Bajaj ICICI None

Allianz Pru.
Max 80 80 80 80
Observed 30 23 20 7
%age 38 28 25 9

Table 3

90 80 80 80 80
80
70
60
50
40 Max
30
30 23 20 Observed
20
7
10
0
Metlife Bajaj Allianz ICICI Pru. None

Chart 3
The graphs show that Bajaj Allianz and MetLife have considerable number of followers
other than LIC.

Inference
This shows that the omnis healthcare service pvt. Ltd. make strategies keeping in view
the strategies of Bajaj Allianz and MetLife.

Q4. Are you a present policy holder?

Ans: Responses were (Out of 80)

Yes No Total
Responses 24 56 80

%age 30 70 100

Table 4

24

Yes
56 No

Chart 4
The graphs show that approximately 70% of the respondents were without policies.

Inference This shows that most of the market is unexplored representing a huge sales
potential.
Q5. What is your satisfaction level with Life Insurance Policy?

Ans: Responses were (Out of 80)

Strongly Satisfied Can't Not

Satisfied Say Satisfied
Responses 9 38 21 12

%age 11 48 26 15

Table 5

Chart 5

12 9
Strongly Satisfied

21 Satisfied
38 Can't Say
Not Satisfied

The graphs show that almost 15 % of the respondents are not satisfied with the existing
products and services.

Inference

This shows that the plans should be customized and more features should be added to
products to make them more profitable and more attractive.
Q6. Do you think max life insurane co. Ltd. is a reliable insurance company?

Ans: Responses were (Out of 80)

Yes No Total
Responses 48 32 80

%age 60 40 100

Table 6

Chart 6

32

Yes
48
No

The graphs show that almost 40% of the respondents lacked trust in max life Insurance
Company.

Inference

This shows that much needs to be done in order to develop trust and reliability of
max Life Insurance Company among people.
Q7. Are you aware about the products of max life insurance company Ltd.?

Ans: Responses were (Out of 80)

Yes No Total
Responses 22 58 80

%age 73 27 100

Table 7

Chart 7

22

Yes

58 No

The graphs show that approximately 73% of the respondents were unaware about the
products of Max Life Insurance Company.

Inference

This shows that there is a need of making product information common among
masses using proper media.
Q8. Are you interested to know about oMax Life insurance company Ltd. ?

Ans: Responses were (Out of 80)

Yes No Total
Responses 59 21 80

%age 74 26 100

Table 8

Chart 8

21

Yes

59 No

The graphs show that approximately 74% of the respondents are interested to know
about the Max Life Insurance Company.

Inference

This shows that proper course of action should be followed to make people aware of max
life insurance company ltd Insurance Company so that they can invest in it. This also
shows that MAX LIFE INSURANCE COMPANY LTD. enjoys a good image among
the masses.
Q9. Do you think Insurance Polices should provide more returns besides risk cover?

Ans: Responses were (Out of 80)

Strongly Agree Doesn't Disagree

Agree Matter
Responses 26 42 6 6

%age 33 53 7 7

Table 9

Chart 9

6 6
26
Strongly Agree
Agree
Doesn't Matter
42
Disagree

The graphs show that approximately 53% of the respondents are interested in more
returns besides risk cover from Life Insurance Companies.

Inference

This shows that insurance companies should focus on investments that provide
considerable amount of returns besides Insurance Cover.
Q10. Where do you invest your savings?

Ans: Responses were (Out of 80)

Banks Real Share Others

Estate Market
Responses 51 4 6 9

%age 64 5 7 24

Table 10

Chart 10

9
6 Banks
4
Real Estate
51 Share Market
Others

The graphs show that approximately 64% of the respondents invest their savings in
banks

Inference

This shows that strategies should be formulated in such a manner that bank customers
could be converted into insurance customers, as is done through bank assurances.
Q11. Are you a Tax Payer?

Ans: Responses were (Out of 80)

Yes No Total
Responses 19 61 80

%age 24 76 100

Table 11

Chart 11

19

Yes

61 No

The graphs show that approximately 24% of the respondents are tax payers and need to
save tax.

Inference

This shows that tax saving benefits should be highlighted during the marketing of
insurance products to increase the customer base of the Insurance Companies.
Q12. Life Insurance Policies provide security and financial Solution for your tomorrow?

Ans: Responses were (Out of 80).

Strongly Agree Can't Disagree Strongly

Agree Say Disagree
Responses 19 43 8 8 2

%age 24 53 10 10 3

Table 12

Chart 12

2
8 Strongly Agree
8 19
Agree
Can't Say
43
Disagree
Strongly Disagree

The graphs show that approximately 23% (10+10+3) of the respondents do not take
insurance as a tool for protection and financial solutions for tomorrow.

Inference

This shows that there is still a lot of confusion about the benefits of the insurance which
is not taken as a financial benefactor for tomorrow.
Q13. What could be the reason behind less impetus and interest towards Insurance?

Ans: Responses were (Out of 80)

Region Motivation Income Others

Awareness
Responses 11 31 23 15

%age 14 39 29 18

Table 13

Chart 13
Region
15 11 Awareness
Motivation
23 31
Income

Others

The graphs show that approximately 39% of the respondents do not take insurance
because of motivational factors.

Inference

This shows that there is still a lot of confusion about the functioning of insurance
companies. The ULIP products should be promoted and also sales force needs to be
trained properly to increase the customer base.
 CHAPTER 5

FINDINGS OF THE
STUDY
Findings of the Study

The respondents having knowledge about the Life Insurance is fairly good.

Nearly half of the respondents have been exposed to Life Insurance by their Friends
and Relatives.

The awareness of max life insurance company ltd. among respondents is fairly low
as compared to LIC and MetLife.

The satisfaction level with Life Insurance policy among the respondents was very
good.

Nearly 3/4th of respondents are not aware about the products and services offered
by max life insurance company ltd. .

Nearly 3/4th of respondents are interested to know about the products and services
offered by max life insurance .company ltd.

Almost 85% respondents are agreed with the statement that insurance policies
should provide more returns besides risk cover.

The reason for less knowledge and interest towards insurance is lack of motivation
and less income.
CHAPTER 6

CONCLUSION
Conclusion:
This research report is based on the survey for finding the position of various
insurance policies offered by the insurance companies. Life insurance products
provide a definite amount of money to the dependants of the insured in case the
life insured dies during his active income earning period or becomes disabled on
account of an accident causingreduction/complete loss in his income earnings.
An individual can also protect hisold age when he ceases to earn and has no other
means of income by purchasingan annuity product. The company profiles of these
companies and their product range have to be given in the first part of this report.
The insurance policy offersthe various insurance policies covering the risk of
various stages of life of anyperson. Covering the risk is become so important and
necessary for any person. Inthe present scenario the life is becoming so risky due
to the innovation of thevarious latest technology and modern way of livings.
Insurance products availablefor life and non-life are many.
In non-life, apart from personal covers such as accident covers and health
insurance, there are products covering liabilities under a particular law and or
common law. The various products are designed to cater to different needs of an
individual or industry such as fire insurance policy on multi-storeyed building,
householders policy.
An insurance contract promises to make good to the insured a certain sum in
consideration for a payment in the form of premium from the insured.Human life
cannot be valued. Hence the sum assured (or the amount guaranteed to be paid in
the event of a loss) is by way of a benefit in the case of life insurance.
The conclusion of this report is that the life insurance is the necessary and
considerable factor for any person for covering the risk of life and for future
security.
 CHAPTER 7

SUGGESTIONS
SUGGESTIONS

Insurance companies should not mislead to customer to provide wrong information about own
policy.

Rural area in India lacks this facility so the insurance policy should spread their business in rural
area also.

Insurance companies should make personal contact with customer or own client for improve
brand promotion.

Most of person does not know about the full knowledge about insurance policy so the companies
should try to provide the complete knowledge about insurance policy to the customer.
 CHAPTER 8

BIBLIOGRAPHY
Bibliography:

Websites:

www.lic.com
www.irda.com
www.goolge.com

Books of References:

Marketing Management by Philip Kotler

Marketing Management by RajanSaxena.
Newspaper and Business Magazines