Products can be tangible or intangible, physical or logical. Insurance services are logical and considered as intangible product in marketing. Presently it is a familiar term in our day to day life. Many different insurance companies provide different types of insurance services. In western countries adopting insurance services are mandatory. In Bangladesh Insurance services are also getting popular day by day. MetLife Alico is one of the leading insurance companies in Bangladesh. It is well organized and has a wide range of product line. Here the details of the product lines of MetLife Alico will be presented in brief. Firstly, the product concept of marketing will be described. Secondly, insurance services will be introduced as a product. Thirdly, MetLife Alico and its history in Bangladesh will be discussed in brief. Fourthly, the product lines of MetLife Alico will be presented and their features will be discussed. Next, different value added service of the organization towards its customers will be described. Finally, the report will be critically analyzed and some recommendations to increase acceptability of the report will be proposed. At last a, brief discussion on the product lines of MetLife Alico will be presented.
Product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange of money or some other unit of value. The organizations that are production-oriented look at a product basically as a manifestation of resources used to produce it and the organizations that are marketing oriented view a product from the target consumer’s perspective as a bundle of benefits by benefits i.e. functional as well as emotional benefits. Accordingly they will have to see how their consumers view their products. There is no need to prepare a marketing mix for a product that offers few consumers benefits, because that product will not sell. If we consider the product from the target customer’s perspective, like the cosmetic companies are combining chemicals to make lipsticks, vitamin manufacturers produce little pills; watch makers produce mechanical devices that keep time. -What marketers are doing is they are basically enhancing their products for their target markets-as lipstick has becomes beauty and hope, vitamins become hope for a healthier life and watches become status symbols. So we can say that, a product therefore is a bundle of physical or logical, tangible or intangible attributes that have the potential to satisfy present and potential customer wants. In addition to the physical goods themselves, other elements include the warranty, installation, after sales service accessories and package. For example a product with warranty and the same product without warranty are not same. Products that are intangible are exchanged directly from producer to user, they cannot be transported or stored, and are almost instantly perishable. These products are called services. Service products are often difficult to identify, because they come into existence at the same time they are bought and consumed. The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.” Some common examples of service that are considered as product are services of a lawyer, Service of a beautician, banking services etc. Insurance services can also be considered as an intangible product. Insurance service as a product
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange of payment. It is a form of risk-management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain...