Strategic Marketing Managemnt

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ASSIGNMENT

ON

STRATEGIC MARKETING MANAGEMENT

A CASE STUDY OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

ASSIGNMENT
ON
STRATEGIC MARKETING MANAGEMENT
A CASE STUDY OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

Table of Contents

Contents Pages

Introduction-
Background-
Marketing Strategy Process-
Marketing vs. Corporate Strategy-
Strategic Positioning-

Relationship Marketing-

Strategic Objectives of ICICI Prudential-

Environmental Analysis-

SWOT Analysis--

Internal Analysis-

Impact of Globalisation-

Conclusion-

INTRODUCTION

Marketing has a significant role in this modern, consumer- driven and ultra competitive global market. The definitions of marketing are varied from author to author and it may be functional or strategic. (M.S.Wilson & Gilligan, 2008) In my point of view marketing is a technique applied by persons, natural or corporate to reach their product or services into the hands of customers with the objective of their survival in the competitive market, maximisation of profit and customer satisfaction.

In this essay my endeavour is to discuss and explain the marketing management strategy, various marketing tools, its implementation etc., through my chosen organisation ICICI PRUDENTIAL LIFE INSURANCE COMPANY, herein after referred as “the case understudy” is a market leader in the private life insurance sector in India.

BACKGROUND

The case under study is ICICI PRUDENTIAL LIFE INSURANCE COMPANY a joint venture between ICICI bank, India’s largest private bank and prudential plc –a UK based international financial service group. The total capital of the company is [pic] 47.80 billion. The company started its operation in December 2000, presently it own 1,900 branches with over 210,000 Insurance advisors and tie ups with 7 bank assurance partners. (ICICI PRUDENTIAL LIFE INSURANCE , 2010).

The case understudy is a service based industry and its product range is varies from pure life insurance products to insurance based financial products , market linked short term mutual funds to long term financial products including pension funds. (ICICI PRUDENTIAL LIFE INSURANCE , 2010)

A close examination of the Indian life insurance market untill the end of 1990’s reveals the supreme domination of LIC. After the nationalisation of Indian insurance sector in 1956, in India life insurance was meant LIC or Life insurance Corporation, an Indian Government undertaking .Indian Insurance market was a fine example of Pure monopoly market dominated by the LIC untill the Congress led government had finally opened the insurance market for private players under the new economic policies in line with privatisation and globalisation.It was the beginning of a new economic era in india’s economic development.The market had all the features of a pure monopoly market.

(Insurance Regulatory Development Authority, 2007)

Task 1(a)

MARKETING STRATEGY PROCESS

Marketing strategy of an organisation is framed in line with its long term strategy or the corporate startegy.marketing strategy is a plan that coordinate product developemnt, promotion, distribution and pricing of the organisations product or services and identifies the the goals of the organisation and tells how that goals can be achived in a specific time frame by the application of marketing teqniques of segmentation, targeting and competitive positioning.The very purpose behind the formulation of marketing strategy is to ensure and achieve a long term, sustainable competitive position in the market with a view to gain profit and stakeholder value.Marketing strategy tries to identify the needs of the customers in order to ensure their satisfaction by...
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