IDENTIFYING MARKETING APPROACHES USED IN THE ROMANIAN MANDATORY CAR INSURANCE MARKET - A MARKETING RESEARCH -
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1 [11] Dalotă Marius Dan, Successful Implementation of Knowledge Management in Small and Medium Enterprises, Rev. Romanian Economic and Business Review, Universitatea Româno-Americană, 2011, vol.6 nr.1 IDENTIFYING MARKETING APPROACHES USED IN THE ROMANIAN MANDATORY CAR INSURANCE MARKET - A MARKETING RESEARCH - Lecturer Tudor EDU, Ph.D Romanian American University 1B, Expoziției Avenue, Sector 1, Bucharest tudoredu@yahoo.com Lecturer Costel NEGRICEA Ph.D Romanian-American University 1B, Expoziţiei Avenue, Sector 1, Bucharest negricea@yahoo.com Abstract: The mandatory car insurance market is becoming a significant one in value and a highly competitive one. Every individual and organization owning a vehicle must pay the yearly mandatory car insurance. In this paper we aimed to identify marketing approaches used by companies offering mandatory car insurance services in Romania. The main conclusion of this study is that the mandatory car insurance companies which are active in Romania make use of a tremendous number of marketing strategies and tactics covering a broad spectrum of aspects beginning with the environment screening and ending with the company adaptation to the peculiarities of the market. Keywords: Marketing, secondary data, insurance companies, Romania JEL classification: M31 Introduction The size of the mandatory car insurance market is a significant one. The annual value of this market amounts up to several hundred millions EUR, in 2011 reaching approximately 500 mil EUR according to The competition on this market is a strong one with 17 insurance companies ( 2011) competing for a slice of this market and a significant number of brokers and intermediaries. These companies use different marketing approaches in order to gain clear competitive advantages. In this paper we aimed to identify marketing approaches pursued by the mandatory car insurance companies registered in Romania. 29
2 Being an exploratory research we considered applying a secondary data analysis as the appropriate method at this stage based on a model developed and adapted by the authors together with prof. Cătoiu through a series of studies performed beginning with 2009 (Cătoiu et al, 2002, Cătoiu & Edu, 2009, Cătoiu, Edu, Negricea, 2011, Edu & Negricea, 2011) Research methodology 1. Research purpose Identifying marketing approaches used by the mandatory car insurance companies registered in Romania. 2. Research objectives To identify: 2.1 marketing approaches in relation to the marketing environment 2.2 marketing approaches in relation to the determination of the buying behaviour on the market 2.3 marketing approaches in relation to the product policy 2.4 marketing approaches in relation to the price policy 2.5 marketing approaches in relation to the marketing communication 2.6 marketing approaches in relation to the distribution policy 2.7 marketing approaches in relation to the personnel policy 3. Research hypotheses 3.1 The mandatory car insurance companies gather information about the marketing environment related to: industry/market features and tendencies acquisitions and diversification market share suppliers and partners Corporate Social Responsibility endeavours 3.2 The mandatory car insurance companies collect information about the buying behaviour in relation to: brand perception (company and products) brand attitude (company and products) buying motives product satisfaction buying behaviour buying intentions segmentation studies target markets brand positioning fidelity tactics and consumer reactions 3.3 The mandatory car insurance companies marketing approaches in relation to the product policy can be found in one or more of the following categories: concept development and testing brand name generation and testing 30
3 3.3.3 a test market product portfolio analysis underperformed products products launched in cooperation with other financial institutions offer analysis on B2C, B2B, B2G product assortment personal insurance agent as a part of the offer transparency in offer presentations perception about insurance coverage perception about claiming procedures online applications used for client informing and persuading/ offer description/ product usage 3.4 The mandatory car insurance companies pursue marketing approaches for the price policy in the following areas: cost analysis for products/ services/ departments profit analysis for products/ services/ departments premium payment flexibility insurance excess demand analysis: market potential; sales potential; sales forecasting disclosure of costs to clients 3.5 The mandatory car insurance companies consider marketing communication approaches related to: motives which determine the choice for a means of communication mass communication means advertising message advertising effectiveness: before/after broadcasting events, fairs, exhibitions etc sponsorships promotional instruments such as special offers, prizes, coupons etc brands: awareness, trust, loyalty etc 3.6 The mandatory car insurance companies use distribution approaches which cover the following areas: channel performance: agents, partners, dealers channel coverage international cooperation and coverage distribution effectiveness in relation to organisations and individuals 3.7 The mandatory car insurance companies consider marketing approaches in relation to the personnel policy which could refer to: recruitment policy training and courses remuneration systems (flat wages, commissions etc.) 31
4 Marketing approaches procedures/ methods/ techniques used to interact with clients studies on staff satisfaction related to working conditions/ career development managerial processes and relations organisational culture and its forms 4. Research variables Table 1- Research variables Variable Definition Directions for this research Objectives, strategies and tactics used in order to create and deliver value to customers in order to gain value in return Objectives, strategies and tactics pertaining to: - business/ economic environment or company - buying behaviour - product - price - marketing communication - distribution - personnel Marketing environment Buying behaviour Product The sum of forces which act in a direct or indirect manner upon the organisation The sum of individual or group decisions directly connected to the acquiring and use of goods and services for the satisfaction of the current and future needs, including decision processes which precede and determine these acts The product, service, idea or combination of these with which the organisation is present - industry/market features and tendencies - acquisitions and diversification - market share - suppliers and partners - Corporate Social Responsibility endeavours - brand perception (company and products) - brand attitude (company and products) - buying motives - product satisfaction - buying behaviour - buying intentions - segmentation studies - target markets - brand positioning - fidelity tactics and consumer reactions - concept development and testing - brand name generation and testing - a test market 32
5 Price Marketing communication on the market The sum of money which must be paid by the buyer to the seller in order to acquire the offer The endeavours in which the prospect is informed about the organisation s offer and persuaded to purchase it - product portfolio analysis - underperformed products - products launched in cooperation with other -financial institutions - offer analysis on B2C, B2B, B2G - product assortment - personal insurance agent as a part of the offer - transparency in offer presentations - perception about insurance coverage - perception about claiming procedures - online applications used for client informing and persuading/ offer description/ product usage - cost analysis for products/ services/ departments - profit analysis for products/ services/ departments - premium payment flexibility - insurance excess - demand analysis: market potential; sales potential; sales forecasting - disclosure of costs to clients - motives which determine the choice for a means of communication - mass communication means - advertising message - advertising effectiveness: before/after broadcasting - events, fairs, exhibitions etc - sponsorships - promotional instruments such as special offers, prizes, coupons etc - brands: awareness, trust, loyalty etc Distribution The processes and routes through which an offer reaches a client - channel performance: agents, partners, dealers - channel coverage 33
6 - international cooperation and coverage - distribution effectiveness in relation to organisations and individuals Personnel The function and processes which handle recruitment, training and compensation of staff - recruitment policy - training and courses - remuneration systems (flat wages, commissions etc.) - procedures/ methods/ techniques used to interact with clients - studies on staff - satisfaction related to working conditions/ career development - managerial processes and relations - organisational culture and its forms 5. Population The researched population is represented by the Romania mandatory car insurance companies. 6. Secondary data study guide The study guide was designed in accordance with the research purpose and objectives. This guide was structured in the following chapters: business/economic or company buying behaviour product price marketing communication distribution personnel For each section, the study guide had the following structure: Table 2- Business/economic or company research Features of the industry/market and tendencies on it Acquisitions and diversification Market share Suppliers and partners 34
7 Corporate Social Responsibility endeavours Table 3.1- Buying behaviour research Brand perception (company and products) Brand attitude (company and products) Buying motives Product satisfaction Buying behaviour Buying intentions Segmentation studies Target markets Brand positioning Other Table 3.2- Buying behaviour research Buying behaviour- information about: Brand Fidelity tactics and positioning consumer reactions Table 4.1- Product research Concept development and testing Brand name generation and testing A test market Product portfolio analysis Underperformed products Products launched in cooperation with other financial institutions Offer analysis on B2C, B2B, B2G Product assortment Table 4.2- Product research 35
8 Personal insurance agent as a part of the offer Transparency in offer presentations Perception about insurance coverage Perception about claiming procedures Online applications used for client informing and persuading/ offer description/ product usage Table 5- Price research Cost analysis for products/ services/ departments Disclosure of costs to clients Profit analysis for products/ services/ departments Premium payment flexibility Insurance excess Demand analysis: market potential; sales potential; sales forecasting; price sensitivity Table 6.1- Marketing communication research Marketing communication- information about: Motives which Mass determine the choice Advertising communication for a means of message means communication Advertising effectiveness: before/after broadcasting Events: fairs, exhibitions etc Table 6.2- Marketing communication research Marketing communication- information about: Sponsorships Promotional instruments such as special offers, prizes, coupons etc Brands: awareness, trust, loyalty etc Distribution- information about: Table 7- Distribution research 36
9 Channel performance: agents, partners, dealers Channel coverage International cooperation Distribution effectiveness in relation to organisations and individuals Table 8.1- Personnel research Personnel- information about: Recruitment policy Trainings and courses Remuneration systems (flat wages, commissions etc) Procedures/ methods/ techniques used to interact with clients Studies on staff Personnel- information about: Table 8.2- Personnel research Satisfaction related to working conditions/ career development Managerial processes and relations Organisational culture and its forms 7. Sources of secondary data The secondary data sources were structured in several chapters to facilitate the study: 7.1 Web sites of insurance companies 7.2 Web sites of regulatory institutions 7.3 Reports and statistics issued by public and private institutions 7.4 News Web portals 7.5 Newspapers 7.6 Specialised publications in insurance 7.7 Specialised web sites in insurance 8. Research conclusions After analysing the secondary data sources, 247 relevant references were identified. These references were analysed using the subcategories of the study guide. In order to match these references with the research objectives, each objective was analysed considering on one hand the predefined subcategories and on the other hand the other subcategory. Objective no. 1- Identifying marketing approaches in relation to the marketing environment 37
10 After analysing the data it was concluded that this objective had been accomplished. In this regard it can be said that the mandatory car insurance companies gather information about the marketing environment related to: industry/market features and tendencies acquisitions and diversification market share suppliers and partners Corporate Social Responsibility endeavours The hypothesis formulated for this objective was partially confirmed because findings about regulatory issues had been found also. Objective no. 2- Identifying marketing approaches in relation to the determination of the buying behaviour on the market The analysis of the gathered data concluded the accomplishment of this objective. The mandatory car insurance companies collect data about the buying behaviour in relation to: brand perception (company and products) brand attitude (company and products) buying motives product satisfaction buying behaviour buying intentions segmentation studies target markets brand positioning fidelity tactics and consumer reactions The hypothesis formulated for this objective was entirely confirmed because the findings were within the pre-established boundaries. Objective no. 3- Identifying marketing approaches in relation to the product policy The analysis of the collected data concluded the accomplishment of this objective. The mandatory car insurance companies make product decisions which extend to the following categories: concept development and testing brand name generation and testing a test market product portfolio analysis underperformed products products launched in cooperation with other financial institutions offer analysis on B2C, B2B, B2G product assortment personal insurance agent as a part of the offer transparency in offer presentations perception about insurance coverage perception about claiming procedures online applications used for client informing and persuading/ offer description/ product usage 38
11 Other product-related marketing approaches were uncovered by the collected data, as follows: cross-selling with non-financial services, bundles with non-mandatory insurance policies. The hypothesis formulated for this objective was partially confirmed because other marketing approaches were found besides the ones asserted in this hypothesis. Objective no. 4- Identifying marketing approaches in relation to the price policy The analysis of the collected data concluded the accomplishment of the 4 th objective. The mandatory car insurance companies pursue price-related marketing approaches which cover the following areas: cost analysis for products/ services/ departments profit analysis for products/ services/ departments premium payment flexibility insurance excess demand analysis: market potential; sales potential; sales forecasting disclosure of costs to clients In accordance with the collected data in the other subcategory, the mandatory car insurance companies are also interested in analyses of claim levels and numbers. The hypothesis formulated for this objective was partially confirmed because the collected data displayed also marketing approaches which were not found in the preestablished subcategories. Objective no. 5- Identifying marketing approaches in relation to the marketing communication Based on the analysis of the collected data, the 6 th objective was accomplished. The collected data reflect that the mandatory car insurance companies pursue marketing approaches related to the marketing communications concerning: motives which determine the choice for a means of communication mass communication means advertising message advertising effectiveness: before/after broadcasting events, fairs, exhibitions etc. sponsorships promotional instruments such as special offers, prizes, coupons etc. brands: awareness, trust, loyalty etc. Other marketing approaches were identified in relation to the marketing communication, pertaining to the use of direct marketing approaches. The hypothesis formulated for this objective was partially confirmed because other marketing approaches were unveiled besides the ones mentioned in this hypothesis. Objective no. 6- Identifying marketing approaches in relation to the distribution policy Based on the analysis of the collected data, the 6 th objective was accomplished. The mandatory car insurance companies marketing approaches pertaining to distribution refer to: channel performance: agents, partners, dealers channel coverage international cooperation and coverage distribution effectiveness in relation to organisations and individuals 39
12 The hypothesis formulated for this objective was entirely confirmed, the collected data being allocated in the preset subcategories of the study guide. Objective no. 7- Identifying marketing approaches in relation to the personnel policy The analysis of the collected data concluded the accomplishment of the 7 th objective. The personnel-related marketing approaches of the mandatory car insurance company lie, mainly, within the categories mentioned below: recruitment policy training and courses remuneration systems (flat wages, commissions etc.) procedures/ methods/ techniques used to interact with clients studies on staff satisfaction related to working conditions/ career development managerial processes and relations organisational culture and its forms The collected data displayed also marketing approaches related to staff downsizing, job openings and staff churn rate. The hypothesis formulated for this objective was partially confirmed because other marketing approaches besides those ones already mentioned were identified. Conclusions The mandatory car insurance companies make use of a tremendous number of marketing strategies and tactics covering a broad spectrum of aspects beginning with the environment screening and ending with the company adaptation to the peculiarities of the market. These findings provide sufficient information for a deep understanding of the marketing approaches used by the mandatory car insurance companies and this model could be effectively used by parties with an interest in this industry. Bibliography: [1]. Cătoiu I. (et al.) (2002) Cercetări de marketing, Ed. Uranus [2]. Cătoiu, I.; Edu, T; (2009) The identification of the Romanian companies marketing needs and means of communication- a marketing research- paper published in the proceedings of the conference CHALLENGES OF CONTEMPORARY KNOWLEDGE-BASED ECONOMY (ICMEA)" - third edition, Alba Iulia, Romania, November 2009 [3]. Cătoiu, I.; Edu, T.; Negricea, I. C. (2011) The identification of the Marketing Approaches used by the Romanian Internet Service Providers- a Marketing Research, paper published in the proceedings of the conference IECS 2011 CRISES AFTER THE CRISIS. INQUIRIES FROM A NATIONAL, EUROPEAN AND GLOBAL PERSPECTIVE, Sibiu, 2011, ISBN [4]. Edu, T.; Negricea, I. C. (2011) The Identification of the Marketing Needs and Means of Communication of the Romanian Marketing Companies A Marketing Research, Romanian Economic and Business Review, Vol. 6, Issue 3, ISSN , Ed. Pro Universitaria [5]. 40
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