OPPapers.com

Consumer Behaviour

7 P's of MARKETING

What is marketing? The definition that many marketers learn as they start out in the industry is:
Putting the right product in the right place, at the right price, at the right time.
It's simple! You just need to create a product that a particularly group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then you've got it made!
"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.
The Characteristics of a service that are:
(1)Lack of ownership
(2) Intangibility
(3) Inseparability
(4) Perishability
(5) Heterogeneity.
The Service marketing mix involves analyzing the 7'p of marketing involving, Product, Price, Place, Promotion, Physical Evidence, Process and People.
• Product: Create the product the people want
• Price: Offer it at a price people will pay
• Place: Deliver it or sell it at a price that will appeal to people
• Promotion: Promote it so everyone knows about it!
• People: Recruiting right people and train best to serve customers
• Process: Procedures ,mechanism through services are consumed
• Physical evidences: the ability and environment in which services are delivered
About LIC
Life Insurance Corporation of India (LIC) is an autonomous body authorized to run the life insurance business in India with its Head Office at Mumbai. It has been established by an act of the Parliament and started functioning from 1/9/1956.
LIC is the biggest insurance player in the country. Out of the total premium of Rs 3766 crore generated by the insurance industry through group business in the year 2005-06, LIC alone accounted for Rs 3051 crore.

In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of lives insured, LIC has...