This study attempts to examine the effect of market segmentation as a tool for improving the performance of insurance companies. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. Market Segmentation is essential and necessary for any organization trying to survive in the global market. Consumer demands are diverse and all demands have to be met as effectively as possible. Therefore organizations that sell a product or service has to know who their various target markets and segment their product in a way that suits each segment identified. This study looks at the segmentation process and how segmentation can be effectively utilized to improve the sales volume of Insurance services. Both primary and secondary sources of data collection were used and analyzed by trend analysis. The research revealed that once products or services were tailored to suit various types of consumer segments, then requirements will be met, thus satisfaction, therefore increasing the level of demand of that product or service. The research concludes that effective consumer segmentation can increase the level of demand of a product or service, of an organization. It has also been recommended that profit making organization should always work around segmenting customers of their product or service if they want to increase sales and organizational performance in their organization.
TABLE OF CONTENT
Title Page
Declaration
Certification
Approval Page
Dedication
Acknowledgement
Abstract
Table of Contents
Chapter One
Introduction
1.1 Background of the study - - - - - - 1
1.2 Statement of the Problem - - - - - - 6
1.3 Research Questions - - - - - - -
1.4 Objective of the Study - - - - - - - 7
1.5 Research Hypothesis - - - - - - - 8
1.6 Significance and Limitation Of The Study - - - - 8
1.7 Scope and Limitation Of The Study - - - - - 9
1.8 Definition of Terms - - 10
Chapter Two
Literature Review
2.1 Introduction - - - 12
2.2 Conceptual Framework of the study - 12
2.3 Market Segmentation
Product Offer of AIICO Insurance and African Alliance
2.4 Insurance Marketing and Market Segmentation: - - - - 35
2.5 Market Segmentation Criteria: - - 23
2.6 Importance of Segmentation to Insurance Companies 41
2.7 An Evaluation of the Nigerian Insurance Market Segment - 44
2.8 Market Segmentation Process – Seven Steps - - 48
2.9 Market segmentation, Targeting and Positioning Process - - -52
2.10 Marketing Strategies for Insurance Companies mso-fareast-language: - - 56
2.11 Market segmentation implementation challenges - - - 58
2.12 Market Segmentation Challenges of Insurance Companies and Solution - - - 59
Chapter Three
Research Methodology
3.1 Introduction - - - - - - 64
3.2 Research Design - - - - - 64
3.3 Population and Sampling Technique - - - - - 65
3.4 Method Of Data Collection - - - - - - 66
3.5 Procedure for Data Analysis - - - - - - - 68
3.6 Justification of Method - - - - - - - 69
Chapter Four
Data Presentation and Analysis
4.1 Introduction - - - - - - - - 70
4.2 Data Presentation and Analysis - - - - - - 71
4.3 Test of Hypothesis - - - 79
4.5 Interpretation of Findings - - - 87
Chapter Five
Summary, Conclusion and Recommendations
5.1 Summary - - - - - 89
5.2 Conclusion - - - - - 89
5.3 Recommendations - - - - 90
Bibliography - - - - - - 95
Appendix - - - - - 100-103
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CITE THIS WORK
(2017, 05). The Effect Of Market Segmentation On The Performance Of Insurance Companies In Nigeria (a Case Study Of Selected Insurance Companies In Nigeria).. ProjectStoc.com. Retrieved 05, 2017, from https://projectstoc.com/read/8505/the-effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria-a-case-study-of-selected-insurance-companies-in-nigeria-4197
"The Effect Of Market Segmentation On The Performance Of Insurance Companies In Nigeria (a Case Study Of Selected Insurance Companies In Nigeria)." ProjectStoc.com. 05 2017. 2017. 05 2017 <https://projectstoc.com/read/8505/the-effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria-a-case-study-of-selected-insurance-companies-in-nigeria-4197>.
"The Effect Of Market Segmentation On The Performance Of Insurance Companies In Nigeria (a Case Study Of Selected Insurance Companies In Nigeria).." ProjectStoc.com. ProjectStoc.com, 05 2017. Web. 05 2017. <https://projectstoc.com/read/8505/the-effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria-a-case-study-of-selected-insurance-companies-in-nigeria-4197>.
"The Effect Of Market Segmentation On The Performance Of Insurance Companies In Nigeria (a Case Study Of Selected Insurance Companies In Nigeria).." ProjectStoc.com. 05, 2017. Accessed 05, 2017. https://projectstoc.com/read/8505/the-effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria-a-case-study-of-selected-insurance-companies-in-nigeria-4197.
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