C16 - Business of Insurance - Chapter 6

C16 - Business of Insurance - Chapter 6
What is Market Research? Why is it important? - ✔✔The needs, wants,
and characteristics of current and potential customers are determined
through market research.
Systematically gathering information about a market's size and trends.
Statistics gathered will identify the size and scope of consumer markets
that an insurer may want to target.
Information gathered through market research helps plan a
promotional agenda resulting in target markets finding the insurer
more appealing.
Many areas of the environment (Political, Economical Social, and
Technological) exert and influence on the market.
List 4 main characteristics of it's potential clients. - ✔✔Demographic
- Specific characteristics of a population
- Age, Gender, marital status, family size, income level, education,
geographic location, and occupation.
Buy Behavior
- How and when consumers purchase goods and services
- Does the insured use internet to make purchases or shall in a store
requiring a service?

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