Research Design

INTRODUCTION TO RESEARCH DESIGN

Research design can be thought of as the structure of research -- it is the "glue"

that holds all of the elements in a research project together. We often describe a

design using a concise notation that enables us to summarize a complex design

structure efficiently. What are the "elements" that a design includes? They are:

• Observations or Measures

These are symbolized by an 'O' in design notation. An O can refer to a single

measure (e.g., a measure of body weight), a single instrument with multiple items

(e.g., a 10-item self-esteem scale), a complex multi-part instrument (e.g., a

survey), or a whole battery of tests or measures given out on one occasion. If

you need to distinguish among specific measures, you can use subscripts with

the O, as in O1, O2, and so on.

• Treatments or Programs

These are symbolized with an 'X' in design notations. The X can refer to a simple

intervention (e.g., a one-time surgical technique) or to a complex hodgepodge

program (e.g., an employment training program). Usually, a no-treatment control

or comparison group has no symbol for the treatment (some researchers

useX+ and X- to indicate the treatment and control respectively). As with

observations, you can use subscripts to distinguish different programs or

program variations.

• Groups

Each group in a design is given its own line in the design structure. if the design

notation has three lines, there are three groups in the design.

• Assignment to Group

Assignment to group is designated by a letter at the beginning of each line (i.e.,

group) that describes how the group was assigned. The major types of

assignment are:

• R = random assignment

• N = nonequivalent groups

• C = assignment by cutoff

• Time

Time moves from left to right. Elements that are listed on the left occur before

elements that are listed on the right.

Design Notation Examples

It's always easier to explain design notation through examples than it is to

describe it in words. The figure shows the design notation for apretest-posttest

(or before-after) treatment versus comparison group randomized

experimental design. Let's go through each of the parts of the design. There are

two lines in the notation, so you should realize that the study has two groups.

There are four Os in the notation, two on each line and two for each group. When

the Os are stacked vertically on top of each other it means they are collected at

the same time. In the notation you can see that we have two Os that are taken

before (i.e., to the left of) any treatment is given -- the pretest -- and two Os taken

after the treatment is given -- the posttest. The R at the beginning of each line
signifies that the two groups are randomly assigned (making it an experimental

design). The design is a treatment versus comparison group one because the

top line (treatment group) has an Xwhile the bottom line (control group) does not.

You should be able to see why many of my students have called this type of

notation the "tic-tac-toe" method of design notation -- there are lots of Xs and Os!

Sometimes we have to be more specific in describing the Os or Xs than just

using a single letter. In the second figure, we have the identical research design

with some subscripting of the Os. What does this mean? Because all of the Os

have a subscript of 1, there is some measure or set of measures that is collected

for both groups on both occasions. But the design also has two Os with a

subscript of 2, both taken at the posttest. This means that there was some

measure or set of measures that were collected only at the posttest.

With this simple set of rules for describing a research design in notational form,

you can concisely explain even complex design structures. And, using a notation
helps to show common design sub-structures across different designs that we

might not recognize as easily without the notation

 CONCEPTS IN RESEARCH DESIGN

1) First step: What is your question?

a) You must ASK a question that can be ANSWERED.

2) How to build a theory?

a) This about EMPIRICAL REGULARITIES. Think about VARIABLES.

Think about CAUSES or CORRELATIONS.

b) Methods of comparison (Mills, Stephen Van Evera), Method of similarity,

Method of difference. On what MEASURE or VARIABLE are cases most similar

or most different?

c) Inductive or Deductive Approach: for most of us, inductive approach is

best

3) Variables: THINGS THAT VARY.

a) VARIATION is a key to making causal statements

b) DEPENDENT AND INDEPENDENT VARIABLES

c) ARROW DIAGRAMS: useful ways to map out your theory

4) HYPOTHESES: explicit statement that indicates how a researcher thinks a

phenomena of interest are related.

a) What are the characteristics of a good hypothesis?

i) Empirical: educated guesses about things that exist in the real

world, not about things ought to be true or that you want to be true.

ii) General: try to state your hypothesis in such a way that you refer

to a larger set of events, not just one event in particular.

iii) Fertile: good hypotheses generate additional rival, counter,

complementary hypotheses

iv) Directional if possible. MORE education leads to MORE income.

v) Feasible: here is some evidence that will help us determine

whether a hypothesis is false or not.

5) Unit of Analysis:

i) Simply the level of your analysis, should be indicated in your hypothesis.

6) Measurement

a) Concept: the THEORETICAL thing that you are interested in.

Unobservable
 b) Measure: the OPERATIONAL thing you will look at. May or may not be

closely related to the concept. The closer they are, the better off you are.

c) Not all things are easy to measure; many things are impossible to

measure. DON’T ASSUME I SIMPLY MEAN QUANTIATIVE MEASUREMENT!

7) Measurement Concepts:

a) Reliability: Will the measure yield the same result in repeated trials.

b) Validity: is the measure closely related to the underlying concept

8) Final Details

a) Nominal, Ordinal, Interval, Ratio Measures

b) Indices: Measures made up of other (generally error prone) measures.

(Example: political efficacy

THE RESEARCH PROCESS

•  Define the problem

•  Define the research objective

•  Choose data sources

•  Choose research methods

•  Construct sample

•  Set budget and deadlines

•  Undertake research

 Analysis and evaluation

 DATA ANALYSIS

Analysis of data is a process of inspecting, cleaning, transforming, and

modeling data with the goal of highlighting useful information, suggesting

conclusions, and supporting decision making. Data analysis has multiple facets

and approaches, encompassing diverse techniques under a variety of names, in

different business, science, and social science domains.

Data mining is a particular data analysis technique that focuses on modeling and

knowledge discovery for predictive rather than purely descriptive

purposes. Business intelligence covers data analysis that relies heavily on

aggregation, focusing on business information. Instatistical applications, some

people divide data analysis into descriptive statistics, exploratory data analysis,

and confirmatory data analysis. EDA focuses on discovering new features in the

data and CDA on confirming or falsifying existing hypotheses. Predictive

analytics focuses on application of statistical or structural models for predictive

forecasting or classification, while text analytics applies statistical, linguistic, and

structural techniques to extract and classify information from textual sources, a

species of unstructured data. All are varieties of data analysis.

Data integration is a precursor to data analysis, and data analysis is closely

linked to data visualization and data dissemination. The term data analysis is
sometimes used as a synonym for data modeling, which is unrelated to the

subject of this article.

Qualitative data analysis

Qualitative research uses qualitative data analysis (QDA) to analyze text,

interview transcripts, photographs, art, field notes of (ethnographic) observations,

et cetera.

The process of data analysis

Data analysis is a process, within which several phases can be distinguished:

 Data cleaning

 Initial data analysis (assessment of data quality)

 Main data analysis (answer the original research question)

 Final data analysis (necessary additional analyses and report)

Data cleaning

Data cleaning is an important procedure during which the data are inspected,

and erroneous data are -if necessary, preferable, and possible- corrected. Data

cleaning can be done during the stage of data entry. If this is done, it is important

that no subjective decisions are made. The guiding principle provided by Adèr

(ref) is: during subsequent manipulations of the data, information should always
be cumulatively retrievable. In other words, it should always be possible to undo

any data set alterations. Therefore, it is important not to throw information away

at any stage in the data cleaning phase. All information should be saved (i.e.,

when altering variables, both the original values and the new values should be

kept, either in a duplicate dataset or under a different variable name), and all

alterations to the data set should carefully and clearly documented, for instance

in a syntax or a log.

Initial data analysis

The most important distinction between the initial data analysis phase and the

main analysis phase, is that during initial data analysis one refrains from any

analysis that are aimed at answering the original research question. The initial

data analysis phase is guided by the following four questions:

Quality of data

The quality of the data should be checked as early as possible. Data quality can

be assessed in several ways, using different types of analyses: frequency

counts, descriptive statistics (mean, standard deviation, median), normality

(skewness, kurtosis, frequency histograms, normal probability plots),

associations (correlations, scatter plots).

Other initial data quality checks are:

 Checks on data cleaning: have decisions influenced the distribution of the

variables? The distribution of the variables before data cleaning is compared

to the distribution of the variables after data cleaning to see whether data

cleaning has had unwanted effects on the data.

 Analysis of missing observations: are there many missing values, and are

the values missing at random? The missing observations in the data are

analyzed to see whether more than 25% of the values are missing, whether

they are missing at random (MAR), and whether some form of imputation

(statistics) is needed.

 Analysis of extreme observations: outlying observations in the data are

analyzed to see if they seem to disturb the distribution.

 Comparison and correction of differences in coding schemes: variables are

compared with coding schemes of variables external to the data set, and

possibly corrected if coding schemes are not comparable.

The choice of analyses to assess the data quality during the initial data analysis

phase depends on the analyses that will be conducted in the main analysis

phase.
Did the implementation of the study fulfill the intentions of the research

design?

One should check the success of the randomization procedure, for instance by

checking whether background and substantive variables are equally distributed

within and across groups.

If the study did not need and/or use a randomization procedure, one should

check the success of the non-random sampling, for instance by checking

whether all subgroups of the population of interest are represented in sample.

Other possible data distortions that should be checked are:

 dropout (this should be identified during the initial data analysis phase)

 Item nonresponse (whether this is random or not should be assessed

during the initial data analysis phase)

 Treatment quality (using manipulation checks).

Characteristics of data sample

In any report or article, the structure of the sample must be accurately described.

It is especially important to exactly determine the structure of the sample (and

specifically the size of the subgroups) when subgroup analyses will be performed

during the main analysis phase.

The characteristics of the data sample can be assessed by looking at:

  Basic statistics of important variables

 Scatter plots

 Correlations

 Cross-tabulations

Final stage of the initial data analysis

During the final stage, the findings of the initial data analysis are documented,

and necessary, preferable, and possible corrective actions are taken.

Also, the original plan for the main data analyses can and should be specified in

more detail and/or rewritten.

In order to do this, several decisions about the main data analyses can and

should be made:

 In the case of non-normals: should one transform variables; make

variables categorical (ordinal/dichotomous); adapt the analysis method?

 In the case of missing data: should one neglect or impute the missing data;

which imputation technique should be used?

 In the case of outliers: should one use robust analysis techniques?

 In case items do not fit the scale: should one adapt the measurement

instrument by omitting items, or rather ensure comparability with other (uses

of the) measurement instrument(s)?

  In the case of (too) small subgroups: should one drop the hypothesis about

inter-group differences, or use small sample techniques, like exact tests or

bootstrapping?

 In case the randomization procedure seems to be defective: can and

should one calculate propensity scores and include them as covariates in the

main analyses?

Analyses

Several analyses can be used during the initial data analysis phase:

 Univariate statistics

 Bivariate associations (correlations)

 Graphical techniques (scatter plots)

It is important to take the measurement levels of the variables into account for

the analyses, as special statistical techniques are available for each level:

 Nominal and ordinal variables

 Frequency counts (numbers and percentages)

 Associations

 circumambulations (crosstabulations)

 hierarchical loglinear analysis (restricted to a maximum of 8

variables)
  loglinear analysis (to identify relevant/important variables and

possible confounders)

 Exact tests or bootstrapping (in case subgroups are small)

 Computation of new variables

 Continuous variables

 Distribution

 Statistics (M, SD, variance, skewness, kurtosis)

 Stem-and-leaf displays

 Box plots

SECONDARY DATA

 (Qualitatively analyzed

 • PRIMARY DATA: Data originated by a researcher for the specific

 purpose of addressing the research problem.

 • Included among primary sources are interviews, speeches etc

 • SECONDARY DATA: Data collected for some purpose other than the

 problem at hand.

 • Included among secondary data are reports available in the libraries/

 internet, magazines, newspapers etc.

ADVANTAGES OF SECONDARY DATA

•  Easily Accessible

•  Relatively Inexpensive

•  Quickly Obtained

•  Better define the problem

•  Formulate an appropriate research design

DISADVANTAGES OF SECONDARY DATA

•  Usefulness to the current problem may be limited

•  Irrelevant

•  Inaccurate

Classification of Secondary data

  Internal Data:

  Ready to Use

  Requires further processing

  External Data:

  Published Materials

  Computerized Database

  Syndicated Services

FOCUS GROUP INTERVIEWS

•  Unstructured

•  Free Flowing

•  Group Interview

•  Start with Broad Topic and focus in on

• Specific issues
SELECTING SAMPLE FOR FOCUS GROUP

•  Number varies between 6 – 12 people

•  Relatively Homogeneous

•  Individuals preferably should not know each other

Moderators

•  Develops Rapport - Makes People Relax

•  Interacts

•  Listens to What People Have to Say

•  Everyone Gets a Chance to Speak

Advantages:

•  Economical

•  Quicker

•  Results in New Ideas usually

Disadvantages:

•  Moderators need to be well trained

•  Results may be influenced by the moderators

•  Dominant personalities may take over group

 SAMPLING TECHNIQUES

SAMPLE

A SUBGROUP OF THE ELEMENT OF THE POPULATION SECLECTED FOR

PARTICIPATION IN THE STUDY

SAMPLING DESIGN PROCESS

•  Define Target Population

•  Determine Sampling Frame

 •  Select a Sampling Techniques

•  Determine Sample Size

•  Execute the Sampling Process

QUESTIONNAIRE CONSTRUCTION AND DATA COLLECTION

QUESTIONNAIRE DESIGN PROCESS

  Specify the information needed

  Specify the type of interviewing method

  Determine the content of individual questions

  Design the questions to overcome the respondents inability & unwilling

to answer

  Design on question structure

  Determine the question wording

  Arrange the question in proper order

  Identify the form & layout

  Reproduce the Questionnaire

  Eliminate bugs by pretesting

CONCEPT OF

BUSINESS AND

MANAGEMENT

RESEARCH
 CONCEPT OF BUSINESS AND MANAGEMENT RESEARCH

It is a systematic inquiry that provides information to guide managerial decisions.

It is a process of planning, acquiring, analyzing and disseminating relevant data

and information and insights to decision makers in ways that mobilize the

organization to take appropriate actions that, in turn, maximize business

performance.

Planning Drives Business Research

• Goals: Decision on goals

• Decision Support System: Need to complete one or many

exchanges (numerous elements of data, organized for retrieval)

 Business Intelligence System: is designed to provide the

manager with ongoing information about events & trends.

• Strategy: the general approach an organization will follow to achieve

its goal.

• Tactics: Specific timed activities that execute a strategy.

Purpose of Business Research

• To identify and define opportunities and problems.

• To define, monitor, and refine strategies

• To define, monitor, and refine tactics

TYPES OF RESEARCHERS

• Custom Designed Research/Full-service research: Crafts a research design

unique to the decision maker’s dilemma.

• Proprietary Methodology Researchers: A research program owned by a

single firm. It may be a slight twist on an established methodology or may be

developed by that firm.

• Specialty Research Firms: represent the largest number of research firms and

tend to dominate the small research firms operated by a single researcher or

very small staff. These firms may establish a specialty in one or several arenas:

• Process

• Industry

• Participant group

• Geographic Region
TYPES OF RESEARCHERS

• Syndicated Data Providers: Tracks the change of one or more measures over

time, usually in a given industry.

• Omnibus Researchers: An omnibus researcher fields research studies, often

by survey, at regular, predetermined intervals. An omnibus study combines one

or a few questions from several decision makers who need information from the

same population.

Research Report Components

•  Prefatory Items

o Letter of Transmittal

o  Title Page

o  Authorization Letter

o  Executive Summary

o  Table of Contents

•  Introduction

o Problem Statement

o  Research Objectives

o  Background

•  Methodology
 o  Sampling Design

o  Research Design

o  Data Collection

o  Data Analysis

•  Findings

•  Conclusions

•  Bibliography
RESEARCH ON

MARKETING
Aim

SEGMENTATION MARKETING IN HDFC BANK

RESEARCH METHODOLOGY

TITLE:

To determine customer-buying behavior with a focus on market segmentation for

HDFC Standard Life Insurance.

• TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the

buying pattern in the insurance industry with a special focus on HDFC

Standard Life Insurance. The various segments of the markets divided in

terms of Insurance Needs, Age groups , Satisfaction levels etc will also

studied.

OBJECTIVE

Objective One

• To determine reasons behind opting for an insurance.

• To provide the company with information of customer's Insurance policy if

they have any and reasons for opting for that particular policies.
 To know the most preferred policy.

Objective Two

• To determine customers perception towards private insurance companies

and their expectation form private insurance companies.

• To determine the feedback on services provided by any other

insurance agent.

• To study the types of benefits provided by insurance services.

• To determine the use of Internet for valuable information and decision-

making process.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large

number of new players have entered the market and are vying to gain market

share in this rapidly improving market. The study deals with HDFC Standard Life

in focus and the various segments that it caters to. The study then goes on to

evaluate and analyse the findings so as to present a clear picture of trends in the

Insurance sector.
SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY :

This is a limited study which takes into consideration the responses of 100

people. This data can be explorated to take in the trends across the industry. The

significance for the industry lies in studying these trends that emerge from the

study. It is a rapiddly changing and evolving sector. People are only beginning to

wake up to it’s vast possibilities. A study like this can attempt to guide the future

of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER :

To facilitate and provide all the useful informtaion of the studt, the company, the

insurance industry and also provide marketing ways, methods of HDFC Standard

Life insurance.

RESEARCH DESIGN

• NON-PROBABILITY

• EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The

sources of information are both primary & secondary.

A well-structured questionnaire was prepared and personal interviews were

conducted to collect the customer’s perception and buying behavior, through this

questionnaire.

SAMPLING METHODOLOGY

SamplingTechnique:Initially, a rough draft was prepared keeping in mind the

objective of the research. A pilot study was done in order to know the accuracy of

the Questionnaire. The final Questionnaire was arrived only after certain

important changes were done. Thus my sampling came out to be judemental and

convinent

Sampling Unit:

The respondants who were asked to fill out questionnaires are the sampling

units. These comprise of employees of MNCs, Govt. Employees, Self Employeds

etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples

from different regions of Chennai due to time constraints.

Sampling Area :

The area of the research was CHENNAI,TAMILNADU, INDIA.

 LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Delhi and does not

necessarily shows a pattern applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which

can affect the validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can

change very quickly. The environmental changes are vital to be considered in

order to assimilate the findings.

 DATA ANALYSIS & INTERPRETATION

 DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE

COMPANIES

COMPANY’S NAME NO.OF RESPONDENT SHARE (%)

L.I.C. 78 78

HDFC 2 2

ICICI PRUDENTIAL 10 10
SBI LIFE 7 7
RELIANCE LIFE INSURANCE 3 3

INTERPRETATION

 78% of the people contacted prefer LIC policy to any other and therefore it

is ranked no.1 by that percent of respondents.

  DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY

RESPONDENTS

BENEFITS NO.OF RESPONDENTS SHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20
Future Investment 25 25

INTERPRETATION

 55% of the respondents believe that covering future uncertainty is the

biggest benefit of an insurance policy.

 Whereas, 20% and 25% of them believe that the other benefits are Tax

deduction and future investments respectively

 DATA PROVIDES FEATURES OF INSURANCE POLICY THAT

ATTRACTED RESPONDENTS

FEATURE NO.OF RESPONDENTS SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11

INTERPRETATION

 Majority of the respondent (37%) found Larger risk coverance as the

most attracted feature of the all.

  DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE

RESPONDENTS

POLICY TYPE NO. OF RESPONDENTS SHARE (%)

LIFE POLICY 75 75
NON LIFE POLICY 25 25
BOTH 45 45

INTERPRETATION

 75% of the respondents have Life Insurance Policy while 45% have

both. (The % is calculated out of 280 positive response)

 DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

 RESPONSE NO. OF RESPONDENTS SHARE (%)

A saving tool 81 81%

A tax saving device 74 74%
A tool to protect your family 100 100%

INTERPRETATION

• 81% of the respondents have perception of Insurance being a saving

tool.

• And 74% of the respondents have perception of Insurance being a tax

saving device.

• But 100% of the respondents are with the view that Insurance is a tool

to protect your family.

 DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE NO. OF SHARE (%)

 RESPONDENTS
Yes 70 70%
No 30 30%

INTERPRETATION

• Of the sample size of 400 surveyed respondents 70% of the

respondents are having Insurance policy.

• 30% of the respondents are either not having any Insurance policy at

present or their policy is already matured.

• And at present 100% of the respondents are with the view that

Insurance is a tool to protect your family.

 DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS RESPONDENTS SHARE (%)

Customer approached Insurance 45 45%

company/Agent
Company/agent approached customer 55 555
 Total 100 100%

INTERPRETATION

• 44.5% of the respondents approached the Insurance Company /

Agent.

• Whereas, 55.5% of the respondents were approached by the Company

/Agent.
  DATA SHOWS REASONS BEHIND FOR INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Tax saving 80 80%
Saving / Investment 80 80.%
Family protection 100 100%

INTERPRETATION

• 80.71% of the Respondents opted for Insurance for tax saving benefits.

• 80.71% of the Respondents opted for saving / Investments.

• But all of them, i.e. 100% of the respondents have opted for insurance

for their family protection.

  DATA SHOWS SATISFACTION OF RESPONDENTS WITH

RESPECT TO POLICY

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Satisfied 60 60%
Not satisfied 40 40%
Not Responded 0 0.0%
Total 100 100%

INTERPRETATION

• 60% of the respondents are more or less satisfied with their existing

policy.

• 40% of the respondents are not satisfied with their existing policy.

• In this case all of those who have taken a policy have responded.
  DATA SHOWS SATISFACTION OF +RESPONDENTS WITH

RESPECT TO SERVICE AGENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Satisfied 45 45%
Not satisfied 55 55%
Not Responded 0 0.0%
Total 100 100%

INTERPRETATION

• 45% of the respondents are satisfied with their existing service agent.

• 55% of the respondents are not satisfied with their existing insurance

agent.

• All of those who have taken a policy have responded.

 DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

 RESPONSE NO. OF SHARE (%)

RESPONDENTS
Paying tax 100 100%
Not paying tax - 0%
Total 100 100%

INTERPRETATION

Of the sample size of 400 respondents, all the respondents are paying tax

 DATA SHOWS RESPONDENT’S INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF RESPONDENTS SHARE (%)

 LIC 51 51%

NSC 33 33%

Bonds 32 32%

PPF 25 25%

PF 21 21%

EPF 11 11%

INTERPRETATION

• 51% of the respondents save their tax by investing in LIC, which is the

highest among all Investment. This shows that most people for getting taxes

benefits invest in LIC.

• 33.25% of the respondents do their tax saving by investing in NSC.

• 32.25% of the respondents to their tax saving by investing in bonds.

 DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM

OF INVESTMENT FOR SECURING THEIR FUTURE

 NO. OF RESPONDENTS SHARE (%)
Fixed Assets 75 75%
Bank deposits 11 11%
Jewellery 25 25%
Securities i.e. bonds, MFs 40. 40%
Shares 10 10%
Insurance 70 70%

INTERPRETATION

• 75.25% of the respondents as with the view that Fixed Assets is the

best form of investment for securing their future.

• 70.5% of the respondents are with the perception that Insurance is the

best form of investment for securing their future, which is one of the highest

and this shows that insurance is an important key for securing your future.
  DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR

INVESTMENT

RESPONSE NO. OF RESPONDENTS SHARE (%)

Saving & Returns 100 100%
Security 90 90%
Tax benefits 71. 71.%

INTERPRETATION

• 100% of the respondents intent to gain saving and returns from their

investment.

• 90% of the respondent’s intent to gain security from their investments.

• Whereas, 71.75% of the respondent’s intent to gain tax benefits from

their investments.
  DATA GIVES PEOPLE’S PERCEPTION ON APPROPRIATE AGE

FOR BUYING INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)

After 25 years 29 29%
After 35 years 10 10%
After 45 years 0 0%
Anytime 60 60%

INTERPRETATION

• 29% of the respondents are with the view that insurance should be

bought after the age of 25 years.

• 10.5% of the respondents are with the view that insurance should be

buyed after the age of 35 years.

• Whereas, 60.5% of the respondents are with the view that buying of

insurance do not have any thing to do with age i.e. there is no age limitations.

It can be purchased any time according to the need.

  DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE

COMPANIES

RESPONSE NO. OF RESPONDENTS SHARE (%)

Rigid plans 67 67%
Non user friendly 29 29%
Unsatisfactory services 26 26%
Non Aggressive 35 35%
Satisfactory 24 24%
Good 10 10%
Very good 0 0%
INTERPRETATION

• 67% of the respondents have the opinion that Indian Insurance

Companies have Rigid plans.

• 29.5% feel that Indian Insurance companies are Non-user friendly.

• 26.5% feel that services of Indian Insurance companies are

Unsatisfactory.

• 35.75% of the respondents are with the view that Indian Insurance

companies are Non-aggressive.

• 24% of the respondents feel that products and services of Indian

Insurance companies is Satisfactory.

• Whereas only 10.25% feel that it is Good enough.

• And according to the data, no single person has felt that it is very good.

 DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN

INSURANCE COMPANY

RESPONSE NO. OF RESPONDENTS SHARE (%)

A trusted name 82 82%
Friendly service & responsiveness 71 71%
Good plans 81 81%
Accessibility 49 49%
INTERPRETATION

• 82% customers look for a Trusted name in a company for insurance.

• 81.5% customers look for a good plan in a company for insurance.

• Friendly service & responsiveness and Accessibility are also important

factors looked by customers in a company.

 DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Planning 87 87%
Not planning 13 13%
Total 100 100%
INTERPRETATION

• Only 12.5% of the customers contacted are not planning for new

investments presently.

Whereas, 87.5% of the customers are still planning for new investments this can

be a great potential for Reliance Life Insurance to take them on their favor

 DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE

IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER

SERVICE & PRODUCTS

RESPONSE NO. OF RESPONDENTS SHARE (%)

Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%
INTERPRETATION

• The interested customers i.e. 43% are ready to go for insurance even

away from a city if services and products are worthwhile, which again is a

good prospect (potential) for Reliance Life Insurance to take them on their

favor.