Chapter-3 Research Methodology

3.1 Introduction:

Research Methodology is a way to systematically solve the

research problems. It is a science of various tools and techniques to be followed
for collecting and analyzing the data, information and material for the solution of
problems identified for investigation. It is necessary to plan a study and know the
research methods and techniques. Depending upon the research problem, different
research methods, tools and techniques can be used. One can define research as a
scientific and systematic search for pertinent information on a specific topic.

According to Busha a research is systematic quest for

knowledge that is characterized by discipline inquiry. Efficient and effective
approach to expand knowledge is the conduct of special planned and structured
investigations a process known as research. (Chandra 2002)

The researcher has used descriptive method of research for

the present study. The descriptive method of research is concerned with the
description of data and characteristics of the selected population for the study.
The aim is to acquire a factual, accurate and systematic data that can be used in
many ways for interpretations in similar statistical calculation. The descriptive
method is more concerned with naturally occurring phenomena or current status.
This method includes Questionnaire technique.

3.2 Geographical area of the study:

The selected research will be conducted in the Mumbai of Maharashtra. The state
Maharashtra has a population of 112,374,333 as per 2011 census with a literacy
rate of 74.04%. Mumbai Metropolitan Region is a metropolitan area which
consists of Mumbai and its satellite town in the state of Maharashtra. This is one
of the most populated metropolitan areas with a population of 2.29 crores. It
includes total 9 municipal corporations and fifteen smaller municipal councils.
Mumbai metropolitan Region covers South Mumbai, Navi Mumbai, western
Suburbs, Eastern suburbs, Mira Bhayandar, Thane, Kalyan – Dombivali,
Ulhasnagar, Bhiwandi-Nizampur, Vasai Virar, and suburbs in Raigad District.

Majorly it is divided into 5 Districts-

1. Mumbai city- The city of Mumbai which also known as a ‘City of Dreams’, is
the capital city of the state of Maharashtra. It is the prosperous city with large
number of millionaires and billionaires than all of the cities of India. As per 2011
census it’s recorded population was 30,85,411 (2.75% of total population of
state).

2. Mumbai suburban District- It consists of 3 administrative sub divisions

Kurls, Andheri and Borivali. Total population as on 2011 was 9,356,962.

3. Thane District- Majorly it Includes Kalyan- Dombivli, Mira –Bhayandar,

Bhiwandi, Ulhasnagar, Ambernath, Badlapur , Murbad, Shahapur. Total
population is 1,10,60,148 (9.84 % of state’s population). Palghar District- This is
the newly formed 36 th district in the state of Maharashtra in the konkan division.
On 1 st august 2014, Maharashtra government announced the formation of
palghar as district. Total population as on 2011 is 4,81,236.

4. Raigad District- It is an Administrative area in the konkan division of

Maharashtra. Total population is 26,34,200

 The following method will be used for the collection of data by selecting
the Insurance companies in selected areas using the sample selection
method for the research of this topic.
3.3 Sources for data collection

Both types of data i.e., secondary and primary data have been used in the present
study. The secondary data was collected at first form the text books, web sites,
journals and other secondary sources.

1) Primary Sources:

Research on the topic will be based mainly on primary sources. With the help of
primary sources, information will be collected by visiting the insurance
companies through questionnaires, interviews and observations. The
questionnaire will be a combination of open ended and close ended questionnaire.

2) Secondary sources:

As with any research, the researcher was aware about the value of secondary data.
The secondary data provided the researcher with the information regarding the
activities, scope and opinions of other researchers and experts in the initial stages.
The data further guided the researcher in defining the variables of the study,
identifying the classes of the stakeholders involved in the study. The secondary
data provided useful and necessary information supplementing the qualitative
aspects of research finding. For this purpose, secondary data was collected from
all associated sources that include:

a) Books on Insurance

b) Research Papers.

c) Research Journals .

d) Published materials, websites.

e) Thesis
  Sampling universe: For the research purpose selected area includes-
1. Mumbai – Thane City

3.4 Data Analysis

A) Statistical Technique used for analysis:

To study and analyze the data, Ratio analysis and correlation analysis was
used to arrive at findings and conclusion.

B) Presentation:

Data relating to Thane City of Mumbai was analyzed and it is presented with the
help of Tables, charts and diagrams.

C) Limitations:

The study mainly focused on Customer Satisfaction with regards in CRM

in LIC in Thane City of Mumbai. Though the researcher finds the selected
geographical area under study representative in nature, an ideal effort would have
been to covering the more cities. Since this was the study undertaken by the
individual, it was not easy to carry out such a vast study because of time, cost and
other resource constraints.