The Influence of Marketing Strategies in Purchase Behavior in the Insurance Industry: a Case Study of Jubilee Insurance

Abstract

The main purpose for this research was to investigate on the influence of marketing strategies on purchase behavior in the insurance industry. Marketing strategy is the fundamental goal of increasing sales and achieving a sustainable competitive advantage. The research reviewed literature on information in line with the research objectives. The research gave an overview of the theoretical foundation of the study, analysis of the models of marketing strategies process, marketing strategies practices, and consumer buying behavior and lastly it presents an empirical review and summary of the literature review. The research design used was a case study due to the fact that the unit of analysis is one organization. The study used primary data and interview guide to collect data. Content analysis was used to analyze the responses; the data was transcript and organized by systematically analyzing the transcripts. The study findings indicated that Jubilee Insurance is an insurance-based financial services company transacting all classes of insurance business. Its chief mission was based on Integrity, Passion, Excellence, and Teamwork which was achieved through a team of 526 employees and 1,200 insurance tied sales agents and independent insurance brokers whose combined efforts ensure efficiency and results. The study concludes that marketing strategies practices analyze internal strengths and weaknesses, external competition, changes in technology, industry culture shifts and provide an overall picture of the state of the Jubilee Insurance Company. The study recommends that a company wanting to secure a certain share of the market, should ensure they clearly identify their mission, survey the industry situation, define specific objectives and develop, implement and evaluate a plan to guarantee they can provide their customers with the products they need, when they need them. Marketing helps organizations to respond to the needs and wants of customers and compete effectively