THE ROLE OF PUBLIC RELATIONS IN ENHANCING THE MARKETING PERFORMANCE OF THE INSURANCE FIRMS IN IMO STATE

ABSTRACT

This research work ascertained the role public relations play in enhancing the Marketing Performance of Insurance Firms in Imo State. The role of public relation in Insurance firms cannot be over emphasized therefore they play a crucial role in enhancing the marketing performance of the insurance firm by increasing their sales volume, rate of turnover, customer loyalty and corporate profitability.  A good PR activity builds good relationship between the insurance personnel’s and its publics and also creates good and conducive working environment for efficiency and credibility. This study adopted the survey research method which involves the use of questionnaire, personal interviews, physical observations and oral interviews as major research instruments to generate data. The analysis technique used in this research work is simple descriptive statistics which involves frequency table and percentage.  Descriptive method of statistical analysis was used to analyze the data.  Inferential method of statistical analysis was used to test the hypotheses, as hypotheses were tested and conclusion reached. Findings from this work reveal that there is no significant relationship between host community Public relations activities and insurance service consumers’. The hypotheses two also goes further to show that significant relationship exists between shareholders public relation activities and corporate profitability, hypothesis three shows that significant relationship exists between customer public relations activities and sales volume of insurance firms in Imo state The hypotheses four shows that significant relationships exist between the practice of dealers’ public relations and customer’s loyalty. In conclusion, it has proven that public relation activities and practices contribute immensely towards increasing the marketing performance of insurance firms in Imo state. Therefore, insurance personnel’s are been advised not to overlook the role public relations play in Insurance firms.  

TABLE OF CONTENTS

Title page                                                                                                     i

Certification                                                                                                 ii

Dedication                                                                                                   iii

Acknowledgement                                                                                       iv

Table of Contents                                                                                         v

List of Tables                                                                                               vi

Abstract                                                                                                       ix

CHAPTER ONE

INTRODUCTION

1.1      Background to the study                                                                       1

1.2      Statement of the problem                                                                      2

1.3      Objective of the study                                                                           2

1.4   Research Questions

1.5      Research Hypotheses                                                                            3

1.6      Significant of the study                                                                         3

1.7      Scope of the study                                                                                4

1.8      Limitations                                                                                          4

1.9      Definition of Term                                                                               5

CHAPTER TWO                                                                                      

LITERATURE REVIEW

2.0    Introduction                                                                                         6

2.1    Conceptual Framework                                                                       6

2.1.1 Concept of Insurance                                                                            11

2.1.2 The Concept of Public Relation                                                           12

2.2.1 Review of Theoretical Framework                                                        13

2.2.2 Application of the Public Relations Model towards Improving the Marketing Performance of Insurance Industries in Imo State.                                             16

2.3.1 Review of Empirical Literature                                                            18

2.3.2 Public Relations Programmes And Events As It Relate To Insurance Companies. 20

2.3.4 Benefits of Insurance                                                                           23

CHAPTER THREE

Research Methodology

3.0   Introduction                                                                                         28

3.1   Research Design                                                                                  28

3.2   Area of Study                                                                                      28

3.3   Population of the study                                                                         29

3.4   Sample and Sampling techniques.                                                         29

3.5    Method of Data Collection                                                                    30

3.6    Instrument for Data Collocation                                                            30

3.6.1 Questionnaire                                                                                     30

3.6.2 Oral Interview                                                                                     31

3.7   Method for data analysis                                                                       31

3.8   Model Specification                                                                             31

3.9    Validity Test                                                                                        32

CHAPTER FOUR

RESEARCH METHODLOGY                                                                                                                     33

4.1    Data Collection                                                                                    33

 4.2   Analysis of Hypotheses                                                                        34

 4.3   Findings and Discussion                                                                       43

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS                      

5.1    Summary                                                                                             45

5.3    Conclusion                                                                                           46

5.4   Recommendations                                                                                47

References

Questionnaire

CHAPTER ONE

INTRODUCTION

1.1   Background to the study

Kotler and Cox(1989:455) define public relations as involving building good relations with the company’s various public’s by obtaining favourable publicity, building up  good “corporate image” and handling or heading  negative stories about the firm. Good public image helps a firm to enhance its marketing performance. Nwokoye (1981) cited by chinedu,(2006)  sees public relation efforts of the marketer as being “concerned with building and maintaining good relations with special publics such as customers using advertising as a marketing tool.  Public relations involve building a good image in the eyes of the public, it also involves building and maintaining mutual understanding between the organization and its publics. Jefkins  (1978-86)  cited in chinedu,( 2006) defines public relation as “deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its publics. Public relations concerns creating communication between any organization, commercial or non commercial and its various publics, with whom it has contact. Public relations  is wider than advert in scope because it creates good image between the firm and the public. The potentials and application of public relations increases as societies become more unbiased, civilized and complex. As population increases, so does the need  of public relations.

1.2   Statement of the problem

a.     The research need arouse because of the observations in the insurance

Industry. Insurance industry in Imo state has been facing a lot of challenges ranging from poor image building down to poor relationship between the customers and the personnel, customer patronage and retention and how personnel can make adequate use of some communication promo-tools such as advertising and public Relations to enhance corporate marketing performance to achieve stated goal. Public relations activities help insurance firms to eliminate some of the common misunderstandings and mis-conceptions which exist in the minds of the publics which generally contribute to the real and imagined poor public image of firms in the insurance industry.

b.     Furthermore, due to the scanty empirical studies in the area of public

relations as regard to the extent public relations can impact in enhancing corporate marketing performance of the insurance industry in Imo state. These arouse  the researchers interest to carry out this study.

1.3   Objective of the study

The general objective of the study is to assess the efficiency rate of public relation in corporate performance enhancement. The following are therefore the specific objective:

Ø  to examine how community PR can affect customer satisfaction in the insurance firm

Ø  to examine how shareholders PR can contribute to the busting of profitability ratio in the insurance firm.

Ø  to examine how customer PR can attract new customers to increase the sales volume ratio of insurance firm.

Ø  to examine the impact of dealers PR on customer loyalty.

    1.4  Research Questions

Considering the problems and objectives stated above, the following research questions were examined.

Ø  How does community PR contribute to the satisfaction of customers in insurance firm?

Ø  How does shareholders PR influence the busting of profit in the insurance firm?

Ø  How does customer PR affect the sales volume of the insurance firm?

Ø  How does dealers PR contribute to customer loyalty?

1.5                 Research Hypotheses    

H_01:There is no significant relationship between community PR and customer satisfaction. 

H_02:  There is no significant relationship between shareholders PR and profitability ratio.

H_03:   There is no significant relationship between customer PR and sales volume

H_04:    There is no significant relationship between Dealers PR and customer loyalty

1.6                 Significant of the study

The most interesting part of this study is that it will help insurance firms who have the objective of increasing their performance to understand the role public relation play in the mind of the general public. This research work will be useful to everybody but mostly to insurance industry, the public’s, the public relation officers and practitioners, the students especially in marketing and business administration and also to policy makers and administrators.

Insurance industries; practically, it will help the insurance companies to know the best strategy to use in enhancing their image within the areas of imo state.

Policy makers and administrators; it will be helpful to policy makers and administrators in policy formulation and implementation.

Students; this work can serve as a reading article, guild line and reference to students in tertiary institutions enlightening them on the importance of public relation as its patterns to insurance industry.

      1.7       Scope of the study

The extent of coverage of this study is within the framework of assessing the efficiency rate of public relation in corporate performance enhancement. This study will examine the efficiency rate public relation plays in performance enhancement. Another marketing component that does not contribute to the above listed scope is not within the frame work of this research work.

1.8        LIMITATIONS

Non disclosure of vital information from the publics will be the major problem that I will encounter during the course of this work for the publics will be unwilling to disclose information. Also Short time frame to properly research on the work will also be a problem that I will encounter during the course of the work for it will not be easy to combine my reading with the writing of the work. Selection of suitable data and tools for analysis will also be a major problem  that I will encounter during the course of my writing, poor responses from questioners and interviews is also a problem that will occur

      1.9   Definition of terms

MARKETING PERFORMANCE: It is the systematic management of marketing resources and processes to achieve measurable gains in return on investment and efficiency, while maintaining quality in customer experience.

PUBLIC RELATIONS: Public relation consists of all forms of planned communications outward and inward between an organization and its publics for the purpose of achieving specific objectives concerning mutual understanding (jefkins, 1998). It is also the deliberate and planned effort to create and maintain a mutual understanding between an organization and the public’s.

Insurance industry: An insurance industry is a company that offers insurance policies to the public, either by selling directly to an individual or through another source such as an employee’s benefit plan. An insurance company is usually comprised of multiple insurance agents. An insurance company can specialize in one type of insurance such as life insurance, health insurance etc.

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