Research Methodology
Research methodology is a way to systematically solve the research problem. Research methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique so that research results are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated, why data have been collected and what particular technique of analyzing data has been used and a best of similar other question are usually answered when we talk of Research methodology concerning a research problem or study. The main aim of research is to find out the truth which is hidden and which has not been discovered as yet.
Need of the study
The success of a business depends upon its ability to attract and retain customers that are willing to purchase goods and services at prices that are profitable to the company. Consumer perception describes how customers and potential customers view a company and its products and services. Consumer perception is important to business since it can influence the consumer behavior, which ultimately affects the profitability of the business. Businesses spend large amounts of resources to influence consumer perceptions.
Objectives of the study
• To know the consumer perception towards the household insurance products amongst the people of Delhi.
• To find out consumers purpose of purchasing household insurance
Scope of study
• The study is based on the survey and is confined to geographical region of Delhi only.
• It covers information about the awareness level of the people and the perception of consumers towards...
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...purchase the policy?
e) Through agent
f) Through broker
g) Through bank
h) Directly from the insurance company
7. Were all the terms and conditions explained to you?
Yes No
8. Did you claim under the policy?
Yes No
9. How will you rate the overall services provided by the company?
c) Satisfactory
d) Unsatisfactory
10. Would you recommend this insurance to others?
Yes No
Condition If No:-
11. What was the main reason for not being insured?
e) High premium
f) Lack of awareness
g) No insurance company approached
h) Unsatisfactory past experience
12. Are you interested to buy this insurance?
Yes No
Your Opinion about this survey:-
_________________________________________________________________
_________________________________________________________________
Research philosophies is a framework by which the research problem should be fundamentally approached, there are four major research philosophies positivism, interpretivism/constructivism, realism and pragmatism (Davies, 2007). Positivism is a philosophical trend in the methodology of science, defining the only source of true, actual knowledge of empirical research and denies cognitive value of philosophical inquiry. According to the positivist philosophy, methodology is not related to the essence of knowledge about the real world, but rather has to do with the operations by which knowledge is constructed. The essential reasoning behind positivism is that, all truthful learning depends on the positive data assembled from noticeable experience, and that any thought past this domain of self evident actuality is powerful. Just explanatory proclamations are permitted to be known as valid, through reason alone (Davies 2007).
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
For everything that occurs, there will somehow be something that caused the action to happen. It is more of a cause and effect ideal or simple a reaction to an action. In terms of research academics, independent and dependent variables are concepts or attributes to certain things that occur such as drug use, crime, or domestic abuse. For example, stress or other personal problems may lead to someone to use drugs. Also, poverty may lead someone to commit crime. In addition, a power controlled individual may cause a partnership to suffer physical or verbal abuse.
Over the last decade, product marketing and ways through which communication takes place between manufacturers and consumers has changed tremendously (Belch & Belch 2004). Due to the technological revolutions and the rise of innovations such as the mobile phones and the internet, control over information has shifted apparently from the manufacturer's hands to the hands of consumers (Belch & Belch 2004). The market environment has also changed due to globalization of marketing strategies, loss of confidence in media advertising, increased reliance on targeted communication methods, and media fragmentation and so on (Belch & Belch 2004).
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
These benefits result from intensive target market research and involving the consumer’s input into product design. Consumer feedback can help a firm identify new product opportunities or improve existing ones. Being more receptive to consumer preferences help create and maintain satisfied customers. Furthermore, satisfied customers increase a firm’s brand name and attract new customers by spreading positive publicity. The marketing concept is essential for a firm’s survival since it establishes lasting relationships with the right customers based on the foundation of customer value satisfaction (Keelson,
The study will be done by selecting the selection region of India and survey will be done demographic wise to get to know the behaviors at different sectors of occupation like working bachelors, school students, and higher education students
Research is systematic way to find out facts and knowledge as Kothari (2006) has analyzed that research is the pursuit of truth with the help of study, observation, comparison and experiment; the search for knowledge through objective and systematic method of finding solutions to a problem. However there are two types of researches one is by Purpose and other is by method. The type by purpose falls into three categorize such as Basic, Applied and Action Research.
Research philosophy, refers to the development of knowledge adopted by the researchers in their research (Saunders, Lewis and Thornhill, 2009). In other words, it is the theory that used to direct the researcher for conducting the procedure of research design, research strategy, questionnaire design and sampling (Malhotra, 2009). It is very important to have a clear understanding of the research philosophy so that we could examine the assumptions about the way we view the world, which are contained in the research philosophy we choose, knowing that whether they are appropriate or not (Saunders, Lewis and Thornhill, 2009). According to Saunders, Lewis and Thornhill (2009), three major ways of thinking about research philosophy are examined: ontology, epistemology and axiology. Each of them carries significant differences which will have an impact on the way we consider the research procedures. Ontology, “is concerned with nature of reality”, while epistemology “concerns what constitutes acceptable knowledge in a field of study and axiology “studies judgements about value” (Saunders, Lewis and Thornhill, 2009, p110, p112, p116). This study is intent on creating some “facts” from objective evaluations which are made by the subjects. Therefore, epistemology will be chosen for this study as the way of thinking about the research philosophy.
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
The perception we have of a business or service can affect our buying behavior. Businesses spend a lot of money to ensure that consumers have a good perception of their business and make sure their product stand out from the crowd. When bringing a new yet risky product on the market a company can provide a lot of information along with reviews and a free trial, by doing this it decreases the risk of a bad perception. For example when...
Tell that we will apply our theoretical approach to two brands, one which failed and another one which is a full success. The questionnaire will understand the impact of consumer’s behavior and expectation in a typical brand extension’s situation.
A research design is defined as a plan or blueprint of how one intends to conduct research (Mouton, 2005:55). A research design focuses on the end product of the research process, that is, the type of study being planned and the type of results aimed at. Its point of departure is the research problem, and hence it focuses on the type of evidence required to address the problem adequately.
Research which is also known as the search for knowledge is an art of scientific search for specific information. According to Clifford Woody, the research includes defining and redefining problems, formulating hypothesis and suggested solutions, collecting, organising and evaluating data, making deductions and reaching conclusion and further testing whether the conclusion will fit into formulating hypothesis. Research Methodology is a scientific and systematic way of finding solution to a problem. In this research, researcher has studied various steps for research like problem along with the logic behind them. For this study, researcher must know various research techniques like mean, mode,