Product positioning through advertisement: a study of LIC products

In recent times the growth and sustainability of LIC insurance market has become the great challenge before the management. To present products in the best possible light to different target audiences a intended marketing technique is used called PRODUCT POSITIONING. This study is aimed at understanding the product positioning of LIC through advertising and discusses the factors of the advertising that generates the consumer awareness towards the effect of LIC advertisements and buying decisions. For this purpose survey of 239 respondents were done to establish the dimensions regarding advertising and product positioning. The collected data were analyzed using Statistical Package for Social sciences Research (SPSS) and various statistical tests were applied. It has been observed that the most important factors of advertising that influence the buying decision of the customers and helps in positioning LIC insurance in the mind of the customers are the unique and exclusive message shown in the LIC ads. Memorable and trustworthy ads of LIC associate the customers with them and differentiate LIC with other insurance companies in the market.