APPLICATION AND IMPACT OF MARKET CHALLENGER STRATEGY FOR THE INSURANCE INDUSTRY IN NIGERIA. A CASE STUDY OF VAL INSURANCE LIMITED
ABSTRACT
In its simplest form, marketing strategy can be explained as a technique which a
given firm uses in order to achieve its set marketing objectives based on a given
competitive environment. Modern business that uses it often finds it a very
veritable tool for its growth, development and success, although given the nature of
our economy many firms do not use it, available evidence show that in future for
firms to survive, grow, and prosper, the adoption of marketing strategy is enviable.
There are several marketing strategies for firms which are at different marketing
positions to choose from.
This research work attempted to examine the application and impact of market
challenger strategy, using VAL Insurance Limited as a case study. It found that
although the company uses some form of strategies in its marketing activities, they
certainly are not market challenger strategies. It also found that despite its lack of
clear-cut direction in adopting strategies, VAL Insurance Limited has been able to
increase its profits, achieve some growth and witnesses fair use in market share
value.
The general findings of this research have been interpreted and analyzed in chapters
three and four, the fifth chapter which is the final, provides conclusions and
recommendations which if adopted and implemented may assist the company in
attaining the market challenger position which no doubt will tremendously improve
the firm’s fortune in the highly competitive insurance market in Nigeria.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
APPLICATION AND IMPACT OF MARKET CHALLENGER STRATEGY FOR THE INSURANCE INDUSTRY IN NIGERIA. A CASE STUDY OF VAL INSURANCE LIMITED
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