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Indian Journal of Finance | Prabandhan: Indian Journal of Management | Arthshastra: Indian Journal of Economics & Research |
 

   Volume 44 • Number 11 • November 2014

 
A Sustainable Marketing Strategy Based on Customer Satisfaction: The Case of Dongbu Insurance in South Korea
Indian Journal of Marketing, 44(11), 7 – 21
In Market 3.0, where customers are participating in corporate business actions and decision making, the customers' role has become more important and has even turned into a core value every company should observe carefully in order to maintain it longer. Consequently, the only way to be more competitive is by adopting customer-centered key values. Dongbu Insurance, one of the top three insurance companies in South Korea, became a successful company by adopting this customer-centered management and has further developed its marketing strategy accordingly. The main purpose of this case study was to examine how the Korean insurance company overcame internal and external critical situations utilizing a competitive marketing mix strategy and how it became one of the most successful and sustainable insurance companies in Korea. To investigate this, secondary data analysis and comparative research methods were used according to the chronological improvements made by the insurance firm. This study stressed that the key factors of Dongbu's marketing mix strategy focused on customer satisfaction. Two crucial lessons that this study revealed about Dongbu Insurance is the importance of developing real customer-centered products and raising brand awareness and recognition by utilizing various channels such as call centers, SNS, blogs, customer evaluation groups, and the Promy brand. This case study would help the insurance industry to comprehend the importance of adopting a customer-centered marketing mix strategy in a hostile business environment. However, the findings from this research may not be generalized due to the fact that only one company case - Dongbu Insurance - was chosen from South Korea.
Keywords: customer satisfaction, marketing mix strategy, customer value, Dongbu Insurance, customer relationship, insurance industry
Paper Submission Date : May 19, 2014; Paper sent back for Revision : August 14, 2014 ; Paper Acceptance Date : September 9, 2014
References
1 Aksoy, L., Cooil, B., Groening, C., Keiningham, T.L., & Yalcýn, A. (2008). The long-term stock market valuation of customer satisfaction. Journal of Marketing, 72 (4), 105-122.
2 Anderson, E.W., Fornell, C., & Mazvancheryl, S. K. (2004). Customer satisfaction and shareholder value. Journal of Marketing, 68 (4), 172 - 185. DOI: http://dx.doi.org/10.1509/jmkg.68.4.172.42723
3 Borden, N.H. (1964). The concept of the marketing mix. Journal of Advertising Research, 4 (2), 2-7.
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5 Cho, Y. (2008). A study on the historical background and the meaning of marketing mix elements. Journal of Economics and Management, 9, 69-85.
6 Clancy, K.J., Berger, P. D., & Krieg, P. (2013). Problems with derived importance measures in brand strategy and customer satisfaction studies. Indian Journal of Marketing, 43 (1), 5-13.
7 Culliton, J.W. (1948).The management of marketing costs. Massachusetts: The Andover Press.
8 Dongbu Insurance. (2007). 40th annual report: 2006 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2006/12.pdf
9 Dongbu Insurance. (2008). 41st annual report: 2007 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2007/14.pdf
10 Dongbu Insurance. (2009). 42nd annual report: 2008 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2008/14.pdf
11 Dongbu Insurance. (2010). 43rd annual report: 2009 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2009/14.pdf
12 Dongbu Insurance. (2011a). 2011 sustainability report. Retrieved from http://www.idongbu.com/lib/download/dongbu_kor_report.pdf
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14 Dongbu Insurance. (2012a). 2012 sustainability report. Retrieved from  http://www.idong bu.com/lib/download/dongbu_kor_report.pdf
15 Dongbu Insurance. (2012b). 45th annual report: 2011 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2011/report_k2011_full.pdf
16 Dongbu Insurance. (2013a). 2013 sustainability report. Retrieved from http://www.idong bu.com/lib/download/dongbu_kor_report.pdf
17 Dongbu Insurance. (2013b). 46th annual report: 2012 business report. Retrieved from http://www.idongbu.com/lib/download/report/k2012/report_k2012.pdf
18 Dongbu Insurance, the insurance chosen by 6.6 million customers. (2013, June, 26). Maeil Business Newspaper. Retrieved from http://news.mk.co.kr/newsRead.php?year=2013&no=505581
19 Dongbu Insurance's website. (2014). Retrieved from http://www.idongbu.com
20 Dow Jones Sustainability Indexes. (2014). Retrieved from http://www.sustainability-Indices.com
21 Frey, A. W. (1961). Advertising (3rd Ed.) New York: Ronald Press Company.
22 Fornell, C., Mithas, S., Morgeson III, F. V., & Krishnan, M. S. (2006). Customer satisfaction and stock prices: High returns, low risk. Journal of Marketing, 70 (1), 3-14. DOI: http://dx.doi.org/10.1509/jmkg.2006.70.1.3
23 Gruca, T. S., & Rego, L.L. (2005). Customer satisfaction, cash flow, and shareholder value. Journal of Marketing, 69 (3), 115- 130. DOI: http://dx.doi.org/10.1509/jmkg.69.3.115.66364
24 Homburg, C., Koschate, N., & Hoyer, W. D. (2005). Do satisfied customers really pay more? A study of the relationship between customer satisfaction and willingness to pay. Journal of Marketing, 69 (4), 84-96.
25 Hwangbo, Y. (2006). Corporate social responsibility: Looking at business ethics of Dongbu Insurance. The Korea Academy of Business Ethics, 11, 191-213.
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27 Jones, T.O., & Sasser Jr., W.E. (1995). Why satisfied customers defect. Harvard Business Review, 73 (6), 89-99.
28 Kang, B. (2014). The antecedents of communication in buyer-seller relationships. Indian Journal of Marketing, 44 (3), 5-13.
29 Kelly, E.J., & Lazar, W. (1962). Managerial marketing: Perspectives and viewpoints (3rd Ed.) Illinois: Richard D. Irwin Inc.
30 Korea Internet Communication Association. (2014). Marketing effect survey result through SNS and blogs. Retrieved from http://www.kicoa.or.kr/03_research/research 04.php?BoardIdx=43&type=view&date_idx=15&mode=shop_board_calum
31 Kotler, P. & Keller, K. (2011). Marketing management (14th Ed.) New Jersey: Prentice Hall.
32 Luo, X., Homburg, C., & Wieseke, J. (2010). Customer satisfaction, analyst stock recommendations, and firm value. Journal of Marketing Research, 47 (6), 1041-1058. DOI: http://dx.doi.org/10.1509/jmkr.47.6.1041
33 McCarthy, E.J. (1968). Basic marketing: A managerial approach (3rd ed.) Illinois, Irwin : Homewood.
34 Muller, E. (1998). Customer loyalty program. Sloan Management Review, 39(4), 4-5.
35 Oliver, R.L. (1997). Satisfaction: A behavioral perspective on the consumer. New York: Irwin/McGraw-Hill.
36 Perreault, W. D., & McCarthy, E. J. (2002). Basic marketing : A global-managerial approach (14th ed.) Boston, Massachusetts: Irwin/McGraw-Hill.
37 REALMETER Research Center. (2014). Brand evaluation survey: Brand mind-share index in indemnity insurance sector. Retrieved from http://www.realmeter.net/brand/view.asp?Table_Name=S_Brand3&N_Num=10&file_name=20140226163819.htm
38 Sirohi, N., McLaughlin, E.W., & Wittink, D.R. (1998). A model of consumer perceptions and store loyalty intentions for a supermarket retailer. Journal of Retailing, 74 (2), 223-245. DOI: 10.1016/S0022-4359(99)80094-3
39 Srivastava, R. K., Shervani, T. A., & Fahey, L. (1998). Market-based assets and shareholder value: A framework for analysis. Journal of Marketing, 62 (1), 2-18.
40 Suh, C., & Kim, H. (2012). A case study utilization of home-based call center as service innovation-focused on Dongbu Insurance Call Center. Journal of the Korea Service Management Society, 13 (4), 149-174.
41 Tellis, G. J. (1988). Advertising exposure, loyalty, and brand purchase: A two-stage model of choice. Journal of Marketing Research, 25 (2), 134-144.
42 Wiers-Jenssen, J., Stensaker, B., & Grogaard, J.B. (2002). Student satisfaction: Towards an empirical deconstruction of the concept. Quality in Higher Education, 8 (2), 183-195. DOI:10.1080/1353832022000004377
43 Yeung, M.C.H., & Ennew, C.T. (2000). From customer satisfaction to profitability. Journal of Strategic Marketing, 8 (4), 313-326.
44 Zeithaml, V.A., & Bitner, M.J. (2000). Services marketing: Integrating customer focus across the firm (2nd Ed.). Boston, Massachusetts: Irwin/McGraw-Hill.
Sunhee Kang
Master Student, School of Business
Kyungpook National University
Daegu, Republic of Korea.
ksh04011028@gmail.com
Bohyeon Kang
Assistant Professor
School of Business, Kyungpook National University
Daegu, Republic of Korea.
bohyeonkang@knu.ac.kr
 
 
 
Product Placement Effectiveness in a Bollywood Movie with Debutant Actors: A Case Study
Indian Journal of Marketing, 44(11), 22 -35

India has one of the world's biggest movie industries in terms of the number of movies produced every year. Product placement has always been an interesting topic of discussion with reference to the movies as well as TV serials/commercials. The dual purpose of this study was to ascertain the perception of the respondents towards debutant actors and to examine the relationship between product placement effectiveness and debutant actors. Experimental design was used for conducting the research. A sample of 52 students was shown a movie clip of the movie Student of the Year as it had three debutant actors and was well received by the student community. The results revealed that the actors were basically judged on two major criteria - Charisma and Credibility. The effectiveness of different forms of product placement, that is, implicit product placement, integrated explicit product placement, and non integrated explicit product placement were analyzed. The results showed a difference in the recall rates of the three types of product placements. For all the three types of placement, the viewers recall, that is, implicit memory measurement and explicit memory measurement received no impact from the feelings of the respondents towards the debutant actors. The results from the current study also put forward that the debutant actors had no significant effect on product placement. Thus, the major objective of the study, that is, finding out the impact of debutant actors on product placement effectiveness gave interesting results, where star presence was found to have no effect on product placement.

Keywords : product placement effectiveness , McNemar test, implicit and explicit memory, debutant actor
Paper Submission Date : April 12, 2014; Paper sent back for Revision : May 25, 2014 ; Paper Acceptance Date : July 3, 2014

References
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4 Auty, S., & Lewis, C. (2004). Exploring children's choice: The reminder effect of product placement. Psychology & Marketing, 21 (9), 697-713. DOI: 10.1002/mar.20025
5 Avery, R. J., & Ferraro, R. (2000). Verisimilitude or advertising? Brand appearances on prime - time television. Journal of Consumer Affairs, 34 (2), 217-244. DOI: 10.1111/j.1745-6606.2000.tb00092.x
6 Babin, L. A. (1996). Advertising via the box office: Is product placement effective? Journal of Promotion Management, 3 (1-2), 31-52. DOI:10.1300/J057v03n01_03
7 Babin, L. A., & Carder, S. T. (1996). Viewers' recognition of brands placed within a film. International Journal of Advertising, 15 (2), 140-151.
8 Balasubramanian, S. K., Karrh, J. A., & Patwardhan, H. (2006). Audience response to product placements: An integrative framework and future research agenda. Journal of Advertising, 35 (3), 115-141. DOI:10.2753/JOA0091-3367350308
9 Brennan, I., & Babin, L. A. (2004). Brand placement recognition: The influence of presentation mode and brand familiarity. Journal of Promotion Management, 10 (1-2), 185-202. DOI:10.1300/J057v10n01_13
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11 Choubey, V., & Bumb, R. (2013). Promotion using product placement in movies: Perception of rural and urban Indian audience. Indian Journal of Marketing, 43 (4), 35-41.
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Sneha Sharma
Research Scholar
University Business School, Panjab University
Sector 14, Chandigarh - 160 014.
28snehasharma@gmail.com

 
Suresh K. Chadha
Professor
University Business School
Panjab University, Sector 14, Chandigarh - 160 014.
skchadha_ubs@rediffmail.com

B. B. Goyal
Professor
University Business School
Panjab University, Sector 14, Chandigarh - 160 014.
goyalubs@yahoo.com
 
 
Mall Patronage Behaviour : Understanding the Inter-linkages Between Shopping Motives, Shopper Demographics, and Shopping Behaviour
Indian Journal of Marketing, 44(11), 36 -48
The retailing sector in India has undergone significant metamorphosis in the past 10 years. Retailing is gradually inching its way towards becoming the next boom industry. Organized retailing has ushered a total transformation of the whole concept of shopping in terms of consumer buying behavior. Shopping today is much more than just buying – it is an experience in itself. The retailing business in India has witnessed a huge growth due to the emergence of supermarkets as well as centrally air-conditioned malls. Consumers are the major beneficiaries of the retail boom. The Indian consumer too is changing rapidly. They now have a choice to choose from a wide range of products, quality, variety, and prices. Consumers are now showing a preference for shopping malls, which enable them to shop a variety of products under one roof and offer a shopping experience in terms of ambience and entertainment. This research tried to examine the impact of shopping motives, demographical profile (age and gender) of shoppers on shopping behaviour: frequency of visits, time spent at the shopping mall, and amount spent on per visit. An attempt was also made to establish a relationship between shopping behaviour and patronage. The study results showed that shopping motives and shopping behavior of the shoppers differed by gender and generation (age group). The results also revealed that shopping behavior (frequency of visits and time spent at the shopping mall) had a positive relationship with patronage behaviour.
Keywords: shopping mall, patronage behavior, shopping motives, shopping behavior, hedonic and utility motives
Paper Submission Date: January 13, 2014; Paper sent back for Revision : June 20, 2014 ; Paper Acceptance Date : August 3, 2014
References
1 Allard, T., Babin, B. J., & Chebat, J. - C. (2009). When income matters: Customers evaluation of shopping malls' hedonic and utilitarian orientations. Journal of Retail Consumer Services, 16 (1), 40 - 49. DOI: 10.1016/j.jretconser.2008.08.004
2 Anand, T. (2008). Organized retailing in India: Need of the hour. Marketing Mastermind, 28-30.
3 Arnold, M. J., & Reynolds, K. E. (2003). Hedonic shopping motivations. Journal of Retailing, 79 (1), 77-95.
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5 Batra, R., & Ahtola, O. T. (1991). Measuring the hedonic and utilitarian sources of consumer attitudes. Marketing Letters, 2 (2), 159 - 170. DOIs: http://dx.doi.org/10.1007/BF00436035
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8 Berry, L. L., Seiders, K., & Grewal, D. (2002). Understanding service convenience. Journal of Marketing, 66 (3), 1-17.
9 Cleveland, M., Babin, B. J., Laroche FRCS, M., Ward, P., & Bergeron, J. (2003). Information search patterns for gift purchases: A cross-national examination of gender differences. Journal of Consumer Behaviour, 3 (1), 20 - 47. DOI: 10.1002/cb.120
10 Dolakia, R.R., Pedersen, B., & Hikmet, N. (1995). Married males and shopping: Are they sleeping partners? International Journal of Retail & Distribution Management, 23(3), 27 - 33.
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12 Fischer, E., & Arnold, S.J. (1990). More than a labor of love: Gender roles and Christmas gift shopping. Journal of Consumer Research, 17(12), 333 - 345.
13 Fischer, E., & Arnold, S. J. (1994). Sex, gender identity, gender role attitudes, and consumer behaviour. Psychology and Marketing, 11(2), 163 - 182.
14 Jha, S., & Singh, B. (2013). Impact of ambient music and affability of salespersons on consumer behaviour in a real retail setting with emphasis on gender differences. Indian Journal of Marketing, 43 (3), 5-11.
15 Jackson, V., Stoel, L., & Brantley, A. (2011). Mall attributes and shopping value: Difference by gender and generational cohort. Journal of Retailing and Consumer Services, 18 (1), 1-9. DOI: 10.1016/j.jretconser.2010.08.002
16 Khare, A. (2011). Mall shopping behaviour of Indian small town consumers. Journal of Retailing and Consumer Services, 18(1), 110-118.
17 Kaushal, S.K, & Medhavi, S. (2011). To identify the prominent factors of shopping mall behaviour : A factor analysis approach. Indian Journal of Marketing, 41(5), 53- 64.
18 Littrell, M. A., Ma, Y. J., & Halepete, J. (1995). Generation X, baby boomers, and swing: Marketing fair apparel. Journal of Fashion Marketing and Management, 9(4), 407- 419.
19 Martin, C. A., & Turley, L. W. (2004). Malls and consumption motivation: An exploratory examination of older Generation Y consumers. International Journal of Retail & Distribution management, 32 (10), 464-475.
20 McDonald, M. (1999). The pall in the mall: Times are tough for the enclosed shopping centre. US News and World Report, 18(Oct), 64 - 67.
21 Meneely, L., Burns, A., & Strugnell, C. (2009). Age associated changes in older consumers retail behaviour. International Journal of Retail & Distribution Management, 37(12), 1041-1056.
22 Miceli, T.J., Sirmans, C.F., & Stake, D. (1998). Optimal competition and allocation of space in shopping centres. Journal of Real Estate Research, 16 (1), 113 - 126.
23 Nunnally, J. C. (1978). Psychometric theory (2 nded.). New York: McGraw Hill.
24 Oliver, R. L., & Swan, J. E. (1989). Consumer perceptions of interpersonal equity and satisfaction. Journal of Marketing, 53 (2), 21 - 35. DOI : http://psycnet.apa.org/doi/10.2307/1251411
25 Pan, Y. & Zinkhan, G. M. (2005). Determinants of retail patronage: A meta-analytical perspective. Journal of Retailing, 82(3), 229 - 243.
26 Pathak, S.V., & Tripathi, A. P. (2009). Customer shopping behavior among modern retail formats: A study of Delhi & NCR. Indian Journal of Marketing, 39 ( 2 ), 3-12.
27 Pavlou, P. A., & Chai, L. (2002). What drives electronic commerce across cultures? A cross-cultural empirical investigation of the theory of planned behavior. Journal of Electronic Commerce Research, 3 (4), 240 - 253.
28 Prabha, G. L., & Baseer, A. (2007). Emerging retail trends in India. Indian Journal of Marketing, 37 (12), 23-27.
29 Sit, J., Merrilees, B., & Birch, D. (2003). Entertainment-seeking shopping centre patrons: The missing segments. International Journal of Retail & Distribution Management, 31(2), 80-94.
30 Sherry Jr., J. (1990). A socio cultural analysis of a mid western flea market. Journal of Consumer Research, 17 (6), 12 - 30.
31 Tauber, E.M. (1972). Why do people shop? Journal of Marketing, 36(4), 46-49.
32 Westbrook, R.A., & Black, W. (1985). A motivation-based shopper typology. Journal of Retailing, 61 (1), 78-103.
33 Wakefield, K.L., & Baker, J. (1998). Excitement at the mall: Determents and effects on shopping responses. Journal of Retailing, 74 (4), 515-539.
34 Underhill, P. (2009). Why we buy: The science of shopping. New York, NY: Simon & Schuster, Inc.
Suman Yadav
Research Scholar
Department of Management, Jamia Hamdard
Hamdard Nagar, New Delhi - 110 062.
rao.suman@rediffmail.com
 

Sadaf Siraj
Assistant Professor
Department of Management
Jamia Hamdard, Hamdard Nagar, New Delhi - 110 062.
sirajsadaf@gmail.com

 
 
Nature and Role of Qualitative Market Research: An Alternative or a Complimentary Approach?
Indian Journal of Marketing, 44(11), 49 - 60
The purpose of this paper was to carry out an extensive review of qualitative market research and quantitative market research and comprehensively compare and contrast similarities and differences between the two. An extensive study of the concepts and practices of qualitative market research and quantitative market research is carried out from the literature. The findings identified that both research methodologies are very distinct based on their goals and techniques. A triangulation approach combining the two can lead to synergy in the research process. Another area where a need for cross fertilization is highlighted is between academic and applied practices to narrow the academic research divide.
Keywords: market research processes, qualitative market research, quantitative market research, triangulation
Paper Submission Date : May 5, 2014; Paper sent back for Revision : July 2, 2014 ; Paper Acceptance Date : September 9 , 2014
References
1 Amaratunga, D., Baldry, D., Sarshar, M., & Newton, R. (2002).Quantitative and qualitative research in the built environment: Application of “mixed” research approach. Work Study, 51(1), 17 - 31.
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Ankita Batra
M.Com Graduate
Department of Commerce, Faculty of Commerce and Business
Delhi School of Economics
University of Delhi
Delhi -110 007.
ankita21cen@gmail.com