Title: An empirical study on positioning strategy in the life insurance industry: a case study of LIC of India

Authors: Furquan Uddin; Mohammad Razi-ur-Rahim; Mushtaq Ahmad Shah

Addresses: Department of Management and Business Administration, Aliah University, Kolkata, India ' Department of Business Administration, Aligarh Muslim University Centre Malappuram, Kerala, India ' Mittal School of Business, Lovely Professional University, Jalandhar, Punjab-144411, India

Abstract: The volatile characteristics of the market, like shifting consumer preferences and tastes, the availability of substitute products, price wars, the increasing role of electronic media, extensive distribution, etc., forced the marketers to adopt an apt strategy that could assist in minimising the storm effect of unfavourable market conditions. Among the several alternatives, positioning strategy is one of the options. It is a strategic tool that helps in attaining the desired goals and a competitive edge. The life insurance industry is not the exception to such above-mentioned changes. Positioning, a strategic tool, is being adopted in the life insurance industry. This paper is a humble attempt to visualise the positioning strategy in the life insurance industry in general and the LIC of India in particular.

Keywords: marketing environment; positioning strategy; life insurance; LIC of India.

DOI: 10.1504/IJICBM.2024.141581

International Journal of Indian Culture and Business Management, 2024 Vol.33 No.1, pp.92 - 102

Received: 16 Mar 2023
Accepted: 05 Apr 2023
Published online: 25 Sep 2024 *

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