INSURANCE FOR CAMELS
Due to the increased needs to introduce camel insurance in the UAE, a camel general insurance is launched. It provides cover to camels against sicknesses, accidental loss of the camel arising from fire, theft, and/or legal liability arising out of the camel’s damage to properties belonging to third parties e.g crops. The product is called “Alba’ aeer” and it is be an insurance cover for camels. It will provide cover to pet, racing, and breeding camels in the region.
The pricing of the product will be a cover of 50,000 to 1 million Dirham. It will be tailor made in that one can pay as low as 500 Dirham per month. This is to ensure that those who are in the low end market can afford to pay for the product and provide cover for their camels. This is also because price is one of the ways that the company will be able to receive revenue from the sales made.in theoretical term it is one of the most important determinants of the perception of customers when they are making purchases.
The product promotion will entail advertising the product to ensue that the customers are well aware of its existence in the market. The advertisement will be done TV, radio, social media networks such as Facebook, Twitter and MySpace and also on the company’s website through a link that will enable the user to find more information about the product with regard to price, cover provided, extensions of the cover and those things that are not provided in the cover. We also use brochures that will be placed at strategic points in the premises of the business to ensure accessibility by the customers.
The physical product promotion will entail use of bright and attractive displays on TV with appealing colors. We have chosen green to be our theme color as it communicates trust, nature and calmness and more so because it is a product covering animals- camels. The cover of the policy with regard to the sum insured, premiums to be paid per month and the benefits that will accrue to the policy holder will also be provided.
THE PLACE (DELIVERY)
FACTORS INFLUENCING CONSUMER BEHAVIOR TOWARDS “ALBA’ AEER”
There are several factors that will influence consumers behavior towards Alba’ aeer insurance policy. Consumers purchasing decisions are influenced by cultural, social, personal and psychological factors. Clients who will opt to buy the product and those who will not buy it are influenced by different factors. Many of these factors are beyond the control of the marketers and they are unique in term of the environment from which one was born and grown. First, cultural factors are influenced by what one was taught from young age up to maturity. These teachings range from family, school, religious institutions and society at a large. Basic values that shape individuals’ tastes, preferences and perceptions are taught in these institutions. For some they have been taught that insurance is not important especially for animals like camels. For others, due to their religious beliefs insurance is not crucial especially among the Muslims. For others because they do not keep camels due to their own personal reasons, they might not just find it necessary to purchase camel insurance policies.
Social factors that influence the consumer behavior are: reference group, family, social roles and status. The reference group is the group of people whose opinions are considered by a member when making purchasing decisions. The group can also affect one’s personal life or profession. These groups are can further be divided into family, friends, neighbors, and coworkers who interact with the individual on most occasions. For those clients who belong in a social group that believe in camel insurance or those who keep these animals are most likely to purchase the product compared to those who are not.
Other groups like religious groups and professional associations affect also one’s buying behavior depending on the beliefs of the group concerning insurance. Family members also have strong influence on one’s purchasing decisions. People from different families tend to be different in terms of their tastes and preferences that they value since childhood regarding insurance. Parents also provide the first orientation to their kids and in most cases for these kids whatever their parents used to like will be their likes and vise versa. Consumers also will be influenced to buy or not depending on their roles and status in family either as: a husband, wife and first male son. The status that one has defines the roles and ultimately the buying decisions.
There are also personal factors that influence consumer behavior such as life cycle, occupation, economic circumstances, lifestyle, personality and self concept. People undergo various life cycle in life that influence their purchasing decisions for the product. For those who are single, they most unlikely to own a camel compared to those who are married because they have less needs compared to their counterparts. Due to these variances, their needs for camel insurance policies also vary.
Consumers’ aspirations to purchase camel insurance change according to the prevailing economic conditions changes. As the economic conditions undergo various cycles with time so do their financial ability to purchase this kind of product change. Their occupation also influences their lifestyle which eventually influences their need to purchase camel insurance. For those in an occupation that has a high pay, they are most likely to purchase camel insurance compared to those who are in those occupation that do not pay well.
Lastly consumer behavior is also influenced by a person’s psychological factors which include motivation, perception, learning, beliefs and attitudes. Different people tend to have different inner motives and perception that satisfies certain needs in life. People will buy camel insurance because of that inner motivation to do so and satisfy the need of averting the financial loss that comes with not insuring. For those consumers who perceive camel insurance to be an important means of avoiding loses, they are likely to purchase the product compared to those who do not. Learning of human behavior which comes from experience also influences consumer behavior of this product. For those people that have a good experience with camel insurance, they are most likely to purchase compared to those who lake the same experience. Beliefs and attitudes that consumers have will also influence their buying decisions. Those that believe that camel insurance is important and have an optimistic attitude towards the same are most likely to purchase compared to those who do not.
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