MAN3160 Business Research Method

Introduction 

In the insurance company it is very important that they try to provide their customers with the services and the product which their customers want to deal with and how they will satisfy their customers. The market condition is becoming competitive on a daily basis which states that insurance companies have to be active as well as they should understand how their competitors are working in market. In this research the customers will be provided with some questionnaire to understand why they are changing their preference of choosing their company and not being a loyal customer towards this company.

Background 

The initial customers base of this company was for almost 110,000 customers however, there are some of the numbers of customers who has dropped almost about the 9% in this year which is equal to 100,000. This is a huge loss to the company. There has been arrangement of an investigation towards this fact and also to understand what is the issue with the services which is actually forcing or rather influencing the customers to change their preference and not being a loyal customer. Considering a specific segment among the remaining customers of this company, they will provide their own opinion towards the questions.

Research question or hypothesis, aim and objectives 

Research questions

• What is your age?
• What is your occupation?
• How much is your current annual subscription in this company?
• Did you notice any new insurance company’s insurance system in recent 28 days in social media?
• Are you interested to take any new insurance policy from this company?
• What are the new policies you are attracted to in other companies?
• What is the amount you are willing to save next year?
• Any suggestion you want to give?
  
  

Aim and objectives 

The main aim of this investigation is to understand the issue in their own service and to improve ethe condition of the company.

The objective of this company is to provide customers with a service which will help them to be loyal to this company and also to attract new customers towards them as well.

Study design 

The study design is related with the fact of how their customers are leaving this company and joining other insurance company and buying their services. This study is related with understanding the pattern which is followed by the competitors and try to maintain or implement the same strategy into their business operations.

Study population and sampling 

The study population for this investigation will be only a section of the total customers who are amounted up to 10,000 customers and it is seen that this will be quite easier to provide these customers with the questionnaire and also to help this company to understand where they are lagging behinds compared to their competitors in the market. This will also help to understand the demand of their customers.

For this study the random sampling method will be utilised as it is quite helpful to randomly select customers and provide them the questionnaire.

Data collection methods and instruments 

For the purpose of designing a sampling strategy for this investigation, the simple random sampling strategy in that specific segment will be one of the better options to understand the reason of changing preference by customers. This includes selection of people among a whole population and every person has an equal chance of getting selected. Here the whole population in that specific segment are included. Random number generation is the tools which is generally used in this sampling strategy.

The research population here will be the 10,000 customers who are still connected with the company as they might also think of substituting the company with some influence. The sampling frame in the definite list of people in sample which will be drawn from this also includes the entire target population as well which is the whole population of customers who are the customers of this company. The instrument will be very useful for the purpose to understand that how the business operation must function and also how to provide the specific kind of customers can demand for different specific issues. It is very important that the company must follow the rules and help their customers to get maximum benefit from them.

Data analysis method

Statistical planning is considered to be just the mode by which every business can be able to collect as well as interpret their data accordingly. This kind of the information is then utilised for the purpose of informing sales forecasting which is also the process of the estimation sales within the specific market.

It is defined that the statistical planning includes different steps for it and they are designing the study, collecting the data, describing the data, making inferences, and taking action. In this investigation or the research, it is important to include a proper statistical planning as this planning will be utilized for future reference as well.

The study is designed along with the questionnaire provided. The collection of data will be through the process of selecting participants randomly from the customers list and providing them with the questionnaire. The inference is made accordingly as per the requirement. The action is taken as per the result. The demand of their customers is related with improving the service which is provided other competitive companies in the same market in a similar cost. If the service is not good then more customers will change their preference as well.  

Mechanism to assure the quality of study 

There are different mechanisms and the processes which are followed for the purpose of conducting a genuine and rational investigation process for the benefit of this company. there was control selection of bias which states that the group provides a true representation of the whole population of the customers in their company. there is also an exposure of the distribution in these kinds of cases which is then compared with the exposure distribution in controls and this is in the order for computing with the odds ratio which is also one of the measures of association.

It is also maintained and noted that there is proper and safe storage of data which is collected form the customers from the questionnaire. The customers are informed that their answers or the information will be confidential and this will not be disclosed in any of the report or in public domain in any way. This is a responsibility of this company to main thus tryst and the confidentiality as well. There is a requirement of changes in the operation and this opinion is respected by the company for their customers.  

Participants in the study 

The least number of persons who are required to contact and give the model size being able to make the claim regarding client base will be almost 10,000 customers as it will be easier to fasten the process of this investigation along with the maximum involvement of customers and minimum investment of time on it. The main basis of this decision is related with sustaining into the market and competing with the competitors strategically with developing the required steps for the company. this way the company will follow certain rules which will be helpful or the customers to trust them.

Ethical consideration 

It is important to understand that the participants who are selected for this investigation, they will be provided with all the information regarding what is the investigation about and how their information will be kept confidential. All the participants are provided with the information and no participants were forced to provide their opinion.

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