Proposal title

Market orientation and innovation: A new effective marketing approach for UK Insurance sector

INTRODUCTION

BACKGROUND INFORMATION

At some stage in the times of yore, the idea of market orientation has attracted considerable

notice of the researchers and practitioners which is evident in the open literature (Atuahene-

Gima et al , 2005 ). The literature puts that customer wants and needs recurrently go forward

with the passage of time. As a result, for a business organization to be doing well and without

fail producing and bringing higher value for customers is decisive. However, this necessitates

unending scrutinization and sensitivity to shifting market requirements, where business

organizations necessitates to be market oriented. According to Slater and Mohr (2006) a

foremost factor settling on a business organisation’s s capability to productively build up and

commercialize innovation all concerns to recognizing customer requirements and implementing

market orientation (p. 30). Market orientation generates an deeply recognizing of the customer

and a thorough information of the market (Atuahene-Gima et al., 2005; Narver et al., 2004). This

builds up the capability of management to control the usefulness of innovation behavior and

diminishes the occurrence of innovation collapses (Paladino, 2007). Open market orientation has

a constructive effect on innovation in the course of practice effects (Atuahene- Gima et al.,

2005). Open market orientation revolve around business organisations’ existing knowledge and

practice , and advances acquaintance with a current sphere of influence diminishing risks and

the probability of faults in the innovation procedure and increases the opportunity of innovation

accomplishment (Atuahene-Gima et al., 2005).

Proactive market orientation is certainly associated with innovation in the course of revealing

underlying customer desires by means of working close up with principal users and carrying out

market experiments (Tsai et al., 2008). Concentrating on underlying market desires make

attentive a business organization to fresh market and technology advancements and augments

its capability to put in this fresh market knowledge regarding innovation progress (Atuahene-

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Gima et al., 2005). This results in innovations with exclusive payback. In addition, looking at a

dominion of knowledge formerly unrevealed is optimistically linked to fresh and advance

innovations. Recognizing up-and-coming customer segments is indispensable for innovation. In

this context, Govindarajan and Kopalle (2004) contend that having a marketorientation

concentrating on up-and-coming customer segments rather than on current customer segments

enabling business organizations to build up advance innovations. As such, while business

organizations present substantiation of reactive, proactive, and up-and-coming market-oriented

behavior, it has an affirmative control on innovation.

Market orientation is defined as an appearance of organizational culture where employees are

dedicated to incessantly construct higher customer value, or as a succession of marketing

practices that guide to improved performance. The researches conducted have established that

market oriented business organizations execute superior than business organizations that are

less market oriented, and moreover, they concentrate on acclimatizing their products and /or

services to the wants and needs of their customers as an alternative of those who are product

oriented and concentrate on extending a product and/or service that is then marketed and

confidently traded (Grönroos, 2006). To realize this customer concentration, a business

organization with an elevated scale of market orientation grows a set of common values and

beliefs in relation to putting the customer first and harvests results in shape of a invulnerable

competitive advantage, reduced costs and augmented profits. The market orientation idea

concentrates on harmonized business intelligence creation, propagation and openness to market

knowledge for well-organized and effectual decisions. The idea is as well linked with issues

comprising organizational culture, innovation, human resource planning and organizational

learning (Gainer and Padanyi, 2005; Keskin, 2006 ).

The execution of the marketing idea of market orientation is one of the foremost research areas

in strategic marketing to be built up all through the recent times. So far conducted and accessible

researches put forward that a market orientation approach in relation to the division of a

business organization may well be considered as a sign of its realization of the 'modern

marketing idea (Anwar 2008:191). The marketing idea is the foundation stone of the marketing

order and so market orientation has been extensively recognized as vital and it has been

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construed that market orientation is the very spirit of current management research and strategic

implementation.

RATIONALE

Insurance is a sort of service for risk management utilized to be cautious against the risk of a

likely hammering, where particularly life insurance deals with how individuals guarantee that

they continue with funds to offer for themselves when they are past service time. Insurance

services comprise products such as life retirement funds which cling to assets for payback at

resignation, retirement, removal from office or retrenchment. Therefore, it is significant to

examine market orientation in insurance sector, where insurance service and products are

bought and not used right away, yet has a long time length prior to consumption and therefore

the risks for insurance products are upper than for fast moving consumer goods for case in

point. Insurance services are elevated in acceptance features than search products that may well

be assessed ahead of purchase. Because of the scenery of the service provided, it is of immense

worth to investigate how market orientation together with leads to enhanced performance to

insurance sector. Notably, in spite of the rising body of confirmation holding up of market

orientation and innovation, its applicability in is yet to be positively established in insurance

sector (Maydeu-Olivares and Lado, 2003; Nwokah, 2008). For that reason, this research aims

to carry out a study investigating market orientation and innovation as a new and effective

marketing approach in insurance sector. The research will carry out the research involving firms

in UK insurance sector.

AIMS AND OBJECTIVES

This research aims to carry out a study investigating market orientation and innovation as a new

and effective marketing approach in insurance sector. The research will carry out the research

involving firms in UK insurance sector. For achieving the research aims following objectives are

set to achieve:

 

To investigate effectiveness  of market orientation as new marketing approach

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To investigate effectiveness  innovation  as new marketing approach

To identify and assess effective market orientation tools

To identify and assess effective innovation tools

To investigate market orientation effect on innovation and eventually business performance

LITERATURE REVIEW

Market orientation is defined as an appearance of organizational culture where employees are

dedicated to incessantly construct higher customer value, or as a succession of marketing

practices that guide to improved performance. The researches conducted have established that

market oriented business organizations execute superior than business organizations that are

less market oriented, and moreover, they concentrate on acclimatizing their products and /or

services to the wants and needs of their customers as an alternative of those who are product

oriented and concentrate on extending a product and/or service that is then marketed and

confidently traded (Grönroos, 2006). To realize this customer concentration, a business

organization with an elevated scale of market orientation grows a set of common values and

beliefs in relation to putting the customer first and harvests results in shape of a invulnerable

competitive advantage, reduced costs and augmented profits. The market orientation idea

concentrates on harmonized business intelligence creation, propagation and openness to market

knowledge for well-organized and effectual decisions. The idea is as well linked with issues

comprising organizational culture, innovation, human resource planning and organizational

learning (Gainer and Padanyi, 2005; Keskin, 2006).

Market orientation truth-seekers (e.g. Gainer and Pandanyi, 2005; Carr and Lopez, 2007) have

contended that market orientation marks out its genesis from the market idea and has results to

general business strategy. The marketing idea is related to customer-orientation, competition-

orientation, innovation and return as an carrot for forming customer satisfaction. Moreover,

market orientation is extensively acknowledged by researchers and practitioners as the execution

of the marketing idea, as an organizational culture, or as a blend of those two. On the other hand,

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some researchers and practitioners have contended that market oriented conduct in marketing

new solutions directs to superior performance, and has upbeat effects on customer satisfaction

and loyalty with that of innovation, job satisfaction and teamwork ( Rapp et al, 2008).

Observed results in relation to the market orientation–innovation results correlation illustrate

variations in their vigor. Yet, preceding meta-analyses regarding marketing have not examined

related effects of this correlation (Kirca et al. 2005). Market-oriented conducts that direct to

innovative results are linked with forward-looking nevertheless costly and perilous attempts.

Therefore, they have need of principal technological competences that facilitate to build up

innovative results to get together customer requirements, long-standing teamwork with

customers, thorough market study, and education and organization of the market (Narver et al.

2004). Nothing like products services are unpreserved, and more effortlessly copied. This puts

force on business organizations in service industry to innovate. Additionally, various services are

custom-made, offering the service provider an enhanced chance to differentiate by means of

innovating. Market orientation is a vital determinant of innovation in business organizations of

service industry , much more than in business organizations involved in manufacturing industry

(Cano et al. 2004). The rationale is business organizations in service industry’s close up and

recurrent relations with customers, which is a foremost basis for fresh innovations. Proactive

market orientation is certainly associated with innovation in the course of revealing underlying

customer desires by means of working close up with principal users and carrying out market

experiments (Tsai et al., 2008). Concentrating on underlying market desires make attentive a

business organization to fresh market and technology advancements and augments its

capability to put in this fresh market knowledge regarding innovation progress (Atuahene-Gima

et al., 2005). This results in innovations with exclusive payback. In addition, looking at a

dominion of knowledge formerly unrevealed is optimistically linked to fresh and advance

innovations. Recognizing up-and-coming customer segments is indispensable for innovation.

A well-built market orientation in a competitive surroundings facilitates business organisations

to make out competitors’ strengths and weaknesses, and look forward to customer requirements

and competitors’ proceedings. This, further, is imperative for product innovation, allowing

business organizations to differentiate fresh products and put on an innovation edge over

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competitors (Narver et al. 2004). A number of researchers have contended that collecting market

data is decisive in technology chaotic milieu for the reason that more data is obtainable, product

life cycle is shorter, and technology may well allow business organisations’ capability to

renovate customer approaching into fresh products (Henard and Szymanski 2001). Yet,

collective observed facts do not hold up this observation (Henard and Szymanski 2001). On the

other hand, lately it has been proposed that in such surroundings market orientation is less

probable to direct to innovative behavior for the reason that innovations are generally not driven

by customer requirements but rather by research and development attempts. Whilst there is a

well-off literature in relation to market orientation’s result on business performance, much little

notice has been specified to its effect on innovation results (Keskin, 2006). Therefore, this

research attempts to carry out a study investigating market orientation and innovation as a new

and effective marketing approach in insurance sector with reference to firms in UK insurance

sector.

For the duration of recent past, an affluent body of research regarding marketing has investigated

an undeviating relationship stuck between market orientation and business performance (Cano et

al., 2004; Kirca et al., 2005; Ellis, 2006; Grinstein, 2008). Nevertheless, considerably less

research notice has been given to the effect of market orientation on innovation (Kirca et al.,

2005; Grinstein, 2008). For case in point, Kirca et al. (2005) account in their meta-analysis of

various studies that seventeen percent of all results of market orientation are linked to

innovation, while sixty percent of them are linked to organizational performance, such as

general business performance, revenue, transactions and market share. Moreover, the

acknowledgement of the innovation results of market orientation is for that reason restricted

and disjointed (Grinstein, 2008).

Narver et al. (2004) put that a reactive market orientation concerns to finding out, recognizing

and satisfying uttered customer requirements, while a proactive market orientation concerns to

finding out, recognizing and satisfying covert customer requirements. Even as both market

orientations ought to be the groundwork of a firm’s innovation attempts (Narver et al., 2004).

The literature proposes that, with its concentration on looking at fresh knowledge and markets

extensively isolated from the firm’s current practice (Atuahene-Gima, 2005; Tsai et al., 2008), a

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proactive market orientation possibly will be more linked with deep-seated innovation than a

reactive market orientation which concentrates on the firm’s existing knowledge and practice.

In holding up of this view, Narver et al. (2004) reveal in their experiential research that both

market orientations are optimistically linked to innovation orientation with proactive market

orientation being more robustly linked.

Innovative products ought to bring value for the customers and for that reason a market

orientation is an imperative factor in unbeaten fresh product development. Various experiential

researches that are linked to time-honored measures of market orientation substantiate a positive

relationship stuck between a market orientation and fresh product performance (Baker and

Sinkula, 2007). In this regard, Gabrijan et al. (2005) and Milfelner et al. (2008) account a

constructive relationship stuck between market orientation and innovation possessions, such as

unbeaten new-product development and a competence to bring in winning new products. On the

other hand, Langerak et al. (2004) account an unimportant undeviating relationship stuck

between a market orientation and a new-product performance. Apart from these, three meta-

analyses offer varied results, whereas Henard and Szymanski (2001) present a statistically

unimportant correct value of the relationship coefficient. Moreover, Kirca et al. (2005) and

Grinstein (2008) corroborate a optimistic relationship between a market orientation and

innovation results such as new-product performance and innovativeness. However, so far, just a

restricted quantity of researches has examined the relationship stuck between a market

orientation and innovation performance through telling apart amid a reactive and a proactive

market orientation.

Furthermore, so far rather little pragmatic studies have investigated the whole sequence of

relationships entailed, such as market orientation-innovation-business performance (Gabrijan et

al., 2005; Milfelner, 2008). On the other hand, the gigantic preponderance of these pragmatic

studies fails to tell apart flanked by the two corresponding structures of market orientation such

as reactive and proactive. The necessity for this feature has lately been focused by ever more

researchers who maintain that earlier period pragmatic research has stressed just on a receptive

market orientation (Narver et al., 2004; Atuahene-Gima et al., 2005). Current experiential

research taking on both sorts of market orientation is yet very restricted to a few researches ,

frequently carried out in non-European countries, that investigate the effect of a reactive and

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proactive market orientation on new-product performance or business performance (Tsai et al.,

2008; Voola and O’Cass, 2010). Just a few studies look at the whole sequence of relationships

stuck between both market orientation categories, innovation and business performance

(Milfelner, 2008). Nevertheless, no research investigates the whole sequence of relationships

stuck between a reactive and proactive market orientation, scale of innovation, innovation

performance and business performance.

Insurance is a sort of service for risk management utilized to be cautious against the risk of a

likely hammering, where particularly life insurance deals with how individuals guarantee that

they continue with funds to offer for themselves when they are past service time. Insurance

services comprise products such as life retirement funds which cling to assets for payback at

resignation, retirement, removal from office or retrenchment. Therefore, it is significant to

examine market orientation in insurance sector, where insurance service and products are

bought and not used right away, yet has a long time length prior to consumption and therefore

the risks for insurance products are upper than for fast moving consumer goods for case in

point. Insurance services are elevated in acceptance features than search products that may well

be assessed ahead of purchase. Because of the scenery of the service provided, it is of immense

worth to investigate how market orientation together with leads to enhanced performance to

insurance sector. Notably, in spite of the rising body of confirmation holding up of market

orientation and innovation , its applicability in is yet to be positively established in insurance

sector (Maydeu-Olivares and Lado, 2003; Nwokah, 2008). For that reason, this research aims

to carry out a study investigating market orientation and innovation as a new and effective

marketing approach in insurance sector. The research will carry out the research involving firms

in UK insurance sector.

RESEARCH QUESTIONS

Whether market-oriented conducts that direct to innovative results are linked with

forward-looking nevertheless costly and perilous attempts?

Whether proactive market orientation is associated with innovation in the course of

revealing underlying customer desires?

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Whether innovations are generally not driven by customer requirements but rather by

research and development attempts?

Whether there is a positive relationship stuck between a market orientation and fresh

product performance?

METHODOLOGY

Research Approach/Method

Research approach is inductive and deductive. When research just interprets the observed facts in

the qualitative form, the approach of the research is inductive. On the other hand, when the

research test hypotheses or answer research questions in quantitative form, the approach of the

research is deductive. A research conducted on the basis of inductive approach is expected to

apply qualitative research method; whereas when a research is conducted with deductive

approach, the research is expected to apply quantitative method. Nevertheless, research may as

well be conducted applying the grouping of qualitative and quantitative methods, but in such

situation the approach of the research must be definitely either inductive or deductive (Creswell,

2009).

This research will be deductive given that the research begins with a literature review which later

is compared and contrasted in relation to the observed results and the foremost impression taken

form already accessible theories in the research vicinity and subsequently the research questions

are extended and after that the research strategy is planned. In this research, a gathering data will

be collected through dispensing questionnaires. All of this data will be statistical and as a

consequence the procedural research method in this research will be quantitative. The questions

in the questionnaire will attempt to find out the relationship of market orientation and innovation

as a new and effective marketing approach in UK insurance sector. This relationship will be

investigated in relation to following research questions: whether market-oriented conducts that

direct to innovative results are linked with forward-looking nevertheless costly and perilous

attempts; whether proactive market orientation is associated with innovation in the course of

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revealing underlying customer desires; whether innovations are generally not driven by

customer requirements but rather by research and development attempts; and whether there is a

positive relationship stuck between a market orientation and fresh product performance.

Data Collection

The data collection possibly will range from a plain observation at one position to a spendthrift

survey of worldwide business organizations at sites in diverse regions of the world, where the

method of research may well settle on how the data are gathered. Questionnaires, standardized

tests, observational varieties, laboratory notes, and instrument calibration logs are surrounded by

the tools functional to pull through raw data. In this framework, Saunders, et al. (2007) make

clear that whilst collecting data and information to get together the purpose of the research and

achieve research objectives, there are two forms of data collection namely primary data

collection and secondary data collection.

In this research as well data will be collected in both secondary and primary form. The secondary

data collection will be carried out in this research for conducting literature review which will

help out the researcher to develop research proposition in relation to research questions and

further primary data will be collected. Whilst collecting secondary data in this research,

principally following resources will be utilized: textbooks, academic journals, other published

papers regarding the research topic, and UK insurance sector reports. Further, primary data will

be collected using questionnaire survey. This will constitute the most fundamental part of the

research and most important section of data collection. In the questionnaire survey a list of the

firms in UK insurance sector will be made and further the marketing managers of these firms

will be approached telephonically and will be appealed to take part in the research,

Questionnaires with complete directions will be either hand delivered, where feasible, or will be

faxed to the research participants to prevail over geographical thinning out. Receiving of the

questionnaire will be confirmed telephonically and time limit will be decided with the research

participants. This will be followed up with an email demonstrating approval for their partaking.

Prior to finalizing the questions for the questionnaire a pilot study will be undertaken on a group

of students and marketing practitioners for setting up whether the tool may well be utilized in

the framework of UK insurance sector. In relation to the pilot study no modifications will

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necessitate to be made regarding the questionnaire previous to concluding distribution. This will

strengthen the questionnaire’s validity and as well deal with probable doubts in the questions.

Sampling

Sample selection in a research is broadly in conducted either through probability sampling or

non-probability sampling. Probability sampling is applied when the probability of selecting a

particular sample is hundred percent. On the other hand, non-probability sampling is applied

when probability of selecting a particular sample is zero to hundred percent (Saunders, etc. al.,

2007).

For the reason probability of selecting a particular sample in this research will be zero to hundred

percent. Therefore, the convenient random sampling method will be applied in this research

every member of the target population will have the similar probability to be selected and no

explicit feature more than being marketing manager in UK insurance sector, will be considered

whilst selecting sample. Whilst selecting the sample firstly a list of the firms in UK insurance

sector will be made and then the marketing managers of these firms will be selected

conveniently. The sample size will be 50.

Data Analysis

The data will be analysed in this research taking on a definite procedures, where the responses

from the first branch of the questionnaire will be factor analysed by means of the principal

components method. SPSS statistical software will be applied to code measure and construe the

data put. Raw data will be put in the SPSS spreadsheet and afterward will be transformed to get

hold of the sum of the standards of market orientation and innovation. the tests will be explicitly

regarding following questions: whether market-oriented conducts that direct to innovative

results are linked with forward-looking nevertheless costly and perilous attempts; whether

proactive market orientation is associated with innovation in the course of revealing underlying

customer desires; whether innovations are generally not driven by customer requirements but

rather by research and development attempts; and whether there is a positive relationship stuck

between a market orientation and fresh product performance.

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Ethical issues

Following ethical issues will be addressed in this research: maintain consistency in the research;

follow the ethical form; correctly reference the sources; complete the task within the specified

time period; and do not disclose the name of research participants.

TIME PLAN

W1

W2

W3W4

W5

W6

W7 W8

W9

W10

W11

W12

TASK #1: LITERATURE REVIEW

TASK # 2: RESEARCH METHODOLOGY

TASK #3: QUESTIONNAIRE DESIGN & TESTINGTASK #4: DATA COLLECTION

TASK #5: DATA ANALAYSISTASK#6: WORD PROCESSING THE DATA ANALYSIS AND CONCLUSION PARTTASK #7: BINDING AND SUBMISSION

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