Marketing Mix Factors which Affect the Decision to Purchase Voluntary Motor Insurance

Abstract

The objective of this research is to study marketing mix factors which affect to the decision to purchase voluntary motor insurance and significance level of the factors which affected to the purchase of voluntary motor insurance in 4 aspects of marketing mix which were product, price, distribution channels and marketing promotion. The population in this research was the consumers in Bangkok who used to purchase voluntary motor insurance in case of passenger car contained not more than 7 persons. The sample size was 400 people. The tool which applied in this research was questionnaire. The statistics used for analysis were percentage, mean, standard deviation, chi square, t-test, ANOVA and analysis of difference in pairs by using Scheffe Analysis. The statistical significance at level .05 was determined in this research.
The collected data shows that the majority of respondents were male who have the age between 25-35 years old. They are government/ state enterprise employees, and have the average income per month 20,000 – 40,000 baht. the main use of Japanese car with engine size not more than 1,600 cc mostly, duration of car using 5-7 days per week, the driving speed at 80-100 km/hr., interesting in type 1 insurance, concerning in importance of insurance, purchasing through a company representative, insurance coverage conditions, deciding to purchase by themselves, information receiving from friends/ acquaintance, mostly use car service center and payment transferring to the insurance company directly
The research found that Product is the most important factor to consumers. The buyer needs a insurance with clear coverage policy. Followed by the price factor, the buyers focus on premium rate compared to the coverage they would receive. And the least factor is promotion. This may be due to the marketing of advertising media that doesn’t attract much attention.
From the analysis of difference of the factors which affect to the purchase of voluntary motor insurance distinguished by normal status and educational level, The study shows that gender affects the voluntary insurance purchasing. On the other hand, status, occupation and monthly income doesn’t affect it significantly.