Marketing and Insurance: The Nexus
The paper seeks to inculcate the culture of risk-consciousness in marketing theory and practice in recognition of the inseparable link between marketing and risks. Further, the paper advances the case for insurance as a tool for managing risks. It briefly reviews the concepts of risk and this is quickly followed by an x-ray of the risks of a marketing enterprise. Insurance products that benefit marketing are also discussed. The paper concludes with a stress on the practical role of insurance to marketing management which includes encouragement of entrepreneurial spirit and translation of uncertainty to certainty through purchase of insurance.
Keywords: Risk, insurance, risk management, kidnap risk and marketing risk.