Customer Perception towards Private Life Insurance Companies' Policies with Reference to Bangalore City

Psychology helps marketers to understand how consumer behaves as they do. Psychological factors, such as motivation and personality, perception, learning, values, beliefs and attitudes and lifestyles, which influence consumer behaviour, are very much useful for interpreting buying process and directing marketing efforts of companies. Perception can be described, as "how we see things around us". Two individuals may be subject to the same stimuli or information under same appropriate conditions, but each person sees it in different ways. For instance, there is a glass that is half full of water, one person sees it as 50% full of water, and another sees it as 50 per cent empty. Perception is the process by which an individual selects, organizes and interprets information to create a meaningful picture of the world. Individuals act and react on the basis of their perceptions, not on the basis of objective reality. Hence, for a marketer to know the customers' perception is more important than their knowledge of objective reality. What consumers think about a product, and what it actually is affects their actions. Individuals make decisions and take actions based on what they perceive to be reality is very important to marketers to understand the whole notion of perception and is related concepts, so they can more readily determine what factors influence consumers to buy.