Dr. V. Kumar was recently named as one of the finalist for the 2009-10 ISMS Practice Prize Award. Each year the INFORMS Society for Marketing Science holds a Practice Prize Competition which is awarded for an outstanding implementation of marketing science concepts and methods. The methodology used must be sound and appropriate to the problem and organization, and the work should have had significant, verifiable, and quantitative impact on the performance of the client firm.
Dr. Kumar was declared as a finalist for this award in recognition of the research study titled, “Uncovering Implicit Consumer Needs for Determining Explicit Product Positioning: Growing Prudential Annuities’ Variable Annuity Sales” he undertook along with his colleague – Dr. Denish Shah, Georgia State University. The study involved the development and implementation of the “Emotion Quotient” (EQ) Tool for Prudential, in an effort to help solve their challenge of achieving meaningful product differentiation and to increase the sales of their variable annuities. The EQ Tool enabled Prudential to redefine its marketing and sales approach along a proactive (as opposed to responsive) market orientation paradigm. This implementation enabled Prudential to gain over $450 million lift in variable annuity sales and contributed to consumer welfare by promoting awareness of behavioral risk to investors who are within five years of their retirement.
Read more about this study here.