Marketing Plans and functions of Allied Insurance Company
Mariyam Shifaza
5/14/2017
(P2) INTER RELATION OF MARKETING TO ORGANISATION Product innovation and differentiation combined with introduction of new policies while being handled primarily by the marketing department, the financial department of the Allied company will also be involved. This is also true for the promotional activities conducted by the department. The financial department of allied is concerned with whether the new plans for product differentiation and innovation fit within the year’s budget. It will set a portion of the budget to be given to the market department for all of its activities each year. Hence, the senior management executives of the marketing
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This shall be achieved by the reduction of their expenses by at least 10%. This reduction can be brought in by reducing staff hours or headcount of staff that do not show potential. This is a risky move as it might tarnish the image of the company. Another alternative is to share the office space with other departmental officers. This can be achieved by sharing the fax machines, telephones, conference rooms with other department and thereby reducing the need for additional machinery and office space for each department. Furthermore, allied can switch their marketing campaigns to less costly devices such as Facebook, Twitter, LinkedIn etc which is cheaper that traditional forms of advertising like newspaper and TV advertisements. Moreover, at this age, it could be helpful in reaching a larger number of clients which will aim to achieve its goal of increasing its sales and retaining the existing customers. In order to further achieve this goal allied can decrease premiums for certain policies and offer additional features for the existing policies. This will increase the attractiveness for the policies; hence boost the company’s sales. Allied can also aim to increase customer care excellence and maintain its reputation of being the number one insurance company for individuals and companies in Male’ as well as in other islands. In order to maintain this reputation, allied has to …show more content…
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RBC first established its insurance platform in the early 1980s where it promoted creditor and basic travel insurance, as those were the few products that can be promoted by bank employees under Canada’s Bank Act. Through the acquisitions of various insurance companies, they eventually entered the life, health, property and casualty insurance markets; demonstrating significant growth in the industry and eventually being level in the playing field among other large insurance competitors (McLaren, Babin, & Schuster).
Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.
For the first 30 years of the company's existence it enjoyed huge profits from selling only automobile insurance. These large profits were achieved, due in part, to its targeted market which are generally people in the age range of 30-60 who are classified as a low risk "good drivers". The company's structure of selling insurance directly to the customer while providing excellent customer service is also a driving force to its success.
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
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There will be more experiential marketing towards the beginning of a new line extension/product, to promote brand switching from the competition products while creating brand awareness at the same time based on the value creation of each new line/product. The reduction in advertising budget due to high brand awareness of Allround will help us allocate more financial resources towards experiential marketing. As a team, we agreed that this was the best way to draw in more customers with heavily affecting the bottom
Porter (1997) suggests in order to gain competitive advantages in the changing business environment, it is essential to design a generic strategy for the business: product differentiation or cost leadership. The competitive strategy is determined at round 2, when recognised our rivals held whole product profile which was the product differentiation strategy. To differentiate our strategy from rivals for competitive advantages, Digby designed to imply the cost
Differentiation through marketing strategies, this is a form of innovation driven by the need to create a superior brand (Sadler, 2003).
The main objective of this report is to develop and provide a sales and marketing plan for which the company will help to generate more profit and acquire more customers to patronize the product. This report will cover the period of 2016 to 2017 which will serve as guidelines that needs to follow of the employees, managers and management team to reach the desired goals and target for the company.
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There are many elements affecting to the success of a launching. The basic factor is to develop product that satisfies consumers’ demands and maintain the brand promise. However, consumers are not only looking for the quality of product but also concerning about the price, the promotion and so on.
Product differentiation also can be as the promotion that is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products. The example of product differentiation is brand names, strong dealer network, product reliability, image and services. Rejoice use a salon- smooth hair for a “Haba ng hair” (long hair) moment. Image of Rejoice also is different from other product. So, a customer can distinguish from the out looking of Rejoice. They must do the innovation to the product that can attract customer to buy the product. There are many types of Rejoice product that we call the product line and product