Final Marketing plan
Final Marketing plan
Executive summary
Real insurance firm is a life insurance firm that was founded on August 23, 2012 but began its operations on December 1st 2012. The firm’s headquarter is in New York. This firm specializes in life insurance while doing non-participating business. This firm is owned by the Clinton family. This firm has only been operational for three years but the management is comprised of people who have been in the industry for a long time, and have a lot of experience to bring to the table. The management team is comprised of; the managing Director who is John Hariff, Executive director who is Martin Scholar, Chief Finance Officer who is Lilly Mass among other staff members. This firm offers policies that are tailored for various people some of the policies that the firm offers include individual life insurance as well as group life insurance, credit life insurance and funds to be spent later in life by clients (Real Insurance, n.d.).
The target market for this firm is wide since it covers all the age groups. This is due to fact that the company has policies that are suitable for every person in every age group regardless of their age, gender or ethnicity. Currently, the firm has expanded to several nations including Australia, Kenya, Tanzania among other countries in Africa.
Unique selling position
Since the beginning, the firm has come up with various strategy in service delivery, the type of service it offers and the way it conducts its business. Among them include operation of viable business in developing nations thus ensuring its capital is well distributed. The firm has also employed qualified personnel to ensure better service delivery. The firm also delivers its services at a speed that is quite high compared to its competitors.
Pricing strategy
Because insurance companies are competitive, the prices are determined by the market. In order to set the prices, comparison will be done with other insurance firms. The tool that will affect the price is known as ‘pooling of risk.’ This implies that the higher the amount or risk will be insured in one pool the lower the premiums will be and vice versa.
Distribution strategy
There will be two distribution channels what will be utilized in attempt to reach the target market. This will involve the insurance hiring enthusiastic personnel that will be involved in sales as well as management of clients. The strategy here will be to encourage the word of mouth advertising. Moreover, the company will have a website that will ensure online presence where customers can be served in real time.
Promotion strategy
The main way in which the company will promote its products is through advertisement on mainstream media. This will see the company placing adverts on print media, radio and television in an attempt to shape the mindset of its target clients. Exhibitions will also be conducted to help with this.
The company will not stop here, it will go ahead to identify new target markets where they could expand. The firm will also begin a program on “insurance partners” where they will work hand in hand with its affiliates to improve its service delivery (Mplans, n.d.). The firm will also come up with packages that are tailored for small businesses in order to ensure they can afford it.
References
Mplans. (n.d.) Insurance Agency Marketing Plan. Retrieved from http://www.mplans.com/insurance_agency_marketing_plan/executive_summary_fc.php
Real Insurance. (n.d.). About Real Insurance. Retrieved from https://www.realinsurance.com.au/about-us
