Conformity With Marketing Theory Term Paper

Pages: 5 (1493 words)  ·  Bibliography Sources: ≈ 5  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Advertising

SAMPLE EXCERPT:

[. . .] On the other hand, a low price strategy will most certainly encourage a higher demand for the product and a higher volume will bring the profit margins to reasonable levels.

In terms of distribution, there are two means of distribution that should be considered. First of all, high schools, where the targeted customers spend most of their day. Volant insurance agents may give informative seminars, with the possibility of purchase at the end. As a second distribution method, I suggest insurance agents in local gathering places, such as bars, clubs, perhaps hobby groups -- places where teenagers are most likely to gather and discuss their plans for the immediate future.

Promotion should also be directly linked and applied to the local gathering places. In my opinion, in this particular case, word-of-mouth promotion is essential and may prove much more useful than consecrated forms of promotion. This is because, at this particular age, information between subjects tends to be exchanged at an extraordinary speed and there is a high probability that the same product (in this case, the insurance product) will be used by all members of a social group.

In terms of media promotion, I would suggest local radio stations. The role of a radio jingle you hear may determine the difference between buying and not buying. Additionally, the product can be advertised through informational leaflets and seminars (as mentioned previously).

Communication and overall strategy

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The first thing that the British Insurance Group needs to be concerned about is getting its product known to its future potential customers. This implies and includes some of the issues I have discussed previously, notably presentation seminars organized in high schools and any other place that teenagers may frequent. The product needs to be clearly described, including its benefits and differentiating features.

Term Paper on Conformity With Marketing Theory, the Assignment

The launch strategy is first of all directed to the London Metropolitan Area. The reasons for this are quite simple. Indeed, London's population provides for a large customer selection base and a high number of potential clients. The metropolitan area has numerous high schools and other similar institutions where, as I have previously mentioned, the targeted market segment can be supplied.

The controls over the six-months launch period are most important, mainly because they provide the necessary feedback for any adjustments that would have to be made in the future, in case some of the results are not satisfactory. In this sense, the control phase would consist of several different steps. First of all, certain quotas and criteria need to be established, such as the overall number of insurances that will be sold during this period or a certain evaluator for the market reaction for the product. Second of all, after the six-months launch period, the actual results in the field need to be compared against the set goals.

In this case, the results can be satisfactory, in which case the company can follow the same path in the following period of time. On the other hand, they can be unsatisfactory, in which case there are two possible causes for this. Either the campaign was badly coordinated and the people in the team did not function properly or the goals set were too high. The appropriate measures need to be taken in each separate case.

The overall objective for the launch period should be, in my opinion, promoting the product, getting the potential customers acquainted to it and forming a target market for the future. In this sense, the budget should be split between informative actions (seminars, etc.), promotion and any administrative or operational costs that may occur. In my opinion, the first two should obviously occupy the largest portion of the budget use, perhaps around 400,000 each, given the complexity and cost of the actions involved in the process.

Bibliography

1. Lesonsky, Rieva and the Staff of Entrepreneur Magazine. . Creating A Marketing Plan. Excerpted from Start Your Own Business: The Only Start-Up Book You'll Ever Need. On the Internet at http://www.entrepreneur.com/article/0,4621,264907,00.html

2. Adventure to shape the future of travel insurance industry. February 2001. Lloyd's Press Release. On the Internet at http://www.lloyds.com/index.asp?ItemId=7317

Lesonsky, Rieva and the Staff of Entrepreneur Magazine. . Creating A Marketing Plan. Excerpted from Start Your Own Business: The Only Start-Up Book You'll Ever Need. On the Internet at http://www.entrepreneur.com/article/0,4621,264907,00.html

Adventure to shape the future of travel insurance industry. February 2001. Lloyd's Press Release. On the Internet at http://www.lloyds.com/index.asp?ItemId=7317

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