Marketing Plan of Life Insurance Company Assignment Help
US Life Insurance Company in the city of New York has been taken in order to prepare the marking plan. In this paper, benefits of market research are discussed. Along with this marketing plan assignment help, SWOT analysis and four P’s of marketing mix in marketing plan are also analyzed.
Marketing Plan of Life Insurance Company
There are different elements such as choosing appropriate objectives, SWOT analysis, selecting marketing strategy, preparation of marketing mix and creation of appropriate action plan are the part of effective marketing plan. It is analyzed that market research is beneficial for the organization in order to prepare the effective marketing plan. With the help of marketing research, company can be able to gather information about the strategies and policies of competitors (US Life, 2012). On the basis of information, organization can be able to prepare effective marketing plan.
Organization can also be able to identify the market segments and potential competitors in the industry. Through this, US Life is able to identify the customer needs and upcoming trends in the market. Therefore, it is beneficial for the organization to conduct market research before preparing the marketing plan (Luther, 2011). Following is the marketing plan for US Life:
In order to conduct the effective marketing plan, it is necessary for US Life to prepare the appropriate objectives of marketing plan. The main objectives of creating the marketing plan are discussed below by by our assignment writing help expert:
It is analyzed that SWOT analysis is conducted in order to prepare the effective marketing plan. Following is the SWOT analysis of US Life:
Ø Increased variety of products
Ø High premium rates
Ø US Life is slow to respond to changing needs of customers
Ø Increasing trend of financial weakness
Ø Improvement in the technologies
Ø Demand for insurance consultant
Ø Increasing expenses and lower profit margin
Ø Government regulations on issues such as health care, terrorism etc.
(Source: US Life, 2012)
On the basis of SWOT analysis, US Life will conduct the market analysis while preparing the marketing plan. US Life has to analyze effectively mission, vision, goals and objectives of company. Company analysis is done in order to align the organizational goals with product development goals. US Life also conduct the customer analysis to identify what are the value drivers of customers and what strategies should be adopted to retain them for long time. Company will also analyze the existing and potential competitors of US Life. It is necessary to make plan for the attainment of competitive advantage (American General Company, 2009).
Marketing mix is done in order to decide an appropriate mix of product, price, place and promotion for US Life.
Product: In the marketing mix, product of US Life such as Index-Linked annuities, single premium immediate annuities, etc. are developed by the firm. Company will also explain about the features and benefits of products.
Price: In this, pricing strategy will developed by marketing managers. There are different pricing strategies such as penetration strategy, skimming strategy and comparable pricing strategy. US Life will select the comparable pricing strategy to capture the reasonable market share (Westwood, 2002).
Place: In place strategy, organization has to take decisions such as direct contact with customers, use of intermediaries, use of distribution channel, etc. on the basis of which place strategy will be selected.
Promotion: With the help of promotion strategy, US Life will decide about the success of products among the potential buyers. In order to make promotion of insurance product, US Life will adopt the personal selling and advertisement tools (Pride & Ferrell, 2011).
Proposed Time line and Marketing Budget:
Proposed time line for insurance product will be planned about 15 weeks and marketing budget will be planned about $20000 (See Appendix 1).
From the above discussion by assignment help, it is analyzed that different organizations prepare marketing plan before introducing new product in the market. Market analysis, marketing mix and action plan are the important part of effective marketing plan. Further, effective marketing plan ensures the organization about successful launching of the product.
American General Company (2009). Retrieved from http://www.diversalertnetwork.org/insurance/preferredcert.pdf
Luther, W.M. (2011). The Marketing Plan: How to Prepare and Implement It. USA: AMACOM Div American Mgmt Assn.
Noble, P. & Watson, T. (2007). Evaluating Public Relations: A Best Practice Guide to Public Relations Planning, Research and Evaluation. USA: Kogan Page Publishers.
Pride, W.M. & Ferrell, O.C. (2011). Marketing. USA: Cengage Learning.
US Life (2012). Retrieved from http://www.uslife.com/usl/usl.nsf/index
Westwood, J. (2002). The Marketing Plan: A Practitioner’s Guide. USA: Kogan Page Publishers.
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