Pure General Insurance (PGI) has strived to develop in a fast changing and highly competitive environment since the 1970s. As in many developed countries, the market has become either mature or saturated, with companies experiencing small growth or being out competed. It is then vital for a company to review its position and future goals. The following marketing plan, according to Jobber (1995), and Jobber and Fahy (2006), will help at first to analyze PGI's current position in the market considering its environment and competences. It will develop new strategies to remain competitive and ensure long-term profitability through a systematic approach.
[...] No product completed" system charge. with no claim service. replacement/ a fair but a free phone discount. No product cash refund. number with "No forms to be replacement/ a fair one-to-one service completed" No "ware and tear" cash refund. No robotic voice/ assistance. Simple information reduction. impersonal service disclosure. Phone line assistance. The legal expenses one-to-one support insurance. Free of charge service. After Sale A real full cover. [...]
[...] • Household insurance is not mandatory but some external factors might push them to subscribe to it (Refer to external factors) • The Threat of entry is quite high, there are no evidence of barriers to entry here e.g. Direct Line and other direct insurers offered their services directly to customers cutting the “middleman”, brokers i.e. PGI. • Customer volatility increases threat of new entry here . • There are not any threats of substitutes since motor insurances are specific ones designed to apply to motor and it is a legal requirement. • There could be threats of substitutes if various kinds of person and/ or property insurances were offered. [...]
[...] Economics for Business, 2nd edition. Maidenhead: McGraw-Hill Education. Bitner, M. J., Gremler, D.G. and Zeithalm, V.A., (2006). Services Marketing : Integrating Customer Focus Across the Firm, 4th edition. Irwin : McGraw-Hill Education. Jobber, D. (1995). Principles and Practice of marketing. Maidenhead: McGraw- Hill Book Company Europe. Jobber, D. [...]
[...] differentiation through product range offered by competitors. PGI • From the information provided, the development of a new technology and communication tool appears as a major technological factor. ➢ From the 2000s, The Internet offered an alternative to the telephone and it helped consumers to conduct better researches on the various firms offering insurance services. In a short time and even from their home, consumers have been able to compare offers between competitors within the Insurance market and became more exigent and volatile. [...]
[...] Conclusion Through this analysis of PGI's business and marketing planning, new strategies have been provided to ensure future growth. Consumers have been segmented and targeted considering PGI's marketing objectives. The solutions aroused seek to answer to an intensifying competitive rivalry and PGI's vital need to increase its product portfolio. Switching risks by selling several insurance policies to each customer should help to increase customer retention, also by improving before and after sales services. This should provide robustness to PGI having strong competitive advantages i.e. [...]
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