You are required to write a business Plan for a service product (Qantas Airline, Banking or Insurance only) of your choice. The marketing plan should be realistic attempts to market the service in a clearly define market.
Writing of a business plan requires to valid a reliable data and relevant information, you should review credible secondary data to provide justification for your planned actions, particularly the marketing mix strategy.
The research aims to initiate a reliable insurance company which customer service offering oriented. The research is also aimed to bring a remedy to the existing management problems in the insurance sectors.
Real Life Insurance Company is a local and self-independent company specializing in commercial and individual insurance offering. The company knows the clients from the information he/she is willing to offer to the offer. The Real Life Insurance Company is geared to initiating a strong partnership with the clients, insurance carriers and its workers (Rummler and Brache, 2012 pp.88).
Being familiar with the rule of Golden, that says that everyone should treat others the way you would also enjoy being treated act as a guiding key in our services offering process. The organization is geared toward treating others better than our expectation. The Real Life Insurance Company believes in the following keys to success (Yücenur and Demirel, 2012 pp.3702-3707).
Commitment to the clients. The company will continuously urge its stuff to handle the customers' issue with a lot of commitment
Technology investiment.to make the services more effective and fast the company will innovate in the technology sector that improves the service offering process to our clients.
Vision and mission of the action insurance
The Real Life Insurance Company wants to develop a bar in the sector of insurance by initiating excellence and making use of the super principles to all the aspects of the business. The organization has the aspiration to empower the clients, the workers and the community at large (Røttingen and Chamas, 2012 pp.6).
Real insurance believes that to offer variety selection of insurance services the organization must first show growth. For the action insurance to grow it should meet the following objectives.
The Real Life Insurance Company is geared toward achieving reliable and quality service to the clients. With the most of its investors having worked in other insurance company, the action insurance company will attain the highest marketing environment. The investors will exchange mind on the weaknesses observed from their previous working companies and try to use the weaknesses as a weapon to pressure their competitors for the benefits of the clients (Johnston et al, 2011 pp.659).
Real Life Insurance Company will deploy honesty and transparency in the industry. The insurance company believes in the following:
Honesty is the best policy. The agents /staff of the action insurance will conduct their operations in a fairly and equitable manner.
Being consistent.at the company the consistency is portrayed by treating our clients individually with super attention to detail.
Real Life Insurance Company is expected to display a tremendous growth in the insurance marketing sector. Analyzing the current condition of the company with the reference to the reason why the company will be introduced, the organization can be said to have covered majority of people's life expectancy at a reasonable price. The real-life insurance company is currently positioned among the top companies that have portrayed recommendable growth in the insurance sectors. The initiation of the Real Action insurance company will cover major factors that affect individuals. Within 3-years' time, the organization have covered a wide range of factors that affect the real lives of individuals. Some of the services that the company has been offering include:
Such a wide range of services describes how the Real Life Insurance Company will experience a high growth rate.
Internal environment analysis
The company can be analyzed internally regarding its resources and capability of its service provision.
Resources analysis. Real Life Insurance Company will have a wide range of resources both financially and technological wide. The financial stability of the organization will make the organization to withstand economic issues after introduction. For example, if the organization has a poor financial background it appears hectic for it to survive harsh conditions that are experienced by many business during the premature stage.
Capability analysis. The tremendous growth of the Real Life Insurance Company has defined the capability of the company in its service-provision process to the clients. The growth rate of every organization is said to articulate the capability Real Life Insurance Company will introduce new insurance issues that affect the human life which is a major display of its capability.
External environment analysis
External environments define the organization regarding macro and micro perspectives.
Macro environment analysis
The analysis is described by the following factors:
Political.it is clear that politics determines the direction and rate of growth of an organization. Positive political field effects to positive growth of the business and negative political fields demolish the growth of the business. The Real Life Insurance Company has experienced a lot of favor from the political field.
Economic analysis. Under this analysis, the economic status of the market of business specialization can either be poor or healthy. Under poor condition, the chances of failure of the business are very high. While under the healthy condition the business displays a flourishing growth. Analyzing the expected condition concerning an economic condition of the Real Life Insurance Company can be defined that it has and it will enjoy a healthy market condition in the insurance business sector.
Social. The social practices of the population that surrounds the Real life insurance company in Australia have prayed a more significant role in the company's succession. For example, you cannot introduce farm produce insurance Company in urban regions. Most of farming insurance company are located near the farmers because the social practices of the population there favor the business.
Technological analysis. Real Life Company has shifted to technology-based business to perfect its service provision process. For example, Real Life insurance will implement the digital recording methods for its members and also introduce an app to reach many clients.
Legal .The legal practices of the Australian government also has contributed to the growth of the organization. As it has been in the past, the organization will legally meet the government requirements.
Environmental analysis. The Real Life Insurance Company is environmentally favored. The regions that are covered by the organization do not experience the “acts of nature” such as storms and floods which effect to loss insurance delivering companies.
Micro environmental analysis
The microanalysis includes the following:
Competitors. The kind and pressure generated by the competitors describe the market environment of the company. Real Life Insurance Company expects to continually experience fairly competition pressure from its partners. To neutralize the generated pressure the company will respond by implementing corresponding strategies to avoid losing its clients (Jenson et al, 2013 pp.8).
Customers. The organization will be keen on the issues that affect the customers. Customers being the key determiner of the company existence, the management of the organization will actively innovate on strategies that will sustain their customers.
The SWOT analysis defines every organization regarding their strengths, weaknesses, opportunities, and threats.
New products and services. The organization has a wide range of new products to cater to different segments. Due to a wide range of services the company relies on a vast number of clients.
Business growth. The company expects to experience a high growth rate and dominance in Australia which will attract a big number of clients seeking the company service.
Emerging middle-income group. The country has been experiencing a rapid increment of a middle-income group in which a more significant percentage of this group seek services from the Real Life Insurance Company (Tushla et al, 2015 pp.1696-1702).
The dominance of the public sector. Public (government) insurance company have been dominant in the insurance sectors in a way affecting celebrity of private companies such as Real Life Insurance Company (Merton, 2014 pp.43-50).
Old tariff structure. Most of the clients are used to old tariff structure in the insuring sectors. It is challenging for the organization to shift their minds to modern tariff structure. For example, some the organization have been losing customers who completely trust old structures (Boelens, 2010 pp.28-62).
Strong future growth. The sector of the insurance has been wholly experiencing high growth rate. Such growth predicts the possibility of high growth in the future which gives the company hope for future expansion (Moran et al, 2012 pp.95).
Rising income and awareness. This opens up an opportunity for the Real Life Insurance Company. Many investors and individual have entirely invested in housing.
Threats of Real Life Company.
In general, the organization has been receiving threats from its competitors and the increment of taxation in the insurance sector by the government. Some of the threats have been an effect of the natural calamities such as storms and floods (Moran et al, 2012 pp.95).
Segmentation in marketing is a technique that is implemented to enable the business to completely target it services at the right customers (Lusardi and Mitchell, 2014 pp.5-44).
There exist 4 types of market segmentation as described below.
This is the most comprehensive type of segmentation that is applied in many businesses.It divides population on basis of variables such as age, gender, family size, income occupation etc. (Englix, 2013 pp.16).The Real Life Insurance Company will widely implement this method of segmentation in defining its clients.
This type of segmentation divides the targeted population on basis of their behavior and decision-making pattern (Alipour, 2012 pp.53-66). For example, the Real Life Insurance Company will handle the youth and old people respectively to their mode of behavior. The youth always prefers fast processes while the old people prefer slow processes.
This type of segmentation looks similar to behavioral segmentation only that it defines its population on the basis of social behaviors (Arasa and K'Obonyo, 2012 pp.201-213). The segmentation will be deployed by the Real Life Insurance Company while providing services to the clients. For example, when handling clients the organization willobserves the social requirements of various social groups in Australia.
The segmentation divides people on the geographical basis. This because the customer has different need based on their geographical location. For the Real Life Insurance Company (though at minimal chances) it will divide its clients regarding geographical description to ultimately meet their need at full.
The company will target its market on demographic perspectives. This is because the segmentation inclusively covers individuals' definition without caring about their geographical location and type of social classes they come from. Currently, the Australia government is working on a program that unite indigenous people with rest of the population. Demographically targeting the customers will be one way of treating clients equally without bothering the geographical location and social description of the clients (Kabajeh et al, 2012 pp.115-120).
The Real Life Insurance Company will use the strategy of product differentiation. In the method the company will concentrates on its wide selection of services that are professionally delivered by certified financial analysts (Englix, 2013 pp.16).
Positioning statements. Real Life Insurance Company is a complete service, free agency and will offer a wide product and service selection. All the services will be derived on the client desire and certified financial planning will be delivered. The product and services will be at low pressure, professional and of the confidential environment (Cox and Quirk, 2010 pp.7).
Pricing strategy. Real Life insurance will widely utilize competition based pricing method. In general, the pricing is will be based on the prices of the company's competitors which will be standard and healthy for the insurance industry (Englix, 2013 pp.16).
In simple term, the marketing mix is a tool that is implemented by the businesses and marketers to aid them determine the product and service offering (Wentzensen and Wacholder, 2013 pp.1-3). The 7Ps marketing mix is an update of 4Ps marketing mix the update was done the late 70s which was due to broadly acknowledgment by markets that the marketing is required to be updated. The mix is formulated to the organization's marketing goals by providing its customers with value.
The Real Life Insurance Company will widely deploy the marketing mix in defining the value of services to its customers (Wentzensen and Wacholder, 2013 pp.1-3). With such guidance in the insurance marketing sectors, the organization will observe on improved and healthy market competition from its competitors. To balance the marketing sector, the organization will equally be innovated on the 7Ps of the marketing mix. Such action will help the real action insurance company withstand worse condition when the insurance market is low.
Real life insurance offers the following services.
As discussed the company will use competition based pricing method where the price of the competitors will determine the price
Real Life Insurance Company is going to rely on the marketing blitz to deliver its promotions. The company will also implement other types of promotion strategies such as online promotions, use of televisions and radios, Facebook promotions and others (Wentzensen and Wacholder, 2013 pp.1-3). The promotion will be highly considered, in the company, as it helps in increasing the number of customers
To achieve the desired goal of the Real life insurance company, the company will invest in deploying skilled individual who has worked on the insurance-related companies for a specified duration. Such an action will ultimately favor the marketing environment of the organization (Finch, 2013 pp.90).
The location of every business defines the growth of that business. In simpler term, each business should be accessible by its targeted customers (Finch, 2013 pp.90). The Real Life Insurance Company will initiate many branches countrywide to reach out to its customers. Such an innovation will attract a significant number of customers who were previously hindered by the inaccessibility issue (Rummler and Brache, 2012 pp.88).
The organization will implement a reliable and effective services providing process.The organization will also introduce online registering services to give the clients a chance to register in person before they visit the nearest Real Life insurance branch (Ghosh and Wu, 2012 pp.47-64).
The real life will offer physical documents to all the clients for all the payments made, for future references. This is because the soft copy evidence on the payments made by various clients may be accidentally be deleted which would bring a lot of contradiction in the company (Finch, 2013 pp.90).
The implementation of the business plan will rely on all the stakeholders of the organization. Both the internal and external stakeholders will equally treated in the implementation process of the business plan (Burns and Dewhurst, 2016 pp.4). The internal stakeholder members include the investors and the workers of the organization. The external stakeholder members are occupied by the customers and donors.To ensure that cooperation is deployed in the implementation process the organization will formulate a team of board members. All the investors will be officially included in the board while one of the worker will represent the employees (Burns and Dewhurst, 2016 pp.4).
To allow the effective implementation of the plan of business the following is the analysis of the financial plan (Frith, 2014 pp.4).
Assumptions of Income
Real Life Insurance Company anticipates having sufficient funds and stable equity Position. The Company is expected to have fewer debts and well capitalized with a comparison to peers with same sizes revenues and assets (Zacharakis et al, 2011 pp.80).
The organization is expected to have a better liquidity because it is evidenced by a current ratio of 1.3 during 3rd year. The net worthy fund is predicted to be 31.58% at the end of the first year.
Business plan act as the compass of every business. The business plan developed defines various plans towards achieving a reliable insurance company (Zacharakis et al, 2011 pp.80). The sector of insurance in the country have been experiencing a lot of innovation which has led to increased competitive pressure among the competitors.to actively participate in the insurance sector in the country, a strategized business plan is required. Such plans should be geared toward making the marketing environment more favorable for your new business for you to cope up with generated competition pressure. The launching process of the business also requires an individual who has an extensive knowledge in the insurance sector (St?nculescu, 2010 pp.65).
For every organization to obtain a reliable business plan, a skilled person should be implemented in the business planning process. Some organization implements unskilled personnel which ends up ruining the whole business (Scarborough, 2016 pp.67).
Also, the organization should involve customer presentation in the planning processes of the company. Customers can be physically presented on involved via questioning them using a questionnaire (Scarborough, 2016 pp.67). This makes the organization determines the required adjustments so that to achieve a high-quality service.
The organization management should initiate training programs among its employees. This will boost the quality offered by the organization. By doing so the number of the customer seeking services will increase.
Lastly, the introduced strategies should largely contribute to an improvement of services offered rather than oppressing the customers. Some organization forgets that customers are the key determiner of the business existence ending up introducing rules that harass the clients. Such action will only lead to the crushing of the business (Scarborough, 2016 pp.67).
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.pp.67
Zacharakis, A., Spinelli, S. and Timmons, J.A., 2011. Business plans that work: A guide for small business. New York, NY: McGraw-Hill…pp.80
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education….pp.4
Finch, B., 2013. How to write a business plan (Vol. 35). Kogan Page Publishers…pp.90
Wentzensen, N. and Wacholder, S., 2013. From differences in means between cases and controls to risk stratification: a business plan for biomarker development. Cancer discovery….pp.1-3
Englix, N.H.S., 2013. Putting patients first: the NHS England business plan for 2013 (Vol. 16, p. p16). 14–2015.
Rummler, G.A. and Brache, A.P., 2012. Improving performance: How to manage the white space on the organization chart. John Wiley & Sons….pp.88
Agrawal, A., Catalini, C. and Goldfarb, A., 2014. Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), pp.63-97.
Blank, S., 2013. The four steps to the epiphany: successful strategies for products that win. BookBaby.pp.45
Yücenur, G.N. and Demirel, N.Ç., 2012. Group decision making process for insurance company selection problem with extended VIKOR method under fuzzy environment. Expert Systems with Applications, 39(3), pp.3702-3707.
Arasa, R. and K'Obonyo, P., 2012. The relationship between strategic planning and firm performance. International Journal of Humanities and Social Science, 2(22), pp.201-213.
Alipour, M., 2012. The effect of intellectual capital on firm performance: an investigation of Iran insurance companies. Measuring Business Excellence, 16(1), pp.53-66.
Kabajeh, M.A.M., Al Nuaimat, S.M.A. and Dahmash, F.N., 2012. The relationship between the ROA, ROE and ROI ratios with Jordanian insurance public companies market share prices. International Journal of Humanities and Social Science, 2(11), pp.115-120.
Boelens, L., 2010. Theorizing practice and practising theory: Outlines for an actor-relational-approach in planning. Planning theory, 9(1), pp.28-62.
Cox, S.R. and Quirk, T.R., 2010. System for improving logistics, tracking and billing for worker's compensation insurance. U.S. Patent pp.7,742,937.
Merton, R.C., 2014. The crisis in retirement planning. Harvard Business Review, 92(7/8), pp.43-50.
Frith, P.A., 2014. The crisis planning. Harvard Business Review, 92(7/8), pp.4
Lu, W.M., Wang, W.K. and Kweh, Q.L., 2014. Intellectual capital and performance in the Chinese life insurance industry. Omega, 42(1), pp.65-74.
Jenson, J., Ledson, M., Lipinski, P.P., Moran, W.J., Ostrem, L., Vanney, B.M., Brose, G. and Scarlato, P., Ameriprise Financial Inc, 2013. System and method for providing financial planning and advice. U.S. Patent pp.8,407,125.
Tushla, L., Rudow, D.L., Milton, J., Rodrigue, J.R., Schold, J.D. and Hays, R., 2015. Living-donor kidney transplantation: reducing financial barriers to live kidney donation—recommendations from a consensus conference. Clinical Journal of the American Society of Nephrology, 10(9), pp.1696-1702.
St?nculescu, M.S., 2010. Analysis of the financial literacy survey in Romania and recommendations.pp.65
Ghosh, D. and Wu, A., 2012. The effect of positive and negative financial and nonfinancial performance measures on analysts' recommendations. Behavioral Research in Accounting, 24(2), pp.47-64.
Johnston, K.N., Young, M., Grimmer-Somers, K.A., Antic, R. and Frith, P.A., 2011. Why are some evidence-based care recommendations in chronic obstructive pulmonary disease better implemented than others? Perspectives of medical practitioners. International journal of chronic obstructive pulmonary disease, 6, p.659.
Moran, W.J., Charlesworth, B., Jacobson, S., Geppert, J.R., Keckler, M., Doherty, B. and Reker, N., Ameriprise Financial Inc, 2012. Management of goals and recommendations. U.S. Patent 8,190,502…..pp.95
Lusardi, A. and Mitchell, O.S., 2014. The economic importance of financial literacy: Theory and evidence. Journal of economic literature, 52(1), pp.5-44.
Røttingen, J.A. and Chamas, C., 2012. A new deal for global health R&D? The recommendations of the Consultative Expert Working Group on Research and Development (CEWG). PLoS medicine, 9(5), p.e1001219….pp.6
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2019). Marketing Plan 2. Retrieved from https://myassignmenthelp.com/free-samples/mkt304-marketing-plan-2.
"Marketing Plan 2." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/mkt304-marketing-plan-2.
My Assignment Help (2019) Marketing Plan 2 [Online]. Available from: https://myassignmenthelp.com/free-samples/mkt304-marketing-plan-2
[Accessed 25 January 2020].
My Assignment Help. 'Marketing Plan 2' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/mkt304-marketing-plan-2> accessed 25 January 2020.
My Assignment Help. Marketing Plan 2 [Internet]. My Assignment Help. 2019 [cited 25 January 2020]. Available from: https://myassignmenthelp.com/free-samples/mkt304-marketing-plan-2.
MyAssignmenthelp.com provides guaranteed satisfaction with a commitment to complete the work within time. Combined with our meticulous work ethics and extensive domain experience, MyAssignmenthelp.com is the ideal partner for all your homework/assignment needs. We pledge to provide 24*7 support to dissolve all your academic doubts. We are composed of 3000+ esteemed experts who have been empanelled after extensive research and quality check. MyAssignmenthelp.com provides undivided attention to each assignment order with a methodical approach to solution. Our network span is not restricted to US, UK and Australia rather extends to countries like Singapore, Canada and UAE. Our assignment help services include thesis help, case study help, homework help, coursework help, MBA help and Programming help. Get your work done at the best price in industry.
Question: Introduction Natural evolution is the organic food and beauty products selling company in Walkamin, Australia. It supplies raw food products and ready to launch new products in the market. The company has some opportunities and some threats which will be analysed in the presentation. In this report, the structure and design of the company is focused upon for the purpose of organisational analysis. The overall performance of the...Read More
Answer: Introduction The brand name of a company can be stated to have a life of its own and has a profound impact on the performance of an organization. The primary aim of the given report is to identify a brand problem associated with the chosen company Telstra and use the Keller’s model available in order to ensure that the company can solve the problems associated. Certain recommendations for the same will also be provided. Brand I...Read More
Answer: Chosen Product: iPhone 1.Identification and analysis of the needs to buy the chosen product: The modern generation has the urge to be more gadget friendly. With every passing day, more gadgets powered by advanced technology are being launched to give a more user-friendly experience. Some of the reasons for the needs to buy an iPhone are: IPhone unlike many other Android phones has a very efficient and high-resolution camera, which c...Read More
Answer: Introduction (Source: Hair & Lukas, 2014) Marketing research is the process of ascertaining and assessing the viability of a new service or a good through extensive research conducted by getting in direct touch with the customers. The practice allows the company to discover more insights about the consumers, their opinion and their views, which helps in delivering the desired product to the customers (Malhotra & Peterson, 201...Read More
Answer: Introduction Energy drinks are one of the emerging commodities in the world that are having a very high rate of growth in their market. People in the world are shifting from the consumption of carbonated drinks to taking more healthy drinks. This has enabled the energy drinks market of energy drinks to be increased at a very high rate. The products have translated from being a niche commodity to a fast growing in the drinks markets. T...Read More
Just share your requirements and get customized solutions on time.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
It was a good assignment. Keep it up. Hope that you maintain same standards in the future.
The work was on time but it was not satisfactory as there was no appendix and scored fewer marks of what I was expecting.
Extremely happy with the assessment . Would like to Tudor again on other assignment\'s, the excellent wording , and no mistakes , also the correct use of language. Definitely want the same Tudor for other assignments . 5 Stars . Thank You for the gr...
I have a very good experience with assignment help. In last semester i will take help for many assignments. I got very good grades from these assignments. Now, this semester I will take help from them in many assignments. The price of the assignments...