A Report On The Marketing Strategy

1914 Words May 22nd, 2016 8 Pages
BACKGROUND SUMMARY OF PART 1 In part 1 of this report about market analysis it was found that medibank are seeking to expand their service of travel insurance as the market demand for the service continues to grow.According to IBIS World(2016)Tourism has maintained a steady average of 3.5% annual growth between 2011-2016. The overall annual industry growth for Travel insurance was 5.2% between 2010 - 20153. IBISWorld (2016) have also predicted that this growth in the Travel Insurance Industry will settle to an average 2.1% annual growth within the next five years, as the market grows increasingly stable, maintaining the australian dollar remains high, natural disasters are less frequent and that low fuel prices drive down the cost of airfares. But some of the most relevant information for forming Medicare’s marketing strategy is the statistics regarding the target demographic for Travel Insurance. In the travel report by the Australian Bureau of Statistics 68% of the Australian departure passengers were between the age of 20 and 60. While the statistics show that the young people ( in their 20s) are the most likely to travel, they don 't always think to take out insurance when traveling. Middle aged adults are the ones with the highest rate of seeking travel insurance, or perhaps needing it in the first place.

Yet for this strategy report we will focus on the younger demographic of people, around 18 - 35 year olds, as they are the highest travelling age group. “Youth…
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