Essay International Marketing Entry Strategy- Westp

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Westpac B a n k i n g Corporation

International Marketing Entry Strategy

Report prepared by: Jean Diaz

Due date: 09/06/2011

La Trobe University- Bendigo

Semester 2

International Marketing Entry Strategy

Table of Contents
Executive summary Introduction Company and product background
Provide an analysis of the business and product performance Company objectives and corporate strategies What is the product and needs does it satisfy?

1 2 3 3 4 6 7 7 10 12 14 15 16 17 18 19 20 21

Country and product market attractiveness
Politico-legal, socio-cultural and demographic, economic, technological Product market analysis Competitive analysis

Buyer Analysis Opportunity statement Marketing
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Once again TOWER has continued its aggressive growth with total life insurance premium inflows for the year ending September up 40.7% to $1.1 billion. Other life insurance companies that achieved significant positive growth were AMP (20.3%), AIA (18.2%), OnePath (12.0%), National Australia / MLC (11.4%) and BT / Westpac (10.2%). CommInsure continues to suffer falling premium inflows, with a 7% drop for the 12 months ending September to $1.14 billion. 1 Major players and insurance market share Companies name MLC Life Insurance CommInsure Life Insurance OnePath Life Insurance Tower Life Insurance AIA Life Insurance AMP Life Insurance AXA Life Insurance . Asteron Life Insurance BT / Westpac Life Insurance MetLife Life Insurance Market share 15.3% 12.5% 12.3% 12 % 8.8% 8.8% 7.6% 7.4% 4.9% 2.8%

Source: "Media Release Life Insurance Industry Results - September 2010, Plan For Life Pty Ltd"

1

http://www.ratedetective.com.au/insurance/life-insurance-premium-inflows-year-ended-september-2010.htm 3

Westpac Banking Corporation entry strategy

International Marketing Entry Strategy

Company objectives and corporate strategies
Company overview Westpac Banking Corporation -Westpac- began trading on 8 April, 1817 as the Bank of New South Wales with a single office in Macquarie Place, Sydney. In 1982, with the merger of the Commercial Bank of Australia, it changed its name to Westpac

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