Prime Insurance: Customer Responsiveness And Innovation

Progressive is a large company that started the business in 1937. Progressive employs more than 26,000 and its revenue as of 2004 was 1.04B. Progressive distributes its services through telephone, Internet and independent agents. Progressive conducts business in 48 states and the District of Columbia and has organized these 49 jurisdictions into six geographical regions. The Agency and the Direct Businesses are managed at the local level and have three General Managers, each responsible for two regions. The Claims business area has six General Managers responsible for one region each, with managers at the state level. Sales and Service (which includes Agency and Direct customer service, direct sales

Progressive Insurances target market is everyone who thinks buying insurance is a responsible thing to do. The target market for Progressive is really anyone who wants to insure his or her assets. The person wants to protect himself or herself from possible loss due to damage or injury. The company does not want to direct all its advertising attention to the family or the individual, because that direction may cost the company a potential customer. It is the strategy of the company to be as inviting to as many customers as possible. The target market consist of a number of variables that are determined by the buyer, and their particular situation. Progressive has had numerous advertisements depicting numerous situations that encourage people

Competing on response can help establish a competitive advantage, which provides the customer with a perception of increased customer service.

Competitive advantage is important in any company’s market structure. A good example of competitive advantage is when a customer asks why he or she should purchase this product over the company’s competitor’s product (Lambardo, 2017). For a company to obtain a substantial competitive advantage, a company has to gain a customer base that trusts their products over their competition’s product. For example, in the beer industry, Anheuser- Busch has created beer products that obtain a strong competitive advantage over their competitors. Budweiser was able to create this competitive advantage because they obtained a strong market structure. Also, there is a huge relation between company brand and competitive advantage (Abbas & Kraidy, 2017). For New Belgium brewing company, the brand and social responsibility are they key competitive advantages.

The insurance industry is a highly competitive market. The market is shared by individual’s agents and companies both competing for the same customers. In this industry one critical success factor for Allstate Corporation is changing the way it conducts business. The more technical savvy the customers are and the more popular the use of the internet is becoming. This is allowing customers the ability to obtain instant quotes online. The internet is a powerful marketing tool that gives the insurance industry the opportunity to grow and increase revenue by reaching the market completely.

Precision Promotional & Insurance Solutions is one of Southern California’s top-rated insurance agencies. Providing life insurance, home owners insurance, renters insurance, and vehicle insurance packages such as motorcycle insurance, RV insurance, and car insurance, the agency is able to provide customers with a variety of umbrella insurance packages at affordable prices to suit their needs. The insurance agency prides itself on its transparency to customers and its commitment to exemplary customer service.

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

Evaluate market performance of existing competitor and their products or services to identify opportunities and threats

By, knowing this factors we can create a strategy in competing in the market depending on these factors, after doing this we could distinguish between the long-term advantage which can increase a companies profits and grab a greater market share than competitors, or a

Nowadays, many company around the world. So, there are a lot of competitors in a market. To differentiate the company with other competitor is through competitive advantage. Competitive advantage exists when an organization acquires or develops a combination of attributes that allow it to outstrip its rivals. Competitive advantage can occur using new technologies such robotics and information technology.

Offer the services that have already been introduced by competing company, and also work on providing customers with innovative applications

In any kind of business the main key is to have good customer service. The standpoint for any salespersons is to how they present themselves in the company. Companies that show extremely good customer service will normally become the company of choice because with good customer service comes with more customers from other companies. With good service support it is the easiest route to success in building a strong company with custom relations. When a customer sees that good service is provided they will most likely come back for more future product needs or services. Every year companies critiques, market researches, company reviews, rates, and recommend ratings for customers to get them the best customer services available.

What is a competitive advantage for the company? How can the management use it? Make SWOT analysis for the company.

It is vital that marketing communication mix responds to competitive environment, therefore, Porter’s five competitive forces could be used to evaluate firms competitive positioning. In addition, Porter’s generic strategy grid can be applied to a product. He called the generic strategies ‘cost leadership’, ‘differentiation’, ‘cost focus’ and ‘differentiation focus’ (Vrontis and Sharp, 2003). These strategies have attributes that defend against competitive forces.

Competitive advantages must identifying a specific target audience with a clearly need, developing and delivering a high quality of products and services in appropriately priced to be the best than anybody else. But what are the elements of a competitive company? Here are some factors that helps the organization to become a competitor in market.