Segmentation and Target Market Paper

GEICO has numerous strengths to enable its prominent position in the market. These strengths not only help it to protect the market share in existing markets but also help in penetrating new markets

The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, 2001). Under the Gap, are the Old Navy and Banana Republic brands (Yahoo Market Guide, 2001).

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

Insurance plays an important role in our lives to provide financial protection when most necessary whether it be an accident, a catastrophic event, or even death. Most insurance owners are on the search to find the best company for their buck. Competing companies create advertisements to lure in these particular viewers. The two commercials being compared in this analysis are marketed by insurance companies with the purpose of increasing the number of members and improving sales. Both advertisers of each company have a common goal but use different methods in hopes of reaching the intended audience, which can either make or break the advertisement. The “Allstate: Good Life” commercial failed to address the importance of having insurance whereas

Most of the pictures that cover full pages are portraits of the customers who can be identified in different categories of ages, genders, and ethnicities. These customers suggest the diversity among Northwestern Mutual’s policyowners and the variety of products types provided by the company. The picture of a couple can be related to the financial plan option for the families, or the picture of a baby can be linked to the education savings plans. The customers in the photographs all look happy and have big smiles on their faces. Their portraits are important to help the readers visualize the key theme of the report by suggesting how Northwestern Mutual insurance and security planning satisfy its broad range of customers. In addition, there are photographs of the company’s employees who do not only look professional in their suits, but also appear to be approachable with their friendly smiling faces. These images of employees are arranged next to the photographs of the customers who are enjoying their regular life activities. This arrangement illustrates the good impacts that insurance plans have on customers. Organizing the photographs of its customers and employees throughout the annual report is an effective strategy for the company to emphasize its products and customer service quality, helpful and friendly.

Branding will create an image of the product and advertisement persuades the customer to purchase the insurance policy. Cigna will use a pricing decision which is aimed at affirming a marketing segment. “Marketing segment is to divide a market by strategy directed at gaining a major portion of sales to a subgroup in a category, rather than a more limited one.” Different market structures are mostly compared by the number of competing firms and the extent of entry barriers. A perfect competition organization has no entry barriers with a lot of different firms. This means it has a larger number of competitors than expected; each firm will have a smaller amount of the market share. The right competition structure has no single firm that will controls neither the market nor its pricing. Another important aspect of a prefect competition structure would be that another firm would sell the same exact product. Keep in mind that new insurance companies can come and go as they please, because there are no barriers for new firms to enter the market.

Aflac has grown not only in the United States but also in Japan, as well. Aflac was sprouted from the idea of three brothers who believed people needed protection when a medical problem arose (“Aflac Supplemental Insurance”, 2015). Their core value was always held to high standards and that was to “put the policyholders first (“Aflac Supplemental Insurance”, 2015).” Aflac also strives themselves to be comprised of a diverse group of individuals. This idea buds the notion that each individual person brings different strengths to the table and for this reason is why Aflac has been so successful over the decades.

Fifty and older consumers represent the market with the largest potential for growth. Currently comprising close to 100 million people in the United States, their population is expected to grow

The company GEICO was founded in 1936 by Leo and Lillian Goodwin to insure government

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

Geico Insurance was founded in 1936 by Leo Goodwin, Sr. and his wife, Lillian. Mr. Goodwin’s idea was to provide auto insurance directly to federal employees. Geico Insurance’s originally business model was to provide insurance directly to military personal as they were less risky and more financially stable as

Frequently the media depicts insurance fraud to be most commonly committed by individuals who invest in the insurance firms for promising protection and

One of my daily responsibilities is to find more business opportunities for the office. I did a lot researches and found tremendous potential in the regions, especially among first-generation immigrants and new arrivals who, while having insurance needs, are not well acquainted with the U.S. insurance system and how insurance claims and policies work. Among these potentials, we found the big opportunities in Asian-Americans who are often ignored or overlooked by traditional marketing channels. Specially, all of us in the office are Chinese and we understand more about Asian culture. Based on the marketing research, we three discussed together to decide the marketing goal: to build the current business into much larger agency, by identifying, targeting, reaching and offering insurance products to a new generation of insurance customers, with a particular focus on Asian-Americans in the Philadelphia, New Jersey and Delaware

Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.

Changes in tax laws, government benefit programs, and other State and Federal regulations can affect the insurance needs of clients and how agents conduct business (Abraham & Herman, 1998). Courses in psychology, sociology, and public speaking can prove useful in improving sales techniques (Abraham & Herman, 1998). The use of computers to provide instantaneous information on a wide variety of financial products has greatly improved agents’ and brokers’ efficiency and enabled them to devote more time to clients’ needs (Abraham & Herman, 1998).