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MARKETING PLAN FOR PGI COMPANY - Essay Example

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PGI is an insurance broker that specializes in motor vehicle insurance only. The company is now considering expanding its offerings by introducing a general household insurance policy to existing customers. …
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MARKETING PLAN FOR PGI COMPANY
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MARKETING PLAN FOR PGI COMPANY

Number of words 1482 (excluding appendices/bibliographies and tables) Contents EXECUTIVE SUMMARY 4 INTERVIEW AND ANSWERS 5 INTERVIEW SUMMARY 12 DEMOGRAPHIC SEGMENTATION 13 GENDER SEGMENTATION 13 AGE SEGMENTATION 14 BEHAVIORAL SEGMENTATION 15 BEHAVIORAL SEGMENTATION SUMMARY 16 MARKETING MIX 16 CUSTOMER AUDIT 18 OPPORTUNITIES AND THREATS 18 INTERNAL AUDIT 19 STRENGTHS AND WEAKNESSES 19 MACRO ECONOMIC AUDIT 20 MACRO ECONOMIC SUMMARY 21 MICRO ENVIRONMENT AUDIT 21 MICRO ENVIRONMENT AUDIT SUMMARY 22 MISSION 23 EXTERNAL FACTOR (EXTERNAL AUDIT) 23 INTERNAL FACTOR (INTERNAL AUDIT) 23 COMPETITOR AUDIT 24 COMPETITOR AUDIT SUMMARY 24 SWOT ANALYSIS 24 TOWS ANALYSIS 26 MARKETING OBJECTIVES 27 STRATEGY THRUST 27 ANSOFF MATRIX 27 STRATEGIC OBJECTIVE 28 STRATEGIC OBJECTIVE SUMMARY 29 CORE STRATEGY 29 CORE STRATEGY SUMMARY 30 MARKETING MIX DECISION 30 MARKETING PLAN CONTROL 31 CONTROL 31 CONTIGENCY PLAN 32 PGI MARKETING PLAN EXECUTIVE SUMMARY PGI is an insurance broker that specializes in motor vehicle insurance only. The company is now considering expanding its offerings by introducing a general household insurance policy to existing customers. The company has established links with affinity groups such as trade unions which give it access to more than 5 million customers. The target market consists of homeowners across all gender and age segments. The primary needs of the market are price, service and information. This report analyzes the industry and the competitive position of PGI within the industry to recommend a price skimming marketing strategy. INTERVIEW AND ANSWERS Stage 1: Cut and Paste Questions Interviewee 1 Male 46yrs Interviewee 2 Female 56yrs Interviewee 3 Male 25yrs Interviewee 4 Female 23yrs Interviewee 5 Male 61yrs Interviewee 6 Female 43yrs Interviewee 7 Female 63yrs Interviewee 8 Male 48yrs Q1 Would you be prepared to buy a household contents policy from a group which you are a member of? Yes I already get my car insurance from my Trade Union so why not my contents policy No I get my contents insurance from my mortgage lender, I thought I had to as they gave me the money. Yes why not, so long as they are competitively priced. Well currently I get my contents insurance from the web, the site searches 20 insurance companies for the best deal. I do have to input my requirements though. So if my staff association had a similar arrangement then I would think about it. Yes from my union but I can’t see it from the Train spotting club. What about when I retire though? No, I like to buy insurance from people who know about insurance, I mean does my trade union know anything about insurance? I don’t think so! Yes from my union but really I use my local insurance broker –they take all the hassle out of buying. What about when I retire though? Yes, why not if they can get me a good deal –must be able to get a bulk discount, I mean my trade union has over 1 million members now. Q2 What would you expect to find in a household contents policy? Well the contents of my house insured of course! But I would want my portable belongings insured outside of the house in case I lose them or had them stolen, I’d like the kids belongings insured too, especially the eldest while he is at university. I don’t know, how about the obvious, like my contents insured against lose due to fire, accidental damage, theft etc. Oh and outside the house as well. Well, accidental loss cover, the usual fire and theft that’s about it. Just fire and theft mainly. Just like the basic cover. Don’t want to spend too much money. The usual fire, theft, accidental damage, legal expenses insurance and all those telephone help lines –you know the repair, tradesman-sourcing etc. Oh just everything covered really, ... Read More
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