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Geico - Research Paper Example
Pages 13 (3263 words)
IMC PLAN ON GEICO INSURANCE COMPANY Table of Contents Organization Background 4 Review of Marketing Plan 4 c)Competitive Analysis: 5 d)Environmental influences: 5 i)Economic: 5 ii)Technological: 6 iii)Political-Legal: 6 iv)Socio-culture: 6 Analysis of Promotional Program Situation 6 a)Analysis of consumer behavior: 6 b)Segmentation of market & target market: 7 c)Market positioning: 7 Analysis of Communication Process 8 Budget Determination 9 IMC Program 10 a)Advertising: 11 b)Direct Marketing: 11 c)Interactive marketing: 12 d)Promotion of Sales: 12 e)Public relation: 13 f)Personal Selling: 13 Tactics & Integration: 14 Methods of evaluation: 15 References 16 Organization Background Founded by …
GEICO is standing tall as part of Berkshire Hathaway headed by Warren Buffet with 8 million policyholders & 17 million vehicles insured under its belt. (Insurance directory.org, 2012) Review of Marketing Plan GEICO started as a company which was catering to the needs of federal & military employees only. But later its marketing strategy changed with time which can be reviewed as: a) Marketing plan and objectives: The founders Leo & Lillian Goodwin had different marketing plan for their business and the utmost was to lower the cost. This business plan of theirs was made successful with the induction of federal employees in their marketing strategy as this segment of people would be posing low risk and eventually company’s profit would not be hampered. ...
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