IMC Plan On Geico Insurance Company - Research Paper Example

Only on StudentShare

Extract of sample
IMC Plan On Geico Insurance Company

Center of discussion in this paper is GEICO or Government Employees Insurance Company. Founded by Leo & Lillian Goodwin in the year 1936, the Company started its journey as car insurance company for government & military employees. Since then it has seen many changes in its structure & quest for growth. The company has grown by leaps & bounds over these years and is adjudged as 3rd largest auto insurer in private section in US. GEICO is standing tall as part of Berkshire Hathaway headed by Warren Buffet with 8 million policyholders & 17 million vehicles insured under its belt. GEICO started as a company which was catering to the needs of federal & military employees only. 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. Even today GEICO sticks to this objective of its and all through these years one thing which has remained intact with the company is creating customer value through its services. Every firm in today’s time needs to promote itself through various advertisements as to reach maximum number of people and build a strong customer base. GEICO is a company which has always believed in reaching out to people directly than through any agents and for this very reason it has relied on internet communication, through phone and heavily investing on advertisements which in return has increased its customer base. ...
Download paper

Summary

The following study gives an overview of the marketing plan of Geico insurance company including marketing plan and objectives; advertising & promotions; competitive analysis; environmental influences; economic; technological; political-legal; socio-culture…
Author : vgrant

Related Essays

Marketing plan role and structure
This paper will therefore, discuss the role that a marketing plan plays in enabling the product position itself in the market. It will also discuss different elements of a marketing plan and importance of each element in enabling the marketer market the product. In addition, it will provide an appropriate structure of a marketing plan and distinctive features between a marketing plan and business plan. Also, the paper will look at how each element in a marketing plan enhances the marker’s understanding of the market. Different assumptions made when drafting a marketing plan will also be...
10 pages (2510 words) Essay
Weekly summary and team discussion. Week 3.
The success of a product depends on the ability of the marketer to design products and services that meet the desires and wants of the customer. Another topic that was discussed during the week was project failure. Due to the fact that there is so much competition in the marketplace many products failed every year. Even companies that are very successful have product failures. One of my classmates mentioned the case of New Coke. The product failed because customers were threatened by the product since they believe it might replace the classic coke formula. During the week we also talked about...
1 pages (251 words) Essay
Marketing Practices of China
The article from the Financial Times examines the activities of the HNA business group of China. The group is the first investment company from China to start purchasing property around the world. It indulges in purchases across various sectors ranging from the shipping industry, hotel industry and airline industry in various countries across the globe (Lemer and Rabinovitch 23). The company has a lot of capital and is increasingly obtaining more property around the world. The CEO of the group tells the writer of the article that they will purchase more companies outside his country. This will...
5 pages (1255 words) Research Paper
Irrational Consumer Behavior. Why consumer often makes irrational decision to buy a low quality product because of advertisement or cultures?
Often a big poster of advertisement or television leads people to make some irrational decision in buying products. The role of television advertisement is significant in irrational consumer behavior (Mafe & Blas, 2007). Consumers often buy a low quality product because they were “deceived” by the advertisement. This happens because a majority number of individuals just trust tons of beautiful fonts, and words on the advertisement without making any further research about the products. The importance of the sensory receptors (eyes, ears, nose, mouth, and skin) plus peer pressure play an...
6 pages (1506 words) Essay
Case 4: Harrah's Entertainment--Loyalty Management
The Harrah’s Entertainment Inc. has involved itself in ensuring that they meet the need of all the potential customers. The company has established casino entertainment in more locations as compared to its competitors. The establishment of the casino in many areas implies that the company has its customers at heart and is ready to do anything to meet all their needs (Weinstein, 2012). Furthermore, Harrah’s Entertainment also ensures a healthy environment for its employees through offering rewards. It considers that the satisfaction of the customers has a direct relation with the...
3 pages (753 words) Case Study
ABSOLUT Vodka Brand
Since its entry into the US market, Absolut Vodka became a global brand icon, which draws international recognition across the globe (Mooney and Dool 2010, p.1). The Absolut Company produces Absolut Vodka in Ahus, Skane in southern Sweden (Mooney and Dool 2010, p.2). By 2005, Absolut Vodka was synonymous in the global market where it deals with premium vodka as the third largest spirits brand across the globe. The spirits that Absolut Vodka sells includes all distilled alcohol beverages (Mooney and Dool 2010, p.2). Over the years, the company recorded immense success in its line of business...
10 pages (2510 words) Case Study
Geico
To avoid this problem, GEICO insurance company decided to eliminate brokers and agents and deal with the end users direct.
...
2 pages (502 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!