IMC Plan On Geico Insurance Company - Research Paper Example

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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. ...
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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

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