The online insurance service provision has revolutionized the money habits. The peoples.com provides the customers with the time savvy and convenient methods of reaching the bank services bypassing the time-consuming, paper-based aspects of traditional banking in order to manage their finances more quickly and efficiently.
They want to buy services with convenience and in least time. The peoples.com is serving the purpose very well for the bank.
b) Product characteristics:
The characteristics of all the insurance products have been explained very well. The customers can gain thorough understanding of all the insurance services the bank is offering.
c) Distributor characteristics:
The direct provision of the services without any intermediary channel also plays an important role in the increment of no. of customers.
d) Competitive characteristics:
The bank provides a wide range of services catering the needs of a wide range of customers with least formalities required and most advantages provided.
e) Company characteristics:
The peoples.com provide a high level of service standard providing the bank with an effective marketing channel.
f) Environmental characteristics:
The web based marketing channels are the least effected by the legal and economic environments of different countries or in the case of change (Bakrate.com, 2006).
People's unique selling proposition (USP):
"You'll find all the insurance services you need to protect your family and property at People's. We'll help you select the insurance that's best for you." (Peoples.com)
"Distribution channels can thus have a number of levels. Kotler defined the simplest level that of direct contact with no intermediaries involved, as the 'zero-level' channel.
The next level, the 'one-level' channel, features just one intermediary; in consumer goods a retailer, for industrial goods a distributor, say. In small markets (such as small countries) it is practical to reach the whole market using just one- and...
The first and the foremost aim of developing a marketing channel are to reduce the number of intermediaries involved in the marketing process. The cutting edge of the peoples.com as marketing channel is it minimizes the number of intermediaries between the bank and the customers.
The customers of the bank are widely dispersed, there are a large number of them and they buy services in small amounts. They want to buy services with convenience and in least time. The peoples.com is serving the purpose very well for the bank.
The next level, the 'one-level' channel, features just one intermediary; in consumer goods a retailer, for industrial goods a distributor, say. In small markets (such as small countries) it is practical to reach the whole market using just one- and zero-level channels." (Wikipedia, 2006)
The company should develop a one-level marketing channel in shape of dot. com, which will enable the company to close all the excess branches. By concentrating its physical traffic in this way the remaining branches are kept cost efficient. Through the online presence the company will be enable to keep he prices of the exercise equipment low. To be competitive online, the company will have to match their Internet based competitors.
"A Company needs to view its intermediaries in the same way that it views its end users. ...
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