Mk0017 E-Marketing Plan - Free Assessment Answers
Use the 7 section layout on page 478, in chapter 19, of the course text as your format guide. Use ideas from course modules, our textbook, and Internet research to help build your plan. The emarketing plan should represent both "the science and art" of marketing by presenting measurable facts and numerical projections throughout your whole plan as well as being creative and engaging.
Get instructor approval for the organization you plan to e-market by the end of week 1. Post your final e-marketing plan by the due date outlined in the course schedule. E-marketing plans, due to complexity and length, will be graded within 1-2 weeks after the due date for on-time submissions.
Your plan should be at least eight (8) pages long and not more than twelve (12) pages long, which does not include your title page, table of contents, executive summary, bibliography, or endnotes. Conform to acceptable the APA for college-level writing.
For the organization that you selected as part of this introductory class conference, prepare an outline for step 1 of an e-marketing plan which is found starting in your e-textbook on page 478, Know Yourself and Know Your Market. Use bulleted sentences posted directly in the discussion conference and not as an attachment. Make any assumptions that you need and list them. Then create a timetable for you to complete the next six steps of your e-marketing plan as found on page 478 of the course text.
Be very specific as part of your outline how completing Step 1 successfully will help you complete your e-marketing plan assignment later in the semester. Review the outlines for other classmates and respond meaningfully to others at least four (4) times during the course week.
Answer:
Introduction:
The organization Aviva Insurance was incorporated in the year 2000, and they are in the way of building loyal customers who primarily sell the life insurance, general insurance as well as pension to their customers. The business was working well within the market for the years, but the present changing within the market and the current principal of the firm desired to make some vital changed in the business. The organization is in the process to develop their market overseas and also to provide adequate insurance to their customers in the most natural way. The organization in the process of developing e-marketing strategy that would help them in various aspects. The primary objective of the firm is to provide valuable information to their customers and also make the application for insurance much more comfortable. Due to massive fraud in the insurance market, the organization is in the way to provide most appropriate and safe procedure for the customers.
Market demographic
Market demographics of Aviva Insurance includes behavior, demographic and geographic factors. The behavioral factors reveals that business decision of this firm are taken by people associated with the insurance company. The social activities are funded by social organizations like Norwich City Football Club, Footy Finance, and Paul Whitehouse (Zhao, & Wang, 2017). The primary target of the firm are both male and females to increase the business activities as per their crucial needs. An average of 33 million customers of this insurance company is present worldwide, and they have 490 billion dollars assists till 2017 (Ansari, & Riasi, 2016). The target revealing the geographic area of Aviva is to increase their market share in South East Asia and China with the help of online insurance processes.
Aviva Insurance is delivering personalized, close communication advising relationship with their customers by providing insurance products (Ssewamala, 2015). They offer a wide range of insurance policy to all their business and corporate customers with the help of e-marketing process. One of the crucial market needs is to establish effective and customer-friendly relationship with all their respective customers as it will help in evaluating the significant growth of the firm throughout the concerned competitive market segments. It is a matter of fact that the staff associated with the company maintains a good relationship with their customers and tries to solve their problem as fast as possible by various means. The company can also provide investments and savings, protection and insurance products to their customers, like pensions, life insurance, health insurance as well as a wide range of general insurance products by the online procedure.
In the past few years, the insurance company faced many challenges throughout the competitive market areas and thus they need to introduce e-marketing strategy in order to increase their business growth in both local as well as international market. As per the current market trend, online process is one of the best ways to attract various consumers in the market (Kasasbeh, Harada, & Noor, 2017). The current market trends signifies that the use of online insurance procedure by Aviva will make a close and friendly relationship with their customers which will provide the desired elevation in the execution of their respective business processes. The company provides pensions, general insurance policy as well as life insurance policy as per the satisfaction level of the customers. These all policies will attract the senior citizens to make insurance policy with this insurance company.
SWOT analysis
|
Strengths |
Weakness |
|
· A diverse and robust product portfolio · The company has 20,000 Financial Planning Consultants and networks in more than 3000 cities · Focus on the social scheme · Advertisement promotions make good brand visibility · Aviva has more than 46,000 employees globally · Present in 28 countries and became the sixth largest insurance company in the nation |
· The controversial campaign of advertisement affects brand image · Customer complaints regarding the execution of policies create problems |
|
Opportunities |
Threats |
|
· Strong growth in the rural market · Increasing consciousness amongst the people for securing their future |
· High competition causes an economic problem · NBFCS entry in the sectors causes many problems |
Service offering
Aviva insurance is providing life insurance, health, and accidental insurance as well as pension, saving and annuity and pension fund for its insurance consumers (Rapaccini, 2015). Aviva Insurance includes liability, property, and motor vehicle insurance to their clients. Another service is fund management that provides a fund to the shareholders and policyholders of the firm. Aviva delivers investment funds, saving accounts and unit trust to their retail customers. Along with this, they offer many insurance plans for the child, young people, and older ones and also gives retirement, savings, protection and health insurance policy (Bucher, Jäger, & Prado, 2016).
Marketing strategy
Mission
The mission of Aviva Insurance is to attract and maintain customers by providing better online insurance services to them. The company wants to exceed the expectations of their customers and increase customer satisfaction of the company. By adhering to this mission statement, the success of the company will be ensured.
Marketing objectives
The marketing objectives of Aviva Insurance is to increase sales of their insurance to their customers digitally and provide customer-centric services. They also want to establish themselves as the best online insurance provider in the country and increase their market share. The organization is also planning to provide a suitable web platform for the government of country.
Target marketing
The target market for Aviva Insurance will consist of senior citizens, families belonging to low-income groups, and small business owners. They represent the prospective group of customers of the company, who will purchase insurance plans from the company digitally (Anagol, Cole & Sarkar, 2017). The company cautiously chooses their target markets to increase their online customer base. They also encourage small business owners to ensure their business by purchasing their insurance plans online. The government employees of UK is also the target audiences of the firm and they are in the verge of creating suitable e-marketing strategy along with the web platform for the government.
Positioning
Aviva Insurance will be positioned as a comprehensive and leading online personal insurance service provider. The company will be able to provide better insurances services to their prospective customers by establishing close and personal relationships with them. The firm has certain competitive advantages which will help them to increase the sales of their plans digitally. These advantages are; industry knowledge of personal relationships with their customers. The company has a vast experience of the industry which they will able to leverage to develop their online customer base (Starc, 2014). This knowledge will help them to develop better insurance plans and attract some customers and offer value to them. Developing a close and personal relationship with their customers will allow the company to provide more value as well as higher level of online services to them (Teece, Peteraf, & Leih, 2016). These relationships play a crucial role in increasing the market share of the company and grow their business.
Marketing mix
Product
Aviva Insurance offers a wide range of products to their customers to meet their demands. These products include life insurance, pension and general insurance (Handel & Kolstad, 2015). They also provide fixed term protection plans, endowment plans, online health plans. General and health insurances are offered to both individuals and small-scale businesses. The company also provide fund management services to their customers. The company emphasis on providing better service and support to increase the sales of their plans digitally.
Price
The cost of the insurance policy needs to be in the most suitable way so that it became much more comfortable for the customers to pay their premium. Several payment options are provided to the consumers so that they can conveniently pay the firm. The premium of Aviva Insurance is less than most of the insurance companies (Avlonitis & Indounas, 2015). Their website consists of a calculator which allows the customers to calculate premium payments.
Place
Aviva Insurance is serving more than 33 million customers on a global scale. They partnered with many financial planning advisors and private banks to increase their sales (Ruggieri, Rossetti, D’Ascenzo & Cappelli, (2017). They also sell their policies through online channels as well. Their operations differ from area to area which helped them to develop a strong market position in these countries.
Promotion
The company uses both traditional and digital media to promote their products and target different segments of customers (Kunreuther, (2015). Aviva has formed alliances with local partners and developed a functioning website with detailed description of their products.
Financial, budget, and forecast
Break-even analysis
The break-even analysis of Aviva Insurance Company indicates that almost 21,500 dollars are required as the monthly revenue so that they can reach the break-even point.
Graph: break-even analysis of Aviva Insurance Company
|
Break-even analysis |
Cost |
|
Break-even monthly revenue |
$ 6500 |
|
Average % variable cost |
60% |
|
Estimated fixed value (monthly) |
$ 6400 |
Sales forecast
The organization has the sales forecast for their customers in local as well as international market. They are on the verge of providing adequate facilities to the senior citizens regarding their pension and also to the lower income families in term of life insurance and general insurance. The entire sale of the firm directly depends on the marketing strategy (Hashem, Al-Aqra, & Haikal, 2017). In this process, the e-marketing strategy provides a useful view for the organization to attract their customers all over the world. The firm has the target to increase their sale by 15% in the coming year with the help of online marketing and online facility of insurance.
Expense forecast
E-marketing expense of the firm needs to be budgeted effectively so that the organization can make actual sale their product within the market. The e-marketing strategy involves various usage of an online platform and social media, and also they are providing some calculation software in their website which helps the consumers to calculate their premium (Comanac, Tanzi, & Ancarani, 2016). The e-marketing expense is quite lower than the traditional marketing process, but it corresponds with the online sales trend of the insurance company.
Chart 3: Monthly expense forecast for Aviva Insurance Company
Marketing expense budget forecast of the firm for the years 2018 to 2020. It shows the expense that is generally required for Aviva Insurance Company to implement their e-marketing plan and also to maintain the process for the following years.
|
Marketing expense |
The financial year 2018 |
The financial year 2019 |
The financial year 2020 |
|
Online advertisement |
6,500 |
7500 |
8500 |
|
Social media |
600 |
600 |
600 |
|
Company website |
800 |
900 |
1000 |
|
Total marketing expense |
7900 |
9000 |
10100 |
Controls
The purpose of Aviva Insurance company e-marketing plan is to provide a valuable guide for the organization. The area that is being monitored to ensure effective business market are as follows:
- Monthly as well as annual revenue
- Monthly and yearly expenses
- Customers satisfaction
- New customers from the online advertisement
Contingency planning
Difficulties and risks
The challenges and the risk that might be involved are as followed:
- Problem generated in the online marketing process
- A constant need for the monitoring process in social media and company website
- Data breach within the organization
Worst case risk
The worst risk is as follows:
- Growth at the rate which exceeds the current revenue of the firm
- Liquidate the equipment for the covering of liabilities
Conclusion
The paper concludes that the organization is providing effective e-marketing strategy to attract their customers and this process help them to maintain their sales and their profit ratio within the market. It can be concluded that the organization is in the way to improve their business and provide the best insurance facility to the customers.
References
Anagol, S., Cole, S., & Sarkar, S. (2017). Understanding the advice of commissions-motivated agents: Evidence from the Indian life insurance market. Review of Economics and Statistics, 99(1), 1-15.
Ansari, A., & Riasi, A. (2016). Modeling and evaluating customer loyalty using neural networks: Evidence from startup insurance companies. Future Business Journal, 2(1), 15-30.
Avlonitis, G. J., & Indounas, K. (2015). Price management in financial services. The Routledge Companion to Financial Services Marketing. New York, 254-270.
Bucher, S., Jäger, U., & Prado, A. M. (2016). Scaling private health care for the base of the pyramid: Expanding versus broadening service offerings in developing nations. Journal of Business Research, 69(2), 736-750.
Comanac, A., Tanzi, P. M., & Ancarani, F. (2016). Insurance Companies and E-Marketing Activities: An Empirical Analysis in the Italian Market. The" Dematerialized" Insurance (pp. 85-113). Springer, Cham.
Handel, B. R., & Kolstad, J. T. (2015). Health insurance for" humans": Information frictions, plan choice, and consumer welfare. American Economic Review, 105(8), 2449-2500.
Hashem, T. N., Al-Aqra, S. S. M., & Haikal, E. K. (2017). Marketing Managers’ Degrees of Awareness about the Significance of the Customer Experience Management (CEM) in the Jordanian Banking, Insurance and Financial Services Sectors. Global Journal of Management And Business Research.
Insurance, Savings & Investments - Aviva. (2018). Aviva.co.uk. Retrieved 25 June 2018, from https://www.aviva.co.uk/
Kasasbeh, E. A., Harada, Y., & Noor, I. M. (2017). Developing A Conceptual Model For the Relationship Between Human Resource Management, E-Business Strategies, and Competitive Advantage. The Journal of Internet Banking and Commerce, 22(1).
Kunreuther, H. (2015). The role of insurance in reducing losses from extreme events: The need for public-private partnerships. The Geneva Papers on Risk and Insurance-Issues and Practice, 40(4), 741-762.
Rapaccini, M. (2015). Pricing strategies of service offerings in manufacturing companies: a literature review and empirical investigation. Production Planning & Control, 26(14-15), 1247-1263.
Ruggieri, R., Rossetti, F., D'Ascenzo, F., & Cappelli, L. (2017, July). Building a new business model from multiple case study research on the Internet of Me. In Proceedings of the International Conference on Business Excellence (Vol. 11, No. 1, pp. 852-862). De Gruyter Open.
Ssewamala, F. M. (2015). Optimizing the “demographic dividend” in young developing countries: The role of contractual savings and insurance for financing education. International journal of social welfare, 24(3), 248-262.
Starc, A. (2014). Insurer pricing and consumer welfare: Evidence from medigap. The RAND Journal of Economics, 45(1), 198-220.
Teece, D., Peteraf, M., & Leih, S. (2016). Dynamic capabilities and organizational agility: Risk, uncertainty, and strategy in the innovation economy. California Management Review, 58(4), 13-35.
Zhao, Y., & Wang, R. (2017). Impacts of E-commerce on the Development of the Small and Medium-Sized Enterprises and its Adoption of Strategies.
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