Service marketing mix for insurance

So a service context creates its own series of challenges for the marketing manager since he or she must communicate the benefits of a service by drawing parallels with imagery and ideas that are more tangible.

Marketing Mix | Product in Four P’s

Telemarketing With the development of satellite communication facilities and with the expansion of the television network, we find telemarketing gaining popularity the world over.

So we need to focus upon the process. The policies and schemes should have rural orientation so that backward and neglected regions of the country get priority attention and the regional imbalance is minimised. For this reason, it is vital to try to create a unique set of characteristics for any product.

Act as a trustee of policyholders. He has published over high impact research papers. Branding is everything to service. While the latter can be priced easily by taking into account the raw material costs, in case of services attendant costs - such as labor and overhead costs - also need to be factored in.

Intangibility Services are not physical and cannot be "possessed. Another attribute is that services have to be close to the person consuming them i.

In some industries this transportation function may be handled by a truck, while in others it may be done by mail or e-mail, facsimile, television signal, the Internetor airline. The final price for the service is then arrived at by including a mark up for an adequate profit margin.

Place for services Where you consume the service is a central part of the services marketing mix. Search quality is the perception in the mind of the consumer of the quality of the product prior to purchase through making a series of searches.

Therefore your experiences allow you to evaluate the level and nature of the service. It is the tangible object or an intangible service that is getting marketed through the program. Law firms, management consultants, IT services and telecom providers, architectural groups, healthcare and educational organizations, financial and insurance institutions, and a multitude of business-to-consumer operations profit from performing and delivering people-based services.

Sometimes Saturday lunchtime will be extremely busy, on other days you may have to wait to go via the drive through. You remember a great vacation because of the food or service, but by the same token you remember an awful vacation because of the hopeless food or poor service.

Therefore your experiences allow you to evaluate the level and nature of the service. The formulation of package is also found important. Inseparable Inseparable — from the point where it is consumed, and from the provider of the service. A product is an item that satisfies a need or a desire.

This necessitates determination of the nature of expenses. Thus, there are hair salons that have well designed waiting areas often with magazines and plush sofas for patrons to read and relax while they await their turn. The strategic phase has three components—segmentation, targeting, and positioning STP.

This can be a physical item, a service or a virtual offering.

Introduction to Services Marketing

However, too much customization would compromise the standard delivery of the service and adversely affect its quality. The insurance organisations also need to promote the underwriting activities, which would activate the process of arresting the regional imbalance. Maintain economy in business by promoting cost effectiveness.

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Sales staff often play a major role in promotion of a product. The motive is to make the premium structure commercially viable so that the insurance organisations succeed in having a sound product portfolio besides fuelling development orientation.

MetLife Marketing Mix (4Ps) Strategy

Early marketing economists examined agricultural and industrial markets and described them in greater detail than the classical economists.

Therefore the airline has no choice but to price at peak when it sells a seat at busy times in order to make a profit. Physical Evidence Physical evidence is. You cannot hear it. Service providers who conduct marketing understand that they must do more than hang a shingle and open for business.

This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. Making possible cost of effectiveness Restructuring of premium Due priority to profit generating investments.

This makes it essential that the PR officers working in the insurance organisations maintain contacts with the media personnel, organise press conference, and offer small gifts and momento to them. Functionally, it must be able to perform its function as promised.

Marketers talk about the nature of a service as being inseparable, intangible, perishable, homogenous and variable.The study is designed to evaluate the marketing strategies in life insurance service sector & how feeling and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way, and promoted in a certain way.

Being a service industry which involves a high level of people interaction. Next-generation Marketing Business Process Services from Accenture can help CMOs drive high performance and grow profitability. Read more. The marketing mix is a term coined by Neil Borden in a article called, “The Concept of the Marketing Mix." It describes the various elements that together make up the strategic marketing.

Marketing Theories – The Marketing Mix – From 4 Ps to 7 Ps

Integrity Marketing Group is the nation’s leading independent distributor of life and health insurance products focused on serving the Senior Market.

Integrity develops, distributes, and markets life and health insurance products through its network of overindependent agents. Integrity serves over one million clients with almost employees.

Marketing Mix of AIA Insurance analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion). AIA Insurance marketing mix explains the business & marketing strategies of the brand.

It also consists of Service Mix (Process, People, Physical Evidence). The marketing mix is a tool that is made up of four unique but interconnected and interdependent variables. These are called the 4P’s and are product, price, promotion, and place.

These four components help determine a clear and effective strategy to bring a product to market.

The 7 P’s of Services Marketing

Each element is crucial in its own right and needs to be given due .

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Service marketing mix for insurance
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