University of Nebraska at Kearney
Prepared for Dr. Heather
Table of Contents
Marketing Goals and Objectives13
Action Plan (Tactics) 19
With the rapid development of the insurance industry in recent years, having an insurance product can help a family or an organization to avoid some potential risks. An insurance company is actually playing a role accepting the risk for their customers. It is a transfer of the risk from one entity to another in exchange for payment.
Northwestern Mutual is a company selling insurance. This report is intended to analyze Northwestern Mutual’s advertising plan for 2013. The first part of the report is its situation analysis. The situation analysis includes the analysis of the industry, company history, main products or services, main competitors and its target market.
The SWOT analysis mainly discusses the company’s strengths, weaknesses, opportunities, and threats in the industry. The SWOT analysis is a comprehensive analysis of a company and tells what some of the strengths and weaknesses of the company are, and what the opportunities and threats to the company in the insurance industry are.
By analyzing the marketing strategy, readers will know what some of the main products or services that Northwestern Mutual offers are, and what the prices of their products or services are. In addition, the marketing strategy analysis will let their customers know where they located. The company’s promotion is the way that they attract more customers to make purchase decisions.
The last part is the company’s tactics plan within three years, what their future plan is, and what their expected revenue in the future is.
Insurance refers to the process of transferring risk from one entity to another organization or entities in exchange for payment. It refers to the development of a modern business in insurance against risks. The insurance industry can be classified as property insurance, life insurance, automobile insurance, and other medical insurance. The industry has boomed in recent years because it has a high profitability. The insurance industry has created millions of attractive job opportunities (Trenerry, 2009). In the ancient world, the first methods of spreading risk were created by Chinese and Babylonian merchandisers in 3rd and 2nd millennia BC. America was actually the first to name the insurance and make the process official by registering in governmental offices (Trenerry, 2009). Insurance can help people to eliminate their potential risks in their lives. Customers are spreading their risks to the insurance companies through purchasing insurance products. Insurance also provides long-term financial advising for both the large organizations and individuals. There are several important characteristics of the insurance industry. The first one is the share of risk. As mentioned above, insurance can spread out the potential financial losses from an individual to an insurance company. Insurance can help individuals to avoid risks which might happen because of a specific event. The event can be disease, death, accident, and so forth. The next thing that is valued in the insurance process is the amount of payment; it is something that investors need to take into consideration. The amount of payment actually depends on how serious the problems encountered are. Investors should be aware that insurance is not gambling. The insurance can directly affect people’s lives, and it is a great tool for a family to increase the productivity of a family by eliminating the worry of the risks. From a company’s point of view, it is extremely significant for a company to have insurance...