Marketing Management Marketing Mix Product Price Promotion Marketing Plan
- Length: 7 pages
- Sources: 5
- Subject: Business - Advertising
- Type: Marketing Plan
- Paper: #65483058
Excerpt from Marketing Plan :
Promotion Plan using AIDA+ 4
Promotion Budget & Implementation Calendar
Sustainable Marketing Campaign
The Redwoods Group (Redwoods) was founded in 1997 and is a privately held highly social conscious company providing property and casualty insurance underwriting as well as risk and claims management services to non-profit organizations, camps amongst others. Redwoods is a for-benefit corporation formed to create shared value for all stakeholders and to cater to a market underserved by most insurers. The company's business and social mission is to safeguard and enhance the quality of life of the communities it serves and its motto is to 'serve others'. It has a peculiar approach towards reducing the injuries and accidents among the children and also covers all the other aspects that the average insurers within the U.S. do cover.
Redwoods Groups (Redwoods) being a for-benefit corporation formed to create shared value for all stakeholders and to cater to a market underserved by most insurers looks forward to having a comprehensive marketing plan that will ensure that the products and the services of the company reach the target audience and in this particular case, the (Young Men's Christian Association) YMCA of Grand Rapids (GR), a Human Services charity, the Jewish Community Centers and the resident camps across the nation. The Redwoods therefore wants to introduce a new product that would encourage careful selection of drivers ferrying children to the summer camps and also give a reprieve to the organizations owning the transport vehicles used for transporting children to these camps incase of an accident. The main goals of the marketing campaign will be as follows;
To generate awareness among the summer camps for children branches across the nation about the services and the products of Redwoods as an insurer and in effect amass 5% growth within the first 6 months of implementation of this sustainable marketing plan.
To have at least 75% clients from the summer holiday camps for children benefit from our cover and services within the first one year as we look towards being the sole provider of the services to this nationally respected and recognized charity.
To have the summer camp branches as the main brand ambassador through referrals that Redwoods will be getting from summer camps bearing the extensive network that the summer camps have across the nation and in other countries.
Generally, the approach that this new product will take is one that helps both the organization in terms of revenue generation, but most significantly helping in imstilling virtue of careful and responsible driving within the community, which is a responsibility that is in line with the beliefs, vision and social mission of Redwoods which is to protect and improve the quality of life in the communities they serve (Blab, 2014).
There are four major areas that any organization concentrates on while making some significant marketing plan or decisions. Kotler described marketing mix as "controllable variables that the firm can use to influence the buyer's response" (Owomoyela S.K. et.al, 2013). The four factors that are considered in marketing mix are usually the product, price, place and promotion. These four aspects will be central in the implementation of the sustainable marketing plan for Redwoods as explained below.
Product- the product that will form the center concentration in this marketing plan is the provision of insurance cover to non-profits. There are several other organizations that purport to offer the same service, but the Redwood product will be different and peculiar in that apart from the children being the prime target in this initiative, the focus will not be much on making profit but forging a coexistence with the clients through donating at least 10% of the profit back to the society through corporate social responsibilities as means of making the cover against injury and accidents being sustainable within the society. What makes this product stand out also is the fact that the payment of the excess amount will no longer be pinned at $25,000 for any accident that sees the vehicle get damaged before one is compensated for the damaged car. There will be a person to person evaluation of the history and the payment made as will be further discussed below.
Price -- the pricing method that is used in the company currently is the standard way of evaluating the injury, whether it is fatal, permanent total disability, permanent partial disability or temporary total disability and the expenses are paid for. There is also the calculation a given percentage of the sum assured that is extended to the transportation of the dead body. It is at this last bit that the Redwoods will significantly differ with the rest in terms of pricing. It is our belief that having a fixed percentage given to all the beneficiaries to use in transporting the body could be quite inconveniencing especially if the amount to be used exceeds the percentage allocation. Redwoods will therefore compensate each family on transport cost according to the mileage covered by the body and this will be limited to the market value of transport costs and the body alone. It is also worth noticing that in cases where the individual incurs damage to his car, then United States Liability Insurance (USLI) will require that the person, no matter the past records will be required to pay $25,000 maximum in what is referred to as excess (JE Browns Associates Insurance Services Inc., 2014). The marketing campaign will introduce the charging of the excess on a person to person evaluation since this will be fair for the careful drivers. If the individual has to previous charges of reckless driving then he will not be charged any excess. If the individual will be found to have had a single instance of reckless driving he will have to pay $10,000 as excess and above that in number of reckless driving it will go back to the $25,000.
Place- at the present time, the organization covers the YMCAs, Jewish Community centers as well as the resident camps. This means that the targeted population is already within the coverage of the insurer, but there is need to have a more extensive interaction with these summer camps and this can be achieved through introduction of new products that will be act as brand ambassador to help expand the coverage to other camping associations. The introduction of the new product will help Redwoods have a higher coverage as compared to the competitors.
Promotion Plan using AIDA+
The promotional plan will essentially take the five stages of AIDA+ in the execution of the promotion of this new product of Redwoods. There will be need to create Awareness, create Interest, stir the Desire to have it among the camp organizers, create necessity of Action and measure or observe the Satisfaction as the five tenets of AIDA+.
The goals of this stage of the promotion is to catch the awareness of the summer camp organizers on the insurance cover that Redwoods provide and also make them aware of the new adjustment on the payment of excess on a personal evaluation of the driver. The message intended is that Redwoods provides the best insurance for summer camp organizers.
Marketing efforts; in order to reach the widest number of summer camp for children organizers, the new media would be the most suitable. There will be use of the Redwoods website to advertise this product, emails will be sent out to the targeted organizers and also use of social media will come in handy to ensure the parents to the children and most important the camp organizers get to know of the product within the shortest time possible. This is a decision reached based on the increasing popularity of the social media and the ease to have the message propagated by the viewers through retweets and sharing of facebook posts as compared to the traditional billboard messages. This medium also allows for visibility round the clock since anyone who visits the website will be able to see the advertisement regardless of the time (Mella F., 2013).
This is aimed at lifting the awareness from the simply acquired knowledge of the product from Redwoods to the level that the camp organizers see the significance or benefits of this product to their organization.
This product is aimed at ensuring the safety financially and also peace of mind incase of any eventuality during the summer camps especially on the road. The product will be of interest to the camp organizers since it will give them a chance to pay lower rates of excess incase of an accident and still get the comprehensive compensation like any other firm.
Marketing efforts; to create interest, there will be brochures, both in soft copy and hard copy detailing the covers that we have for the summer camps and also highlighting the special treatment of excess payment incase of an accident as the children are travelling to or from the…