Loma 291 Module 3

LOMA 291 MODULE 3

Marketingoo-ooans--
✔✔Marketingooisootheooactivity,oosetooofooinstitutions,ooandooprocessesooforoocreating,ooc
ommunicating,oodelivering,ooandooexchangingooofferingsoothatoohaveoovalueooforoocustom
ers,ooclients,oopartners,ooandoosocietyooatoolarge.

Marketingooplanoo-ooans--
✔✔Aoowrittenoodocumentoothatoostatesootheoomarketingoogoalsooforooaooproductoooroopro
ductooline,ooandoodescribesootheoostrategiesooandootheooimplementationooandoocontrolooef
fortsootheoocompanyoointendsootooouseootoooachieveoothoseoogoals.

Marketingooplansoocontain:
-
ooAnooexecutiveoosummary,ooorooaoobriefoohighlightooofootheoopurpose,oorecommendation
s,oocosts,ooandoointendedooresults
-
ooAoosituationooanalysis,ooorooanooexplanationooofootheooenvironmentaloofactorsooaffecting
oomarketingoooperations
-ooMarketingooobjectives
-ooMarketingoostrategies
-ooTactical/actionooprograms,ooorooaoodescriptionooofootheooactivitiesootooobeoocarriedooout
-ooBudgets
-
ooTheooevaluationoomethodology,ooorootheoocontrolsootheoocompanyoowilloouseootoooanaly
zeooprogressootowardoogoals

TheooMarketingooMixoo-ooans--
✔✔Tooomarketooeffectively,oomarketingoodepartmentsooneedootooounderstandootheoodetai
lsooof

Product
Price
Promotion
Distribution

Theseoofouroovariablesooworkootogetherootoooattractoocustomers,ootriggeroobuying,ooandoo
helpoocompaniesoomeetoobusinessoogoals.

Productoo-ooans--
✔✔Theoogoods,ooservices,ooorooideasoothatooaooselleroooffersootooocustomersootooosatisfy
ooaooneed.

,Someoospecializationoopossibilitiesooforooinsuranceoo-ooans--
✔✔UnderoolifeooInsuranceooareootermoolife,oowholeoolife,oogroupoolife,oouniversaloolife,oova
riableoouniversaloolife,ooindexedoouniversaloolife,ooandoofinalooexpenseooinsurance.ooUnde
roomedicalooareoogroupoomajoroomedical,ooindividualoomajoroomedical,ooandoosupplement
aloomedical.ooUnderoodisabilityooareooshort-termoodisability,oolong-
termoodisability,ooandoolong-termoocare.


oroo

Underooannuitiesooareooqualifiedooannuities,oononqualifiedooannuities,oofixedooannuities,oo
variableooannuities,ooindexedooannuities,ooimmediateooannuities,ooandoolongevityooinsura
nce.ooUnderooretirementooareoo401(k),oo401(b),ooandoopensionooplans.ooUnderoovoluntary
oobenefitsooareoodentalooinsurance,oovisionooinsurance,ooandoocriticalooillnessooinsurance.


ProductooMixoo-ooans--✔✔Theooassortmentooofooproductsooaoocompanyoooffers.

Financialoodesignoo-ooans--
✔✔Theoocombinationooofooallootheoofinancialoofeaturesooofooaooproduct.

Whichooofootheseoodoooyouoothinkooareoopotentialoofeaturesooofooinsuranceooproductoofina
ncialoodesign?ooChooseooalloothatooapply.
Requiredoopremiumoopayments
Mortalityoocharges
Chargesooforoofeatures,oobenefits,ooguarantees,ooetc.
Feesooforooservices,ootransactions,ooetc.
Chargesoo(ifooany)ooforooearlyoosurrenderoooroowithdrawal
Howoofastootheoocashoovalueooaccumulates
Investmentoooroointerestoorateoominimumooguarantees
Guaranteedooincome,ooaccumulation,oooroowithdrawaloobenefitsoo-ooans--
✔✔Allooofoothem

distributionoo-ooans--
✔✔Theoocollectionooofooactivitiesooandooresourcesooinvolvedooinoomakingooproductsooava
ilableooforoocustomersootooobuy.

Faceootooofaceoomeetingoomethodsoo-ooans--✔✔Careerooagents
PPGAs
Independentooagents
Broker/dealers
Registeredooinvestmentooadvisorsoo(RIAs)
Banksooandoootheroodepositoryooinstitutions
Otherooinsuranceoocompanies
Employeeoobenefitsoobrokers

,directootoooconsumeroomethodsoo-ooans--✔✔Email
Companyoowebsite
Phone
Mail

Promotionoo-ooans--
✔✔Theoocollectionooofooactivitiesoothatoocompaniesoouseootooomakeoocustomersooawareo
oofootheirooofferingsooandootoooinfluenceoocustomersootooopurchase,ooandoodistributorsooto
oosell,ooaooproduct.


3ootypesooofoopromotion:
-oopersonalooselling
-ooadvertisingoo
-oopublicity

personaloosellingoo-ooans--
✔✔conversationoobetweenooaoosalesooagentooandoooneoooroomoreooprospectiveoocustom
ers,ooeitheroofaceootooofaceoooroooverootheoophone.ooInsurersoouseoopersonaloosellingooext
ensively,oobecauseooitooisooanooeffectiveoowayootoooconveyooinformationooaboutooaoocomp
lexooproduct.

heoocustomeroocanooaskooquestionsootoooclarifyooinformation
Theoofinancialooprofessionaloocanoocustomizeootheoomessageootooofitootheoosituation

Advertisingoo-ooans--
✔✔Anyoopaidooformooofoononpersonaloocommunicationoooroopromotionooaboutooaoocomp
anyooorooitsooproductsooorooservicesoothatooanooidentifiedoosponsoroogeneratesooandootran
smitsoothroughooanyootypeooofoomedia

Institutionalooadvertisingoo-ooans--
✔✔Advertisingoothatooseeksootooopromoteooaoogeneralooimageooofootheoocompanyoorathe
roothanootoooexplainooaoospecificooproduct.ooAlsoooknownooasooimageooadvertising.

productooadvertisingoo-ooans--
✔✔Anyooadvertisingoousedootooopromoteooaoospecificooproductooorooservice.

publicityoo-ooans--
✔✔Anyooformooofoononpaidoocommunicationooaboutooaooperson,ooplace,oothing,oooroocau
se.

Anotheroomarketingoomixoomodel:ooTheoofourooC'soo-ooans--
✔✔Customer:ooTheooinsurerooanalyzesoowhoooitsoocustomersooare,oowhatootheirooneedso
oare,ooandoowhatooproductsooitoocanooprovideootooomeetoothoseooneeds.

, Cost:ooTheooinsurerooexaminesootheoovalueooofooitsooproductooforoocustomersooandootheoo
appropriateoopriceootoooask,oogivenootheooalternativeooproductsooavailableoofromoocompet
itors.

Convenience:ooTheooinsurerooensuresoothatoocustomersoocanoolearnooaboutooandoopurch
aseooitsooproductsooinootheoowaysoothatoobestoomeetootheirooneedsooandoopreferences.

Communication:ooTheooinsureroocommunicatesoowithooitsoocustomersoooveroomultipleooch
annelsootooocreateooanooongoingoorelationshipoothatoowilloopromoteoocustomerooloyalty.

MarketingooMixooObjectivesoo-ooans--✔✔-
ooFitootogetheroosooothatooeachoooneoosupportsootheooothers:ooTheootypeooofooproductooao
ocompanyoooffersoodeterminesootheootypeooofoodistributionoomethodsootheooinsureroouses.
ooTheootypeooofoodistributionooanooinsureroochoosesooforooaooproduct,ooinooturn,oohelpsood
etermineootheooproduct'sooprice.
-
ooAlignoowithootheoocompany'soooveralloostrategicoogoals:ooIfooaoocompany'soostrategicoog
oalooisootooobeooanooindustryooleaderooinoosalesooofootermoolifeooinsurance,ootheoomarketin
goomixooshouldooincludeoospecificoostrategiesooforoocustomer,oocost,ooconvenience,ooando
ocommunicationoothatoowillooallowootheoocompanyootooosellootermoolifeooinsuranceoopolicie
sootooocustomersoomoreoosuccessfullyoothanooitsoocompetitorsoocan.
-
oosupportootheoocompany'soopositioningoostrategy:ooThroughoopositioning,ooanooinsureroo
attemptsootooodistinguishooitselfoofromoootherooinsurersooinootheoomarketplaceoobyoobuildi
ngooaoocompanyooimageooorooproductooimageoothatoocontrastsoowithootheooimagesoocomp
etitorsoooffer.ooAnooinsureroomayoopositionooitselfooonootheoobasisooofoocompanyooorooprod
uctooattributes,ootypesooofooproductsoooffered,oopriceooandooqualityooofooproducts,oomarke
tsooserviced,oooroodistributionoocharacteristics.
-
ooSupportootheoocompany'soobrandingoostrategy:ooCompaniesoodevelopoobrandingoostrat
egiesootooodistinguishoothemselvesooamongoocompetitors.ooAoocompany'soobrand—
suchooasooitsooname,ooslogan,ooandoovisualooelementsoolikeooaoologooooroocolorooscheme
—
canoodrawoocustomersootooothatoocompany.ooTooodevelopoobrandooloyaltyooamongoocusto
mers,ooinsurersooneedootooocreateoopositiveooreactionsootoootheoobrandoobyoodeliveringoop
ositiveoocustomerooexperiences.

positioningoo-ooans--
✔✔Theooprocessoobyoowhichooaoocompanyooestablishesooandoomaintainsooinoocustomers
'oomindsooaoodistinctooplace,ooorooposition,ooforooitselfooandooitsooproducts.

brandingoo-ooans--
✔✔Aoocompany'sooeffortsootooocreateoopublicoorecognitionooandoopositiveooreactionsooto
wardooitsoobrand.