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Reliable Insurance Case Study
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CASE: Reliable Insurance Q. Assuming that people today are no less security minded that ever before, what does the consumers’ new-found focus on lower prices imply about how suppliers have marketed their products? Insurance companies in marketing their products have not made it obvious to the consumer the value or relevant uniqueness of their products, therefore the consumer may be assuming that all insurance policies are similar and therefore are basing their purchasing decision solely on price. Q. What sort of things could Urite do if he wishes to successfully offer a premium priced product? The sort of things Urite must do if he wishes to successfully offer a premium priced product is to offer products that are unique and/or add value for the consumer. The uniqueness or value adds must have relevant importance to the consumer. In order for products or services to create value they must satisfy a need or solve a customer’s problem better than anyone else. Therefore, products and services that solve problems gain value, and the tougher the problem the higher value, in turn commanding a higher price. The use of the Value-Chain as depicted in slides 27 can be used to look for ways to make the most of competencies and advantages, in turn attracting new customer and retaining the existing customers.
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