Reference no: EM131337193
Assignment
For this assignment you are to address the following questions:
1. Based on the Case Study information below and what you have learned, define 5 strategies that The Rock can implement to become more Customer-centric.
Integrate concepts from the Cundari book into your analysis. Be sure and highlight those concepts. See the Rubric as you write your overview.
2. Define customer life time value and demonstrate how understanding this concept can help The Rock better meet the needs of their customers and expand their business.
3. Chapters 7, 8 and 9 in Customer-Centric Marketing address innovations and the future of CRM. Based upon what you read in these chapters and how you have observed other companies using technology, how might The Rock can innovate and meet its goals?
Your assignment is based upon the below scenario:
By focusing on its strengths, its present client base, and new value-priced products in the next year, The Rock Insurance plans to increase gross sales by 10% and profit by 15%. In addition to this, The Rock Insurance plans to expand their current office locations from three to five office locations.
The Keys to Success and critical factors for the next year are, in order of importance:
Identify "Target Markets." Identify prospective customers that The Rock may not have considered.
Begin the "Insurance Partners" program.
Provide small businesses with an affordable basic business package.
The Rock Insurance, Inc. has been profitable, but recently Rock Insurance has had a stagnant market share and this must be addressed. Therefore our goals are:
To re-establish The Rock Insurance, Inc. as the market leader in quality and value-priced insurance products in the Southeast Puget Sound district.
Establish good working relationships with the present insurance markets by meeting with their decision makers and plotting a mutual plan for success. Get commitments for support and products that The Rock can market in the trading area, starting in 2016/2017.
Investigate new markets that meet the marketing criteria by committing to small rural brokerage; providing products suitable to the economic and social climate; and planning for the upload and download of insurance policies.
Provide sales incentives to staff to meet sales goals.
Complete inspection of all Pilot homeowners within one month before renewal date.
Formulate plans to acquire or add two new brokerage.
The Rock Insurance, Inc. is dedicated to providing insurance products that provide quality protection with value pricing. The Rock Insurance Company wishes to establish a successful partnership with the clients, staff members, and insurance companies that respect the interests and goals of each party. Success will be measured by the clients choosing The Rock because of their belief in The Rock's ability to meet or exceed their expectations of price, service, and expertise.
In order to implement our strategic goals, The Rock will focus on developing the following tools:
Knowledgeable, friendly staff that can empathize with our consumers' needs and circumstances, especially in handling a loss.
Policies that meet or exceed the expectations of our clients, and that are affordable, available, and understandable.
Policies and endorsements delivered on time with minimal errors.
A commitment to an annual insurance review for all of our clients. A phone call is more than any direct mass marketer offers. The Rock believes personal contact and service is the cornerstone of our success.
The Rock Insurance primarily markets and services Personal Lines Insurance. Its customers are mostly urban and some rural, lower income families or long-time resident senior citizens who demand value-priced insurance premiums in keeping with their lower and fixed incomes. The Rock will also provide insurance to small business, mostly family-run seasonal operations primarily focused on the tourist trade.
The Rock Insurance is a privately incorporated company in the South Puget Sound district and is licensed to transact both Life and General Insurance. The shares are held equally by John Smith and Peter Smith.
The Rock has stressed to the insured the importance of good communication between the broker and client to insure proper coverage is in place. The Rock has noticed as the clients become better informed about insurance that there has been a tremendous increase in clients wishing in-depth discussions about their policy coverage and how they can get the most value for their insurance dollar.
The company's strength lies in the quality and depth of our products and staff. The offices, unlike the competition, are open six days a week. Because of The Rock's larger staff, they are able to service the clients even when a client's broker is busy or out of the office on inspections. The Real Estate division, which is a separate company.