About Us

Primary Data:

Question 1: Pick two primary data collection methods and design a process to collect marketing data.

Survey: Helps identify customer needs and preferences to improve targeted marketing strategies.

Experimentation: Design an experiment that will monitor customer behaviours relevant to your product. Outline what you are investigating in relation to your product and/or customer.

Answer:We are investigating the types of insurance people want to buy and what ethical practices they want a company to follow. We are going to create a survey that will be done in public to allow for an even sample of people with no bias, then we will ask questions regarding insurance companies and the practices they follow, and other companies' practices.

Analyse how this will help your business develop its marketing strategy.:This will help to branch out to customers through common opinions that customers have about all insurance customers. This will help to improve sales through a more in depth understanding of the market and a more strong connection to the public. This survey will help to clearly outline where we stand compared to other businesses and will help solidify our place in the market.

Question 1: Investigate data on your industry or location.

The professional services industry grew by 19.8% in 2020-2021.

Question 2: How will two pieces of data influence your marketing decisions?

We need to maintain competitive pricing while ensuring a good profit margin to keep up with industry growth.

Question 1: Explain how you will use one of product positioning, product branding OR product packaging to gain a competitive advantage within your market segment.

Answer: I will aim to position this product as a middle-of-the-range insurance and will position ourselves as a good middle ground between the big brands and the smaller insurance companies. We will gain advantage through capitalizing on the customers that do not want to pay the outlandish prices at other insurances.

Question 2: Choose two pricing strategies for your product, and explain how these relate to your identified business profile.

Answer: At HastyGuard, we use price skimming to help keep an edge on competitors and create a more affordable price. We also use specific quoting to ensure that we keep a profit whilst giving the best prices. We can't give that price to everyone, as there are more risky customers with a higher chance of needing the insurance.

Question 3: Draw a chart to illustrate the distribution channel that your business will use and explain why the channel choice that you will use is appropriate for your product, focusing on at least two reasons.

Answer: HastyGuards distribution channel: HastyGuard ➜ Direct Selling ➜ Customer Service ➜ Sale. This channel ensures that we are directly dealing with the customer we think we are. If we did it through a third party, there is a greater chance that someone will be signed up to a cheap deal and have a bad history. This direct channel is also appropriate because insurance is a personal service. People prefer their details not to be shared, and being direct ensures that we are the only ones with access to our customers’ data, which helps with data security.

Question 4: Analyze how your business will use one of the major elements of promotion to inform, persuade, and remind your target market about your product.

Answer: Hasty Guard will use Publicity to ensure that the market knows about our service. To do this we will implement a series of extravagant promotions that captures attention. We will aim to create an advertisement that is very different from others that will have a sort of story line, we will use this publicity to try to increase attention, this advertisement series will be aimed more towards adults but also children as most adults like to see their children happy and will then be interested in our company.

Question 1: Propose and justify a customer relations strategy that will provide a positive outcome for your business and the customer, with reference to the Pareto principle (80:20 rule).

Answer: At HastyGuard, we will propose a customization option so that people can get the perks they want without all the other bells and whistles. Proposing this will create stronger customer loyalty as there will be a clearer distinction between us and other competitors. This will, in theory, create an 80:20 scenario where 80% of revenue will come from 20% of the most popular insurance benefits. This benefits us by reducing the need to pay out for unnecessary or unwanted services, thus lowering the potential for losses.

Question 2: Discuss the significance of one corporate social responsibility (CSR) issue that a business needs to address when establishing a customer base.

Answer: One major corporate social responsibility issue is ethical practices and human rights. Businesses need to address this because many customers are likely to avoid companies that mistreat or undermine employee rights. While ethics is one of the most basic and monitored CSR components, it remains essential. Failing to address ethical concerns can not only harm sales but also expose the business to legal risks, as violating human rights is illegal and may have serious ramifications for the company’s reputation and operations.

Question 1:Your business has just received some bad press! They have been accused of undercutting international workers and underpaying them by 10%. The estimated wages owed total about $1 million over the last 3 years.

Answer:The business will address the internal public group and the general public. As they are in a scandal they need to address the people who were undercut and the people exposing this. We will express this in electronic/print media advertising, media releases, and news conferences. We will communicate all essential information to involved publics to avoid rumours of a cover up and to ensure silence isn't seen as guilt of something possibly worse. We will try to respond as soon as we can but we will ensure we have all the information correct before replying. Finally we will prepare ourselves to answer questions to give constant updates to the affected publics.

Question 1:Suggest and describe one change that you will make to your marketing plan at each stage of the product life cycle (PLC). When completing this section make sure you:

Answer:Our Product uses direct quoting so in the introduction stage we will keep price skimming to attract more interest and also try to connect to the community through events and fundraisers. Through growth, we will keep skimming but at less of an undercut so we attract more profit and we will also keep our connection with the community through events. Through maturity, we will use specific quoting to try to make a constant profit and keep sales steady, we will try to have more of an underlying presence in the community as we have hit our peak customer base. Finally, in the decline, we will return to price skimming to ensure we can reach an extension through unbeatable prices, we will also reinvolve ourselves in community and charity events.

Question 2:Analyse how the changes you have suggested to your marketing plan will be designed to positively impact the business objectives of your business.

Answer:These changes will have a positive impact as we keep our name in the community to keep a positive reputation and image. We have also cut back on contributions at the peak customer base to make up for money spent on the initial money in community events. This will overall increase the reputation of our business and bring a higher level of profit to the business.