Basеd оn the prоfiled соnsumer from the target market identified in Assessment 2, you are to investigate and discuss how the following influences impact upon your identified segment and product offering: 1. External Influences (Refer to Weekly reading notes Week 5 and Week 6) 1.1 Group and Interpersonal Influence: • Who are the reference group(s) that may influence this segment? • Identify the potential group influence(s) such groups may exert on this segment. 1.2 Role of Situational Influences: how can marketers capture these contextual effects to influence consumption behaviour? 1.3 Culture and Subculture: • What core values does this target market uphold? (Refer to Schwartz 10 core values), • Are the values upheld in the society consistent with the consumption of this service? • Does the product appeal to a specific adopter category? 2. Internal Influences (Refer to Weekly reading notes, week 3 & week 4) 2.1 Needs and Motives: • How readily is the service positioned to satisfy different needs or motives? • What needs are being met? (e.g Maslow’s Hierarchy of Needs) 2.2 Perception: What are the strategic implications of the process of perception for marketers? 2.3 Learning: Given the profile of your target segment, which application of learning theories would be most relevant to use in promotion? eg; reasoning versus operant conditioning? 3. Marketing Strategy On the basis of your research provide four key recommendations to the marketer of your product on the basis of your analysis. The recommendations may be explored within a marketing mix framework and how the marketing efforts scan uphold the positioning of this product in the mind of consumers within the identified segment. 4. Conclusion A succinct overview highlighting the main findings.
Assessment Task 3
Weighting: 50%
Assessment Type: Report
Length: 2500 words
Description:
Based on the profiled consumer from the target market identified in Assessment 2, you are to investigate and discuss how the following influences impact upon your identified segment and product offering:
1. External Influences
(Refer to Weekly reading notes – Week 5 and Week 6)
1.1 Group and Interpersonal Influence:
· Who are the reference group(s) that may influence this segment?
· Identify the potential group influence(s) such groups may exert on this segment.
1.2 Role of Situational Influences:
how can marketers capture these contextual effects to influence consumption behaviour?
1.3 Culture and Subculture:
· What core values does this target market uphold? (Refer to Schwartz 10 core values),
· Are the values upheld in the society consistent with the consumption of this service?
· Does the product appeal to a specific adopter category?
2. Internal Influences
(Refer to Weekly reading notes, week 3 & week 4)
2.1 Needs and Motives:
· How readily is the service positioned to satisfy different needs or motives?
· What needs are being met? (e.g Maslow’s Hierarchy of Needs)
2.2 Perception: What are the strategic implications of the process of perception for marketers?
2.3 Learning: Given the profile of your target segment, which application of learning theories would be most relevant to use in promotion? eg; reasoning versus operant conditioning?
3. Marketing Strategy
On the basis of your research provide four key recommendations to the marketer of your product on the basis of your analysis. The recommendations may be explored within a marketing mix framework and how the marketing efforts scan uphold the positioning of this product in the mind of consumers within the identified segment.
4. Conclusion
A succinct overview highlighting the main findings.
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Useful links for research on life insurance product in Australia:
1. Canstar – Life Insurance trends 2017: https://www.canstar.com.au/life-insurance/life-insurance-trends-2017/
2. NobleOak – Digital Buying Behaviour: https://www.nobleoak.com.au/direct-life-insurance-digital-buying-behaviour/
3. Deloitte research – Life Insurance consumer purchase behaviour: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-life-insurance-consumer-study.pdf
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4. PWC research – A perspective on direct-to-life insurance: https://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/pwc-direct-to-consumer-life-insurance.pdf