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Essay / Research Paper Abstract
This is a 3 page paper that provides an overview of the insurance market in the United States. The use of differentiation marketing is emphasized. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: KW60_KFbiz056.doc
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Unformatted sample text from the term paper:
and services offered by different insurance companies, insurance providers are left with a singular specific marketing challenge: how to differentiate their services from competitors most effectively. To begin with, one
must recognize that insurance products are services. As such, their effective marketing must take into consideration many of the assumptions that are common to all forms of service marketing. In
particular, there are four characters that all services have in common: intangibility, inseparability, perishability, and heterogeneity (Webber, 2001). Intangibility refers to the fact that a company like Progressive has to
offer a service that "cannot be touched or viewed" directly as a product can (Webber, 2001). Moreover, the services offered by Progressive are "inseparable" in that one cannot separate the
creation of the service from the consumption of it; insurance as a service does not exist until its being used by a consumer (Webber, 2001). Insurance is also "perishable" as
a service in the sense that unsold insurance cannot be "saved" for a future date; it is simply lost value (Webber, 2001). Lastly, insurance faces the challenge of heterogeneity in
that it must be sold by humans, and as all humans are different, the sales approaches used by each will be different (Webber, 2001). This is especially challenging for companies
that wish to promote a standardized level of service and sales approach. Progressive attempts to deliver value despite these challenges by differentiation through customization and the reduction of product costs,
signifying that their products are in the maturity stage of the product life cycle. Progressive and other such companies also frequently offer insurance sales over the internet as a
way to increase volume of sales as well. By engaging in the offering of direct channel sales of insurance, companies like Progressive are adding value by promoting services to those
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