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Essay / Research Paper Abstract
A 5 page paper discussing Farmers’ segmentation of its auto insurance line. The company offers several types of insurance but focuses on those auto insurance customers who pay their premiums yet rarely if ever file a claim. The company can practice narrow and highly targeted segmentation in its auto insurance business while approaching its other businesses in more traditional ways, building for a time in the future that it can then microsegment another line of insurance products. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmktgFarmIns.rtf
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Unformatted sample text from the term paper:
to preserve its image as the fastest-growing insurance company of its kind. The company offers a full range of insurance products, including auto, home, life and business, as well
as offering financial services to policyholders. The Farmers Group is a large company, and as such suffered a downturn some years ago. In 1997, the company joined with
competitors such as StateFarm, Nationwide and Allstate to encourage agents to increase their own sales and revenues through increased and updated training, including focusing on selling to the total client
need (Neidzielski, 1997). This approach has been that which has led to Farmers being able to enjoy its fast-growing status today. The
insurance market has changed further since then, and Farmers has found it necessary to alter its marketing once again. Industry Trends, Farmer Specifics
Farmers shift in approach in 1997 was rather revolutionary for the insurance industry. Before, conventional wisdom held that agents should search for new customers continually. It had
been recognized that the sale of life insurance was most profitable for agents and offered the greatest opportunity for ongoing residual revenue from each sale. As a result, the
large insurance companies - including Farmers - encouraged agents and independent salesmen to focus on life insurance sales. As revenues declined across the
entire industry in the late 1990s, however, Farmers presented its agents with an alternative to continually prospecting for new clients as their only means of growing their own businesses.
At a time when it was more common to prospect outside existing customer rolls, Farmers began encouraging "agents to prospect in their own customer base as opposed to searching for
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