Marketing Management
Marketing mix
Product
Price
Promotion Plan using AIDA+ 4
Awareness
Interest
Desire
Action
Satisfaction
Promotion Budget & Implementation Calendar
GANTT Chart
Sustainable Marketing Campaign
The Redwoods Group (Redwoods) was founded in 1997 and is a privately held highly social conscious company providing property and casualty insurance underwriting as well as risk and claims management services to non-profit organizations, camps amongst others. Redwoods is a for-benefit corporation formed to create shared value for all stakeholders and to cater to a market underserved by most insurers. The company's business and social mission is to safeguard and enhance the quality of life of the communities it serves and its motto is to 'serve others'. It has a peculiar approach towards reducing the injuries and accidents among the children and also covers all the other aspects that the average insurers within the U.S. do cover.
Redwoods Groups (Redwoods) being a for-benefit corporation formed to create shared value for all stakeholders and to cater to a market underserved by most insurers looks forward to having a comprehensive marketing plan that will ensure that the products and the services of the company reach the target audience and in this particular case, the (Young Men's Christian Association) YMCA of Grand Rapids (GR), a Human Services charity, the Jewish Community Centers and the resident camps across the nation. The Redwoods therefore wants to introduce a new product that would encourage careful selection of drivers ferrying children to the summer camps and also give a reprieve to the organizations owning the transport vehicles used for transporting children to these camps incase of an accident. The main goals of the marketing campaign will be as follows;
To generate awareness among the summer camps for children branches across the nation about the services and the products of Redwoods as an insurer and in effect amass 5% growth within the first 6 months of implementation of this sustainable marketing plan.
To have at least 75% clients from the summer holiday camps for children benefit from our cover and services within the first one year as we look towards being the sole provider of the services to this nationally respected and recognized charity.
To have the summer camp branches as the main brand ambassador through referrals that Redwoods will be getting from summer camps bearing the extensive network that the summer camps have across the nation and in other countries.
Generally, the approach that this new product will take is one that helps both the organization in terms of revenue generation, but most significantly helping in imstilling virtue of careful and responsible driving within the community, which is a responsibility that is in line with the beliefs, vision and social mission of Redwoods which is to protect and improve the quality of life in the communities they serve (Blab, 2014).
Marketing Mix
There are four major areas that any organization concentrates on while making some significant marketing plan or decisions. Kotler described marketing mix as "controllable variables that the firm can use to influence the buyer's response" (Owomoyela S.K. et.al, 2013). The four factors that are considered in marketing mix are usually the product, price, place and promotion. These four aspects will be central in the implementation of the sustainable marketing plan for Redwoods as explained below.
Product- the product that will form the center concentration in this marketing plan is the provision of insurance cover to non-profits. There are several other organizations that purport to offer the same service, but the Redwood product will be different and peculiar in that apart from the children being the prime target in this initiative, the focus will not be much on making profit but forging a coexistence with the clients through donating at least 10% of the profit back to the society through corporate social responsibilities as means of making the cover against injury and accidents being sustainable within the society. What makes this product stand out also is the fact that the payment of the excess amount will no longer be pinned at $25,000 for any accident that sees the vehicle get damaged before one is compensated for the damaged car. There will be a person to person evaluation of the history and the payment made as will be further discussed below.
Price -- the pricing method that is used in the company currently is the standard way of evaluating the injury,...
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