However, this must be supplemented with sources that have less bias. For a company analysis, this tends to be the financial news, of which there are dozens of quality sources. Academic research seldom provides sufficient or timely insight into a company's operations, but may have value for broad-based issues. The insurance industry, for example, is the subject of economics-related academic papers. However, the financial markets are driven by access to detailed, accurate and timely information. Money, rather than academic reputation, is at stake, and that makes these sources far more valuable in our ability to understand a company and its operations. Thus, the financial news should be scoured for facts, insight and analysis with regards to Allstate's operations and role within the insurance industry.
The process used to learn about Allstate will need to be repeated with regards to the role of the insurance agent, so that we can build an effective marketing plan for an agent as well. Being that an individual insurance agent is a different type of business within the greater model of the insurance industry, there is not the same body of knowledge. Insurance agents are not publicly traded, so the information available about their operations is not driven by free market considerations. Therefore, we start our search by scouring the Internet for tips and information geared towards insurance agents. Other types of businesses are similar - investment advisors, real estate agents being two examples. Some of the information learned about these businesses can be used to help understand the insurance agent business, if it is sufficiently broad-based.
Finally, the information we have gathered must be synthesized and molded into a marketing plan. In order to do this, we must learn about the structure of a marketing plan, and the steps necessary to create an effective one. For this, the Internet provides a wide range of information. There are many "how-to" type of sites that break down the marketing plan into its component parts and steps. Since these "how-to" plans vary from one another, we felt it best to use more than one source. The key points will remain largely the same, and those are the ones we felt we needed to include. Other points were included or excluded at our discretion, but we were confident that if we exposed ourselves to enough ideas about building a marketing plan that we would be able to make those discretionary calls with confidence.
These methodologies are ultimately fairly simple. It is the knowledge gained, and the synthesis of that knowledge into an effective marketing plan, that represents the most difficult components of this task.
Research Findings
Literature Review:
No author. (2008). Commercial Insurance 2008. Insurance Information Institute. Retrieved August 6, 2008 at http://windowsxp-privacy.net/?id=198760097
This handbook, published by the leading insurance industry association, outlines and provides statistics regarding the insurance industry. Its website provides supplementary pages and publications that break down these numbers into specific industry segments. There is also a geographic breakdown as well. This information was useful in understanding the segments of the industry, where opportunities may lie, and the other macro-level business considerations. It also provided information on the products that insurance companies offer.
No author. (no date). Considerations in Writing Success Criteria. University of South Carolina. Retrieved August 6, 2008 at http://hr.sc.edu/profdevp/classes/epms/handouts/epms.handout4.pdf
This article outlines the components of effective success criteria. It illustrates how to write success criteria that are observable, measurable, and attainable. The piece is geared more towards individual employees but the principles remain the same if discussing a marketing plan.
No author. (2008) Gap Analysis. University of Cambridge. Retrieved August 6, 2008 at http://www.ifm.eng.cam.ac.uk/dstools/choosing/gapana.html
This article briefly explains the concept of gap analysis. In simple terms, the piece explains what successful gap analysis should look like, and what its limitations are. From this foundation, I was able to adapt the concept of gap analysis to Allstate and the insurance industry.
Barr, Stacey. (2008). How to Make Your Performance Measurement Plan Realistic. ArticleBase. Retrieved August 6, 2008 at http://www.articlesbase.com/management-articles/how-to-make-your-performance-measurement-plan-realistic-510016.html
This article gives tips on performance measurement plans. The performance measurement plan complements the gap analysis. This piece is useful to understanding the concept of performance measurement, which is a critical component of a marketing plan.
No author. (2007). SWOT Analysis. QuickMBA.com. Retrieved August 6, 2008 at http://www.quickmba.com/strategy/SWOT/
This article outlines the concept of SWOT analysis. It walks you through the steps of a SWOT, and illustrates why conducting a SWOT is important. It was helpful in my understanding of the types of issues that need to be considered when undertaking a SWOT analysis, and in understanding how best to conduct a SWOT. The article was also beneficial in my ability to interpret the results of the SWOT that I conducted on Allstate.
Rogers,...
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