First Domestic Marketing Move Essay

664 WordsSep 16, 20143 Pages
Every organization has goals ranging from increasing market share to creating awareness of its particular product or service. The marketing concept holds that organizational goals can be achieved through identifying customer’s needs and wants and delivering satisfaction more effectively and efficiently than the competitors. (kotler, p24). In support of this concept, this report will employ basic principles of marketing to demonstrate the perceived relationship between marketing and organizational goals. A mixture of qualitative and quantitative market research can be a useful tool in identifying customers’ requirements. By the use of surveys and direct customer participation in decision making, customers are afforded the opportunity to express their feelings on how a company can cater to their needs. In the case of First Domestic Insurance, the company recently launched a campaign which would allow clients to increase their annual premium in order to reduce the amount of their deductible. No research was carried and the initiative had a negative effect on sales. The clients reported that they would prefer a reduction in premium to a reduction in deductible since they only have to pay deductibles if there is an accident. The company lost money on promotions due to the lack of proper investigation, which emphasizes the importance of market research. Identifying customer’s requirements affords organizations the opportunity to position themselves to satisfy these requirements effectively and more efficiently than the competition. The SWOT analysis allows a company to asses itself in terms of its Strength, Weaknesses, Opportunities and Threats in relation to a particular market. For example, First Domestic Insurance is the only local insurance company operating on the island of Dominica, with easy access to its head office CEO and top management. Decisions are

More about First Domestic Marketing Move Essay

Open Document