CH 6 Flashcards
Marketing’s purpose
Satisfying consumer and company objectives through a system of business activities.
Marketing Value
The perceived benefit offered by a product or service, beyond just the physical features.
Marketing department’s role
Creating value for clients by offering products, services, or ideas.
Client Value Perception
Clients must believe a product or service is worthwhile.
Traditional marketing focus
Historically, marketing focused mainly on physical goods.
Modern Marketing Focus
Now, marketing focuses on meeting client needs and creating long-term relationships.
Marketing’s role in insurance
Creating a positive image and offering value to customers in the insurance industry.
Insurance industry perception
The public’s opinion of the industry is sometimes negative, often due to past experiences.
Brokerage role
Brokerages play a part in improving the public’s image of the insurance industry.
Intangible product
Insurance is not a physical product like a car. It’s a service.
Value vs. price
Clients sometimes undervalue insurance due to its intangible nature and only being needed when something happens.
Perceived Value
The value a client thinks insurance provides, beyond just the policy.
Marketing Mix
Combination of strategies (product, price, place, promotion) to sell a service or product.
Client Relationship Building
Creating and maintaining strong connections with clients.
Market Segmentation
Dividing the entire market into manageable groups with similar needs for targeted services.
