MARKETING MIX

Marketing Mix Arqumedes Cedeo University of Phoenix MKT/421 September 17, 2013 Prof.: Eugenia Matos

MARKETING MIX Marketing Mix Motivated to my work in an insurance company and that I know very well the car insurance industry, I will describe how the four elements of the marketing mix affects the development of tactics and strategies of the marketing department at Universal Group. I will explain each component and how that component is followed in the organization Before starting with the components, a brief summary of the company to be used: The Company Universal is recognized throughout the island as the ultimate insurance provider. Their premium product is auto, segment which has almost 60% of the Puerto Rican market. It also

provides insurance services in other areas for a variety of clients, both personal and commercial. Thanks to support from their customers, their brand Universal is recognized in Puerto Rico and the fastest growing regions in the United States as one of the preferred insurers nationwide. For over 30 years, have collaborated with clients protect their property, their lives and the future of their families with a wide range of insurance products and services, investment and policies financing. Their Customer Service Centers throughout the island (Bayamon, Carolina, Caguas, Hatillo, Ponce, Mayaguez, and in the metropolitan area - Guaynabo and Hato Rey) have been pioneers in bringing the service to its users in modern facilities with the necessary resources to address and resolve their claims closer to them. They invested in improving its facilities and in communities where they work simply because they are part of them. Universal represents the commitment to quality and genuine interest in the welfare of their customers.

MARKETING MIX

Daily validate its unwavering commitment: to do right by your customers when they need them most. They are Universal. Its headquarters is located in Guaynabo, Puerto Rico and serves the entire island through its extensive network of agencies, producers, workshops and reclamation centers strategically located throughout Puerto Rican geography (Universal Group Inc., 2013). With the company already introduced, it's time to describe the components of Marketing Mix. These components are known in the world of marketing as the four Ps (Product, Place, Promotion, and Price). Product The Product area is concerned with developing the right product for the target market (Perreault, Cannon, & McCarthy, 2010). Universal's main product is the personal auto policy with all its variants. Universal serves the individual customer through personal Policies. These Policies can be annual (full cover) or multi-annual (double interest), there are also those where only covers public liability (liability) and one where you combine several products to achieve expanded coverage. Also has the service of roadside assistance. This service has a large network of dealers to cover the client no matter what part of the island is at the time of requesting the service. These products are also available to corporations, government entities, and private companies (Policies Master). According to the negotiation that has been made between the parties, all those members or master policy beneficiaries receive the same benefits agreed in the negotiations. Generally these policies receive a special discount for the volume of vehicles.

MARKETING MIX Universal also has special service for fleets, both vehicles and trucks (Commercial Policies), Policies for collector vehicles for RVs, for trailers, in order for any type of vehicle authorized to circulate in Puerto Rico. Place Universal uses multiple channels to distribute their products being the car salesmen the

most used. Universal has representatives in the largest dealers of Puerto Rico to achieve the sale of the policy at the time the customer purchases the vehicle, but not only depends on these. With a wide network of producers and agencies working together to maximize opportunities, manages to achieve most of the automotive market, both personally and commercially. Universal has successfully placed Agencies near or within their larger clients to optimize customer service achieving to reach various sectors population through their workplaces. Price Although the insurance commissioner regulates all rates in the industry, Universal has achieved a leading position in this field thanks to the service offered. In a market where there is not much difference in the price of the premiums for the insurance policies, Universal must enlist the services to better capture the majority of customers. With the acquisition of EASTERN and CAICO, Universal can offer their products to an increasingly larger population. By having on single site customers of these companies, crossselling is performed to satisfy all customer requirements with a single insurance company. Currently, Universal has different price ranges that align with the user's profile. Defined as Standard, Preferred, and Mix each have different qualities created to suit customer requirements while giving advantages over the competition.

MARKETING MIX Promotion Of the various promotion tools existing Universal widely used advertising and sales promotions to promote their products. With its slogan "From the beginning, closer to you" and supported by a campaign broadcast daily on television, radio and film has managed to reach

potential clients in a truthful manner. This campaign also uses unconventional means or used by the competition few such as advertising on wheels or advertising in social networks. Universal bought a fleet of vehicles were painted with the colors and the theme of the campaign. These vehicles are used daily by marketing representatives to assist customers wherever they are, managing to keep the customer happy while trying to attract new customers. With the recent boom in social networks, Universal has achieved better market position to make use of this tool. With an active presence on Facebook and Twitter has managed to diversify the universe of potential customers from targeted advertising using these tools. Another way that Universal has achieved exposure is through sponsorship of social events, sporting and cultural. Universal has hosted major concerts, marathons, plays and even TV shows. With this has been able to reach different strata of the population achieving your brand to be recognized as a benchmark for insurance in Puerto Rico. Universal also offers discounts to promote their products. The more products the customer is insured, the higher the discount. There are different types of discounts are automatically applied according to client eligibility.

MARKETING MIX Conclusion

Universal has managed to be placed as one of the most successful insurance companies in Puerto Rico with a correct use of each component. This shows that careful selection of the 4Ps is one of the main factors that contribute to success of Universal, positioning and keeping on top of the insurance industry in Puerto Rico.

MARKETING MIX References

Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2010). Basic Marketing A Marketing Strategy Planning Approach. New York, New York, United States of America. Universal Group Inc. (2013). Sobre Universal. Retrieved September 15, 2013, from Universal Group Inc. | Seguros - Finanzas - Inversiones: http://www.universalpr.com/wps/portal/universal/univcontent/!ut/p/c5/04_SB8K8xLLM9 MSSzPy8xBz9CP0os_hQdwtfCydDRwN_Jw9LA0LAOPQYCdDI_9QY_1wkA6zeAMcwNFA388jPzdVPzi1WL8gO68cANNcdLU!/dl3/d3 /L2dJQSEvUUt3QS9ZQnZ3LzZfVUc4TThCMUEwOEVMMjBJOTZBUVRMNjIwMD M!/?WCM_GLOB