LOMA 320
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LOMA 320
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LOMA 320
Chapter 1 An Introduction to Marketing
What's marketing?
Marketing as process
Marketing mix
Product
Price
Place
Promotion
Creating Utility
exchange
Utility
How well satisfies a cutomer's needs
The Marketing Environment
Environment
Internal environment
Company Traits
Legal Form
Internal Structure
Corporate Culture
proactive organization
reactive organization
Company Resources
Physical Resources
Technological resource
Human reosurce
Financial Resources
Controllable marketing variables
Market Choice
Products
Pricing
Distribution
External environment
Economic Factors
Business Cycle
Expansion
Peak
Contraction
Trough
GDP
Inflation
CPI
Consumer Price Index
household
Competitive Factor
Market Structure
Product Differentiation
How much competition is in the Market
barrier to entry
Customer/brand loyalty
Access to distribution channels
Economies of scale
Ownership advantage
Government regulation
Regulatory Factor
Technological Factors
Electronic commerce
Podcasts
blog
Mobile marketing
Social Factors
Demographics
Age
Decreasing birthrates
replacement level fertility
Increasing life expectancies
Age Distribution
Income and assets
Shared and Learned Norms of Behavior
Marketing Challenges
Convergence
international association of Insurance Supervisors
Chapter 2 How Companies manage Marketing
Marketing Management
Planning
Organizing
Implementation
Control
Marketing Planning
Marketing plan
company mission statement
Planning Tools
Situation Analysis
Environmental analysis
Economy
Competition
Society
Regulation
Technology
Environment forecast
Internal assessment
SWOT analysis
strategic window
PEST analysis
Business portfolio Analysis
strategic business unit(SBU)
Corporate SBUs
Marketing-level SBUs
Market share/market growth matrix
matrix
Star
Question Mark
Cash Cow
Dog
strategy
Build strategy
question mark
Hold strategy
cashcow
Harvest strategy
weak cash cow and sometmes question mark and dos
Withdrawal strategy
Market attractiveness /business strength matrix
Strategic Marketing Planning
Set Marketing Goal
Develop marketing strategies
Select Target Markets
Determine Resource Needs
Bottom-up approach to budgeting
Top-down approach to budgeting
Tactical Marketing Planning
Creating Tactical/Action Programs
benchmarking
identify the best outcomes
copy the best practices
Managing the marketing mix
The Marketing Plan
executive summary
Organizing Marketing Operations
Organizing by Function
Organizing by Product Lines
Organizing by Geographic Area
Reduce span of control
Organizing by Customer Type
Combination Structure
matrix organizational structure
cross-functional team
violate priciple of unity of command
Putting Marketing strategies in Action
Controlling Marketing Activities
Evaluating Performance
performance standard
nternal standard
external standard
management by exception
a range of acceptable and investigate outside
Control Tools
Sales Analysis
Expense Analysis
Profitability Analysis
Website Monitoring
Marketing Audit
Reporting Systems
Chapter 3 Market Segmentation and Target Marketing
Market Segmentation
method
single-variable segmentation
multivariable segmentation
Segmenting Markets Effectively
consumer market
Organizational market
Segmenting Consumer Markets
Ways
Tracking usage on Web sites
Conducting market research using traditional method such as focus group and survey
Extracting information from customer interaction
Reviewing purchase history record
Geographic Segmentation
Demographic Segmentation
Generation Y
1979-1995
Gerneration X
1964-1979
Baby boomer and seniors
1946-1964
high-income household
Middle-income household
annual income between 36000 - 10000
low-income household
Micro-insurance
Geodemographic Segmentation
Psychographic Segmentation
Personas
VALS Program of SRI Consulting business Intelligence
Innovator
Thinker
Believer
Achiever
Striver
Experiencer
Makers
Survivor
Behavioristic Segmentation
Benefit Segmentation
tax or estate planning
survivorship planning
Retirement purpose
Business continuity
Funds for College education
Usage Rate
heavy user
multiple purchasers
light user
nonuser
buyer readiness
Preferred Purchase Method
from insurance producer
through direct response method
in retail setting
from one-stop financial outlet
at their place of emplyment
at the internet or phone
thought a bank
Risk Tolerance
Customer Loyalty
Segmenting Organizational Market
Geographic Segmentation for organizational market
Demographic Segmentation for Organizational markets
Segmentation by Business Activity
Segmentation by Type of Group
Single-employer group
Multiple-employer groups
employer
laber union
Debtor-creditor group
Affinity group
Segmentation by Group Size
Small group
with 100 or fewer member
Medium-sized group
101-499
Large group
500 or more
Segmentation by Company Type
Segmentation by Company size
Behavioristic Segmentation for Organizational market
Target Marketing
Evaluating Potential Target Markets
Market size and growth potential
Market Attractiveness
Company Goals and Resource
Market Pernetration
Target Marketing Strategies
Undifferentiated marketing
Concentrated marketing
Niche marketing
Differentiated marketing
one-to-one marketing
one-to-few marketing
adopts which strategy Factors
Company resources
offer only one product - concentrate
Product form or design variability
one form - undifferentiated
vary in design - differentiate and concentrate
Market variability
buyers in a similar way - undifferentiate
buyers varies - concentrate and differentiate
Stage in the product's life cycle
new - undifferentiated
mature - differentiated
Target Markets for insurance product
Employer Groups
A negotiated trusteeship
voluntary trade association
multiple-employer welfare arrangement
Small Businesses
Chapter 4 Marketing Information and Research
Marketing Information System
Sources of Marketing Information
Internal Database
external database
marketing intelligence
Using Technology to Find Information in Databases
BI
marketing model
expert system
Data warehouse
legacy system
Data Mining
External Databases
Marketing Intelligence
Reporting Marketing Information
information dashboard
enterprise dashboard
Marketing Research Project
Secondary Research
population
sample
hypothesis test
Empirical data
Primary Research
Marketing Research Process
Stage 1 and 2: Determine Objectives and Identify/ Define the Research Question
Stage 3: Determine Research Purpose
exploratory research
Descriptive Research
Causal Research
independent variable
dependent variable
Stage 4: Research Design and Data Collection
Statistical inference
Qualitative Research
Focus Group
In-Depth Interview
Observational Research
mystery shopper
Ethnographic Research
Quantitative Research
Survey
questionnaire
structured question
unstructured question
Stage 6: Report Research Results
Using External Vendors for Research
Omnibus survey
Syndicated reserach
Limitation of Marketing Research
Attitudinal research
Chapter 5 Customer Behavior and Customer Relationship Marketing
Customer-centric marketing approach
develop goal and strategy
use technology to support approach
identify key measure
Type of Purchase Decision
Major New Purchase
Major Rebuy
Minor Rebuy
Problem-Solving Strategies
Routine Response Strategy
minor rebuy purchase
low involvement product
Limited Problem-Solving Strategy
Minor New Purchase
High involvement product
Extensive Problem-Solving Strategy
Major rebuy
Factors that Influence Customer Behavior
External Factors
Culture
subculture
social class
Reference Group
Primary group
secondary group
role
tatus
The Impact of Family as a Primary Reference group
consumer socialization
The Impact of Buying Centers as Primary Reference Group
Buying center
Customer Relationships
Producer/Customer Relationship
Insurer/Producer Relationship
Insurer/Customer Relationship
Internal Factors
Motivation
Need
Physiological need
Psychological need
Hierarchy of Need
Security or safety need
Social need
Esteem need
Self-Actualization need
want
more than necessary
Perception
Information Selection
selective perception
Information Organization
Information Interpretation
preconception
selective distortion
selective retention
Learning
Brand Loyalty
Attitudes
Purchase Decision Process
Stage 1 Problem Recognition
Stage 2 Information Search
Sources of Purchase Information
Personal Sources
Public sources
Marketer-dominated sources
Stage 3 Evaluation of Alternatives
evoked set
Evaluative criteria
Stage 4 Purchase Decision
Stage 5 Postpurchase Evaluation
Buyer remorse
Cognitive dissonance
Customer Relationship Marketing
Targeting the right customers
low-value customers
customer sacrifice
opportunity cost
High-value customers
Pareto's principle / 80-20 principle
core customer
Identifying valuable core customers
Calculating lifetime customer value
economic benefit a company receive from its relationship with a customer
Historical value
current value
potential value
Developing Customer Relationship Marketing Strategies
strategies
Customer retention
Customer Development
common elements
Self-Service Options
Cross-Selling and Up-Selling
Mass Customization
Tiered Service
Fee variance
Service Variance
Life Event-Oriented Marketing
Benefits of Customer Relationship Marketing
Value to the Customer
Total customer benefit
Total customer cost
Value to the Company
Customer satisfaction
Customer Retention
Persistency
Measuring customer retention
Persistency rate
lapse rate
13-month lapse rate
Strategies to Improve Persistency
Well-written Business
company identifies the specific need that customer recognize as important
product meet those need
customer is financially capable of paying premium
Product design
surrender charge
Sale Force Incentives
persistency bonus
Conservation Unit
Orphaned policyowners
Strategies
Emphasize the advantage of keeping a policy in force
suggest alternative solution to policyowner in financial difficulty
make late-remittance offer
offer to reinstate a lapsed policy
Internal Replacement
1035 exchange
tax-free
customer defection
Chapter 6 Basic Product Concept
Classification of Products
The Goods-Services Continuum
Challenges in Marketing Services
Intangibility
Perishability
Heterogeneity
Consumer Products Classification System
Convenience product
shopping product
homogeneous shopping product
similar in quality or feature
basic bank loan and term life
commoditization
commodity
heterogeneous shopping product
specialty product
unsought product
Product Mix
product class
group of products produced by a particular industry or industry sector
life/health/annuity
product line
individual life and group life
product form
whole life and term life
product item
Compare to other
width
depth
onsistency
Product Life Cycle
Introduction
Growth
Maturity
Decline
Packaging
Branding
Brand
Brand name
Brand mark
Advantages of Branding
Brand image
perception
trademark / service mark
brand loyalty
Brand awareness
Brand preference
Brand insistence
Types of Brands
manufacturer brand
family brand
individual brand
distributor brand
methods
branding
packaging
price difference
factors
People
Process
Physical evidence
Positioning
elements
selecting target market
selecting the category in which the product will compete
Determining the key benefits
unique selling proposition USP
Product Development
Type of new product
Major innovation
Start-up product
Product Mix extension
Product Modification
Style change
Product Development strategy
Product imitation strategy
Product improvement strategy
Product Innovation strategy
Product Development Process
Product Planning
Idea generation
Screening
Product concept development and testing
concept testing
field advisory council
Comprehensive Business Analysis
market analysis
product design objectives
feasibility study
marketing plan
action-oriented
Preliminary sales and financial forecast
Technical Design
Policy filing
prior approval requirement
file and use requirement
readability requirement
Design of Promotion and Training materials
System Activities
Day 1 functionality
Day 2 functionality
Product Launch
Performance Monitoring and Review
Product Withdrawal
Chapter 7 Pricing Insurance Productsa marketing perspective
Pricing Objectives
Profit-Oriented Pricing Objectives
target return objective
Sales-Oriented Pricing Objectives
Competition-Oriented Pricing Objectives
Market share
status quo pricing
set price at general level their competitor establish
nonprime competition
Primary Factor Affecting pricing Decision
Cost
direct cost
fixed cost
variable cost
customers
Price consciousness
Purchasing power
Demand
law of demand
demand for a product is inversely related to the price
price elasticity of demand
percentage change in quantity demanded / percentage change in price
elastic demand
price elasticity > 1
inelastic demand
price elasticity < 1
Number of competitors and number of competing product
level of costs for the company and its competitors
Expected reaction of each competitor to pricing decision
Each competitor's overall strength and weakness
Regulatory Requirements
surplus
Policy reserves
Other Marketing Mix Variables
Pricing Strategies
Cost-driven pricing strategies
Customer-driven strategies
relationship pricing
offering price reduction to customers purchased multiple products
psychological pricing
odd-even pricing
prestige pricing
high price
promotional pricing
price leader
loss leader
when price leader's price below cost
Competition-driven strategies
Penetration pricing
low price to build market share
Flexible pricing
Competitive bidding
negotiated contract
Rate Structures
Preferred risk discount
Quantity discount
anding
policy fee system
gender-based pricing
Market by market pricing
Price Review
Investment margin
underwriting margin
benefit cost
expense margin
lapse experience
amount of taxes
Product line and portfolio pricing consideration
Pricing a product line
Pricing a product portfolio
Chapter 8 Distribution System and Strategies
Whole Picture
Personal Selling Distribution Systems
Sales Agents
The Agency Contract
Nature of the insurer/agent relationship
Independent contractor
company employee
Authority of the agent to represent the insurer
Agent's duty to the insurer
Compensation
Production Requirement
Termination
Termination for cause
Errors and omissions insurance
Types of Agents
Affiliated agent
sell products of a single company
Independent agent
not only one company
Career agent
field force for insurer
field office
divided into branch office
general agents
multiple-line agent
independent contractor
home service agent
sell specified products typically low-face-value whole life insurance
Independent Agents
personal producing general agent
broker
producer group
Salaried Sales Representatives
Financial Planner
independent life broker
not under contract with any insurer
Licensing of Insurance Agents
Producer Licensing Model Act
Resident producer
nonresident producer
Producer Compensation
Commissions and Bonuses
First year commission
annualized
renewal commission
vested commission
guaranteed payable whether or not represent which company
non vested commision
still in same company
conditionally vested commission
vested after certain age or service years
service fee
pay method
deposit-based commission schedule
based on new premium
asset-based commission schedule
based on accumulated value
Combination
up-front deposit-based
trail accumulated value
Financing Plan
advance
subsidy plan
fixed subsidy plan
variable subsidy plan
salary plan
security benefit
Other Benefits
expense allowance
Agency Manager Compensation
Salary
Commission and Bonuses
overriding commission
new or renewal business
expense allowances
Second-line Manager Compensation
Unit supervisor
Group Representative Compensation
Third-Party Distribution Systems
Wholesaler
intermediary
Broker-Dealers
security
register with securities and exchange commission
most insurer establishing an insurance company broker-dealer
distrbiute
proprietary product
nonproprietary product
FINRA
registered representative
registered principal
Banks and Other Depository Institutions
Gramm-leach-bliley Act
bank insurance
Financial Consultant
platform employee
Other Insurance Companies
home-office-to-home-office arrangement
insurance company sell other company's products
brokerage general agency arrangement
affiliated agents sell products offered through an independent general agent
in-house brokerage agency arrangement
own brokerage agency
Direct Response Distribution Systems
Direct Mail
types
invitation to contract
invitation to inquire
mail kit
types of mailing list
house list
response list
other company who purchased products through direct response marketing
compiled list
buy from other company
fulfillment kit
Telemarketing
Outbound telemarketing
Inbound telemarketing
Internet
Targeted E-mail marketing
Search engine marketing(SEM)
Search engine optimization
sponsored link
Web advertising
Aggregators
measured by CTR click-through rate
Distribution System Strategies
Distribution Channel Characteristics
Channel Control
Channel Expertise
Channel Cost
Other Channel Selection Factors
Customers
Company
The Marketing Enviroment
Distribution Intensity
Intensive distribution
as many as possible
Selective Distribution
exclusive distribution
Managing Distribution Channel
Channel conflict
channel cannibalism
new channel replace existing channel
horizontal conflict
dual distribution
vertical conflict
between company and members of channels
Managing Channel Conflict
Chapter 9 Marketing Communications:Engaging the Customer
effective communication
Elements
sender
message
communication channel
receiver
process
encoding
decoding
feedback
noise
Whole picture
Coordinating Promotion Effort
Integrated marketing communication
Promotion Tools
Personal Selling
Sales Promotion
trade sales promotion
aim at distribution channel members
consumer sales promotion
aim at consumer or organizational buyers
advertising
Publicity
exposure
Developing a Promotion Strategy
promotion campaign
Defining a Strategic Objective
increase product SALES
response hierarchy
AIDA model
attention or awareness
nterest
desire
action
define a company's or product's POSIITON in the market
create a strong IMAGE of a company or product
image-building promotion campaigns
Selecting a strategic Approach
Push Strategies
Pull Strategies
Combination strategies
Creating an Effective Promotion Mix
Company Goals and Strategies
Target Market Characteristics
Buyer Readiness
Size and Location of the Market
Special-interest media
Composition of the Target Market
Product Characteristics
Nature of the Product
Product Life Cycle Stage
Post-purchase Service Requirements
External Environment
Creating the Promotion Budget
Percentage of Sales Method
Competitive Parity Method
All-You-Can-Afford Method
Objective and Task Method
Chapter 10 Promotion Tools
Why companies use Personal Selling
Educating Customers
Building Public Relations
Building Customer Relationship
The Personal Selling Process
Prospecting
Analyzing Needs
Generating Proposal
Making Sales presentation
Handling Objection and Close the sale
provide follow up Service
Sale Promotion
Trade Sales Promotion
Sales Aid
Incentive Program
Product-based Sales promotion
Total-production sales promotion
Recognition Program
Consumer Sales Promotion
Point-of-purchase materials
Specialty Advertising
Advertising
Advertising purpose
Product Advertising
Direct response advertising
Product awareness advertising
Informative product advertising
Persuasive product advertising
Comparative advertising
Reminder product advertising
Institutional advertising
Image-building Advertising
Advocacy advertising
Informative institutional advertising
Competitive Institutional Advertising
Advertising Scope
Advertising Audience
Developing an Advertising Campaign
Establishing Advertising Objective
focus on
sales-oriented advertising objective
communication-oriented advertising objective
areas
Type of Advertising
sales oriented
Direct response and persuasive product advertising
communication oriented
institutional advertising and informative product advertising
Type and amount of information to be included in advertisements
Type of appeal advertisements will use
Length of time the advertising campaign will last
educating and motivating customer take longer period
Setting the Advertising Budget
Media Cost
Market Characteristics
Developing a Media Plan
Select the Appropriate Media Type
three important characteristic
Reach
Frequency
Waste
Television
narrowcasting
Magazines
Newspapers
Radio
Direct mail
Other Media
Selecting a Media Vehicle
Match between vehicle's target audience and product's
Size of vehicle's target audience
Vehicle Frequency
Cost of Vehicle
Scheduling Media
Buyer turnover
how often new customer enter market to purchase
Purchase frequency
Forgetting rate
two basic pattern for timing advertisement
steady timing pattern
pulsing pattern
Creating and Producing Advertisement
Developing a Memorable Message
Copy
Art
Audio
Creating an Appeal
Selecting an Execution Style
storyline
testimonial
Mood
Association
Evaluating Advertisement Effectiveness
Pre-testing
direct comparison test
pre-rollout test
Post-testing
recall test
aided recall test
unaided recall test
recognition test
attitude test
inquiry test
Publicity Objectives
Presenting Information
New Initiative
Information about the company
community service activities
sponsorship of sports...
Creating Favorable Attitudes
Countering Negative Publicity
Getting Publicity information to the public
audience appeal
Reputation of the media specialist
Quality of the release
Competing News Stories
Evaluating the Effectiveness of Publicity
Chapter 11 Regulation of Life and HealthInsurance Marketing
Two broad categories
Solvency Regulation
prudential regulation
certificate of authority
Market conduct regulation
Regulation of Insurance Marketingin the United States
Terms
State insurance code
State insurance department
insurance commissioner
National Association of Insurance Commisioners
Model Law
Modle Regulation
Regulation of Product
unfair discrimination provision
registration statemnet
prosectus
Regulation of Promotion
Unfair Trade Practices
Unfair Trade Practices Act
Misrepresentation
Advertising and Sales Promotion materials
Advertisement Rule
requirement on advertisement and sales literature
Disclosure
Regulations
Life Insurance Disclosure Model Regulation
Annuity Disclosure Model Regulation
Life Insurance Buyer's Guide
policy summary
Regulation of Distribution
Unfair Sales Practice
Misappropriation
commingling of funds
rebating
twisting
Supervision
Supervisory Rule
Insurance Replacement
Life Insurance and Annuities Replacement Model Regulation
financial purchase
Suitability
suitability requirement
Suitability in Annuity Transactions Model Regulation
Suitability Rule
FINRA Conduct Rule 2821
子主题
Market Conduct Examinations
Market conduct examination
comprehensive examination
target examination
sanction
fine
cease and desist order
United Stated Regulation of Other Insurance-related activities
Privacy Requirement
nonpublic personal information
Regulation of Bank Insurance
Functional regulation
Tying arrangement
Insurer Self-Regulation
Insurance Marketplace standard association
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