LO1: Be able to compile marketing audits
Task 1: The internal and external marketing environment for Hiscox Ltd (LO 1.2, 1.3, 1.4, 2.1, 2.2)
Introduction: The case study I have chosen for this assignment would be Hiscox Ltd. is a Bermuda-incorporated insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specializes in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals. According to Hiscox Ltd they states marketing planning is a plan involves designing activities relating to marketing objectives and attach with the capability of changing marketing environment. ...view middle of the document...
the company opened a Bermuda office, writing a mix of worldwide reinsurance and retail business. The following year Hiscox plc moved its country of home from the United Kingdom to Bermuda, adopting the new name Hiscox Ltd. In 2008, Hiscox expanded its global by opening offices in the USA Hiscox, the international specialist insurer provides wide-ranging protection for many types of Asset Management firms. Hiscox offers alternative asset management firms a portfolio of coverage specifically designed to protect them from both long standing and newly emerging exposures.
Hiscox has launched Hiscox Professional Liability Portfolio, a new product that offers ‘tailor made’ policy forms for certain client segments within its allied healthcare, architects & engineers and miscellaneous professional liability (MPL) products. It also includes common and simplified policy language across the three products and the ability to cross sell new coverages, including general liability to clients Hiscox Professional Liability Portfolio offers consultants, trustees and many other service professionals particular insurance coverage for specific risks stemming from the services they provide. Brokers will now be able to offer ‘tailor-made’ coverage to their clients Hiscox Professional Liability Portfolio offers
* Targeted, industry specific policy forms
* Wider base coverage
* Cross selling opportunities
* ‘Tailor-made’ policy for a clients’ needs
marketing plan is an all-purpose tool that enables the management to know everything related the company. It is an indication that shows management what is the flaws of their plan, how to succeed in their goals and redefine the direction in a new market or new product against the competitors. However, it shall be responsive that a good marketing plan must contain with the consideration of changing perspectives.
2.1 Hiscox's strengths and weaknesses in terms of marketing planning capability
GE matrix: There are some key indicators of the GE matrix which have been described below: Business strength: Business strength is a marker of the capacity of the Hiscox organization to contend in each of the businesses being examined. Business quality can rely on upon various variables including: Soundness of money related structure, ready to put resources into business sectors and climate downturns. Quality items that are both attractive and moderate inside the business sector being referred to. Adaptability in having the capacity to adjust to economic situations. Inventive capacity in making items and adjusting showcasing to contend well the target market. The capacity to become rapidly, for instance with extra limit close by. Fit with government concerns, for example, lower vitality utilization. . Industry/market attractiveness The allure of the business shows the attractive quality for the Hiscox organization to enter and contend inside every business being investigated. Variables that show an appealing...