Farmers Insurance Group SWOT Analysis
Farmers Insurance Group is one of the leading brands in the banking & financial services sector. Farmers Insurance Group SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of Farmers Insurance Group:
Quick Glance:
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Farmers Insurance Group |
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Parent Company |
Farmers Insurance Group |
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Category |
Automobiles, homes and small businesses |
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Sector |
Banking & Insurance |
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USP |
Competitive prices and good service |
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STP |
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Segment |
Auto Insurance, Home insurance |
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Target Group |
Automobiles, homes and small businesses |
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Positioning |
Competitive prices and good service |
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SWOT Analysis |
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Strengths |
1.Competitive with numerous discounts-Accident free, Good student, Dual Auto/Home Purchase 2. Offers Beneficial programs to encourage safe driving Y.E.S(You are essential to safety), Claim Application 3. Farmers has a special plan for collectible cars 4. Good customer service 5. Competitive prices 6. Serves more than 10 million households with more than 20 million individual policies across all 50 states 7. It has over 50,000 exclusive and independent agents and nearly 25,000 employees. |
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Weaknesses |
1. Incidents of criticism of alleged complaints to state insurance departments & a few lawsuits have hurt the brand image 2. Intense competition means limited market share & no global presence |
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Opportunities |
1.Sister company 21st century can also help the business grow 2. Yellow cab partnership-“ Let us drive you home this holiday season”. 3. MTV Network Partnership and University of Farmers partnership can help increase stability 4. Expansion if business portfolio and reaching out to newer geographies |
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Threats |
1. Increasing competition can affect operations 2. Recessions can directly affect business 3. Economic situation and government policies have a direct impact on the firm’s performance. |
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Competition |
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Competitors |
1. 2. 3. |
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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