Thrivent Financial SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 305
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SWOT Analysis of Thrivent Financial with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Thrivent Financial

Parent Company

Thrivent Financial

Category

Life insurance, annuities, mutual funds, disability income insurance, credit union products

Sector

Insurance

Tagline/ Slogan

Connecting faith & finances for good

USP

We see money as a tool, not a goal

STP

Segment

Insurance

Target Group

Middle and high income class people and disabled people

Positioning

Offering insurance only to Lutherans. Lutherans are those Christians who choose to accept Martin Luther's teachings.

SWOT Analysis

Strengths

1. Strong financial position and is ranked among the Fortune 500

2. It has received an A.M. Best rating of A++ (Superior) and a Fitch rating of AA (Very Strong) which show excellent financial strength.

3. A lot of Lutherans actually support this firm and are policyholders since long time.

4. Word of mouth is a strong publicity weapon for this firm.

5. Nearly 3000 people are employed with the organization

6. Close to 2.5 million people are its customers

7. Mergers and strong social responsibilities like donations have made the brand stronger

Weaknesses

1.Caters to very small population based on religion

2. Intense competition form bigger insurance companies means limited business share

Opportunities

1.Chance to reach more people by extensive marketing, as not many people are aware of this firm right now.

2. Scope for entering new markets – either in new states, or a new country

3. Using technology to gain competitive advantage

Threats

1.Increasing operations of global companies
2.Might get into trouble if people complain against this firm based on religious lines- numerous legal issues might arise

3. Economic recession and financial instability can affect operations

Competition

Competitors

1.New York Life Insurance Company

2. The Northwestern Mutual Life Insurance Company

3. Teachers Insurance and Annuity Association-college Retirement Equities Fund



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