State Farm SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 691
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SWOT Analysis of State Farm with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

State Farm

Parent Company

State Farm Insurance

Category

Insurance

Sector

Banking and Finance

Tagline/ Slogan

Like a good neighbor, State Farm is there

USP

Company offering wide range of insurance products for everyone’s need

STP

Segment

Individual life insurance, health insurance, Home insurance, Auto insurance, Mutual Funds

Target Group

Individuals, Home buyers, Auto buyers, Mutual Fund Investors

Positioning

An expert in providing life, health and non-general insurance and financial solutions to its customers

SWOT Analysis

Strengths

1. Strong position in domestic US market with a good market share
2. Strong revenues of the company
3. Employee strength of about 65,000+
4. High growth rate of the company owing to modern services

5. Brand recognition and customer loyalty

6. High credit rating adds to credibility and brand value

Weaknesses

1. Overdependence on US market
2. Litigation issues faced by the company

Opportunities

1. More focus on retirement insurance and pension policies
2. Buoyant asset management market
3. Mutual funds offer a strong growth opportunity for the firm

Threats

1. Fiercely competitive insurance market in US 
2. Recession in US and weakening of financial markets
3. Frequent occurrence of natural disasters

Competition

Competitors

1. AIG
2. AllState
3. Farmers Insurance



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