Generali Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Generali analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Generali marketing mix, help the brand succeed in the market. Let us start the Generali Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Generali Product Strategy:
The product strategy and mix in Generali marketing strategy can be explained as follows:
Generali has its product offerings in financial sector that includes Life Businesses for eg. Saving, unit linked policies, family protection etc.). Generali also has various products in P&C business that includes insurance for car, home, accident, and health. All these cover the product strategy in its marketing mix. Generali is one of the key players in the retail sector and also strengthened its position in corporate sector with customized financial solutions for corporates.
Under property and casualty insurance it has three different categories that includes damage to property, insurance against personal injury and insurance against public liability. Generali designs its financial products with suitable loss preventions considering the sustainable risk management with ultimate level of research and specialized study. For mid-sized business it has developed a specialized unit that caters to small businesses that develops Property & Casualty business and provides insurance solutions.
Image: company website
Generali Price/Pricing Strategy:
Below is the pricing strategy in Generali marketing strategy:
Being a group widespread across the globe, Generali increases its profitability though corporate policy pricing that ensures the fair rates for the insured risks, quality service and prudent risk selection. One of the ways to ensure this through claim settlements.
Generali always ensure the high quality services to the clients by fair evaluation of the market conditions, customer needs as tailored solutions for the financial requirements. It also provides insurance services at very affordable rate. One of their popular investment schemes in India is just paying Rs. 20/- every to earn Rs. 6,00,000/- every year, the scheme obviously comes with its terms and conditions. This gives an insight on the pricing strategy in the marketing mix of Generali.
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Generali Place & Distribution Strategy:
Following is the distribution strategy in the Generali marketing mix:
Generali has its operation widespread across Europe, East India, Middle East with large part of its business coming from Poland, Itali and Germany Austria, France Croatia, The Netherlands, Switzerlands, Israel, Romania, Japan, Bosnia China and Herzegovina with its secondary operations coming from Latin America. Generali also has an online service centre catering to its customers internationally.
It employs a totally advanced and safe platform for its brokerages across the globe.
Generali Promotion & Advertising Strategy:
The promotional and advertising strategy in the Generali marketing strategy is as follows:
In terms of promotional activities Generali prefers maintaining long term relationship with its partners for the cultural as well as sporting events. It has providing a long time support of 8 years for Swiss Tennis. From 2017 onwards it will also be sponsoring one of the top class tournaments namely Generali Swiss Campion Trophy for Swiss players. It also sponsors the world famous triathlon in western Switzerland which bough record brake registration of 2000 participants in the year 2015. It also organizes five live concerts a year in Switzerland wherein the world famous artists are invited to perform and the event is exclusive for invitees and lucky winners. Tickets are usually won from Radio energy and other event partners. Generali also runs facebook page, twitter handle as well as instagram account to reach out to masses and increase its visibility to great extent.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Generali.
People:
Generali employs more than 77,000 employees across the world. Generali encourage diversity to great extent by investing in various learning and development programs by creating a cohesive and transparent work environment. It also generative various employee benefits to reduce the employee turnout ration and ensures sustainable growth by providing the safe environment to its shareholders as well as stakeholders.
Process:
The key policy making for Generali is carried out through its headquarter in Trieste in Italy. It abides by the policies and makes various changes in the financial products offering to its clients based on the geography. Generali also has certain specialized policies for Switzerland which are not available to its clients from the other countries.
Physical Evidence:
Generali has its presence worldwide. It serves its clients through the respective business houses. It has country wise separate websites which allows its clients to communicate in the local language. The company also runs its social media pages depending upon the country it belongs to. Generali's valuable infrastructure, its presence in the online and offline media, mobile apps and the goodies it provides to its employees as well as its consumers forms a part of its physical evidence. This covers the marketing mix of Generali.
About Generali:
Generali is one of the biggest insurance companies in the world with its products offerings keeping rapid pace with changing times and is diversified geographically. This Italy based company is third largest in the world and has assets worth 500 billion euros under its management. It is also ranked in list of top 50 largest companies in the world as published by Fortune Global 500.
It operates in multichannel strategy serving its clients across the globe catering through innovative and world class financial services. In India the company operates as Future Generali which is a joint venture between Assicurazioni Generali and Future Group.The company is also first in Italy to write first Italian Cyber Insurance.
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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