Munich Re Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Munich Re analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Munich Re marketing mix, help the brand succeed in the market. Let us start the Munich Re Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Munich Re Product Strategy:
The product strategy and mix in Munich Re marketing strategy can be explained as follows:
Munich Re provides different business solutions and services like traditional reinsurance, consulting, complex risk solutions and comprehensive services. All these products and services give an insight about the marketing mix product strategy of Munich Re. All these cover the entire value chain in life and non-life. In non-life business clients are offered reinsurance solutions, consulting and analysis and also software solutions in all areas especially marine and aviation. In life reinsurance Munich Re offer tailor-made solutions to their clients.
They have health solutions to enable customers to have sustainable and secure solutions in their respective markets. Munich Re also provides tailor-made risk solutions as well as claims like medical, legal and technical. ERGO also has a number of products and services like ERGO Direkt for direct insurance, life insurance, health, legal, travel and property. They cover all the insurance under both personal and commercial needs.
Image: company website
Munich Re Price/Pricing Strategy:
Below is the pricing strategy in Munich Re marketing strategy:
Munich Re provides cost efficient services and solutions to its customers. Munich Re have a varying pricing strategy depending on competitors and market conditions.
The services offered by the company are competitive as compared to its competitors, which are not only local but global financial institutions.
Read more about Munich Re
Munich Re Place & Distribution Strategy:
Following is the distribution strategy in the Munich Re marketing mix:
Munich Re have their headquarters at Munich, Germany but their offices are present in 50 countries worldwide as mentioned below:
North America: Atlanta, Chicago, Columbus, Hartford, Kansas City, Montreal, New York, Philadelphia, Princeton, San Francisco, Toronto, Vancouver
South America: Bogotá, Buenos Aires, Caracas, Mexico City, Santiago de Chile, Sāo Paulo
Europe: Munich, Athens, Geneva, London, Lisbon, Madrid, Milan, Malta, Moscow, Paris, Warsaw, Zurich
Africa: Accra, Cape Town, Johannesburg, Nairobi, Port Louis
Asia: Beijing, Hong Kong, Kolkata, Kuala Lumpur, Mumbai, Shanghai, Seoul, Singapore, Taipei, Tokyo
Australia: Auckland, Melbourne, Perth, Sydney.
This covers the place strategy in the marketing mix of Munich Re.
Munich Re Promotion & Advertising Strategy:
The promotional and advertising strategy in the Munich Re marketing strategy is as follows:
Munich Re have their own charitable foundation called Munich Re foundation which operates mainly in developing and industrial countries. They are mainly concerned with climate change, environmental change, poverty reduction, water reduction as a risk, disaster prevention and microinsurance. Munich Re has their own magazine available online. They also conduct client seminar and scholarship programs. They even have an excellent customer media called connect.munichre. Besides this they have their own advertising campaigns on social media and print.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Munich Re.
People:
Over 40,000+ people are a part of the employee workforce of Munich Re. As the company focuses on managing the finances and portfolios of customers, they play an extremely pivotal role for the success of the company. Anthony Kuczinski is the CEO and President and N.Steven Levy is the President, Reinsurance
Process:
Munich Re is a reinsurance company that has developed products which involve different sections of customers. Owing to their presence of an online magazine they provide a platform for users to connect all over the world. They also offer tailor made risk solutions attracting more customers.
Physical Evidence:
Munich Re has a huge presence in 50 countries worldwide. They also have a foundation catering to the needs of the poor in the society spreading awareness about their brand along with a social responsibility. Hence, this concludes the Munich Re marketing mix.
About Munich Re:
Carl von Thieme founded a reinsurance company in Munich, Germany called Munich Re. ERGO the subsidiary is the main primary insurance firm of Munich Re.
They are the world’s leading in reinsurance. They are listed on German Stock Exchange, Frankfurt stock exchange and many others.
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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